Daily Archives: May 21, 2018

Virgin Pulse and RedBrick Health Joining Forces to Create World’s Largest Digital Employee Wellbeing and Engagement Company

Merger Will Create First and Only One-Stop-Shop for Employee Health, Wellbeing and Benefits Engagement; Combined Company Will Have More Than 3,300 Customers Across 190 Countries

PROVIDENCE, R.I., May 21, 2018 (GLOBE NEWSWIRE) — Providence-based Virgin Pulse and Minneapolis-based RedBrick Health announced today that the industry pioneers will merge, creating the world’s largest, most comprehensive digital health and engagement company. This powerful combination will deliver the industry’s only fully integrated digital platform, with benefits navigation and live coaching to support global clients and members across the entire health, wellbeing and benefits lifecycle – from screening and assessment to activation, behavior change and the adoption of sustainable, healthy habits.

“We are thrilled to join with RedBrick to set a new vision and standard for employee health, wellbeing and engagement,” said David Osborne, Virgin Pulse CEO, who will serve as CEO of the combined company. “Bringing RedBrick’s live and digital coaching and benefits navigation together with Virgin Pulse’s mobile-first, daily engagement platform allows us to deliver the industry’s only global, one-stop-shop for employees and employers. As first-movers in this space, and with substantial investment from our new partner, Marlin Equity Partners, we are well-positioned to execute an aggressive growth strategy and change even more lives around the world for good.”

Virgin Pulse and RedBrick are clear industry leaders in employee health, wellbeing and engagement, with each company delivering highly complementary capabilities to the market. To ensure the best possible experience for all clients, the combined company will continue to support and innovate on both the Virgin Pulse and RedBrick platforms, while making the best-in-class capabilities of each solution available across both client bases.

By the end of this year, Virgin Pulse clients will be able to access RedBrick’s health assessments, expert live and digital coaching, and benefits navigation through Virgin Pulse’s API-based framework, allowing Virgin Pulse to interact more deeply with members to optimize their health and wellbeing. In addition, RedBrick clients will have access to Virgin Pulse’s unparalleled challenge capabilities.

“Virgin Pulse and RedBrick are a logical fit, and it should be no surprise that we are finally coming together,” said Dan Ryan, CEO of RedBrick. “The merger is a win for the entire industry – clients, consumers, partners, consultants –  and raises the bar for what employers and employees should expect from their engagement partner. Combining our product portfolios and resources allows us to maximize our investments in R&D and operations, and ensures that our clients and consumers have access to the best, most innovative wellbeing and engagement solutions and services available.”

“Our investment, which brings together two leaders in the health and wellbeing market, underscores our strong belief in the potential to transform this highly fragmented industry,” said Michael Anderson, a managing director at Marlin Equity Partners which also recently acquired RedBrick Health. “This is a multibillion-dollar market that is hungry for innovation, desperate for disruption and ripe for consolidation, and we are committed to doubling down on these two leaders to move this market forward and unlock the value of employee health and wellbeing.”

Virgin Pulse is widely recognized for having the industry’s highest member engagement rates, with daily usage rivaling the most popular consumer applications such as Facebook and Twitter. The company’s flagship SaaS platform, Virgin Pulse Engage™, delivers personalized, mobile-first experiences that support employees in improving their health and wellbeing every day. RedBrick Health was an early pioneer in delivering outcomes-focused health and benefits engagement solutions, and is highly regarded for its customizable integration platform, digital and live coaching, health assessments, biometric screening services and award-winning experience. With highly configurable workflows, integration capabilities, strong expertise in custom program design and a successful record of serving complex, distributed organizations, RedBrick has firmly established itself as the partner of choice for large enterprises.

Together, Virgin Pulse and RedBrick have the largest customer base in the industry, with over 3,300 clients including public sector organizations, health plans, universities and more than 20 percent of the Fortune Global 500 companies. The combination of the two companies also creates an extensive and growing network of strategic ecosystem partners spanning mental wellbeing, financial wellbeing, sleep, nutrition, telemedicine, cost transparency, treatment decision support and more.

