Archive for the ‘Banking/Financial Services’ Category

Judge accepts the petition for Judicial Recovery of OAS

FacebookTwitterGoogle+Share

SAO PAULO, April 2, 2015 /PRNewswire/ — Judge Daniel Carnio Costa, of the 1st Section of Bankruptcy and Judicial Recoveries of the Court of Justice of the State of Sao Paulo, accepted yesterday the petition for Judicial Recovery placed by nine companies of OAS Group.

According to Costa’s decision, Construtora OAS, OAS S.A., OAS Imoveis S.A., SPE Gestao e Exploracao de Arenas Multiuso, OAS Empreendimentos S.A., OAS Infraestrutura S.A., OAS Investments Ltd., OAS Investments GmbH and OAS Finance Ltd. have, from now on, 60 days to submit to the creditors and suppliers the Plan for Recovery of the debts contracted until March 31, 2015.

All debts contracted as of the month of April will be fully paid. Payments of salaries and benefits of more than 100 thousand direct or indirect employees will not be affected by the process of Judicial Recovery.

The office of Alvarez & Marsal Consultoria Empresarial do Brasil was appointed as the Court-Appointed Trustee. It is the Court-Appointed Trustee’s responsibility to inspect the operations of the companies under Judicial Recovery, verify the list of creditors, chair the General Creditors’ Meeting and, finally, inspect compliance with the Judicial Recovery Plan approved by the creditors. Alvarez & Marsal will have no administrative role in any of the companies of OAS Group.

The initiative to go into Judicial Recovery was the best path found by OAS Group to negotiate its debts with creditors and suppliers due to the intense credit restriction observed since the end of last year for the companies in the infrastructure sector due to investigations at Petrobras.

“With almost 40 years of existence, OAS is compelled to take measures which allow it to continue operating in a healthy debt renegotiation process, preserving thousands of direct and indirect jobs,” said Fabio Yonamine, chairman of OAS Investimentos.

According to Diego Barreto, director of Corporate Development of Construtora OAS, the Group “will take to the negotiation of this process contributions which are very different from the ones observed in other Judicial Recoveries. A company with resources to maintain its activities, valuable assets and a team of professional managers provides clients, creditors and suppliers with a much safer environment for negotiations.”

OAS will sell some of its assets in the process of Judicial Recovery to provide safety to the investors who will take no risk of having their business contested by the creditors of the Group. The disinvestment in assets is also caused by the decision to concentrate efforts on what is its main vocation, heavy construction.

The participation of OAS S.A. in Invepar, the participation in Enseada Shipyard, OAS Empreendimentos, OAS Soluções Ambientais, OAS Oleo e Gas and OAS Defesa will be offered for sale. Arena Fonte Nova and Arena das Dunas will also be traded.

Construtora OAS goes into Judicial Recovery for technical matters, as it is already the guarantor of the Group’s loans, rather than for lack of liquidity.

“Construtora OAS bets on a professional governance, a corporate remodeling, revision of its management processes, strengthening of the compliance and internal audit areas, besides tough guidelines for reducing risks in the business conduction. The aim is making the company leaner, more agile, more competitive, focused on productivity and costs,” said Yonamine.

OAS – Comunicacao+
+ 55 11 3874-2020

Click Here for More Information »

OAS Companies ask for Judicial Recovery

The group will sell assets to pay off debts and capitalize on their core business, heavy construction

SAO PAULO, March 31, 2015 /PRNewswire/ – OAS Group has filed this Tuesday (31) an application for Judicial Recovery of nine of their companies to the Judiciary of the State of Sao Paulo. The initiative was the best path found by the Group to renegotiate their debts with creditors and suppliers in view of the intense restriction of credit observed since the end of last year. OAS also decided that it will concentrate efforts on what is its primary purpose, heavy construction.

“The infrastructure sector depends on intense capital financing for the development of projects that support the economic growth of the Country. Since the beginning of the investigations at Petrobras, the financial institutions have systematically restricted the access of enterprises to the resources necessary for the maintenance of projects. With almost 40 years in operation, the OAS has been compelled to take measures that will enable it to continue to operate in a healthy process of renegotiation of debts, while preserving thousands of direct and indirect jobs,” says Fabio Yonamine, OAS Investments president.

OAS will bring to this case’s table very distinct contributions from those observed in other Judicial Recoveries. A company having the resources to maintain their activities, valiant assets and a team of professional managers provides the customers, creditors and suppliers a much safer environment for negotiations.

“We will sell our assets in a Judicial Recovery case in order to give safety to the investors so that they are not at risk of having their business disputed in Justice by OAS creditors. The divestment of assets is motivated also by the decision to prioritize the core business of the Group, which is our heavy construction arm, Construtora OAS,” says Diego Barreto, Construtora OAS Corporate Development director.

Assets that will be put up for sale are the participation of OAS S.A. in Invepar (24.44% of the business), the slice of Enseada Shipyard (17.5%), OAS Empreendimentos (80%), OAS Soluçoes Ambientais (100%), OAS Oleo e Gas (61%) and OAS Defesa (100%). Arena Fonte Nova (50%) and Arena das Dunas (100%) will also be traded.

Barreto also emphasizes that Construtora OAS is applying for Judicial Recovery for technical reasons, since it is a guarantor of the funding of the Group, not because of a lack of liquidity, which is a problem that has reached the other companies included in the application (OAS S.A. , OAS Imoveis S.A., SPE Gestao e Exploracao de Arenas Multiuso, OAS Empreendimentos S.A., OAS Infraestrutura S.A., OAS Investments Ltd., OAS Investments GmbH and OAS Finance Ltd.).

After the granting of the recovery application by the Judiciary, OAS will have 60 days to submit the plan for the restructuring of debts to creditors and suppliers, who will have 120 additional days to discuss and approve the proposal. Debts incurred up to today’s date (March 31) will be frozen and renegotiated. All debts made from the month of April will be fully complied with. Payment of salaries and benefits of employees are not affected by the Judicial Recovery process. Directly or indirectly, there are more than 100 thousand employees involved.

