LAS VEGAS, May 20, 2013 /PRNewswire/ -- What do your car, a heart monitor, and the electrical meter on your house have in common? All are being outfitted with communications technology and connected to the "Internet of Things" to provide significant new functions. The International M2M Council is a new trade association that aims to make this kind of connectivity – known as machine-to-machine communications (M2M) – ubiquitous by helping companies install and manage communications between machines.
Launched at this week's CTIA Wireless Show in Las Vegas, the IMC already includes influential connectivity providers, software developers, component makers and integrators – the group's founding board is comprised of senior executives from Deutsche Telekom, Digi International, Kore Telematics, Oracle, ORBCOMM, and Telit. The IMC will help those deploying machines in wide-ranging vertical markets – like automotive, healthcare, and energy – by showing that basic M2M technology already exists that can create new revenue, cut costs, and ease regulatory compliance.
The new group aims to prove the business case for M2M. Unlike existing standards bodies that concentrate on developing technical specifications, the IMC will publish use-cases and business benchmarks that show ROI for M2M deployments. And the IMC intends to be the first trade organization to service the entire M2M ecosystem, including suppliers and users globally.
"As the M2M industry enters a phase of broad-based growth, now's the time for leadership companies in the M2M community to create a forum where they can share lessons learned, best practices and ideas for future growth," said Patrick Shay, EVP of sales and marketing of ORBCOMM, Inc., a charter board member, and a leading provider of satellite connectivity. "The IMC will bridge suppliers, M2M users and standards organizations around the globe."
In addition to ORBCOMM's Shay, the IMC founding board also includes:
- Juergen Hase, VP M2M Competence Center, Deutsche Telekom
- Matt Jennings, VP Digital Solutions Group, Digi International
- Alex Brisbourne, CEO, Kore Telematics
- Chris Baker, SVP ISV/OEM/Java, Oracle Corporation
- Alexander Bufalino, SEVP Global Marketing, Telit Wireless Solutions
About the International M2M Council (London): the IMC mission is to increase adoption of M2M technology. The group will achieve this by promoting M2M technology to relevant vertical markets, establish business metrics and best practices for M2M deployments, educating professionals about M2M, and advocating for M2M technology with regulators. For more information, please contact Keith Kreisher, +44 20.7596.8777, or email@example.com.
SOURCE International M2M Council
MAPLE GROVE, Minn., May 20, 2013 /PRNewswire/ -- Upsher-Smith Laboratories, Inc., a specialty pharmaceutical company committed to the development of new treatments for diseases of the central nervous system, today announced the launch of its newly designed website, upsher-smith.com. The new site celebrates life's moments through images and narratives. As part of the company's mission statement – Advancing Pharmacotherapy, Improving Life™ – our new branding campaign centers around people with a story to tell, a life moment to share and images that speak volumes.
The new website speaks to Upsher-Smith's belief that it is truly life moments that matter in the lives of patients: moments of joy, happiness, and accomplishments large and small. The site reflects the company's passion for making a positive impact on the lives of the people who rely on its products.
Upsher-smith.com features a modern look and feel with enhanced usability and navigation that quickly allows users to connect to the information they need. Easy-to-access information is available on topics ranging from Upsher-Smith's product offerings, therapeutic focus, and corporate leadership and values. Helpful resources for patients, pharmacists, and physicians are also readily accessible.
About Upsher-Smith Upsher-Smith, founded in 1919, is an independent specialty pharmaceutical company headquartered in Maple Grove, Minnesota that focuses on product growth and innovation for branded and generic pharmaceuticals. Upsher-Smith has a particular focus on developing therapies to assist people suffering from central nervous system diseases and also markets products relating to cardiology, dermatology and women's health. For more information, visit www.upsher-smith.com.
SOURCE Upsher-Smith Laboratories, Inc.
WASHINGTON, May 20, 2013 /PRNewswire-USNewswire/ -- American companies are suffering the loss of hundreds of billions of dollars a year due to intellectual property theft by foreign entities. This loss has tremendous implications for the future competitive, strategic, and economic outlook of the United States.