RedBrick and Virgin Pulse will unite under the Virgin Pulse name but continue to operate as separate brands. The combined organization will be based out of Virgin Pulse’s corporate headquarters in Providence, RI, and will maintain a major office in Minneapolis, MN and a coaching center in Phoenix, AZ. The company also has global centers of excellence in multiple international locations, including Australia, Canada, the United Kingdom, Switzerland, Bosnia, Brazil and Singapore.

Marlin is acquiring Virgin Pulse from its prior investors, including Insight Venture Partners. The merger is expected to close this month. Financial details of the transaction have not been disclosed. Evercore acted as financial advisor and Willkie Farr & Gallagher LLP served as legal advisor to Virgin Pulse. Raymond James & Associates, Inc. acted as financial advisor, and Goodwin Procter LLP served as legal advisor to RedBrick. William Blair & Company, LLC acted as financial advisor and Kirkland & Ellis LLP served as legal advisor to Marlin.

About Virgin Pulse
Virgin Pulse, a leading provider of technology solutions that promote employee engagement and wellbeing, and part of Sir Richard Branson’s Virgin Group, helps employers create workforces that are happier, healthier and ultimately more productive. The company’s modern, mobile-first platform delivers a personalized user experience that utilizes gamification to engage members in building habits that inspire meaningful and measurable change across individuals and the businesses they serve. By helping employees thrive at work and in all aspects of life, Virgin Pulse is helping change lives and businesses across more than 190 countries for good. More than 3,200 organizations around the world, representing many of the Fortune 500 and Best Places to Work, have selected Virgin Pulse’s solutions to engage their workforces and drive their businesses forward. To learn more, visit VirginPulse.com and follow us on Twitter or LinkedIn.

About RedBrick Health
RedBrick helps companies transform the health of their organizations by inspiring their people to be fully engaged in life and at work. Starting with each person’s unique needs, RedBrick combines advanced behavior science, adaptive technology and a deep bench of live experts. The industry’s most highly configurable platform actively integrates each organization’s benefits and resources with RedBrick’s own extensive content and capabilities. Hundreds of leading organizations rely on RedBrick to measurably improve their well-being and benefits engagement, while delivering a better employee experience. To learn more, visit RedBrickHealth.com and follow the company on Twitter or LinkedIn.

About Marlin Equity Partners  
Marlin Equity Partners is a global investment firm with over $6.7 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 120 acquisitions. The firm is headquartered in Los Angeles, California with an additional office in London. For more information, please visit www.marlinequity.com.

Media Contacts:

Wendy Werve
Virgin Pulse
703-622-3605
Wendy.werve@virginpulse.com

Cynthia Henry
RedBrick Health
612-659-3137
CHenry@Redbrickhealth.com

Hotels.com App Wins 2018 MediaPost Appy Award in Travel & Tourism Category

Developed by EPAM, app is recognized for creativity and excellence in app design

NEWTOWN, Pa., May 21, 2018 (GLOBE NEWSWIRE) — Hotels.com® and EPAM Systems, Inc. (NYSE:EPAM) announced their triumphant win at the 2018 MediaPost Appy Awards in the Travel and Tourism category this week.

The Hotels.com mobile app, developed in collaboration with EPAM Systems, Inc., a leading global provider of digital platform engineering and software development services, has been crowned the best app developed for airlines, hotels, travel search engines, destinations, cruises, travel advice or car rentals.

With over 70 million downloads and a 4.5+ star rating from consumers on both iOS and Android app stores, the Hotels.com app has now been recognized by the industry leading Appy Awards, which honor creativity and excellence in app design. The app provides a simple, fast and secure way for users to plan, book and manage hotel reservations, and allows travelers to book hundreds of thousands of places to stay around the world in a few simple clicks.

“We’re seeing up to 55% of our traffic now coming from mobile devices, so developing and investing in our app experience to make it as rewarding as possible for customers is a key priority,” said Daniel Craig, VP of Mobile at Hotels.com brand. “We’re always looking to push the boundaries and constantly innovate, so for our work to be recognized by the Appy Awards, alongside our technology partner EPAM, is a fantastic achievement. We continue to evolve our technology, so watch this space for more mobile innovation coming soon.”

