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Choking smog, scorching heat and ravaging floods -- arch-rivals India and Pakistan share the same environmental challenges, offering a rare but unrealized opportunity for collaboration, according to experts. The neighboring nations, which have fought three wars since their 1947 partition and still bitterly dispute Kashmir, are suffocated every winter by a haze of pollution traversing their border. The countries, together making up a fifth of the world's population, frequently blame each other for smog blustering into their respective territories. But this year pollution reached record highs in Pakistan's eastern and most populous province of Punjab, prompting the regional government to make a rare overture calling for "regional climate diplomacy". India did not comment and whether they will unite to face a common foe remains to be seen. But experts agree the two countries cannot tackle climate threats in isolation. "We are geographically, environmentally and also culturally the same people and share the same climatic challenges," said Abid Omar, founder of the Pakistan Air Quality Initiative (PAQI). "We have to work transboundary," he told AFP. India and Pakistan are at the mercy of extreme weather which scientists say is increasing in frequency and severity, owing to climate change. Heatwaves have regularly surpassed 50 degrees Celsius (122 Fahrenheit), droughts plague farmers and monsoon rains are becoming more intense. Pakistan's 2022 monsoon floods submerged a third of the country and killed 1,700 people. A year later, more than 70 died in northeastern India when a mountain lake burst its banks, a phenomenon becoming more common as glaciers melt at higher rates. This July more than 200 people were killed in the southern Indian state of Kerala when monsoon downpours caused landslides that buried tea plantations under tonnes of rock and soil. In both countries, nearly half of people live below the poverty line, in a state of precarity where climate disasters can be devastating. "One would like to think that an urgent shared threat would bring the two sides together," Michael Kugelman, South Asia Institute director at the Washington-based Wilson Center, told AFP. "The problem is that this hasn't." Each side has outlawed agricultural burning, a method to quickly clear crop waste ahead of the winter planting season, but farmers continue the practice because of a lack of cheap alternatives. Authorities in both countries have also threatened to destroy brick kilns that do not adhere to emissions regulations. But India, one of the world's largest emitters of greenhouse gases, and Pakistan, one of the smallest, have never aligned their environmental laws, school or traffic closures, or shared technology and data. Indian economist and climate expert Ulka Kelkar highlighted the potential to collaborate on electric vehicle technology suited to South Asian needs. "In our countries, it's two wheelers and three wheelers which most people tend to use," she told AFP. "So research and development of vehicular technologies, battery technologies that are suited for our road conditions, warmer climates, our passenger use -- that's the sort of discussion and common development that can happen." Experts say the geopolitical rivalry runs so deep that distrust undercuts any prospects of cooperation. Visas are so sparingly granted that most researchers in one of the countries cannot visit the other, whilst Islamabad and New Delhi frequently poke holes in one another's data. The PAQI partnered with an Indian counterpart in 2019 to reconcile findings by installing matching air pollution sensors in each other's countries. While breathing toxic air has catastrophic health consequences -- with the World Health Organization warning that strokes, heart disease, lung cancer and respiratory diseases can be triggered by prolonged exposure -- the one-year project was not renewed. The nations do hold regular discussions on one critical climate issue: sharing rights to the Indus River which bisects Pakistan but is fed by tributaries in India. However geopolitical posturing in September saw New Delhi lobby Islamabad for a review of their water-sharing treaty, citing cross-border militant attacks, according to Indian media. But the impetus for cooperation will only increase. India and Pakistan both have exploding population growth rates. "Being developing economies, there is a growing use of electricity and fossil fuels for industry, for transportation, for urban use," economist Kelkar said. At a national level, experts also say there may be a crucial imbalance between the two countries. "Climate-related problems tend to be transnational by nature", Indian international relations expert Kanishkan Sathasivam said. "India can do certain things for Pakistan but Pakistan is not going to have much that it can do for India," he added, explaining that India's gross domestic product was 10 times larger than its neighbor's in 2023. Pakistan was also on the brink of default last year, only saved from bankruptcy by international loans, and is burdened by debt repayments preventing investment to counteract climate challenges. India, meanwhile, has taken more proactive measures such as banning petrol-powered vehicles older than 15 years from driving on the streets of its capital. But unilateral measures do not address the root cause. "The dialogue and the trust has to be built up through many mechanisms," said Omar of PAQI. "It should not be limited to government to government discussions, but also between the science and academic community."
