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Carebook enters into Definitive Agreement to go private with its Majority Shareholder UIL Limited

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2 years ago

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Offer of $0.10 in cash per share, representing a 122% premiumBoard has unanimously agreed to support and recommends that minority shareholders approve the transactionCompany’s second largest shareholder, owning 57.6% of the shares voting in respect of the necessary minority approval, has agreed to support the transaction

MONTREAL, Jan. 3, 2025 /CNW/ – Carebook Technologies Inc. (“Carebook” or the “Company”) (TSXV: CRBK), a leading Canadian provider of innovative digital health solutions, and UIL Limited (“UIL”), the largest shareholder of the Company, are pleased to announce that they have entered into an arrangement agreement dated January 2, 2025 (the “Arrangement Agreement”) pursuant to which UIL will acquire all of the common shares (the “Common Shares”) in the capital of Carebook, other than those Common Shares already owned by UIL or its affiliates and associates, by way of a plan of arrangement (the “Arrangement”). Pursuant to the Arrangement, holders of Common Shares, other than those Common Shares already owned by UIL or its affiliates and associates, will receive $0.10 per Common Share (the “Consideration”). The Arrangement is expected to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions.

The Consideration represents a premium of approximately 122%, to the closing price of the Common Shares of $0.045 on the TSX Venture Exchange (the “TSXV”) on January 2, 2025, the last trading day prior to the announcement of the Arrangement. There is no financing condition for the Arrangement.

The signing of the Arrangement Agreement and the approval of the Arrangement followed the unanimous approval of the board of directors of the Company (the “Board”) (with Alasdair Younie abstaining) following the unanimous recommendation of a committee of independent directors (the “Special Committee”) of the Board.

“This transaction, with its significant cash premium, represents a positive outcome for Carebook and delivers immediate liquidity for our shareholders” said Michael Peters, Chief Executive Officer of Carebook. “As a private company, Carebook will have the flexibility and resources to continue to implement its strategic vision without the added financial and administrative burden of remaining a reporting issuer in what remains a challenging capital markets environment. We look forward to this exciting next step in Carebook’s evolution.”

Transaction Details

Pursuant to the terms of the Arrangement Agreement, UIL will acquire all of the Common Shares in the capital of Carebook, other than those Common Shares already owned by UIL or its affiliates and associates, for $0.10 per Common Share in cash.

Holders of the outstanding stock options of Carebook (the “Options”) will receive, for each Option held, an amount in cash equal to the Consideration less the applicable exercise price in respect of such Option, less any applicable withholdings, and if such amount is zero or negative, no amount shall be payable.

The Arrangement Agreement contains customary non-solicitation provisions prohibiting Carebook from soliciting competing acquisition proposals, as well as “fiduciary out” provisions that allow the Company to consider and accept a superior proposal, subject to a “right to match” provision in favor of UIL. The Arrangement Agreement provides for an expense reimbursement fee payable by the Company to UIL if the Arrangement Agreement is terminated in certain circumstances. The Arrangement Agreement also provides for payment by UIL to the Company of an expense reimbursement fee, if the Arrangement Agreement is terminated in certain other specified circumstances.

The Arrangement will be completed pursuant to a court-approved plan of arrangement under section 192 of the Canada Business Corporations Act and is subject to satisfaction of customary closing conditions for transactions of this nature, including court approval and the approval of the shareholders of Carebook, as further set out below. Immediately following the completion of the Arrangement, the Common Shares will be delisted from the TSXV and it is anticipated that the Company will make an application to cease to be a reporting issuer, following the approval of which, the Company will no longer be subject to the reporting requirements of applicable Canadian securities legislation.

Completion of the Arrangement is subject to court approval and various closing conditions, including the approval of at least (i) two-thirds (66 2/3%) of the votes cast by shareholders present in person or represented by proxy at the special meeting of the shareholders to be called to approve the Arrangement (the “Special Meeting”) (each holder of Common Shares being entitled to one vote per Common Share) and (ii) the approval of a simple majority of the holders of Common Shares present in person or represented by proxy at the Special Meeting, excluding the votes of UIL and its affiliates and associates and any other shareholders required to be excluded for purposes of the “minority approval” requirement under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) in the context of a “business combination” (the “Minority Shareholders”). Further details regarding applicable voting requirements will be contained in a management information circular to be filed on SEDAR+ at www.sedarplus.com and mailed to Carebook’s shareholders in connection with the Special Meeting to approve the Arrangement.