“We are honored to be recognized with our partner, Hotels.com, for the Appy Award, which demonstrates our ability to deliver our customers’ vision through our expertise in design and user experience, software development, mobile, big data and DevOps/TechOps,” said Balazs Fejes, Co-Head Global Business, EPAM. “We value our over 10-year collaboration with Hotels.com, and look forward to continuing to push for more innovative, customer-centric user experiences.”

The Hotels.com app helps users discover hotels through in-depth sort and filter options and geolocation features. Users can compare hotels by features and prices, explore exclusive deals and book properties available that night in their location up until 5am. The app also offers fantastic post-booking, in-stay functionality, with features such as innovative keyless entry using mobile key technology, which allows travelers to check-in, check-out and access their room through their mobile device.

MediaPost’s APPY Awards is celebrating its 21st Anniversary. MediaPost Communications is the largest and most influential media, marketing and advertising site providing news, blogs, and directories to help its community of more than 150,000 members better plan and buy both traditional and online advertising. Hotels.com accepted the 2018 APPY Award in Travel & Tourism during the awards ceremony on May 15, 2018 in New York City.

To view the Hotels.com app, visit www.hotels.com/hotel-deals/app/. To learn more about EPAM’s product development and digital platform engineering expertise, please visit www.epam.com.

About Hotels.com® (or Hotels.com™) Hotels.com is the most rewarding way to book a place to stay. We really love travel and we know you do too. That’s why we make it really easy to book with us. With hundreds of thousands of places to stay around the world and 90 local websites in 41 languages, Hotels.com has it all. So, whether you’re looking for value in Vegas, treehouses in Thailand or villas in Venezuela, it’s all just a click away.  And with our “Reward-winning” loyalty program you earn free* nights while you sleep and get access to instant savings like Secret Prices…what could be better? Booking just got smarter too. With over 25 million real guest reviews and an app so easy to use that it’s been downloaded more than 70 million times, you can be sure to find the perfect place for you.
**Free night does not include taxes and fees.

© 2018 Hotels.com, LP.  All rights reserved.  Hotels.com and the Hotels.com logo are trademarks of Hotels.com, LP.  All other trademarks are property of their respective owners. CST #2083949-50

About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE:EPAM) has leveraged its core engineering expertise to become a leading global product development and digital platform engineering services company. Through its ‘Engineering DNA’ and innovative strategy, consulting, and design capabilities, EPAM works in collaboration with its customers to deliver innovative solutions that turn complex business challenges into real business opportunities. EPAM’s global teams serve customers in over 25 countries across North America, Europe, Asia and Australia. EPAM is a recognized market leader among independent research agencies and was ranked #12 in FORBES 25 Fastest Growing Public Tech Companies and as a top UK Digital Design & Build Agency. Learn more at http://www.epam.com/ and follow us on Twitter @EPAMSYSTEMS and LinkedIn.

Forward-Looking Statements 
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

For more information please contact:
Danielle Ruess-Saltz
M: 267.978.7688
danielle_ruess-saltz@epam.com
41 University Drive, Suite 202
Newtown, PA 18940

Wabtec and GE Transportation to Merge, Creating Global Leader for Rail Equipment, Services and Software

Strategic Combination Will Drive Shareholder Value Creation by Accelerating Innovation in Transportation and Logistics

  • Following the transaction, Wabtec will have approximately $8 billion in revenues, a more diversified business mix, higher margins, and approximately 15 percent cash EPS accretion in year one.
  • Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Complementary businesses and large global installed base will create additional opportunities for cross-selling, aftermarket services growth and new solutions in a rapidly evolving industry.
  • GE Transportation is positioned for a substantial rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019.
  • Substantial annual run-rate synergies of $250 million and a net present value of approximately $1.1 billion of net tax benefit will accrue to the combined company.
  • The transaction is valued at approximately $11.1 billion.1 When adjusted for the net tax benefit of $1.1 billion accruing to the combined company, the transaction value is $10 billion. The 2019 EBITDA multiple range including synergies and tax benefits is approximately 9x, and the 2019 EBITDA multiple range excluding synergies and tax benefits is approximately 11.75x.
  • Strong free cash flow to enable rapid debt reduction, maintain Wabtec’s quarterly dividend and preserve investment grade credit rating.
  • Wabtec Chairman, Albert J. Neupaver, has been re-appointed executive chairman; Raymond T. Betler will remain president and CEO of the merged company; Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtec’s Freight Segment and Stéphane Rambaud-Measson, will become president and CEO of Wabtec’s Transit Segment.