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DELAWARE, Ohio, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2024 results. Fiscal Fourth Quarter 2024 Financial Highlights: (all results compared to the fourth quarter 2023 unless otherwise noted) Net income decreased 6.5% to $63.4 million or $1.08 per diluted Class A share compared to net income of $67.8 million or $1.16 per diluted Class A share. Net income, excluding the impact of adjustments (1) , decreased 46.4% to $49.6 million or $0.85 per diluted Class A share compared to net income, excluding the impact of adjustments, of $92.6 million or $1.59 per diluted Class A share. Adjusted EBITDA (2) decreased 2.0% to $197.6 million compared to Adjusted EBITDA of $201.6 million. Net cash provided by operating activities decreased by $16.3 million to $187.2 million. Adjusted free cash flow (3) increased by $8.5 million to $144.7 million. Fiscal Year Results Include: (all results compared to the fiscal year 2023 unless otherwise noted): Net income decreased 27.0% to $262.1 million or $4.52 per diluted Class A share compared to net income of $359.2 million or $6.15 per diluted Class A share. Net income, excluding the impact of adjustments, decreased 35.3% to $233.6 million or $4.03 per diluted Class A share compared to net income, excluding the impact of adjustments, of $361.2 million or $6.19 per diluted Class A share. Adjusted EBITDA decreased 15.6% to $694.2 million compared to Adjusted EBITDA of $822.2 million. Net cash provided by operating activities decreased by $293.5 million to $356.0 million. Adjusted free cash flow decreased by $291.4 million to $189.8 million. Total debt increased by $525.5 million to $2,740.6 million. Net debt (4) increased by $508.7 million to $2,542.9 million. The Company's leverage ratio (5) increased to 3.53x from 2.2x in the prior year quarter, and decreased from 3.64x sequentially. Strategic Actions and Announcements Hosting Investor Day on December 11, 2024, at Convene: 75 Rockefeller Plaza in New York City. Completed previously announced business model optimization project to fully leverage our core competitive advantages and facilitate accelerated growth. This operating model change will result in the following four new reportable segments beginning in the first quarter of 2025: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions. Related to our new segments, on Thursday, December 5, 2024, we will be releasing online the previous eight quarters of segment financial highlights to assist our investor community in modeling our new reportable segments. This information will be made available at our investor relations site https://investor.greif.com/ . Announcing targeted cost optimization effort to eliminate $100 million of structural costs from the business through a combination of SG&A rationalization, network optimization, and operating efficiency gains. More information on this effort will be provided at our upcoming Investor Day. Commentary from CEO Ole Rosgaard “I am pleased to report a solid fourth quarter and full year 2024 result, particularly in light of the continuation of this extended period of industrial contraction. While managing the business for the present, we also made significant strides under our Build to Last strategy towards the future, and our executive team and I look forward to sharing more information at our Investor Day next week. Our investors can expect an interactive and engaging half day session, and we highly encourage your in-person attendance as we look forward to 2025 and beyond.” Build to Last Mission Progress Recently completed our fourteenth wave NPS (6) survey, receiving feedback from nearly five thousand customers globally for a net score of 69, recognized as a world-class score within the manufacturing industry. At our upcoming Investor Day, we plan to further discuss the powerful correlation between NPS, an indicator of our Legendary Customer Service, and financial performance. We thank our customers for their continued feedback, which is critical in helping us achieve our vision to be the best performing customer service company in the world, and we are proud to continue to earn positive feedback from our customers throughout a difficult global operating environment. Note: A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. These non-GAAP financial measures are intended to supplement, and should be read together with, our financial results. They should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on these non-GAAP financial measures. Segment Results (all results compared to the fourth quarter of 2023 unless otherwise noted) Net sales are impacted mainly by the volume of primary products (7) sold, selling prices, product mix and the impact of changes in foreign currencies against the U.S. dollar. The table below shows the percentage impact of each of these items on net sales for our primary products for the fourth quarter of 2024 as compared to the prior year quarter for the business segments with manufacturing operations. Net sales from completed acquisitions of Reliance Products Ltd. (“Reliance”) and Ipackchem Group SAS ("Ipackchem") primary products are not included in the table below, but will be included in their respective segments starting in the fiscal first quarter of 2025 for Reliance and fiscal third quarter of 2025 for Ipackchem. Global Industrial Packaging Net sales increased by $65.9 million to $786.9 million primarily due to contributions from recent acquisitions and higher volumes. Gross profit increased by $12.6 million to $167.0 million due to the same factors that impacted net sales, partially offset by higher raw material, labor and manufacturing costs. Operating profit decreased by $0.1 million to $75.0 million primarily due to higher SG&A expenses from recent acquisitions, offset by the same factors that impacted gross profit. Adjusted EBITDA increased by $4.0 million to $109.4 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses from recent acquisitions. Paper Packaging & Services Net sales increased by $42.9 million to $624.5 million primarily due to higher average selling prices as a result