MedTech Investment, L.P., the second largest shareholder of the Company, has entered into an irrevocable voting and support agreement (the “Support Agreement”) with UIL whereby it has agreed to, among other things, vote all of the Common Shares held by it and its affiliates (collectively, the “Supporting Shareholders”) in favour of the special resolution to approve the Arrangement  at the Special Meeting (the “Arrangement Resolution”) and against any resolution or transaction which would in any manner prevent or delay the Arrangement. The 24,032,996 Common Shares subject to the Support Agreement represent approximately 57.6% of the Common Shares held by Minority Shareholders and therefore represent the necessary majority with respect to the required minority approval described above. The Support Agreement also provides that the Supporting Shareholders will not, for a period of six months following the date of the Support Agreement, and notwithstanding its termination, enter into a voting support agreement or similar agreement, commitment or understanding pursuant to which to tender or vote their Common Shares with any other person in respect of a competing acquisition proposal.

The Arrangement is expected to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions.

Copies of the Arrangement Agreement and of the management information circular for the Special Meeting will be filed with Canadian securities regulators and will be available on the SEDAR+ profile of Carebook at www.sedarplus.com. Carebook’s shareholders are urged to read those and other relevant materials when they become available.

Fairness Opinion

BDO Canada LLP (“BDO”), the financial advisor of the Special Committee of the Board, has delivered an oral opinion (the “Fairness Opinion”) to the Special Committee that, as of January 2, 2025, and subject to the assumptions, limitations and qualifications to be set forth in BDO’s written fairness opinion that will be included in the management information circular that will be sent to the shareholders of the Company in connection with the Special Meeting, the Consideration to be received by the Minority Shareholders pursuant to the Arrangement Agreement is fair, from a financial point of view, to the Minority Shareholders. The management information circular will also include factors considered by the Special Committee and the Board and other relevant information.

The Arrangement is exempt from the formal valuation requirement of MI 61-101 as no securities of the Company are listed on a specified stock exchange.

Unanimous Approval of Carebook Special Committee and Board of Directors

The Special Committee has unanimously recommended that the Board approve the Arrangement Agreement and unanimously recommends that the Board recommend that the Minority Shareholders vote in favour of the Arrangement Resolution at the Special Meeting. The Board, after receiving the unanimous recommendation of the Special Committee, has unanimously (with Alasdair Younie, one of the principals of UIL and a director of the Company, having recused himself from the meeting) determined that the Arrangement is in the best interest of the Company and unanimously recommends that Minority Shareholders vote in favour of the Arrangement Resolution at the Special Meeting.

In addition, all of the directors and executive officers of the Company, who collectively exercise control or direction over approximately 0.53% of the Common Shares have entered into support and voting agreements pursuant to which they have agreed, subject to the terms thereof, to vote all of their Common Shares in favour of the Arrangement Resolution at the Special Meeting.

UIL Early Warning Disclosure

UIL, together with its affiliates, currently beneficially owns or has control or direction over, directly or indirectly, 61,046,167 Common Shares, representing approximately 59.4% of the currently issued and outstanding Common Shares. Following completion of the Arrangement, UIL and its affiliates will own or have control or direction over, directly or indirectly, 100% of the Common Shares in the capital of Carebook.

This disclosure is issued pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids, which also requires an early warning report to be filed containing additional information with respect to the foregoing matters. A copy of the early warning report will be made available on SEDAR+ under Carebook’s issuer profile at www.sedarplus.com and may be obtained upon request from UIL by contacting Alastair Moreton at the contact information below.

UIL has its registered office located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company’s head office is located at 2045 Stanley St Montreal, Quebec H3A 2V4 Canada. For further information and/or a copy of the related early warning report to be filed on SEDAR+ under the Company’s profile at www.sedarplus.com, please contact the Corporate Secretary of UIL by phone at: +44 1372 271486, or by email at: alastair.moreton@icm.limited.