WILMERDING, Pa. and CHICAGO, May 21, 2018 (GLOBE NEWSWIRE) — Wabtec Corporation (NYSE:WAB) has entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company (NYSE:GE). The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries.

Under the agreement, which has been approved by the Boards of Directors of Wabtec and GE, GE will receive $2.9 billion in cash at closing and GE and its shareholders will receive a 50.1% ownership interest in the combined company, with Wabtec shareholders retaining 49.9% of the combined company. The transaction is expected to be tax free to the companies’ respective shareholders.

Both companies are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. GE Transportation revenues and EBIT are expected to grow at double digit CAGRs from 2017A to 2019E as the cycle rebounds from trough levels. The GE Transportation business is positioned for a significant rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. The backlog of approximately $18 billion includes about 1,800 new locomotives and approximately 1,000 to be modernized. GE Transportation has received $3.6 billion in orders in the last two quarters. Wabtec reported a strong Q1, also forecasting robust growth for the year with record backlog.

The combination will bring together two global leaders in rail equipment, services and software, combining GE Transportation, a global digital industrial leader and supplier to the rail, mining, marine, stationary power and drilling industries, with Wabtec’s broad range of freight, transit and electronics solutions. Wabtec and GE shareholders will have ownership in a combined company with significantly expanded margins, a highly attractive growth profile based on an improved business mix, expanded global reach, and faster innovation in key growth areas.

KEY STRATEGIC BENEFITS

The combination is expected to:

  • Drive increased value for shareholders: With approximately $8 billion in combined revenues and a large global installed base, the combined company will have a leading position in key freight rail and transit geographies worldwide, and will be well-positioned to serve customers as industry demand continues to improve. Investors are expected to benefit through ownership of a stronger, more diverse business better positioned to perform through the cycle, with expected annual double-digit EPS growth and total run-rate synergies of about $250 million estimated to be achieved by 2022. Furthermore, the transaction will facilitate a tax step-up with an NPV of approximately $1.1 billion of net tax benefit accruing to the combined company.
  • Create a leading equipment, aftermarket services, and digital solutions provider across the transportation ecosystem: From factory to final destination – and every point in-between – the combined company will have the capabilities to accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency, and competitiveness.
  • Capitalize on digital/electronic technologies to develop autonomous capabilities: Bringing together GE Transportation’s digital solutions with Wabtec’s electronic systems is expected to drive the advancement and implementation of technology solutions to improve safety, efficiency and productivity for the transportation industry. This combination will create a compelling offering to meet the industry’s rapidly growing demand for rail performance, with the potential to unlock billions in annual savings across freight rail for customers and operators.
  • Generate growth opportunities through the extensive installed base and attractive global footprint: The combined company will be a leading global freight and transit rail provider with more than 23,000 locomotives in its global installed base and content on virtually all locomotives and freight cars in North America, creating significant opportunities for aftermarket parts and services in key regions around the world.

Effective immediately, Wabtec Chairman Albert J. Neupaver has been re-appointed executive chairman of the company, while Raymond T. Betler remains Wabtec’s president and CEO. Following the completion of the transaction, Stéphane Rambaud-Measson will become president and CEO of Wabtec’s Transit Segment; and Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtec’s Freight Segment.

Betler said: “Wabtec and GE Transportation are global industry leaders and we believe that together we have a unique opportunity to drive tremendous growth in 2019 and beyond as the industry continues to improve. By bringing together our highly complementary strengths we are confident that this transformational combination will create value for both Wabtec and GE shareholders, innovative solutions for our customers, and new outlets for long-term career growth for our employees. Our two companies have more than 250 years of rail industry heritage, and our shared focus on safety, reliability, quality, and customer relationships will enable a smooth integration.”