of higher published containerboard and boxboard prices. Gross profit decreased by $0.1 million to $118.7 million primarily due to higher raw material and labor costs, offset by the same factors that impacted net sales. Operating profit increased by $13.4 million to $48.7 million primarily due to lower non-cash impairment charges and restructuring charges related to optimizing and rationalizing operations in the prior year, partially offset by the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Adjusted EBITDA decreased by $8.4 million to $85.3 million primarily due to the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Tax Summary During the fourth quarter, we recorded an income tax rate of 21.8 percent and a tax rate excluding the impact of adjustments of 39.6 percent. Note that the application of accounting for income taxes often causes fluctuations in our quarterly effective tax rates. For the full year, we recorded an income tax rate of 10.6 percent and a tax rate excluding the impact of adjustments of 12.8 percent. Dividend Summary On December 3, 2024, the Board of Directors declared quarterly cash dividends of $0.54 per share of Class A Common Stock and $0.80 per share of Class B Common Stock. Dividends are payable on January 1, 2025, to stockholders of record at the close of business on December 16, 2024. Company Outlook Our markets have now experienced a multi-year period of industrial contraction, and we have not identified any compelling demand inflection on the horizon, despite slightly improved year over year volumes. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to provide only low-end guidance based on the continuation of demand trends reflected in the past year, current price/cost factors in Paper Packaging and Services, and other identifiable discrete items which we will discuss during our fourth quarter earnings release call. Call-in details are provided below. Note: Fiscal 2025 net income guidance, the most directly comparable GAAP financial measure to Adjusted EBITDA, is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses or properties, plants and equipment, net; non-cash asset impairment charges due to unanticipated changes in the business; restructuring-related activities; acquisition and integration related costs; and ongoing initiatives under our Build to Last strategy. No reconciliation of the 2025 low-end guidance estimate of Adjusted EBITDA, a non-GAAP financial measure which excludes restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, and (gain) loss on the disposal of properties, plants and equipment, (gain) loss on the disposal of businesses, net, and other costs, is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in net income, the most directly comparable GAAP financial measure, without unreasonable efforts. A reconciliation of 2025 low-end guidance estimate of adjusted free cash flow to fiscal 2025 forecasted net cash provided by operating activities, the most directly comparable GAAP financial measure, is included in this release. Conference Call The Company will host a conference call to discuss the fourth quarter and fiscal 2024 results on December 5, 2024, at 8:30 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register.vevent.com/register/BId6a2105d615e45438d7c615c6b1ce4d5 . Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET on December 5, 2024. A digital replay of the conference call will be available two hours following the call on the Company's web site at http://inv estor .greif.com . Investor Relations contact information Bill D’Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. Bill.Donofrio@greif.com About Greif Greif is a global leader in industrial packaging products and services and is pursuing its vision: to be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides other services for a wide range of industries. In addition, the Company manages timber properties in the southeastern United States. The Company is strategically positioned in over 35 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com . Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,” “objective,” “project,” “believe,” “continue,” “on track” or “target” or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to management. Although the Company believes that the expectations reflected in forward-looking statements have a reasonable basis, the Company can give no assurance that these expectations will prove to be correct. Such forward-looking statements are subject to certain risks and uncertainties that could cause the Company’s actual results to differ materially from those forecasted, projected or anticipated, whether expressed or implied. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that could adversely affect our results of operations, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material shortages, price fluctuations, global supply chain disruptions and increased inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xvii) a cyber-attack, security breach of customer, employee, supplier or Company information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xx) changing climate, global climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance, (xxi) we may be unable to achieve our greenhouse gas emission reduction target by 2030, (xxii) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xxiii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, and (xxiv) we may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws. The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, see “Risk Factors” in Part I, Item 1A of our most recently filed Form 10-K and our other filings with the Securities and Exchange Commission. All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. (8) EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization. However, because the Company does not calculate net income by segment, this table calculates EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of Consolidated EBITDA, is another method to achieve the same result. See the reconciliations in the table of Segment EBITDA. (9) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus gain (loss) on