The Judicial Recovery application does not include the Special-Purpose Societies (SPEs – “Sociedades de Proposito Especifico“) of OAS Empreendimentos, which are responsible for the development and construction of real estate ventures in several Brazilian States. This way, no purchasers of the properties will be affected by any agreement established within the Judicial Recovery.

Also excluded from the Judicial Recovery are Arena das Dunas, Arena Fonte Nova, OAS Solucoes Ambientais and OAS Oleo e Gas, in addition to OAS holdings in the Porto Novo dealership, in Enseada Shipyard, in OAS Logistica, in OAS Energy and OAS Defesa.

The difficulties for OAS began in November, from the investigations on Petrobras, which resulted in the termination of credit lines. At the same time, customers briefly suspended their payments and new contracts. As a result, rating agencies have lowered OAS’s grade, which has led to the early maturity of its debts.

With the aggravation of the situation, OAS has decided, at the end of 2014, to temporarily suspend the payment of debts maturing in January. The immediate goal was to continue the operations, maintain the payroll up to date and fulfill tax commitments.

Construtora OAS is investing in a professionalized governance, in the corporate remodeling, in the reviewing of their management processes, in the strengthening of the compliance and internal audit departments, in addition to strict guidelines to reduce risks in conducting business. The goal is to make the company leaner, more agile, more competitive, focused on productivity and costs.

Contact
+ 55 11 3874-2028/2040

Click Here for More Information »

James River Group Holdings, Ltd. to be Added to Russell 2000(R), Russell 3000(R) and Russell Microcap(R) Indexes

CaribPR Wire, HAMILTON, Bermuda, March 25, 2015 — James River Group Holdings, Ltd. (Nasdaq:JRVR) announced that effective as of the close of the market on Monday, March 31, 2015, the Company will be added to the Russell 2000(R) index, the Russell 3000(R) index and the Russell Microcap(R) index, as part of the quarterly Initial Public Offering (IPO) update to the Russell indexes.

Over the past 30 years, Russell Indexes have provided tools to help investors build, track and manage investment portfolios.

The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000(R) Index representing approximately 10% of the total market capitalization of that index. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

The Russell

Microcap(R) Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000(R) Index, plus the next 1,000 smallest eligible securities by market cap.

Additional information about the Russell Investments indexes can be found at http://www.russell.com/indexes/americas/default.page

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies founded by members of our management team. The company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. The company tends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) with a “positive outlook” by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrgh.net

CONTACT: Robert Myron

President and Chief Operating Officer

1-441-278-4583

InvestorRelations@jrgh.net

James River Group Holdings, Ltd. se agrega a los índices Russell 2000(R), Russell 3000(R) y Russell Microcap(R)

CaribPR Wire, HAMILTON, Bermudas, 26 de marzo de 2015– James River Group Holdings, Ltd. (Nasdaq: JRVR) anunció que al cierre del mercado el lunes, 31 de marzo de 2015, la compañía se agregará a los índices Russell 2000(R), Russell 3000(R) y Russell Microcap(R), como parte de la oferta pública inicial (Initial Public Offering, IPO) trimestral actualizada de los índices Russell.

Durante los últimos 30 años, los índices Russell han proporcionado herramientas para ayudar a los inversionistas a desarrollar, realizar un seguimiento y administrar carteras de inversión. El índice Russell 3000 mide el rendimiento de las 3000 compañías estadounidenses más grandes que representan el aproximadamente el 98 % del mercado de valores invertibles de Estados Unidos. El índice Russell 3000 fue construido para proporcionar un barómetro estable, imparcial y abarcativo del mercado en general y se reconstituye por completo anualmente para garantizar que los valores nuevos y en crecimiento se vean reflejados. El índice Russell 2000 mide el rendimiento del segmento de baja capitalización del universo de valores de los Estados Unidos. El índice Russell 2000 es un subgrupo del índice Russell 3000(R) que representa aproximadamente el 10 % de la capitalización total del mercado de ese índice. El índice Russell 2000 fue construido para proporcionar un barómetro estable y abarcativo de baja capitalización y se reconstituye por completo anualmente para garantizar que los títulos más importantes no distorsionen el rendimiento y las características del verdadero conjunto de oportunidades de baja capitalización. El índice Russell Microcap(R) mide el rendimiento del segmento de las micro capitalizaciones del mercado valores de los Estados Unidos. Los títulos de micro capitalización conforman menos del 3 % del mercado de valores de los Estados Unidos (según la capitalización de mercado) y están conformados por los 1000 valores más pequeños en el índice Russell 2000(R) de baja capitalización, más los 1000 valores más pequeños elegibles según la capitalización de mercado.

Para obtener más información acerca de los índices de inversión Russell visite http://www.russell.com/indexes/americas/default.page.

Acerca de James River Group Holdings, Ltd.

James River Group Holdings, Ltd. es un holding empresarial de seguros con sede en las Bermudas que posee y opera un grupo de compañías especializadas de seguros y reaseguros fundadas por miembros de nuestro equipo gerencial. La compañía opera en tres segmentos especializados de seguros y reaseguros de responsabilidad y patrimoniales: líneas de excesos y excedentes, seguros de productos especiales admitidos y reaseguros de responsabilidad. En cada uno de los segmentos, la compañía tiende a enfocarse en cuentas asociadas con pequeñas y medianas empresas. A.M. Best Company calificó con “A-” (excelente) y una “perspectiva positiva” a cada una de las subsidiarias de seguro reguladas de la compañía.

Visite el sitio web de James River Group Holdings, Ltd. en www.jrgh.net.