Advisors

BDO Canada LLP is acting as financial advisor to the Special Committee, and Stikeman Elliott LLP is acting as legal advisor to the Special Committee and the Company.

Norton Rose Fulbright Canada LLP is acting as legal advisor to UIL on the proposed transaction.

About Carebook Technologies

Carebook’s digital health platform empowers its clients and more than 5.0 million members to take control of their health journey. During 2021, the Company completed the acquisitions of InfoTech Inc., a global leader in health and productivity risk management, and CoreHealth Technologies Inc., owner of an industry-leading wellness platform. In combination, these companies create a comprehensive digital health platform that includes both assessment tools and the technology to deliver complementary solutions. Carebook’s shares trade on the TSXV under the symbol “CRBK”.

About UIL

UIL Limited is a Bermuda exempted closed end investment company whose investment objective is to maximise shareholder returns by identifying and investing in investments worldwide where the underlying value is not fully recognised.  Its ordinary shares are admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange and they have a secondary listing on the Bermuda Stock Exchange.  UIL’s portfolio is managed by ICM Limited and ICM Investment Management Limited and as at 30 November 2024 it had gross assets of £244m.

Forward Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws in Canada. This information includes, but is not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements made with respect to management’s beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “intends”, “anticipates”, “believes”, or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking information in this news release includes, among other things, statements relating to Carebook’s business in general; statements relating to the Arrangement, the parties’ ability to complete the transactions contemplated by the Arrangement Agreement and the timing thereof, including the parties’ ability to satisfy the conditions to the consummation of the Arrangement, the receipt of the required shareholder approval and court approval and other customary closing conditions, the possibility of any termination of the Arrangement Agreement in accordance with its terms, and the expected benefits to the Company and its shareholders of the Arrangement.

Risks and uncertainties related to the transaction contemplated by the Arrangement Agreement include, but are not limited to: the possibility that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, either due to a failure to obtain or satisfy, in a timely manner or otherwise, required shareholder and court approvals and other conditions to the closing of the Arrangement, or for other reasons; the risk that competing offers or acquisition proposals will be made; the negative impact that the failure to complete the Arrangement for any reason could have on the price of the Common Shares or on the business of the Company; UIL’s failure to pay the Consideration at the closing of the Arrangement; the ability of the Company or UIL to pay any expense reimbursement fee under the Arrangement Agreement, should any such fee become payable; significant disruptions to the business of Carebook, including loss of clients or employees due to transaction related uncertainties, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of Carebook; the risk that legal proceedings may be instituted against Carebook; risks related to the diversion of management’s attention from Carebook’s ongoing business operations while the Arrangement is pending; and other risks and uncertainties affecting Carebook, including those described in the Company’s management discussion and analysis for the year ended December 31, 2023, as well as in other filings and reports Carebook may make from time to time with the Canadian securities authorities.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in forward-looking information. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Company’s expectations as of the date of this news release (or as of the date such forward-looking information is otherwise stated to be made) and is subject to change after such date. However, the Company disclaims any intention, obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell, or an offer to sell or a solicitation of an offer to purchase, any securities of Carebook.

For further information contact:

Olivier Giner, CFO
Email : ir@carebook.com
Telephone: (450) 977-0709

Alastair Moreton
Email: alastair.moreton@icm.limited
ICM Limited, Secretary
Telephone: +44 1372 271486

SOURCE Carebook Technologies Inc.

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Tech Beats Tariffs: Global Trade Growth Accelerates and Globalization Sets New Record

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45 minutes ago

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October 20, 2026

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The AI boom has become a powerful driver of global trade – outweighing tariffs and geopolitical shocks, according to the latest DHL Globalization TrackerThe trade outlook has improved, with growth through 2029 now forecast to outpace the previous decadeSouth and Central Asia to have the second-fastest goods-trade growth over 2026–29, behind only the Middle East & North AfricaIndia continues to strengthen its trade resiliency by developing new trade agreementsGlobalization has reached a record level of 25.8%

NEW DELHI, Oct. 20, 2026 /PRNewswire/ — The global race to build infrastructure for artificial intelligence is giving world trade strong momentum at a time of higher tariffs and geopolitical conflicts.