Santana said: “The combination of our two strong brands and remarkable people is an excellent fit that will create an organization well-positioned to accelerate the future of transportation. Together, we can expand our global reach, strengthen our market capabilities and lead digital innovation across the transportation industry. We are seeing growth in rail traffic and recent promising orders for new and modernized locomotives from North American Class I, Shortlines and international railroads, and are confident in the compelling long-term opportunities and synergies before us.”

GOVERNANCE AND HEADQUARTERS
Following the completion of the transaction, Wabtec’s corporate headquarters will remain in Wilmerding, Pa. Wabtec’s Freight Segment will be headquartered in Chicago, and Wabtec’s Transit Segment headquarters will remain in Paris.

GE will designate for nomination three independent Board members.

TRANSACTION DETAILS
GE will receive a $2.9 billion up-front cash payment, and GE and its shareholders will receive a 50.1% ownership interest in the combined company. Based on Wabtec’s stock price on April 19, 2018, the last unaffected trading day prior to media speculation regarding a potential transaction, the value of the transaction is approximately $11.1 billion. When adjusted for the net tax step-up value of $1.1 billion accruing to the combined company, the transaction value is $10 billion. The transaction is expected to be tax free to the companies’ respective shareholders.

Wabtec and GE Transportation will be combined in a transaction in which GE will (i) sell a portion of the assets of GE Transportation to Wabtec; (ii) complete the spin-off or split-off of a portion of GE Transportation to GE shareholders; and (iii) immediately thereafter merge GE Transportation with a wholly owned subsidiary of Wabtec. Upon closing, Wabtec shareholders will own approximately 49.9%, and it is planned that GE shareholders will own approximately 40.2%, and GE will own 9.9% of the merged company on a fully diluted basis. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GE’s ownership).

Wabtec has obtained full commitments for a $2.9 billion bridge facility and expects to put in place permanent debt financing prior to closing.  The Company is committed to maintaining a strong investment grade credit rating profile and will use its strong cash flow to prioritize debt reduction.

The transaction is expected to close in early 2019, subject to customary closing conditions, approval by Wabtec shareholders, and regulatory approvals.

CONFERENCE CALL AND INVESTOR INFORMATION
Wabtec and GE Transportation will host a conference call today at 8:30 am Eastern to discuss the transaction. An audio webcast of the investor call can be accessed at https://engage.vevent.com/rt/kekstandcompanyao~1688628. A replay will also be available at the same link after the event.  You can also access the link by going to www.wabtec.com and clicking on the “Webcasts” tab in the “Investor” section.  To view a copy of the presentation that will be discussed during the call, click on the “Press Releases” tab under “About Us” and click on the press release titled “Wabtec and GE Transportation to Merge.”  The presentation will be included at the end of the press release on the website.

ABOUT WABTEC
Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail.  Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has roughly 18,000 employees and facilities located throughout the world. For the fiscal year ending December 31, 2017, Wabtec generated approximately $3.9 billion in revenue and $504 million in adjusted EBIT (approximately 13% margin).

ABOUT GE TRANSPORTATION
GE Transportation helps move the world and improve the world, as a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries. GE Transportation’s innovations help customers deliver goods and services with greater speed and savings using advanced manufacturing techniques and connected machines. The company employs approximately 9,000 employees worldwide. GE Transportation has a backlog of roughly $18 billion, including approximately 1,800 new locomotives and roughly 1,000 locomotive modernized units. For the fiscal year ending December 31, 2017, GE Transportation generated approximately $3.9 billion in revenue and $701 million in adjusted EBIT (approximately 18% margin).

ADVISORS
Goldman Sachs & Co. LLC and Jones Day are acting as financial advisors and legal counsel, respectively, to Wabtec in the transaction.

Morgan Stanley & Co. LLC and Dyal Co. LLC are acting as financial advisors, and Davis Polk & Wardwell LLP as legal advisors, to GE in the transaction.