CONTACTO: Robert Myron

Presidente y director de Operaciones

1-441-278-4583

InvestorRelations@jrgh.net

Click Here for More Information »

Beechwood Opens Headquarters in Hamilton, Bermuda

NEW YORK, March 12, 2015 /PRNewswire/ – Beechwood Re announced today the opening of its affiliate Beechwood Bermuda International Limited’s new headquarters in Hamilton, Bermuda. The office, located at Cumberland House, 1 Victoria Street, will support both Beechwood’s reinsurance business that provides capacity to Life, Health, and Annuity insurance companies and Beechwood’s wealth management business that offers direct-written investment products to global (non-U.S.) investors. The new office, according to David Lessing, Executive Vice President of Beechwood, “represents an important next step in Beechwood’s commitment to offering unique solutions for our clients. It allows us to more effectively leverage the world-class infrastructure and expertise available in Bermuda.”

http://photos.prnewswire.com/prnvar/20140731/132418

Beechwood’s Bermuda office will be managed by Graham Mackay, FSA, whom Beechwood has appointed Chief Operating Officer and Head of Underwriting. In this role, Graham will be responsible for key operating functions of the company and the underwriting and management of reinsurance transactions written into Bermuda.

Graham has provided reinsurance solutions and services to clients for over 30 years, covering the full range of products written by life and annuity insurers in key global markets. Graham joins Beechwood from Ernst & Young, LLP where he led their Life Reinsurance Practice serving clients in Bermuda, the Cayman Islands and the U.S.  Prior to EY, Graham held senior management and technical roles with global reinsurers including Mercantile & General Reinsurance, Lincoln Reinsurance, ING Reinsurance, Imagine Re, and Duncanson & Holt and established Milliman’s life actuarial practice. Graham is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries, and a Member of the American Academy of Actuaries.  He holds a Bachelors of Mathematics from the University of Waterloo.

About Beechwood Re, Ltd. and Beechwood Bermuda International Ltd.
The Beechwood family of companies includes Beechwood Re, a reinsurer domiciled in Grand Cayman and regulated by the Cayman Islands Monetary Authority (CIMA), and Beechwood Bermuda International Ltd., a licensed long-term insurer regulated by the Bermuda Monetary Authority (BMA).  The companies were formed with the belief that there is a shortage in attractive capacity for the life and annuity markets, driven by a need for flexibility and creativity in underwriting and product development in markets associated with asset risk.  The Beechwood companies provide life, annuity, and long-term care reinsurance to primary insurance companies in the U.S. and internationally, and direct-written investment products to clients globally.

Media Relations – Julianne Pepe – jpepe@beechwood.com – (646) 356-1629

RELATED LINKS
http://www.beechwoodbermuda.com
http://www.beechwood.com

Logo - http://photos.prnewswire.com/prnh/20140731/132418

Click Here for More Information »

Kennedy Funding Financial Suspends Lending in the U.S. Virgin Islands

Joins other major lenders in a response to territory’s lengthy foreclosure process

ENGLEWOOD CLIFFS, N.J., Feb. 23, 2015 /PRNewswire/ – Kennedy Funding Financial, LLC, one of the world’s largest private lenders, has suspended all lending in the U.S. Virgin Islands, encompassing St. Croix and St. Thomas, citing bureaucratic problems in the territory’s foreclosure process.

“Due to the incredible delays in the foreclosure process, we have decided to join many other U.S.-based lenders in this action,” said Kevin Wolfer, the firm’s CEO, citing the territory’s governmental process and courts. “These delays are preventing lenders from recouping their investment dollars in the islands.

“While the principals of our firm enjoy vacationing in St. Thomas and the other islands, and have found the local people incredibly hospitable, the exorbitant delays in completing a foreclosure process and the inability to even protect and preserve a property when it is being pillaged, we and other lenders have unfortunately been forced to make this difficult decision,” said Wolfer. “Because of the ongoing negative impact on the islands’ financial and real estate markets, it is incumbent upon local officials to correct these problems.”

Kennedy Funding will continue to lend throughout the U.S. and internationally, however. “We will continue to fund loans throughout the Caribbean region—we have recently closed loans in the Bahamas and the Dominican Republic, in fact,” said Wolfer. “We are actively pursuing opportunities and hope to one day resume lending in the U.S. Virgin Islands.”

Kennedy Funding Financial, LLC, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding Financial, LLC continues to actively seek new funding opportunities throughout the world.

www.kennedyfundingfinancial.com

CONTACT: David Green, davidgreen@resultsinc.com, 201-288-7888

Click Here for More Information »

CAB CONFERENCE PROVIDES THE RIGHT FORUM TO PLAN FOR SUCCESS IN A CHANGING ECONOMIC ENVIRONMENT

Attendees at the Caribbean Association of Banks (CAB) 41st Conference and Annual General Meeting held in Grenada from November 12-15, 2014. (CAB image)

Attendees at the Caribbean Association of Banks (CAB) 41st Conference and Annual General Meeting held in Grenada from November 12-15, 2014. (CAB image)

CaribPR Wire, CASTRIES, St. Lucia, Monday November 24, 2014: The Caribbean Association of Banks (CAB) successfully completed its 41st Conference and Annual General Meeting in Grenada from 12-15th November.  As a primary objective, CAB provides a forum that enables members to solve their common challenges through understanding, education and co-operation.

The conference, held under the theme – “The Changing Face of Caribbean Banking,” was officially opened by Her Excellency Dame Cecile La Grenade, Governor General of Grenada.  Featured speaker and industry veteran Mr. Ronald F. deC. Harford, Chairman of Republic Bank Limited, cited the main cause of the region’s struggle as its unsustainable economic model and the uncompetitive nature of its key sector, Tourism. The global financial crisis, he said, merely exposed the broken model on which the region’s economy is based.

On the first day of the conference, the keynote speaker, Hon. Ryan Pinder, Bahamas’ Minister of Financial Services, acknowledged an increasingly complex and regulated banking environment. He referred to some of the main challenges being faced now: global transparency, the impact of mandates from external multilateral institutions and the current state of volatility in Caribbean banking institutions. Hon. Pinder called for the industry to be creative when developing solutions and to be actively supportive of necessary public/private partnerships. He also emphasized the need to support collective human capacity development as “the Caribbean banking industry requires a platform where its employees and executives are able to refine their skills and knowledge to be able to react to a changing industry.”