This is one of the key findings of the latest edition of the DHL Globalization Tracker, released by DHL and New York University’s Stern School of Business. Based on more than 30 million data points, the report analyzes international flows of trade, capital, information, and people. It offers the most comprehensive view of globalization available. This edition marks the report’s first publication under its new name. It was previously known as the “DHL Global Connectedness Tracker”.

AI buildout boosts global trade

The report shows that global goods trade grew faster in the first half of 2026 than in any half-year in the past 15 years, apart from the exceptional Covid rebound. A major driver was strong demand for goods used to build AI infrastructure, such as semiconductors and data-transmission equipment. Trade in AI-enabling goods drove 42% of goods trade growth in 2025, and this share rose to 76% during the first quarter of 2026, according to WTO and OECD analysis.

“The biggest story in global trade right now is AI – not tariffs,” said John Pearson, CEO of DHL Express. “Every AI query ultimately depends on logistics. Chips, networking equipment and the many other goods behind this technology must be in the right place at the right time. DHL connects the businesses and markets behind these complex supply chains. Whenever innovation creates new trade flows, our global network helps keep them moving.”

Global effects of Iran war and tariffs remain limited

At the same time, the Iran war and the closure of the Strait of Hormuz disrupted important trade routes. But the effects remained concentrated. Economies dependent on the Strait were hit particularly hard. For example, the value of trade fell 37% in Saudi Arabia and 7% in the United Arab Emirates in the first five months of 2026 compared with the same period in 2025.

Trade policy created a separate headwind. U.S. tariffs reached their highest levels in decades, but their global impact was limited. One reason is that the U.S. accounted for only 13% of world imports in recent years, with roughly half of those imports exempt from the tariff increases as of August 2026. Another is that most countries refrained from broad retaliation. Many instead increased efforts to secure access to alternative markets through new trade agreements.

Trade outlook upgraded despite recent shocks

Looking ahead, global goods trade is projected to expand by an average of 3.4% per year through 2029. That would be substantially faster than the 2.7% rate recorded over the previous decade.

“The surprise is not only that global trade kept growing through new tariffs and the Iran war,” said Prof. Steven A. Altman, Director of the DHL Initiative on Globalization at NYU Stern’s Center for the Future of Management. “The outlook is now stronger than it was before either shock. This reminds us to look beyond the most visible disruptions and recognize the deeper reasons why trade remains so resilient. The AI trade boom highlights the demand for goods and services that can only be provided efficiently when specialized producers work together across countries. It also shows how companies continually adapt to keep trade moving through disruptions and policy shifts.”

India sits within one of the world’s strongest trade-growth regions, East Asia and the Pacific leads the way in 2026

Among all regions, East Asia and the Pacific recorded the strongest trade growth. The value of its trade rose 24% in the first five months of 2026 compared with the same period in 2025. Europe followed with 12% and Sub-Saharan Africa with 11%. South and Central Asia recorded a trade value growth of 9.6%. Looking forward, the region’s forecast remain the second-fastest for goods-trade growth over 2026–29, behind only the Middle East and North Africa.

East Asia and the Pacific not only recorded the strongest growth, but also saw a larger share of its trade stay within the region. This share increased from 57% in 2025 to 60% in the first five months of 2026. Strong Asian supply chains serving the AI boom contributed to this increase.

India focuses on market diversification

One of the major changes in international flows is the weakening of U.S.–China ties. Yet the global impact remains surprisingly small. For example, trade between the U.S. and China accounted for 3.5% of world trade at its peak in 2015, before falling to only 1.6% during the first five months of 2026. The U.S.–China share of international business investment is even smaller – less than 1%. Meanwhile, close U.S. allies have largely maintained their relationships with China. These findings challenge the idea that U.S.–China decoupling is dividing the world economy into rival blocs.

A closer look also shows that direct trade figures understate U.S. reliance on China. Goods imported into the U.S. from other countries contain growing amounts of Chinese materials and components. When these indirect imports are also taken into account, U.S. reliance on China has declined only slightly through 2024, the latest year for which data are available.

While U.S.-China ties are weakening, India’s trade relationship with the U.S. remains strong. At the same time, trade resilience remains a focus as India continues to expand its trade relationships, developing trade agreements with the European Union, the United Kingdom, the European Free Trade Association, New Zealand, and Oman.