For this purpose, the Commission on the Theft of American Intellectual Property (the IP Commission) was established to assess the scale and scope of the loss and provide robust policy recommendations to the Administration and Congress.
Former U.S. Ambassador to China and former Governor Jon Huntsman and former U.S. Director of National Intelligence Dennis Blair will present key findings and policy recommendations from the IP Commission Report at the National Press Club on May 22. Copies of the Report will be available.
- Gov. Jon Huntsman, former Governor of the State of Utah and U.S. Ambassador to China. Co-chair
- Hon. Dennis Blair (Admiral, U.S. Navy, retired), former Director of National Intelligence and Commander of U.S. Pacific Command. Co-chair
- Dr. Craig Barrett, former Chairman and CEO of Intel.
- Sen. Slade Gorton, former U.S. Senator of Washington State. He was a member of the National Commission on Terrorist Attacks Upon the United States.
- Hon. William Lynn, CEO of DRS Technologies and a former U.S. Deputy Secretary of Defense.
- Hon. Deborah Wince-Smith, President & CEO of the Council on Competitiveness.
- Pres. Michael Young, President of the University of Washington and former Deputy Under Secretary of State for Economic and Agricultural Affairs.
WHEN: Wednesday, May 22, 2:00 p.m. to 3:30 p.m.
WHERE: National Press Club, Murrow Room, 529 14th St NW, Washington
Credentialed media only. Please RSVP to firstname.lastname@example.org by May 20 as space is very limited.
For more information: www.IPCommission.org (live on May 21, 2013)
For media inquiries, contact:Sonia Luthra, Media & Outreachmedia@ipcommission.org
ABOUT THE COMMISSION: Formed in 2012, The Commission on the Theft of American Intellectual Property is an independent initiative representing the sectors of research, defense, academia, government, labor, and business. The Commission is dedicated to examining the causes and impact of IP theft on U.S. strategic and economic interests and recommending policy solutions to the Administration and Congress.
SOURCE The Commission on the Theft of American Intellectual Property (the IP Commission)
NEW YORK--(BUSINESS WIRE)-- UBS AG announced today that it will redeem all of the outstanding securities in each of the series set forth in the following table (collectively, the “Affected Securities”):
|ETRACS DJ-UBS Commodity Index 2-4-6 Blended Futures ETN due April 30, 2042||90267L201|
|ETRACS Monthly 2x Leveraged ISE Cloud Computing TR Index ETN due October 4, 2041||90267E330|
|Exchange Traded Access Securities (E-TRACS) Short Platinum — Linked to the Inverse Performance of the UBS Bloomberg CMCI Platinum Excess Return due 2018||902641729|
|ETRACS Next Generation Internet ETN due July 19, 2041||90268A774|
|ETRACS Monthly 2x Leveraged Next Generation Internet ETN due July 19, 2041||90268A659|
|ETRACS ISE Solid State Drive Index ETN due September 13, 2041||90268A758|
|ETRACS Monthly 2x Leveraged ISE Solid State Drive Index ETN due September 13, 2041||90268A741|
Terms used but not defined herein shall have the meanings ascribed to such terms in the Affected Securities.
The Call Settlement Date for the Affected Securities shall be June 6, 2013.
With respect to each series of Affected Securities, the amount payable on the Call Settlement Date will be calculated as specified in each of the Affected Securities. UBS AG will pay investors holding Affected Securities as of 5:00 p.m., New York time, on June 6, 2013, the applicable call settlement amount.
For further information about ETRACS ETNs, go to http://www.etracs.com.
ETRACS, are exchange-traded notes (ETNs), an innovative class of investment products offering access to markets and strategies that may not be readily available to investors, and offer unique diversification opportunities in a number of different sectors. ETNs offer:
- Access to asset classes with historically low correlations to more traditional asset classes
- Convenience of an exchange-traded security
- Transparent exposure to a published index
ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE Arca, and can be bought and sold through a broker or financial advisor. An investment in ETRACS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor’s principal, and is subject to the creditworthiness of UBS AG. We urge you to read the more detailed explanation of risks described under “Risk Factors” in the prospectus supplement for the ETRACS ETN.