During its two days, the CAB conference provided an excellent platform for many bankers and industry professionals to put forth their views, solutions and ideas on changes across the region; while providing time and a conducive environment for the executives to brainstorm on issues facing the industry including the challenging state of affairs. Some key topics discussed were: AML and CTF; Correspondent Banking Relationships; FATCA; Mergers, Acquisitions and Consolidations; Delivering differentiated value to clients; Strategic Leadership; and Leveraging IT Security.

The conference also received the support of regional and international sponsors who provide technological and professional services.

The CAB continues to support its members through advocacy, up to date training, growing member and partner networks and engagement at all levels in order to build a resilient financial services sector.

The increasingly popular CAB Conference and AGM will be held in St. Kitts and Nevis in November 2015.

Caribbean Association of Banks, Inc is a community of banks and other financial institutions in the Caribbean/CARICOM Region, which provides opportunities for discussion on issues impacting the regional banking/financial services community as well as for the sharing of experiences and networking. CAB provides effective advocacy to support members in achieving an efficient and effective operation of their respective institution.  It recommends and supports full compliance with the AML/CFT standards in order to protect all financial systems, within the region, from ongoing money laundering and terrorist financing risks and offers ongoing training and education for its members.

Contact:

Chris Girard

Project Officer
www.facebook.com/cabassoc,
www.twitter.com/cabassoc
www.linkedin.com/company/caribbean-association-of-banks
Email: chris.girard@cab‐inc.com
Tel (758) 452‐2877

Click Here for More Information »

CAB URGENTLY CALLS FOR GUYANA TO PASS AML/CFT LEGISLATION

cab

CaribPR Wire, Castries, St. Lucia, Mon. Oct. 6, 2014: The Caribbean Association of Banks (CAB) recognizes the Guyana government’s efforts to put in place alternative measures to address the technical deficiencies in its existing legal and financial legislative framework for assessment by the Financial Action Task Force (FATF) and applauds them. However, it is one small step in actions required by Guyana in order for it to comply with international standards.

Guyana must pass the essential Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Amendment Bill.  “The passage of the AML bill is not only about Guyana, but also about the international financial sector as a whole in order to protect all financial systems, within the region, from ongoing money laundering and terrorist financing risks. We are only as strong as our weakest link,” said Caribbean Association of Banks, Chairman Carlton Barclay.

Billions of dollars are laundered each year posing significant policy concerns for governments worldwide.  As a result, governments and international bodies have undertaken efforts to deter, prevent, and apprehend money launderers. Non-compliance to the global FATF recommendations will have a significant impact on Correspondent Banking Relationships which, in turn, is of vital importance to the facilitation of business in the financial services sector of the region.

Guyana’s expediency in passing the AML/CFT Bill will not only benefit its own economy and growth but strengthen our regional financial network and its reputation worldwide.

Caribbean Association of Banks, Inc is a community of banks and other financial institutions in the Caribbean/CARICOM Region, which provides opportunities for discussion on issues impacting the regional banking/financial services community as well as for the sharing of experiences and networking.  CAB is an organization dedicated to the advocacy of national and institutional adherence to AML/CFT.  It recommends and supports full compliance with the AML/CFT standards in order to protect all financial systems, within the region, from ongoing money laundering and terrorist financing risks offering ongoing training and education for its members.

Contact: Chris Girard, Project Officer
Email: chris.girard@cab-inc.com
Tel (758) 452-2877

Click Here for More Information »

Morneau Shepell accelerates growth in the Caribbean and South America

Company sets up office in the Bahamas and completes strategic hire of Derek Osborne

NASSAU, Bahamas, Sept. 23, 2014 /PRNewswire/ – Morneau Shepell (TSX: MSI), the largest company in Canada offering human resources consulting and outsourcing services, today announced that it is strengthening its pension consulting business in the Caribbean and South America through a strategic hire and the establishment of Morneau Shepell (Bahamas) Ltd., based in Nassau. The company announced that it has hired Derek Osborne, a senior pension actuary and an expert in social security schemes, who has been servicing government and business clients in the Caribbean and South America for more than 15 years.

“We are extremely pleased that Derek Osborne has joined Morneau Shepell,” said Al Kiel, Managing Partner & International Practice Leader at Morneau Shepell. “Derek’s reputation as an expert in social security and a leading pensions actuary in the Caribbean will significantly enhance our market presence in the region, and is an endorsement in providing exceptional service to our clients.”

“With this strategic hire, we are expanding our international pension consulting business,” added Kiel. “It is also in line with our calculated plan to grow our business profitably through growth that complements our existing service offerings, and expands our market presence.”

“It is with great enthusiasm that I join Morneau Shepell in the Retirement Solutions and International Practice area,” said Derek Osborne. “I am delighted to become a part of Canada’s largest human resources consulting and outsourcing firm. Working for Morneau Shepell will give me access to the latest technology and a network of professionals locally and internationally to serve our clients.”

Derek has served clients in 12 countries in the Caribbean and South America for more than 15 years.

This hire is not expected to have a material impact on Morneau Shepell’s financial performance in 2014.

About Morneau Shepell Inc.

Morneau Shepell is the largest company in Canada offering human resources consulting and outsourcing services. The Company is the leading provider of Employee and Family Assistance Programs, as well as the largest administrator of retirement and benefits plans and the largest provider of integrated absence management solutions in Canada. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity and improve their competitive position. Established in 1966, Morneau Shepell serves more than 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With approximately 3,600 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States, and around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.

Contact:
Nathan Gibson
Manager, Corporate Communications
Morneau Shepell
416-571-9236
ngibson@morneaushepell.com

Click Here for More Information »

Markel Global Reinsurance adds Erik Manning, Jamie Welsby and John Duda to its team

RICHMOND, Va., Sept. 11, 2014 /PRNewswire/ — Markel Corporation (NYSE: MKL) announced today that Dr. Erik Manning and  Jamie Welsby have been appointed Managing Directors of Markel Global Reinsurance (Markel Re), Markel Corporation’s reinsurance operating division. In addition, John Duda has been appointed Assistant Vice President, Reinsurance Underwriter for Markel Re.