Globalization reaches a new record

Beyond trade and investment patterns, the report tracks the broader development of globalization based on international flows of trade, capital, information and people. It uses a scale from 0% (no cross-border flows) to 100% (borders and distance have no impact). In 2025, globalization reached a record level of 25.8%, supported in part by AI-related trade and investment.

All four flow categories contributed to the new record, reaching higher levels of internationalization. Information flows remain the most globalized, followed by capital and trade flows. People flows remain the least globalized.

The DHL Globalization Tracker

The DHL Globalization Tracker is a concise report and interactive website that provides regular updates on globalization and global trade. It complements the renowned DHL Globalization Report, published regularly since 2011. Drawn from over 25 public, private, and academic sources, the Tracker analyzes more than 30 million data points on international flows of trade, capital, information, and people.
It includes interactive online charts that make it easy for users to explore trends by region, geopolitical alignment, and for individual countries. It also supports easy data and chart downloads for offline use.

The DHL Globalization Tracker is commissioned by DHL and authored by Prof. Steven A. Altman and Caroline R. Bastian of New York University Stern School of Business. It is available, together with further resources, at dhl.com/globalization.

Note: The DHL Globalization Tracker and DHL Globalization Report were formerly known as the “DHL Global Connectedness Tracker” and “DHL Global Connectedness Report”. Their new names more directly reflect the focus of the research. The scope and underlying approach remain unchanged, ensuring continuity with previous editions.

At a glance: The October 2026 edition of the DHL Globalization Tracker

What is the main finding of the report?

The global boom in artificial intelligence is giving world trade strong momentum despite higher tariffs and geopolitical conflicts. Global goods trade grew faster in the first half of 2026 than in any half-year in the past 15 years, apart from the exceptional Covid rebound.

Beyond trade, the report tracks the broader development of globalization based on international flows of trade, capital, information and people. In 2025, globalization reached a record level of 25.8%. The report measures this using a scale from 0% (no cross-border flows) to 100% (borders and distance have no impact). All four types of flows contributed to the record, becoming more international.

What is the outlook for global trade?

The outlook has improved. Global goods trade is projected to grow by an average of 3.4% per year through 2029. That would be significantly faster than the 2.7% annual growth rate recorded over the previous decade. Notably, current forecasts are more optimistic than those made before both the 2025-26 U.S. tariff increases and the Iran war, suggesting that recent shocks have had a smaller impact on the global economy than many expected.

How have tariffs and geopolitical conflicts affected global trade?

Tariffs and geopolitical conflicts continue to create risks and disruptions. But their overall impact on global trade has been limited. While the Iran war affected important shipping routes and hit economies dependent on the Strait of Hormuz particularly hard, the effects remained largely concentrated. U.S. tariffs rose to their highest levels in decades, but the United States accounted for only 13% of world imports in recent years, and roughly half of U.S. imports were exempt from tariff increases as of August 2026. Many countries also avoided broad retaliation and instead expanded trade links with alternative markets. As a result, global trade continued to grow.

Where is trade growing fastest?

East Asia and the Pacific saw the strongest trade growth among all regions. The value of its trade rose 24% in the first five months of 2026 compared with the same period in 2025. Europe followed with 12% and Sub-Saharan Africa with 11%.

East Asia and the Pacific not only recorded the strongest growth, but also saw a larger share of its trade stay within the region. This share increased from 57% in 2025 to 60% in the first five months of 2026. Strong Asian supply chains serving the AI boom contributed to this increase.

Is U.S.–China decoupling splitting the world into rival blocs?

No, not so far. The United States and China have significantly reduced their ties with each other over the past decade. But this has not led to a broader split in the global economy. Close U.S. allies have largely maintained their economic relationships with China. Another reason is that direct U.S.–China ties account for a surprisingly small share of the global economy. For example, trade between the two countries represented 3.5% of world goods trade at its peak in 2015, before falling to 1.6% in the first five months of 2026. The U.S.–China share of international business investment is even smaller – less than 1%.

Has the United States become less dependent on China?

Direct trade between the two countries has declined sharply, but the picture is more complex when supply chains are taken into account. Goods imported into the United States from third countries increasingly contain Chinese materials and components. When these indirect imports are considered, U.S. reliance on China declined only slightly through 2024.