disposal of properties, plants and equipment, (gain) loss on disposal of businesses, net, plus other costs. (10) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, plus (gain) loss on disposal of businesses, net, plus other costs. However, because the Company does not calculate net income by segment, this table calculates adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated adjusted EBITDA, is another method to achieve the same result. (11) Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, net, plus cash paid for integration related ERP systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. (12) Cash paid for integration related ERP systems and equipment is defined as cash paid for ERP systems and equipment required to bring the acquired facilities to Greif’s standards. The impact of income tax (benefit) expense and noncontrolling interest on each adjustment is calculated based on tax rates and ownership percentages specific to each applicable entity. (13) Adjustments to EBITDA are specified by the 2022 Credit Agreement and include certain timberland gains, equity earnings of unconsolidated affiliates, net of tax, certain acquisition savings, deferred financing costs, capitalized interest, income and expense in connection with asset dispositions, and other items. (14) Adjustments to net debt are specified by the 2022 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts. (15) Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA. The following table presents net sales by reportable segments and geographic operating segments, depreciation, depletion and amortization expenses by reportable segments, and capital expenditures by reportable segments for fiscal years 2024 and 2023. The following information is unaudited:Netflix 'totally ready' for XMas NFL games, WWE
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TIOHTIÀ:KE ( MONTREAL ), QC , Nov. 22, 2024 /PRNewswire/ - Calling all youth in Canada , Mexico and the United States ! Are you ready to act now to support North American communities and preserve our shared waters, lands and air? The Commission for Environmental Cooperation (CEC) is pleased to announce the launch of the second edition of its Generation of Environmental Leaders Program (GELP). This exciting program supports young leaders in accessing seed funding and developing the necessary skills to make a real and meaningful impact in their communities and beyond. The selected youth will benefit from a year-long mentorship program, networking opportunities across North America , receive C$15,000 in seed funding and the chance to present their solutions to North America's top environmental officials as part of the CEC's annual Council Session in the summer of 2025. It's time to act now. The GELP invites young people from North America to support communities and preserve our shared waters, lands and air. The program is aimed at youth who are 18–35 years old and are part of a team such as, but not exclusively, youth-led organizations, youth-led associations, nongovernmental organizations, not-for-profit youth-led businesses, and teams of youth innovators and entrepreneurs interested in building their businesses. Here's what the current GELP cohort is saying. "The mentorship provided by the GELP has greatly helped me grow as a person and has made me feel more comfortable stepping out of my comfort zone, especially in areas like preparing for presentations and managing stress. Today, I feel much more at ease speaking in front of an audience!"—Alexandre Savard, Encore! Biomatériaux, Canada . "The seed funding provided through the GELP was a wonderful opportunity to kickstart some of our project's most important activities. Thanks to this support, we were able to initiate the implementation of an Environmental Management Unit, a step that will foster restoration and conservation of the area." —Ana Cristina Posadas García, Strategy for the Restoration and Conservation of the Ciénega of Tamasopo Wetland, RAMSAR Site, Mexico . "As members of the inaugural GELP cohort, we have had the privilege of connecting with individuals and organizations driven to be a power for good in the environmental and climate space. These experiences have been the catalyst for additional award nominations and the formation of collaborative partnerships that we believe will further grow our work at the intersection of justice and an equitable energy transition."—McKenna Dunbar and Jake Barnet , Electrivive: An Equitable Building Electrification Workforce Redevelopment Tool, United States . We're giving youth the resources to succeed and lead. In addition to building capacity for youth, this program accelerates youth leadership by expanding youth environmental networks and providing seed funding for creative solutions to flourish, particularly at the local level. During the year-long mentorship program, youth leaders receive advice from experts to help advance their solutions and guidance on various elements of their projects, including how to pitch their solutions and other project development and management topics such as risk management, budgeting, outreach and fundraising. The program supports impactful and enduring community-driven activities and establishes a robust youth network across North America . The GELP also provides extended networking opportunities for participants. The selected solutions are presented to the public and selected teams can engage with the CEC's Joint Public Advisory Committee and Traditional Ecological Knowledge Expert Group , and Government officials and experts, during the CEC Council Session , an ideal platform to showcase the impactful ideas at the ministerial level. Requirements for participation. Applicants must demonstrate that their solutions can address or respond to critical issues related to supporting our communities and preserving our shared waters, lands and air across North America . Submissions should be practical, effective, achievable and propose sustainable solutions to an identifiable environmental problem. They should also be context-specific and consider the unique characteristics of the community or region