CONTACTS

Investors
Tim Wesley, Wabtec
412-825-1543 or twesley@wabtec.com

Matt Cribbins, GE
617-443-3400 or matthewg.cribbins@ge.com

Media
Deia Campanelli, GE
773-297-0482 or deia.campanelli@ge.com

Rich Stimel, Wabtec
412-825-1423 or rstimel@wabtec.com

ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction between GE and Wabtec, Transportation Systems Holdings Inc., a wholly owned subsidiary of GE created for the transaction (“SpinCo”), will file with the SEC a registration statement on Form S-4/S-1 containing a prospectus or a registration statement on Form 10 and Wabtec will file with the SEC a registration statement on Form S-4 that will include a combined proxy statement/prospectus. If the transaction is effected via an exchange offer, GE will also file with the SEC a Schedule TO with respect thereto.  This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents GE, Wabtec and/or SpinCo may file with the SEC in connection with the proposed transaction.  INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, AND OTHER DOCUMENTS FILED BY GE, WABTEC OR SPINCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION.  Investors and security holders will be able to obtain free copies of these materials and other documents filed with the SEC by GE, Wabtec and/or SpinCo through the website maintained by the SEC at www.sec.gov.  Investors and security holders will also be able to obtain free copies of the documents filed by GE, Wabtec and/or SpinCo with the SEC from the respective companies by directing a written request to GE and/or SpinCo at General Electric Company, 41 Farnsworth Street, Boston, Massachusetts 02210 or by calling 617-443-3400. Investors and security holders can also contact Wabtec at Wabtec Corporation, 1001 Air Brake Avenue, Wilmerding, PA 15148 or by calling 412-825-1543.

NO OFFER OR SOLICITATION
This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.  No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

PARTICIPANTS IN THE SOLICITATION
This communication is not a solicitation of a proxy from any investor or security holder.  GE, Wabtec, SpinCo, their respective directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from shareholders of Wabtec in connection with the proposed transaction.  Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the relevant materials when filed with the SEC.  Information regarding the directors and executive officers of GE is contained in GE’s proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on March 23, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 23, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the SEC on May 1, 2018 and certain of its Current Reports filed on Form 8-K.  Information regarding the directors and executive officers of Wabtec is contained in Wabtec’s proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on April 5, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 26, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 which was filed with the SEC on May 4, 2018 and certain of its Current Reports filed on Form 8-K.  These documents can be obtained free of charge from the sources indicated above.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Wabtec.  All statements, other than historical facts, including statements regarding the expected timing and structure of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction, including future financial and operating results, the tax consequences of the proposed transaction, and the combined company’s plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements.

Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions.  Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions.  Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.  The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved.  Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the stockholders of Wabtec may not be obtained; (2) the risk that the proposed transaction may not be completed on the terms or in the time frame expected by GE or Wabtec, or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; (5) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of GE, Wabtec and SpinCo; (6) the ability of the combined company to implement its business strategy; (7) difficulties and delays in achieving revenue and cost synergies of the combined company; (8) inability to retain and hire key personnel; (9) the occurrence of any event that could give rise to termination of the proposed transaction; (10) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (11) evolving legal, regulatory and tax regimes; (12) changes in general economic and/or industry specific conditions; (13) actions by third parties, including government agencies; and (14) other risk factors as detailed from time to time in GE’s and Wabtec’s reports filed with the SEC, including GE’s and Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC.  The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this communication.  Neither GE nor Wabtec undertakes any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law.  Readers are cautioned not to place undue reliance on any of these forward-looking statements.

1 Based on Wabtec share price of $83.79 on 19-Apr-2018, the last unaffected trading day prior to media speculation regarding a potential transaction, and Wabtec fully diluted share count.

INTA Selects Singapore for 142nd Annual Meeting Slated for April 2020

SEATTLE, May 20, 2018 (GLOBE NEWSWIRE) — The International Trademark Association (INTA) today announced that it will hold its 142nd Annual Meeting—the world’s largest trademark event—in Singapore from April 25 to 29, 2020, at the Marina Bay Sands. This marks the second time INTA is bringing its Annual Meeting to Asia, and the first time that the organization will host the event in Southeast Asia.

INTA CEO Etienne Sanz de Acedo made the highly anticipated announcement at the opening ceremonies of the Association’s 140th Annual Meeting, taking place in Seattle, Washington, now through May 23. Nearly 11,000 trademark practitioners and other intellectual property (IP) professionals from 150+ countries are gathering for this event. The number of registrants has been increasing each year.2020_am_1200x250

In 2014, INTA held its first-ever Annual Meeting in Asia—the 136th Annual Meeting in Hong Kong SAR, China. After that successful event, INTA’s Board of Directors approved a rotation strategy to host the Annual Meeting in a location outside the United States every third year.