Jed Rhoads, President and Chief Underwriting Officer, Property Reinsurance for Markel Re, commented, “We are very pleased to be adding Erik, Jamie and John to our Bermuda leadership team. They bring a wealth of knowledge and experience in the managed third party capital property reinsurance business that will be an asset to us as we seek to expand our presence in that marketplace. They will enhance our analytical capabilities and help develop a broader product offering, as well as assist with fundraising and the servicing of our clients, brokers, and investors. Their activities will not be limited to the assumed retrocessional reinsurance we write on Markel paper and New Point, our eight year old special purpose insurance vehicle.

“Erik, Jamie and John will bolster our existing Managed Cat and Retro team located in Bermuda that currently comprises Andrew ‘Barney’ Barnard, Crystal Doughty and Elena Marshall. We are committed to the retrocessional market and growing our managed third party capital business.”

Erik Manning recently served as Managing Director, Specialty Practice for Guy Carpenter Bermuda. Previously, Erik was Director, ICG/DCM at Deutsche Bank (based in London). Prior to joining Deustche Bank, he was Senior Structure, Insurance Linked Securities at ABN, AMRO. He has also worked at RK Carvill and Company, Ltd. Erik earned his bachelor’s degree from Appalachian State University and his master’s degree from University of Sheffield. He has a doctorate degree in Theory of Risk from Birkbeck, University of London.

Jamie Welsby was most recently Principal at Logic Reinsurance Underwriting Management, Ltd., which he co-founded. Prior to helping create Logic, Jamie was Head of Property Reinsurance at RBC Reinsurance in Toronto. He has 23 years of reinsurance underwriting and management experience. He also worked with GE Insurance/Frankona, where he held the positions of Global Property Portfolio Leader, Global Catastrophe Leader, and Pricing Actuarial Leader based in Munich, Germany. Jamie is a graduate of McMaster University.

John Duda most recently served as a Portfolio Manager for Logic Reinsurance in Toronto. His experience also includes roles at Benfield (then Aon Benfield) and Guy Carpenter, working in the Canadian and Advisory teams. John has an analytics background and has focused on the placement of property catastrophe business. He has also worked for Zurich Financial Services in London. John earned his bachelor’s degree in Math from the University of Waterloo.

About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.

CONTACT:  Jed Rhoads, President and Chief Underwriting Officer, Markel Global Reinsurance, +1-441-294-6745, Jed.Rhoads@Markelcorp.com

Click Here for More Information »

RBC completes sale of its Jamaican banking operations

TORONTO, June 27, 2014 /PRNewswire/ – Royal Bank of Canada (RY on TSX and NYSE) today announced that it has completed the previously announced sale of RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited (collectively “RBC Jamaica”) to Sagicor Group Jamaica Limited.

As previously disclosed, RBC will record a further loss on sale of its operations of approximately C$37 million before and after tax, which includes an unrealized loss on foreign currency translation (C$45 million as at April 30, 2014). The net loss is subject to change and will be reflected in the results for the third quarter ending July 31, 2014. RBC will release its third quarter 2014 results and host an earnings conference call on August 22, 2014.

About RBC

Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 42 other countries. For more information, please visit rbc.com.

Forward-Looking Statements
Certain statements contained in this press release may be deemed to be forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. These forward-looking statements include, but are not limited to, statements with respect to the loss relating to the sale of RBC Jamaica expected to be reflected in our third quarter 2014 financial results. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “should”, “could” or “would”.

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our forward-looking statements, including statements about the loss relating to the sale of RBC Jamaica expected to be reflected in our third quarter 2014 financial results, will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors – many of which are beyond our control and the effects of which can be difficult to predict – include: credit, market, liquidity and funding, insurance, regulatory compliance, operational, strategic, reputation and competitive risks and other risks discussed in the Risk management and Overview of other risks sections of our 2013 Annual Report; the impact of regulatory reform; the business and economic conditions in Canada, the United States and certain other countries in which we operate; the effects of changes in government fiscal, monetary and other policies; and judicial or regulatory judgments and legal proceedings.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about these and other factors can be found in the Risk management and Overview of other risks sections of our 2013 Annual Report and the Risk management section of our Q2 2014 Report to Shareholders.  Material economic assumptions underlying the forward looking statements contained in this press release are set out in our 2013 Annual Report under the heading Overview and outlook and for each business segment under the heading Outlook and priorities as updated under the heading Economic, market and regulatory review and outlook in our Q2 2014 Report to Shareholders. Except as required by law, we do not undertake to update any forward-looking statement contained in this press release.

For more information, please contact:

Investor Relations Contacts:
Robert Poole, Investor Relations, robert.poole@rbc.com, +1-416-955-7809

Media RelationsContacts:
Wojtek Dabrowski, Corporate Communications, wojtek.dabrowski@rbc.com, +1-416-974-3718

Click Here for More Information »

FinScan Opens New Cayman Islands Data Center

PITTSBURGH, April 16, 2014 /PRNewswire/ – FinScan, a leading global provider of sanctions/Politically Exposed Persons (PEP) screening solutions, document verification, and sanctions lists today announced the opening of a data center in the Cayman Islands.  The new location was added to meet FinScan’s rapidly growing international client base and complements other data centers in the United States, Canada, and Germany.

Growing client interest in software as a service (SaaS), or “hosted,” options has driven FinScan’s global expansion. The Cayman location was added to serve clients in Latin America and offshore locations such as in the Caribbean who prefer their choice of jurisdiction and location to meet data privacy concerns and operational processing windows.

“FinScan has data centers positioned in key areas of the world to improve service to our international client base,” said Bob Colonna, FinScan’s CEO. “We anticipate that the Cayman facility will provide a resource not only for our clients in the Americas, but those in EMEA and APAC as well.”

FinScan established a second Cayman facility as an extra measure of security to help ensure that customers do not experience breaks in service should there be a catastrophic failure.  To date, FinScan has not had a server go out of service at any of its facilities.  Clients and third parties regularly review FinScan’s security measures and perform penetration tests.  All locations have passed these stringent requirements.