targeted by the project. The eligibility and evaluation criteria prioritize solutions that have established a clear objective and will have a significant impact on local communities and their environment: Impact and community engagement (40%) Feasibility (25%) Alignment with CEC's strategic pillars and the program theme (15%) Identification of problem/issue (10%) Innovation (10%) Priority is given to proposals submitted by diverse youth who identified or developed their solutions jointly with communities, including community members who traditionally do not have access to decision-making spaces. Submission deadline : Completed submissions must be uploaded to the submission platform by 23:59 local time on 12 January 2025 . Click here to learn more about the program, the submission guidelines and criteria, and to apply. For more information about the Generation of Environmental Leaders Program and the submission process, please join us for a virtual information session on 17 December 2024 from 13:00–14:00 Eastern Time (12:00–13:00 Central Time) and (10:00–11:00 Pacific Time), available with simultaneous interpretation in English, French and Spanish. If you would like to know more about CEC initiatives, opportunities and efforts, you can sign up for our newsletter and follow us on social media . Media Contact Patrick Tonissen Head of Communications +1 (438) 885-8463 View original content to download multimedia: https://www.prnewswire.com/news-releases/cecs-generation-of-environmental-leaders-program-now-open-to-north-american-youth-302314604.html SOURCE Commission for Environmental Cooperation (CEC)
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Stock market today: Wall Street hits more records following a just-right jobs report
TUCSON, Ariz. , Dec. 4, 2024 /PRNewswire/ -- AudioEye, Inc. ("AudioEye" or the "Company") (Nasdaq: AEYE ), the industry-leading digital accessibility company, today announced the launch of an underwritten secondary offering of shares of its common stock to be sold by certain selling stockholders. The selling stockholders also expect to grant to the underwriters an option, exercisable for 30 days, to purchase additional shares of the Company's common stock from the selling stockholders at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Needham & Company will act as Sole Book-Runner, and Roth Capital Partners will act as Lead Manager for the offering. The selling stockholders will receive all of the net proceeds from the proposed offering. The Company will not sell any shares of its common stock in the proposed offering and will not receive any proceeds from the sale of shares of the Company's stock in the offering. This offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-276937) filed with the Securities and Exchange Commission (the "SEC") and declared effective on February 13, 2024 . The offering of the shares of common stock will be made by means of a prospectus, including a prospectus supplement, forming a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectuses relating to and describing the terms of the offering will be filed with the SEC, and will be available on the SEC's website at http://www.sec.gov or when available, may be obtained by contacting: Needham & Company, LLC, 250 Park Avenue, 10th Floor, New York, NY 10177, Attn: Prospectus Department, by telephone at (800) 903-3268 or by e-mail at [email protected] , with a copy to Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, Attn: Equity Capital Markets, by telephone at (800) 678-9147 or by e-mail at [email protected] . This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About AudioEye AudioEye exists to ensure the digital future we build is inclusive. By combining the latest AI automation technology with guidance from certified experts and direct input from the disability community, AudioEye helps ensure businesses of all sizes — including over 126,000 customers like Samsung, Calvin Klein , and Samsonite — are accessible and usable. Holding 23 US patents, AudioEye helps companies solve every aspect of digital accessibility with flexible approaches that best meet their needs. The comprehensive solution includes 24/7 accessibility monitoring, automated accessibility fixes, expert testing, developer tools, and industry-leading legal protection. Forward-Looking Statements Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "anticipates," "believes," "expects," "intends," "plans," "potential," "projects," "would," and "future," or similar expressions, are intended to identify forward-looking statements. These forward-looking statements reflect AudioEye's current beliefs and expectations and involve risks and uncertainties that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to statements relating to the offering, its size and expected closing date. Each of these forward-looking statements involves substantial risks and uncertainties that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements, including, without limitation, risks and uncertainties related to: the uncertain market acceptance of our existing and future products; our need for, and the availability of, additional capital in the future to fund our operations and the development of new products; the success, timing and financial consequences of new strategic relationships or licensing agreements we may enter into; rapid changes in Internet-based applications that may affect the utility and commercial viability of our products; the timing and magnitude of expenditures we may incur in connection with our ongoing product development activities; judicial applications of accessibility laws to the internet; the level of competition from our existing competitors and from new competitors in our marketplace; and the regulatory environment for our products and services. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Investor Contact Tom Colton Gateway Group, Inc. [email protected] 949-574-3860 SOURCE AudioEye, Inc.CEC's Generation of Environmental Leaders Program Now Open to North American Youth!Spotify Unveils Taylor Swift’s New Exclusive Player
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