“Bringing the Association’s Annual Meeting to Singapore in 2020 offers our global membership the opportunity to once again meet in an optimal location to learn, network, and discuss issues of interest to IP professionals, government officials, consumers, and society at large,” said 2018 INTA President Tish Berard.

Registration for the 2020 Annual Meeting in Singapore will open in January 2019, with presale tickets available for purchase at INTA’s 2019 Annual Meeting in Boston, Massachusetts.

A confluence of factors contributed to the selection of Singapore for the 2020 gathering, including its vibrant environment, cultural diversity, ease of accessibility, and achievements in the field of IP. INTA, which has a growing international membership now spanning 191 countries, opened an Asia-Pacific Representative Office in Singapore in March 2016.

“Singapore is a seminal location for the global trademark dialogue that will take place at INTA’s Annual Meeting in 2020. We are extremely pleased to go there and view this as an opportunity to further interact with and serve members globally,” said Mr. Sanz de Acedo.

INTA’s groundbreaking impact study entitled The Economic Contribution of Trademark-Intensive Industries in Indonesia, Malaysia, the Philippines, Singapore, and Thailand indicates that trademark-intensive activities in Singapore generate increased employment across sectors and contribute to international trade.

Specifically, looking at data from 2012 to 2015, trademark-intensive industries within Singapore generated a 50 percent direct contribution to gross domestic product, comprised 60 percent of the country’s share of exports, and workers’ share of the workforce represented 29 percent of total employment, according to the study.

“We are honoured to play host to the world’s largest and most widely-attended IP conference – INTA’s 142nd Annual Meeting – in 2020,” said Daren Tang, Chief Executive, Intellectual Property Office of Singapore. “This mega conference will connect the Singapore innovation ecosystem to the global community of trademark experts and intellectual property professionals who will build on each other’s best practices and expertise, sharing thought leading conversations on creating strong brands to differentiate winning enterprises from others.”

Jeannie Lim, Executive Director, Conventions, Meetings & Incentive Travel, Singapore Tourism Board, added:  “Our city serves as the ideal platform for this prestigious event. Here, delegates can learn, engage and discover new possibilities, and go on to enjoy the cuisine and experiences that our city has to offer outside of the event. We look forward to welcoming this event to Singapore in 2020.”

About the International Trademark Association

The International Trademark Association (INTA) is a global association of brand owners and professionals dedicated to supporting trademarks and related intellectual property (IP) to foster consumer trust, economic growth, and innovation. Members include more than 7,200 trademark owners, professionals, and academics from 191 countries, including 62 members from Singapore who benefit from the Association’s global trademark resources, policy development, education and training, and international network. Founded in 1878, INTA is headquartered in New York City, with offices in Brussels, Santiago, Shanghai, Singapore, and Washington, D.C., and representatives in Geneva and New Delhi. For more information, please visit www.inta.org.

Contact:
Sari Schwartz
Senior Strategist, Communications
sschwartz@inta.org
1-212-642-1774

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bab1761a-add4-4ae9-9ee9-4e2b81373c52

Sciaky Receives Order for Multiple Electron Beam Additive Manufacturing (EBAM®) Systems to Strengthen America’s Defense and Power Generation Programs

CHICAGO, May 21, 2018 (GLOBE NEWSWIRE) — Sciaky, Inc., a subsidiary of Phillips Service Industries, Inc. (PSI) and leading provider of metal additive manufacturing (AM) solutions, announced today that it has received an order for multiple Electron Beam Additive Manufacturing (EBAM®) systems to bolster the nation’s defense and power generation programs. Details of the project are confidential.