This material is issued by UBS AG or an affiliate thereof ("UBS"). Products and services mentioned in this publication may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker/dealer. Member of SIPC (http://www.sipc.org/).
The contents of any website referred to in this communication are not part of, or incorporated by reference in, this communication. UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for the offerings of the ETRACS ETNs) with the Securities and Exchange Commission (the “SEC”) for the offerings to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable prospectus supplement by calling toll-free (+1-877-387-2275).
© UBS 2013. The key symbol, UBS and ETRACS are among the registered and unregistered trademarks of UBS. “ISE Solid State Drive Index™”, ”ISE Cloud Computing™ Total Return Index”, “ISE™®” and “International Securities Exchange®” are trademarks of International Securities Exchange, LLC and have been licensed for use for certain purposes by UBS Securities LLC and its affiliates. The Dow Jones-UBS Commodity IndexesSM are a joint product of DJI OPCO, LLC, a subsidiary of S&P Dow Jones Indices LLC, and UBS Securities LLC, and have been licensed for use. “Dow Jones®”, “DJ”, “UBS”, “Dow Jones-UBS Commodity Index 2-4-6 Forward Blend Total ReturnSM”, “Dow Jones-UBS Commodity Index 2 Month ForwardSM”, “Dow Jones-UBS Commodity Index 4 Month ForwardSM”, “Dow Jones-UBS Commodity Index 6 Month ForwardSM”, “Dow Jones-UBS Commodity IndexSM” and “DJ-UBS CI” are trademarks or service marks of Dow Jones Trademark Holdings, LLC and UBS AG, as the case may be. ”UBS Bloomberg Constant Maturity Commodity Index” and “CMCI” are service marks of UBS and/or Bloomberg. Patent Pending. UBS assumes sole responsibility for this material, which has not been reviewed by Bloomberg. S&P is a registered trademark of Standard & Poor’s Financial Services LLC. Other marks may be trademarks of their respective owners. All rights reserved.
Notes to Editors
Headquartered in Zurich and Basel, Switzerland, UBS is a client-focused financial services firm that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. By delivering a full range of advice, products and services to its private, corporate and institutional clients, UBS aims to generate sustainable earnings, create value for its shareholders, and become the choice of clients worldwide.
UBS is present in all major financial centers worldwide. It has offices in over 50 countries, with about 36% of its employees working in the Americas, 35% in Switzerland, 17% in the rest of Europe and 12% in Asia Pacific. UBS employs about 62,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
More information at the site of the bank: www.ubs.com
UBS AGMedia EnquiriesMegan Stinson, 212-713-1302orNew York:Judi Flynn-Echeverria, 917-902-9726
Source: UBS AG
MONTERREY, Mexico--(BUSINESS WIRE)-- Fitch Ratings expects to rate Red de Carreteras de Occidente, S.A.B. de C.V.'s (RCO) up to MXN10,000 million senior secured notes 'BBB-'. The Rating Outlook is Stable.
At the same time, Fitch affirms the MXN8,126 million senior secured notes rating at 'AAA(mex)', Stable Outlook; the notes were placed in the Mexican market in September 2012. The 2012 notes benefit from a limited guarantee from Banobras.
KEY RATING DRIVERS
DIVERSIFIED AND STRATEGICALLY LOCATED ASSETS: The company's pool of toll roads are located in one of Mexico's most dynamic regions, which accounts for around 15% of national GDP. They are part of the diversified system of trunk routes that serve major industrial centers and cities, and that connect the two largest cities in Mexico. Historical performance since the early 1990s has been positive and has been resilient to economic downturns, experiencing just slight decreases even during deep crises.
TIMELY TOLL RATE INCREASES: Toll rates can be increased annually with inflation, while additional increases can be approved whenever Mexico's Consumer Price Index (CPI) exceeds 5% in a given year. This feature is crucial, especially since a portion of the rated debt is linked to inflation. Tolls have historically been adjusted in a timely manner.
