Day: July 27, 2023

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St Kitts and Nevis announces further monumental changes to its Citizenship by Investment Programme

Basseterre, July 27, 2023 (GLOBE NEWSWIRE) — Today, the Government of St Kitts and Nevis proudly announces further groundbreaking changes to its Citizenship by Investment Programme, a move that signals the country’s intention to remain as the reference point for the international investment migration industry. The monumental changes have been made to ensure that only high net worth investors and persons who value the citizenship of St Kitts and Nevis are attracted to the Programme.

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry, charting new territory with forward-looking solutions based on solid legislative principles and strict due diligence policies. The Programme has allowed the nation to thrive, giving Kittitians and Nevisians the opportunity to advance without overreliance on international financial aid.

The new changes, further to those made in December 2022, are aimed at safeguarding the nation’s integrity, making the Programme sustainable and preserving the privileged status of being a citizen of St Kitts and Nevis.

“Today, St Kitts and Nevis takes another bold step in reaffirming our intention to not only offer the best Citizenship by Investment Programme in the world, but also to offer a programme held together by a tight regulatory system designed to be a best-in-practice defence mechanism against illicit actors and those who try to bypass our high-end investment and contribution options. We are continuously committed to preserving the exclusivity and prestige associated with being a citizen of St Kitts and Nevis,” said Prime Minister the Hon. Dr. Terrence Drew.

“This Government has always taken a considered approach when making decisions that impact not only the people of St Kitts and Nevis, but the international community as well. We have done some deep introspection, analysed the Programme, spoken to our international partners and have decided that now is the right time to show the world, as we did in December 2022, that our citizenship is not accessible to those who do not value our citizenship or understand what St Kitts and Nevis has to offer the world. We will continue to engage with the international community to provide clarity and assurance to investors that St Kitts and Nevis is a safe destination for long term investments,” continued Prime Minister Drew.

“Since coming into office less than a year ago, I have sought to work with well-intentioned partners who share my vision of where we can take our island nation on the global stage. We have done everything in our power to protect and advocate for the good name of St Kitts and Nevis. We have continuously instituted changes that will not only alleviate the concerns of our international stakeholders and position us as a compelling emerging market destination for authentic foreign direct investment, but these changes are also aimed at ensuring that our people continue to be proud to be called a citizen of St Kitts and Nevis.”

The Government of St Kitts and Nevis has made further sweeping changes to its Citizenship by Investment Programme, which include the introduction of a new investment option called the Sustainable Island State Contribution (SISC). The SISC replaces the previous Sustainable Growth Fund (SGF) and investors contributing towards this option will be advancing St Kitts and Nevis into a Sustainable Island State based on the following seven pillars:

 

  1. Increasing local food production;

2. Transitioning to Green Energy;

3. Diversifying the economy;

4. Attracting and supporting sustainable industries;

5. Evolving the Creative Economy;

6. Recovering from the impacts of the COVID-19 pandemic; and

7. Expanding social protection and safety nets to protect the most vulnerable.

 

Contributions start from US$250,000 for one applicant only and increase as a spouse or dependants are added. For a family of two, the contribution amount increases to US$300,000 and for a family of three or four, the minimum Sustainable Island State Contribution is US$350,000.

The minimum amount for investing in the Developer’s Real Estate Option is now US$400,000. The property must be held for a period of seven years and can be re-sold, once, to another purchaser who wants to apply for Citizenship by Investment.

An Approved Private Home, which can be a condominium or single-family dwelling, qualifies to be sold as a Citizenship by Investment option if a minimum investment of US$400,000 is paid to the condominium owner or US$800,000 is paid to the single-family dwelling owner, by the main applicant.

Again, the private home must be held for a period of seven years and cannot be sold to another purchaser who wants to apply for Citizenship by Investment unless the Federal Cabinet is satisfied that substantial further investment was injected into the real estate by way of further construction, renovation or otherwise.

A public benefit unit in an Approved Public Benefit Project will qualify for Citizenship by Investment, if a minimum contribution of US$250,000 is paid to the Approved Public Benefactor by the main applicant. This option is limited to Approved Public Benefactors who, by their projects, maximise local employment; embark upon programmes including transfer of technology and local capacity building; transfer all real estate to the State on substantial completion; and assume all financial risks.