“Our primary focus is on providing our customers with the most efficient, secure service possible,” said Michael Ott, FinScan’s senior vice president.  “Our fast implementation and record of 100% data center uptime make FinScan a safe choice for organizations requiring reliable, fast turnaround.”

The FinScan SaaS solution processes clients’ data to their specifications in either batch or interactive web services and returns the updated files/records to them. Compared to the traditional model of licensing and operating software solutions in-house, hosted processing significantly reduces clients’ initial investments as well as ongoing demands on their internal personnel and hardware resources.  FinScan, on a hosted basis, screens over one billion records monthly – and this number is growing at seventy percent per annum.

“We’re very pleased to provide our clients the added service and security of our Cayman data centers,” said Ott. “Having a secure data center in this centralized region provides organizations around the globe the valuable option of hosted processing to meet their PEP and sanctions screening needs.”

CONTACT: Karin O’Sullivan, 1-412-937-7678, kosullivan@innovativesystems.com

Click Here for More Information »

What Can Russia Learn From The Caribbean?

PHOTO: Invest Caribbean Now’s Sheila Newton-Moses, centre, at the Global Russia Business Meeting in Valencia, Spain on April 7, 2014. (ICN Photo) Invest Caribbean Now’s Sheila Newton-Moses, centre, at the Global Russia Business Meeting in Valencia, Spain on April 7, 2014. (ICN Photo)

CaribPR Wire, NEW YORK, NY, Mon. April 14, 2014: Russia can learn a lot from the Caribbean on branding itself as an inbound tourism destination after Sochi.

That’s according to new Invest Caribbean Now President, Sheila Newton-Moses, who along with Invest Caribbean Now Founder and Chairman, Felicia J. Persaud, were the lone Caribbean representatives at the invitation only Global Russia Business Meeting held from April 6-7, 2014 in Valencia, Spain.

Newton-Moses was among a six-member panel entitled “Unlocking The Tourist Potential” at the event and told delegates gathered from around the world that Russia has to work on creating a brand that is beyond the current political image its known for around the world.

“In the Caribbean we have mastered the art of tourism and it is a billion dollar industry,” said Newton-Moses. “Russia needs to learn from the Caribbean and look at marketing its culture and history globally to transcend and repair its current image.”

The Global Russia Business Meeting brings together a host of eminent business leaders to discuss Russian firms’ role in the global economy annually and is organized by Dr. Frank Richter of Horasis: The Global Vision Community. Similar exclusive investment summits around the world on China, India and the Middle East are also held annually.

Invest Caribbean Now’s historic appearance at the five-year-old global investment event comes ahead of the presence of Russian investors on the summit’s ‘Global Trends and the Caribbean’ panel that is set for June 4th, 2014 from 11:30 a.m. at the prestigious Harvard Club in New York City.

Russian investments in the Caribbean have been growing in recent years while tourists from Russia are also increasing to the region especially to Cuba and the Dominican Republic.
This year’s fourth Invest Caribbean Now summit will also feature numerous global professional investors, entrepreneurs, and business leaders including a delegation from China; the Industrial Commerce Bank of China, American CryoStem Corporation, Lugano Group, Damoola, Merrill Lynch, Nomura, Aegis Capital, Island Global Yachting, Blocadi Capital, K&L Gates, True Value Building & Hardware Ltd & Emerald Vista and representatives from Sir Richard Branson’s the Carbon War Room.

Also attending will be Caribbean government ministers and dignitaries from across the region; chairman of the billion-dollar, privately-owned Jamaican-based empire that today includes 24 Caribbean properties, Appliance Traders Ltd. and The Observer media company, Gordon ‘Butch’ Stewart; Sergio Millian, President of the Russian American Chamber of Commerce; Colin Childress, CEO/Founder, Global MedChoices, Turks & Caicos; Paul Angelchik, M.D., Founder and CEO, American World Clinic – Barbados; Anthony A. L. Adjasse of the Allied African Nations Chamber Of Commerce; Jamaica’s Ambassador to the UN, Courtney Rattray and several CARICOM consuls general to New York; Hollywood actor Malik Yoba, Hollywood fashion designer, Woody Wilson; Qahir Dhanani, private sector development specialist of the World Bank Group; Leigh Moran, manager, International Diaspora Engagement Alliance” or “IdEA,” a partnership of the US State Department and USAID; Brian Lilly, founder of One Caribbean Television and CEO of Lilly Broadcasting; Caribbean scholar Dr. Isaac Newton; Anthony Phills, founder of the Caribbean Commerce Magazine/Media and Blinglet Inc. and Irwine Clare of the Jamaica Diaspora, North East among others.

Multiple Award Emmy winning TV Anchor, Ernie Anstos, will emcee the Summit while One Caribbean Television weatherman, Joey Stevens, and his famous side-kick, Bob, will wrap up the event by hosting the ICN Awards Reception, set for 4:30 to 6:30 p.m.

Limited early bird tickets and table of 10 are available through April 30th by booking here or at investcaribbeannow.com/earlybird.

Partnership sponsorship and advertising opportunities for this event are available by contacting sheila@investcaribbeannow.com or chris@caribpr.com or by logging on to ICN’s summit page atInvestcaribbeannow.com.

An exclusive Diamond Dinner has been added to this year’s summit for only 20 people who will include Malik Yoba, Gordon ‘Butch’ Stewart and Woody Wilson among other top Chinese, Caribbean and Russian delegates. Only ten tickets remain available and can be obtained by contacting Joe Bernstein at joe@investcaribbeannow.com.

ICN PARTNERS

Presenters for ICN 2014 include: Hard Beat Communications, The Caribbean Tourism Organization, One Caribbean Television, The Woody Wilson Collection of Beverly Hills, The PR Newswire, the Caribbean Commerce Magazine, Blinglets, The Caribbean Council for Economic Development, the Chinese Business Development Center, Woody Wilson Fine Clothing, CaribPR Wire, News Americas Now, the Jamaica Observer, CaribSeek, WINN-FM and GCaribbean Magazine.