“Sciaky has a long history of providing innovative solutions to America’s military and power generation initiatives,” said Scott Phillips, President and CEO of Sciaky, Inc. “Our EBAM process is the only industrial-grade metal 3D printing technology to produce large-scale parts for land, sea, air, and space applications.”Sciaky-110-EBAM-System

As the most widely scalable metal additive manufacturing solution in the industry (in terms of work envelope), Sciaky’s EBAM systems can produce parts ranging from 8 inches (203 mm) to 19 feet (5.79 meters) in length. EBAM is also the fastest deposition process in the metal additive manufacturing market, with gross deposition rates ranging from seven to 25 lbs. (3.18 to 11.34 kg) of metal per hour. EBAM brings quality and control together with IRISS® – the Interlayer Real-time Imaging and Sensing System, which is the only real-time adaptive control system in the metal 3D printing market that can sense and digitally self-adjust metal deposition with precision and repeatability. This innovative closed-loop control is the primary reason that Sciaky’s EBAM 3D printing process delivers consistent part geometry, mechanical properties, microstructure, and metal chemistry, from the first part to the last.

For more information on Sciaky, visit www.sciaky.com. You can also follow Sciaky on Twitter, Facebook, Google+, YouTube and LinkedIn.

About Sciaky, Inc.

Sciaky, Inc., a subsidiary of Phillips Service Industries, is a world leader in metal 3D printing solutions. Our exclusive Electron Beam Additive Manufacturing (EBAM®) process is the fastest, most cost-effective 3D printing process in the market for large-scale metal parts, allowing manufacturers to save significant time and money over traditional manufacturing and rapid prototyping processes. Sciaky also provides industry-leading electron beam (EB) and advanced arc welding systems, as well as robust EB welding services, for the aerospace, defense, automotive, healthcare and other manufacturing industries. Our welding equipment meets rigid military specifications to manufacture items such as airframes, landing gear, jet engines, guided missiles and vehicle parts.

About Phillips Service Industries, Inc.

Established in 1967, Phillips Service Industries, Inc. (PSI) is a privately held global manufacturing and services holding company, which oversees a diverse collection of innovative subsidiaries: Beaver Aerospace & Defense, Inc., Mountain Secure Systems, PSI Repair Services, Inc., PSI Semicon Services, and Sciaky, Inc. Our companies serve a wide range of high-tech industries like aerospace, defense, automotive, alternative energy, healthcare, security and semiconductor. Together, we push the boundaries of technology, delivering innovative solutions for land, sea, air and space. We’re PSI: Always innovating. Everywhere.™

CONTACT:
Jay Hollingsworth
Public Relations Manager
Phillips Service Industries (PSI)
(734) 853-5211
jay.hollingsworth@psi-corp.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b6980119-463d-4bea-82fe-02c76fa84d59

Winners of national, world skills competitions honored

The Ministry of Labor, Invalids and Social Affairs honored winners of national and world skills competitions at a ceremony in Hanoi Sunday night.

Deputy Prime Minister Vu Duc Dam conferred the Labor Order, third class, on Nguyen Ba Phuoc, bronze medalist at the 44th World Skills Competition held last October in the United Arab Emirates. Mr. Dam also presented the Prime Minister’s Certificate of Merit to 5 others, who won excellent skills certificates at the world competition.

In this year’s national competition this week, 63 competitors won first prizes, 15 won second prizes, and 71 won third prizes. They will compete in the ASEAN Skills Competition in Thailand in August and the World Skills Competition in Russia next year.

“This competition was very useful to me. My passion is hairdressing. I learned a lot from the competition and want to introduce Vietnam’s hair designs to the world. I will do my best at the ASEAN and world skills competitions,” said first prize winner Nguyen Tu Anh of the Hanoi Vocational College of High Technology.

Source: VOV5

Portal on war martyr-related information to open in July

The first portal on war martyrs and war martyrs’ graves and cemeteries will debut this July, providing public access to information facilitating searching for the graves of relatives.

While paying homage to VN’s heroic martyrs at the Kim Son martyr cemetery in Hanoi on Sunday, Deputy PM Vu Duc Dam said a database of martyrs and their graves has been compiled on paper by the Ministry of Labor, Invalids, and Social Affairs and the Ministry of National Defence, but there has been no way to identify hundreds of thousands of graves that lack information. The Vietnam Post Corporation was assigned to coordinate with authorized agencies to collect data about war martyrs and their graves and cemeteries across the country and build the portal.

Information, images and coordinates of each grave will be compared and connected with the existing database of the two ministries and then made available on the portal.

Source: VOV5