WELL-MAINTAINED INFRASTRUCTURE: The 470 miles of the six asphalt roads are in good physical condition having been upgraded under the terms of the concession agreement. Since 2008, RCO has invested close to MXN2.6 billion in capital expenditures. Pursuant to the agreement, the company has to invest in additional mandatory roadway and network improvements, of which MXN1.1 billion has already been invested. The remaining investment has already been funded in a separate trust.
STANDARD DEBT PROTECTIONS; REFINANCING RISK REMAINS: A large portion of the initial 2007 debt is due between 2014 and 2018. RCO's flexibility to execute refinancings in more digestible amounts over a few years is a partial mitigant to this risk. The rated structure has distribution triggers and reserve accounts that are in line with industry standards. Denomination in MXP at a fixed interest rate eliminates variable-rate risk.
FINANCIAL RESILIENCE UNDER STRESS CONDITIONS: Even under harsh scenarios, the debt service coverage profile (including all current and proposed bonds) is robust and growing. Fitch's base case resulted in a minimum debt service coverage ratio (DSCR) of 1.19x that averages 2.03x from 2013 to 2032, and loan life coverage ratio (LLCR) of 1.91x. Fitch's downside rating case resulted in a minimum DSCR of 1.09x that averages 1.54x from 2013 to 2032, and LLCR of 1.53x. In addition to economic and operating stresses, the latter case incorporated interest rate sensitivities.
--Meaningfully higher actual interest rates on refinanced debt than currently projected by the Sponsors;
--Traffic growth expectations of below 2.0% over a prolonged period;
--Operating and major maintenance expenditures growing 10.0% above inflation for a prolonged period;
--Significantly higher capital costs in connection with mandatory roadway and network improvements;
--Weaker overall financial flexibility resulting in an LLCR profile below 1.60x under Fitch's base case.
The collateral in favor of the holders of RCO's senior debt, consists of: i) the trust estate established under the Payment Trust Agreement, including any moneys deposited into the project accounts; ii) all of RCO's tangible and intangible assets (excluding its rights under the Concession Agreement, its rights under the toll road O&M Agreement and the other items of property or rights assigned or that may be assigned to the Payment Trust) belonging to the issuer and used by it in connection with the activities contemplated in the Concession Agreement; and iii) the stock of RCO held by all of its shareholders. The collateral does not include a security interest in any of the ownership interests in Concesionaria Irapuato La Piedad, S.A. de C.V. (CONIPSA) and Concesionaria de Vias Irapuato Queretaro S.A. de C.V. (COVIQSA)or any of the assets of such subsidiaries.
RCO is issuing MXN10,000 million senior secured notes (the 2013 notes) with legal maturity in 2028. The notes are to be structured with a close to six-year grace period of interest payment only, under a scheduled amortization, and a fixed interest rate that is payable biannually.
Proceeds from the 2013 notes are expected to prepay bank debt, fund the debt service reserve account (DSRA), and pay several fees and issuance expenses. Structural protections include: 12-month DSRA of interest and principal, five-months reserve account for major maintenance, and a restriction of distribution payments whenever i) DSCR is under 1.25x, ii) there is any event of default, or iii) the balance of the liquidity facility surpasses certain predefined thresholds.
In 2007, RCO was awarded a 30-year federal concession over a four-toll road package known as 'Farac I'. All of the roads have been in operation since the early 1990s and are located in West Central Mexico, connecting Guadalajara and Mexico City, two of the largest metropolitan areas in the country.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Rating Criteria for Infrastructure and Project Finance' (July 11, 2012);
--'Rating Criteria for Toll Roads, Bridges, and Tunnels' (Aug. 2, 2012).
Applicable Criteria and Related Research:
Rating Criteria for Toll Roads, Bridges, and Tunnels
Rating Criteria for Infrastructure and Project Finance
Fitch RatingsPrimary AnalystAstra CastilloDirectorFitch Mexico S.A. de C.V.+52-81-8399-9137Prol. Alfonso Reyes 2612Monterrey, Mexico 64920orSecondary AnalystSandra FontAnalyst+52-81-8399-9143orCommittee ChairpersonCherian GeorgeManaging Director+1-212-908-0519orMedia Relations:Elizabeth Fogerty, New York, +1 212-908-0526Email: email@example.com
Source: Fitch Ratings
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