Follow The Summit |Twitter | Facebook

SOURCE: Invest Caribbean Now

MEDIA CONTACT:

Kathy Bronson

Communications Coordinator

Invest Caribbean Now

kbronson@investcaribbeannow.com

Click Here for More Information »

Multiple Emmy Award-Winning News Anchor For Invest Caribbean Now 2014

Emmy award-winning TV anchor, Ernie Anastos.

Emmy award-winning TV anchor Ernie Anastos.

CaribPR Wire, NEW YORK, NY, Mon. April 7, 2014: New York Hall of Fame Broadcaster and winner of more than 30 Emmy awards and nominations, Ernie Anastos, is set to emcee the biggest investment summit on the Caribbean outside the region, Invest Caribbean Now (ICN) 2014.

Anastos, the distinguished and popular anchor for the FOX flagship station WNYW-TV in New York, will serve as host of the fourth summit that is being presented under the patronage of Hollywood Actor Malik Yoba and set for June 4th, 2014 from 11:30 a.m. at the prestigious Harvard Club in New York City.

This year’s summit will feature numerous global professional investors, entrepreneurs, and business leaders including a delegation from China; the Industrial Commerce Bank of China, American CryoStem Corporation, Lugano Group, Damoola, Merrill Lynch, Nomura, Aegis Capital, Island Global Yachting, Blocadi Capital, K&L Gates, True Value Building & Hardware Ltd & Emerald Vista and representatives from Sir Richard Branson’s the Carbon War Room will also be in attendance.

Also attending will be Caribbean government ministers and dignitaries from across the region; chairman of the billion-dollar, privately-owned Jamaican-based empire that today includes 24 Caribbean properties, Appliance Traders Ltd. and The Observer media company, Gordon ‘Butch’ Stewart; Sergio Millian, President of the Russian American Chamber of Commerce; Colin Childress, CEO/Founder, Global MedChoices, Turks & Caicos; Paul Angelchik, M.D., Founder and CEO, American World Clinic – Barbados; Anthony A. L. Adjasse of the Allied African Nations Chamber Of Commerce; Jamaica’s Ambassador to the UN, Courtney Rattray and several CARICOM consuls general to New York; Hollywood fashion designer, Woody Wilson; Qahir Dhanani, private sector development specialist of the World Bank Group; Leigh Moran, manager, International Diaspora Engagement Alliance” or “IdEA,” a partnership of the US State Department and USAID; Brian Lilly, founder of One Caribbean Television and CEO of Lilly Broadcasting; Caribbean scholar Dr. Isaac Newton; Anthony Phills, founder of the Caribbean Commerce Magazine/Media and Blinglet Inc. and Irwine Clare of the Jamaica Diaspora, North East among others.

Anastos is the first and only New York TV anchor to receive the coveted “Lifetime Emmy Award,” the highest honor given for his outstanding and personal accomplishments in the television industry.

“We are extremely thrilled to welcome Ernie Anastos to Invest Caribbean Now 2014,” said ICN founder and Hard Beat Communications CMO Felicia Persaud. “Ernie is a New York television icon and his immediate acceptance of our invitation to serve as this year’s emcee adds to the global dimension of this year’s summit.”

One Caribbean Television weatherman, Joey Stevens, and his famous side-kick, Bob, will wrap up the event by hosting the ICN Awards Reception, set for 4:30 to 6:30 p.m.

Limited early bird tickets and table of 10 are available by booking here or atinvestcaribbeannow.com/earlybird.

Panel program sponsorship and advertising opportunities for this event are available by contacting sheila@investcaribbeannow.com or chris@caribpr.com or by logging on to ICN’s summit page atInvestcaribbeannow.com.

An exclusive Diamond Dinner has been added to this year’s summit for only 20 people who will include Malik Yoba, Gordon ‘Butch’ Stewart and Woody Wilson among other top Chinese, Caribbean and Russian delegates. Tickets are available on an invitation only basis by contacting Joe Bernstein at joe@investcaribbeannow.com.

ICN PARTNERS

Presenters for ICN 2014 include: Hard Beat Communications, The Caribbean Tourism Organization, One Caribbean Television, The Woody Wilson Collection of Beverly Hills, The PR Newswire, the Caribbean Commerce Magazine, Blinglets, The Caribbean Council for Economic Development, the Chinese Business Development Center, Woody Wilson Fine Clothing, CaribPR Wire, News Americas Now, the Jamaica Observer, CaribSeek and WINN-FM.

Follow The Summit |Twitter | Facebook

SOURCE: Invest Caribbean Now

MEDIA CONTACT:

Kathy Bronson

Communications Coordinator

Invest Caribbean Now

kbronson@investcaribbeannow.com

Click Here for More Information »

Is The Caribbean Diaspora A Real Source For Investment?

Thousands of nationals from the Diaspora gather annually at the Penn Relays in Philadelphia.

Thousands of nationals from the Diaspora gather annually at the Penn Relays in Philadelphia.

CaribPR Wire, NEW YORK, NY, Mon. Mar. 31, 2014: Nationals from the Caribbean region and those of Caribbean heritage living outside the region number millions even though there is no accurate count of the total number. There’s no better demonstration of their presence than the huge flow of funds that are remitted each year from prosperous nations to poorer ones, particularly the Caribbean and Latin America.

For this reason, a World Bank Specialist insists that this group represents a great market that regional governments can target for investment dollars.

Qahir Dhanani, private sector development specialist of the World Bank Group, says “The Caribbean Diaspora represents a welcome market for making investments and contributing to growth and development.”

“Given the intimate knowledge they have about the opportunities back home, Diasporas are best place to take advantage of these opportunities and make an impact,” added Dhanani, who will be part of a featured interview on ‘ The Caribbean Diaspora: A Real Source For Investment?’ at Invest Caribbean Now 2014.