Investors applying for Citizenship by Investment are now required to have a mandatory interview either virtually or in person at a location specified by the Citizenship by Investment Unit and approved by the Board of Governors. Interviews will be conducted by an independent professional firm commissioned by the Citizenship by Investment Unit, who will also perform background due diligence checks, or the Unit itself.

All background due diligence checks will be commissioned by the Citizenship by Investment Unit and will be conducted by independent professional firms from the United Kingdom, USA and Europe, and in accordance with the requirements set by the Board of Governors.

Once the Citizenship by Investment application has been approved, all processes and due diligence checks are finalised and the investment is made, a Certificate of Registration will be issued to the main applicant. The Certificate of Registration must be collected in person in St Kitts and Nevis or at an Embassy or Consulate specified by the Citizenship by Investment Unit as approved by the Board of Governors.

Further, the Board of Governors have been empowered to regulate all Authorised Agents and International Marketing Agents, who must have their businesses registered under the laws of St Kitts and Nevis. Major limitations have also been included with respect to the methods by which the St Kitts and Nevis Citizenship by Investment Programme is to be advertised internationally.

“In this ever-changing and unpredictable world, it is imperative that the Government of St Kitts and Nevis and its Citizenship by Investment Programme continue to adapt to the needs of our people and to attract the right kind of international investment necessary to uplift our country. While we have always been the benchmark of the global investor immigration industry, we understand that in order to remain as one of the most sought-after economic citizenship programmes in the world, we need to continue to evolve and forge a path for ourselves that is sustainable in the long term,” added Mr. Michael Martin, Head of the country’s Citizenship by Investment Unit.

The changes aim to boost international investor confidence and bolster St Kitts and Nevis’ reputation globally.

St Kitts and Nevis continues to demonstrate the traits that underpin its resilience, growth ambitions and willingness to cooperate with international counterparts. These include a competent, responsive, skilled and credible Citizenship by Investment Unit with several layers to solidify the integrity of the Unit including a Board of Governors and a Technical Committee. The country also has a stable political system and macroeconomic framework, consistency in the enforcement of law by the independent judiciary, a vibrant and resourceful private sector and a free and independent media.

St Kitts and Nevis wish to attract distinguished applicants who have demonstrated exceptional accomplishments, possess substantial investment capabilities, and are committed to making significant contributions to the country’s growth and development.

The primary objective of this approach is to ensure that St Kitts and Nevis maintains the highest standards of citizenship and fosters a vibrant community of nationals who share a common vision for the nation’s advancement. St Kitts and Nevis is on a path toward sustainable growth and the changes to the Citizenship by Investment Programme show a clear direction that the country is setting itself apart.

High net worth persons looking to invest in professionally regulated projects or contribute meaningfully towards societal advancement, should choose St Kitts and Nevis.

Secretary of St Kitts and Nevis Citizenship by Investment Programme
Government of St. Kitts and Nevis
001 (868) 467 1474
info@sknciu.com

GlobeNewswire Distribution ID 8882238

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Chairman of Avia Solutions Group Gediminas Ziemelis: The challenges of factory freighters compared to P2F

DUBLIN, Ireland, July 27, 2023 (GLOBE NEWSWIRE) — The pandemic years brought record revenues from air cargo. With supply limited due to the grounding of passenger planes, and demand up thanks to booming ecommerce, prices per cargo kilogram soared. According to TAC Yields figures from the Trade and Transport Group, in 2019 air cargo from Hong Kong to North America cost $3.80/kg while the price from Europe to North America was $2.10/kg. By 2022, these same services cost $9.00/kg and $4.50/kg respectively.

Unsurprisingly, this situation transformed the position of air cargo providers. Cargo revenue more than doubled from $100 billion in 2019 up to $210 in 2021 (these are the IATA’s figures) while passenger revenue plummeted from $607 billion annually down to $239 billion. Cargolux’s annual revenue grew from $2.2 billion to $5.1 billion over the course of the pandemic, and Silkway more than doubled its revenue and saw its margin transform from -10% to +30%. These huge gains, plus the long-term potential of ecommerce (which has led Airbus and Boeing to make optimistic forecasts for growth in air cargo), led many airlines to focus more on cargo.