Should companies redesign their supply chains to improve resilience?

For business leaders, the report recommends preparing for disruptions without giving up the advantages of international engagement. While specific economies, industries or trade routes can still face significant risks, overall global flows remain strong. Decisions such as relocating production should therefore balance supply-chain resilience with the benefits of global reach and market access. Companies that pull back from international markets while competitors remain globally active may risk weakening their competitive position.

– End –

The report and further resources are available at dhl.com/globalization.

DHL Group is the world’s leading logistics company. The Group connects people and markets and is an enabler of global trade. It aspires to be the first choice for customers, employees, investors and green logistics worldwide. To this end, DHL Group is focusing on accelerating sustainable growth in its profitable core logistics businesses and Group growth initiatives. The Group contributes to the world through sustainable business practices, corporate citizenship, and environmental activities. By the year 2050, DHL Group aims to achieve net-zero emissions logistics.

DHL Group is home to two strong brands: DHL offers a comprehensive range of parcel, express, freight transport, and supply chain management services as well as e-commerce logistics solutions. Deutsche Post is the largest postal service provider in Europe and the market leader in the German mail market. DHL Group employs approximately 584,000 people in over 220 countries and territories worldwide. The Group generated revenues of approximately 82.9 billion Euros in 2025.

The logistics company for the world.

New York University Stern School of Business, located in the heart of Greenwich Village and deeply connected to the city after which it is named, is one of the United States’ premier management education schools and research centers. NYU Stern offers a broad portfolio of transformational programs at graduate, undergraduate, and executive levels, all of them enriched by the dynamism and deep resources of one of the world’s business capitals. NYU Stern is a welcoming community that inspires its members to embrace and lead change in a rapidly transforming world. Visit www.stern.nyu.edu.

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ASTRI Welcomes Government Appointments of New Board Chairman and Board Members

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45 minutes ago

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October 20, 2026

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HONG KONG, Oct. 20, 2026 /PRNewswire/ — The Hong Kong Applied Science and Technology Research Institute (ASTRI) welcomes the Hong Kong SAR Government’s appointment of Prof Chan Chi-hou as the new Board Chairman, effective 21 October 2026, for a two-year term. He succeeds Ir Prof Sunny Lee, who concludes a seven-year tenure as ASTRI’s Board Chairman on 20 October 2026.

Prof Chan Chi-hou said: “I am deeply honoured that the Hong Kong SAR Government has entrusted me to serve ASTRI and contribute to our country and Hong Kong’s technological innovation and development goals outlined in the Nation’s 15th Five-Year Plan and Hong Kong’s first five-year plan. I would also like to thank Ir Prof Sunny Lee for his visionary leadership, particularly in steering the successful merger with the Nano and Advanced Materials Institute (NAMI), which has strengthened ASTRI’s interdisciplinary research and development (R&D) capabilities and heightened its profile at home and abroad.”

“As Hong Kong accelerates investment in technology infrastructure and talent development, I look forward to working closely with fellow Board members and Ir Dr Ted Suen, CEO of ASTRI, to advance innovation, foster collaboration across government, industry, academia, research, and investment communities, and expedite the commercialisation and adoption of research outcomes. Together, we will help enhance Hong Kong’s competitiveness, create greater value for society and reinforce the city’s position as an international innovation and technology (I&T) hub,” he added.

Prof Chan is an internationally-recognised expert in applied electromagnetics, terahertz science and wireless communications. He currently serves as Vice-President (Community Engagement), Director of the State Key Laboratory of Terahertz and Millimetre Waves, and Chair Professor of Electronic Engineering at City University of Hong Kong (CityU). Before joining CityU in 1996, he was a tenured Associate Professor in the Electrical Engineering Department at the University of Washington, and a Visiting Assistant Professor in the Electrical and Computer Engineering Department at the University of Illinois. He obtained his bachelor’s and master’s degrees from The Ohio State University and his doctoral degree from the University of Illinois at Urbana-Champaign. An IEEE Fellow, Prof Chan has received numerous international honours in recognition of his pioneering research and contributions to the field.