Dhanani recently co-authored the study: ‘The Caribbean Diaspora: A source for venture investment?,’ with Mina J. Lee. In it they conclude that there is investment interest towards both specific Caribbean countries and sectors by the members of the Caribbean Diaspora who “can indeed play an important role in the Caribbean region’s development story.” But they both warn it will require leadership to lower barriers to engagement, facilitation of structured opportunities and an increase in information transparency.

Dhanani will be joined in the session by Leigh Moran, manager, International Diaspora Engagement Alliance” or “IdEA,” a partnership of the US State Department and USAID, where the interviewer will be Irwine Clare, advisory board member of the Jamaica Diaspora USA, NE & CEO of the Caribbean Immigrant Services. Moran’s company, the Calvert Foundation, has recently taken over management of the ‘IdEA’ and launched a Diaspora bond that allows for nationals in the Diaspora to make tangible yet minimal socio-economic investments in their homelands.

Diaspora bonds are essentially a form of government debt that targets members of the national community abroad, based on the presumption that their emotional ties to a country make investing in such products worthwhile. Sales can be restricted solely to members of a particular nationality or opened to all buyers, with nationals receiving a preferential rate.

WHO’S WHO FOR ICN

Invest Caribbean Now, the brainchild of Hard Beat Communications CEO Felicia Persaud, is committed to advancing wealth in the Caribbean. ICN matches investors with projects in the Caribbean while bringing investors to the region and introducing them to sustainable investment opportunities there.

This year’s summit will feature Caribbean scholar Dr. Isaac Newton, top delegates including a delegation of Chinese investors from China; representatives from the Carbon War Room; Caribbean government dignitaries from across the region, including Premier of Nevis, Vance Amory; Barbados’ Minister of Agriculture Dr. David Estwick; Minister of Tourism and International Transport of St. Kitts/Nevis, Ricky Skerritt; tourism ministers from across the Caribbean, New York City elected officials; chairman of over two dozen companies throughout the Caribbean, North America, Russia, China, Africa and Great Britain, including Sandals Resorts Chairman, Gordon ‘Butch’ Stewart; Sergio Millian, President of the Russian American Chamber of Commerce; Colin Childress, CEO/Founder, Global MedChoices, Turks & Caicos; Paul Angelchik, M.D., Founder and CEO, American World Clinic – Barbados; Anthony A. L. Adjasse of the Allied African Nations  Chamber Of Commerce; Jamaica’s Ambassador to the UN, Courtney Rattray; Hollywood fashion designer, Woody Wilson and  numerous global professional investors, entrepreneurs, and business leaders.

Special partnership, advertising and co-branding opportunities for this prestigious event are available by contacting sheila@investcaribbeannow.com or logging on to ICN’s summit page at Investcaribbeannow.com.

Limited early bird tickets and table of 10 availability to the summit are available by booking here or at investcaribbeannow.com/earlybird

An exclusive Diamond Dinner has been added to this year’s summit for only 20 people who will include Malik Yoba, Gordon ‘Butch’ Stewart and Woody Wilson among other top Chinese, Caribbean and Russian delegates. Tickets are available on an invitation only basis by contacting Joe Bernstein at joe@investcaribbeannow.com.

ICN PARTNERS

Partners for ICN 2014 include: Hard Beat Communications, The Caribbean Tourism Organization, One Caribbean Television, The Woody Wilson Collection of Beverly Hills, The PR Newswire, the Caribbean Commerce Magazine, Blinglets, The Caribbean Council for Economic Development, the Chinese Business Development Center, Woody Wilson Fine Clothing, CaribPR Wire and News Americas Now.

Follow The Summit |Twitter | Facebook

SOURCE: Invest Caribbean Now

MEDIA CONTACT:

Kathy Bronson

Communications Coordinator

Invest Caribbean Now

kbronson@investcaribbeannow.com

Click Here for More Information »

Nova Scotia Business Inc. – LED Roadway Lighting Has Bright Future



AMHERST, Nova Scotia, Sept. 10 /PRNewswire/ — A home-grown Nova Scotia company continues to shine brightly with its LED-based street lighting fixtures.

The province, through NSBI, is supporting LED Roadway Lighting’s continued growth with a $6 million CAD equity investment.

“”LED Roadway Lighting has grown a solid business in Nova Scotia and now has an opportunity to become a world-leading provider of innovative, energy-efficient LED lighting,”" said Percy Paris, Minister of Economic and Rural Development. “”We are proud to partner with exciting businesses like LED Roadway Lighting.”"

With a research office in Halifax and a manufacturing plant in Amherst, the company has created a series of street light fixtures that are more energy efficient than current technologies. LED Roadway Lighting fixtures produce the same amount of light, but consume up to 80 percent less energy than common high-pressure sodium and metal halide street lights.

“”We’re excited to be moving forward and growing our business here in Nova Scotia and sharing our product with the world,”" said Chuck Cartmill, founder of LED Roadway Lighting Ltd. “”The technology we have developed is the most efficient in the world and the additional applications are limitless.”"

The company’s light-emitting diode lights have grown in popularity for many reasons, including low power consumption, a long lifespan, and the fact that they promote environmental sustainability. The lights contain no lead or mercury, and emit no light toward the sky. LED Roadway Lighting is conducting pilot projects throughout North America and the Middle East, and is expanding to Europe and the Caribbean as well.

LED Roadway Lighting will continue to build on its state-of-the-art research into electronics and optics design. The company is also researching wireless and solar applications.

“”While it’s hard to deny the uncertainty in today’s economic climate, Nova Scotia businesses are still taking chances, investing in themselves, competing, and winning in the global economy,”" said Stephen Lund, president and CEO of NSBI. “”LED Roadway Lighting is a great example of how local businesses are taking smart risks that can reap big rewards.”"

Nova Scotia Business Inc. is Nova Scotia’s private-sector-led business development agency. NSBI is the investment-attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.

NSBI Venture Capital is a mid- to late-stage investor focusing on Nova Scotia businesses in five key sectors: information and communications technology, defence and aerospace, energy, advanced manufacturing, and life sciences.



SOURCE Nova Scotia Business Inc.; LED Roadway Lighting

Click Here for More Information »