However, increased belly capacity has led cargo prices to drop steeply once more. The IATA forecasts that year-on-year cargo yield will fall by 28.6% this year. This means air cargo, a notoriously cyclical sector, is once again entering a period of turbulence. This is the context in which airlines are deciding whether to purchase new freight planes.

New freighters vs passenger-to-freighter conversions

Airlines and air cargo providers are pursuing different strategies when it comes to building up their freighter fleets. According to KPMG’s latest report, last year, 35 orders were made for new 777-200F aircraft, 33 were made for new 777-8Fs, and 20 providers bought new A350Fs. These orders were made by both dedicated air cargo providers (Cargolux, Silkway West, DHL, FedEx) and airlines (Lufthansa Cargo, Qatar, Air Canada, China Airlines, EVA, Air France, Etihad, SIA and Western Global). Meanwhile, annual passenger-to-freighter (P-to-F) conversions have reached historic highs with volume estimated to peak at 180 per year by 2025, and then settle at around 160 aircraft per year. This compares to 70 units per year before the COVID-19 pandemic.

A number of factors are affecting the choice of purchasing either new freighters or P-to-F conversions. Naturally, cost is a major one, taking into account variables like total order number, fuel burn and maintenance as well as the upfront production costs. Production lead times is another key factor, as is cargo volume and flexibility.

Factor 1: Leasing Costs

There is a massive difference in the baseline costs for new versus converter freighters. The upfront price for a brand new 777-200F or A350F is roughly $170 to $185 million, or a monthly lease rate of between $1.2 and $1.3 million. Looking at the order book of those who made purchases last year, the majority of these airlines have a significant amount of these types of aircraft in their fleet, particularly the combination carriers. In these cases, it is highly likely that the actual purchase cost was much lower than the $170 to $185 million range. Positive economies of scale will also be a factor in keeping costs down for these airlines. Nevertheless, despite these savings they will still be looking at monthly lease rates of $1 million.

By contrast, leasing a 777-300 P-to-F conversion will cost $0.6 million per month, or roughly $65 million to purchase outright. This aircraft is likely to compare well with its production rivals, but at a fraction of the cost.

Factor 2: MRO and operating costs

Airlines will make savings on P-to-Fs when it comes to MRO. With access to the second hand market for parts, maintaining these aircraft will be considerably less expensive than keeping new planes in operation.

Naturally, alongside cost savings, access to second hand parts can also accelerate and simplify the maintenance process for airlines.

Fuel burn is another consideration. Historically, we have seen significant improvements in fuel burn when new aircraft come online. When the 777F was introduced as a replacement to the 747-400F, its 6,800 kg/h fuel burn was a huge improvement on the 10,230 kg/h offered by the 747-400F. However, with the new 777X and A350 we are unlikely to see improvements in fuel burn to match the 30% reduction seen from the 747-400F to the 777F. A 10% to 15% change is the most we can realistically expect.

On balance, while improved fuel burn and (in some cases) economies of scale may be able to soften the financial blow of purchasing a new freighter, in terms of costs P-to-F conversions are a far more attractive option.

Factor 3: Delivery volume and flexibility

New freighter aircraft have the potential to offer benefits in terms of delivery capacity and flexibility. Nose loading in particular offers a huge advantage. It enables aircraft to deliver outsized cargo such as large generators, engines, trucks and specialized technology. Crucially, this outsized cargo is lucrative, offering higher profitability than normal pallet deliveries.

However, new freighters being produced such as the 777X and the A350F do not offer nose loading. This levels the playing field in terms of the advantages a dedicated freighter has over a conversion, as both are now restricted to cargo that can fit through the side doors.

How do conversions fare in terms of volume, packing density and gross payload? Let’s consider the 777-300ERCF compared to the 777F (which currently makes up half of the world’s large freighter fleet) using data from a 2022 comparison by Aircraft Commerce.