Outgoing Chairman Ir Prof Sunny Lee congratulated Prof Chan on the appointment and said: “It has been my great privilege to serve on ASTRI’s Board as a member and Chairman for nearly 14 years to witness its remarkable growth into a leading R&D centre that delivers tangible impact for industry, the economy and society. I am confident that, with Prof Chan’s distinguished expertise, strategic vision and extensive leadership experience, ASTRI will continue to scale new heights, drive impactful innovations and accelerate the translation of research excellence into real-world applications, creating lasting value for Hong Kong and beyond.”

Under Ir Prof Lee’s stewardship, ASTRI has actively supported national development priorities and the Hong Kong SAR Government’s policy agenda. Leveraging Hong Kong’s unique role as a super-connector between Chinese Mainland and the world, ASTRI has reinforced its position bridging stakeholders in the global I&T ecosystem.

Six New Board Members Appointed

In addition, the Hong Kong SAR Government has appointed six new members to the ASTRI Board: Prof Chan Shing-chow, Professor & Associate Dean (Masters), Faculty of Engineering, University of Hong Kong; Mr Ricky Chan Wai-chung, Chief Executive Officer, Jing Mei Automotive Limited; Mr Alan Chiu Chi-wai, Managing Partner, ELLALAN; Ms Irene Chow Man-ling, Director, DSL Investments Limited; Mr Hui Chi-wai, Chief Executive Officer (AXM), ASMPT SEMI China (AXM); and Prof Gary Wong Ka-leung, Associate Provost (Quality Assurance and Accountability) and Chair Professor, Department of Chemistry, City University of Hong Kong. Their two-year terms will run from 21 October 2026 to 20 October 2028.

ASTRI expresses its heartfelt gratitude to outgoing Board Chairman Ir Prof Sunny Lee and members Dr Felix Chow Bok-hin, Mr Theodore Ma Heng, Dr Alfred Ng Man-cheuk, Ir Dr Samson Tai Kin-hon and Mr Anthony Tong Tat-hay for their dedicated service and invaluable guidance.

Effective from 21 October 2026, the members of ASTRI’s Board of Directors are as follows:

Chairman

Prof Chan Chi-hou

Members (listed in alphabetical order of surname)

Prof Chan Shing-chowMr Ricky Chan Wai-chungProf Christopher Chao Yu-hangProf Cheng Shuk-han, MHMr Alan Chiu Chi-waiMr Jason Chiu Tsz-kiu, JPMs Irene Chow Man-ling, JPMr Dennis Ho Chiu-pingMr William Ho TatMr Hui Chi-waiIr Arthur Lee Kam-hungHon Jack Ng Wun-kit, JPArchitect So Ching, JPProf Michael Tse Chi-kongProf Martin Wong Ding-fatProf Gary Wong Ka-leungMr Wilfred Wong Kam-pui, BBS, JP

Official Members

Mr Kevin Choi, JP, Permanent Secretary for Innovation, Technology and IndustryMr Ivan KB Lee, JP, Commissioner for Innovation and Technology

Photos Download: https://bit.ly/4B1pToO

About ASTRI

Founded in 2000 by the HKSAR Government, Hong Kong Applied Science and Technology Research Institute (ASTRI) is the city’s largest government-funded R&D centre. Committed to transforming high-impact research into practical innovations, ASTRI drives market-driven, interdisciplinary advancements across sectors, including Smart City, FinTech, Digital Health and Life Sciences, New Industrialisation and Intelligent Manufacturing, Application-Specific Integrated Circuits (ASIC) and Advanced Electronics, New Energy and Energy Storage, and Green and ESG Technologies. Following its merger with the Nano and Advanced Materials Institute, ASTRI has further strengthened its capabilities, with over 1,500 patents and 2,200 successful cases of technology transfer. Recognised with numerous international awards, ASTRI continues to nurture top I&T talent and foster collaborations among the I&T ecosystem, contributing to Hong Kong’s high-value economic development. For more information, please visit: https://www.astri.org 

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SOURCE Hong Kong Applied Science and Technology Research Institute (ASTRI)

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Neo’s European Integrated Magnet Project Selected for €126 Million Grant Under EU Innovation Fund

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45 minutes ago

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October 20, 2026

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Grant would help fund an expanded integrated rare earth separation, metallization and magnet manufacturing platform in Estonia

TORONTO, Oct. 19, 2026 /CNW/ — Neo Performance Materials Inc. (“Neo” or the “Company”) (TSX: NEO) (OTCQX: NOPMF) today announced that the European Climate, Infrastructure and Environment Executive Agency (“CINEA”) has invited Neo to prepare a grant agreement for its Green Assets from European Union Strategic Supply (“Project GAUSS”) under the European Union’s Innovation Fund. Neo’s Project was selected with a grant of up to €126 million (approximately US$141 million).

Neo’s project, co-funded by the Innovation Fund, would support an expanded rare earth magnet value chain in Estonia, spanning separation, metallization and magnet manufacturing, including adding up to 3,000 metric tonnes of permanent magnets per year. One third of that capacity would be allocated to offshore wind farms in the EU.

The project includes the following scope:

Separation (Silmet 2.0): light and heavy rare earth separation tripling its total separation capacity. Earlier this month, the European Commission designated Silmet 2.0 a Strategic Project under the EU Critical Raw Materials Act.Metallization: conversion of separated light and heavy rare earth oxides into metals.Magnet Manufacturing (Phase 1B): the Phase 1B expansion of the European permanent magnet facility, which is expected to increase its nameplate capacity from its current 2,000 metric tonnes to approximately 5,000 metric tonnes per year, with the addition of capabilities to support offshore wind farms.Digital Infrastructure for Competitiveness: digital twins and artificial intelligence across rare earth separation, metallization and magnet manufacturing, learning from plant data and operator expertise to predict quality, optimize resource use and progressively translate validated insights into physical process control.

“Neo’s strategy includes building the most vertically integrated rare earth magnetics value chain in Europe, and this project brings that strategy together, from separation to metallization and finished magnets,” said Rahim Suleman, President and Chief Executive Officer of Neo. “The EU’s selection of Neo’s project, following the Strategic Project designation of Silmet 2.0 earlier this month, is strong recognition of that plan. This funding would help us further scale magnet production for European customers in wind energy, electromobility and industrial automation. I want to thank the European Commission, CINEA and the Government of Estonia for their continued support.”

Neo expects the value of the project to be approximately €400 million. Neo intends to update the capital cost estimate as project planning and engineering activities progress. The timetable set by CINEA provides for signature of the grant agreement by March 23, 2027 and the project is expected to take between two to three years to complete.

The project remains subject to final investment decisions and a final grant agreement, which include legal entity validation, a financial capacity assessment, a non-exclusion check and ethics and security reviews.  

About Neo Performance Materials

Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo’s advanced industrial materials – magnetic powders, rare earth magnets, magnetic assemblies, specialty chemicals, metals, and alloys – are critical to the performance of many everyday products and emerging technologies. Neo’s products fast-forward technologies for the net-zero transition. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. Neo is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, United States; Singapore; and Beijing, China. Neo has a global platform that includes manufacturing facilities located in Canada, Estonia, China, Germany, Thailand and the United Kingdom, as well as a dedicated research and development center in Singapore.

For more information, please visit www.neomaterials.com.

Cautionary Statements Regarding Forward-Looking Statements

This news release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Specific forward-looking statements in this news release include, but are not limited to, the signing and timing of the grant agreement with CINEA, the amount of the grant, final investment decisions, the scope, capacity, development, financing and timing of Project GAUSS, including Silmet 2.0 and Phase 1B, expected emissions avoidance and job creation, and other matters relating thereto. In making the forward-looking information in this news release, the Company has applied certain factors and assumptions that are based on its current beliefs as well as assumptions made by and information currently available to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information.  There are many risk factors associated with the development of a new Project.  A number of factors could cause actual results to differ materially from those anticipated by the Company, including but not limited to the risks and uncertainties inherent in the nature of operations including the risks of a material adverse change in the Company’s assets or revenues, or risks of unknown liabilities that may arise.

Readers are cautioned not to place undue reliance on forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.

Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Climate, Infrastructure and Environment Executive Agency (CINEA). Neither the European Union nor the granting authority can be held responsible for them.

For more information on Neo, investors should review Neo’s continuous disclosure filings that are available under Neo’s profile at www.sedarplus.ca.

SOURCE Neo Performance Materials, Inc.

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