While the 777F offers a larger overall payload of 106.6 metric tonnes, in terms of volume the 777-300ERCF comfortably outperforms the 777F. The 777-300ERCF offers almost 6,000 cu ft. more in total volume than the 777F (28,739 cu ft. compared to 22,971). Revenue per payload is also considerably higher. At 6.5lbs, it is 186,804 cu ft. and at 7.5lbs it is 190,900 cu ft, which compares to the 777F’s 149,312 cu ft. and 172,283 cu ft. respectively. One important point to note with this comparison is that it is volume, not gross payload, that matters most in ecommerce express operations, which are likely to be an important growth driver in the future. And in this area, the 777-300ERCF offers a clear advantage.

Avoiding the trap of new freighter purchases

Airbus estimates that an additional 1,040 freighters will need to be added to the global cargo fleet by 2041 – Boeing’s forecasts are even more confident. Buying new cargo freighters to meet this need carries significant risk for airlines. With cargo prices having fallen significantly, the CAPEX investment in a new A350 or 777F represents a massive financial outlay at a time when prices are falling fast. Investing heavily in a new $185-million freighter might have made sense in 2021 when air cargo prices were at record levels. However, in 2023 this is no longer a prudent policy.

Furthermore, there is little to be gained in performance and capacity from purchasing a new freighter. P-to-F conversions are capable of matching new production freighters in terms of volume, and they have notable advantages when it comes to maintenance and production.

Ultimately, conversions represent a much lower financial risk, enabling airlines to sustainably ramp up their air cargo capacity. That is why we are seeing significant growth in P-to-F conversions, while the delivery of new freight aircraft has stagnated. Quite rightly, many airlines are not willing to take on the financial risk of a new aircraft as prices tumble, and see little upside compared to refurbished passenger planes.

About Gediminas Ziemelis

Gediminas Ziemelis (born April 4, 1977) is an accomplished Lithuanian entrepreneur, business consultant, and the founder and current Chairman of the Board of Avia Solutions Group, one of the largest global ACMI (Aircraft, Crew, Maintenance, and Insurance) provider, operating a fleet of 180 aircraft. He was selected twice among the top 40 most talented young industry leaders by Aviation Week & Space Technology.

Gediminas is known for his cosmopolitan mindset and exceptional management skills, which have contributed to his success in various business fields. Over his 26-year-long career, Gediminas has founded more than 100 start-ups, 50% of which are still in operation, led companies through 4 successful IPO/SPO processes, and raised over 800 million euros in global public capital and bond markets.

In December 2022, Gediminas Ziemelis was listed as the richest Lithuanian by TOP Magazine, with estimated assets worth 1.68 billion euros.

Gediminas is the largest donator of Rimantas Kaukenas Support Group, a charity and support fund, that provides help to children with oncological diseases and their families. He is also the biggest shareholder in the leading basketball club Wolves.

Media contact: 
Silvija Jakiene 
Chief Communications Officer 
Avia Solutions Group 
silvija.jakiene@aviasg.com 
+370 671 22697

GlobeNewswire Distribution ID 1000831891

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EVIDENT Announces 2022 Global Image of the Year Award Winners

The star of the scientific imaging contest shows the beauty in our oceans

Global IOTY winner Laurent Formery (USA).

Global IOTY winner Laurent Formery (USA). The winning image shows the nervous system of a juvenile sea star (Patiria miniata). The small sample, about 1 cm wide, was labeled with an antibody against acetylated tubulin after optical clearing and captured using a color-coded Z-projection.

WALTHAM, Mass., July 27, 2023 (GLOBE NEWSWIRE) — Evident unveiled the winners of its fourth Global Image of the Year Scientific Light Microscopy Award, an annual competition that recognizes the best in scientific imaging worldwide. The winners were selected from 640 images submitted from 38 countries around the world.

Global Winner
Laurent Formery from the United States was selected as the global winner for his stunning image of the nervous system of a juvenile sea star (Patiria miniata). The small sample, about 1 cm wide, was labeled with an antibody against acetylated tubulin after optical clearing and captured using a color-coded Z-projection. Formery chose to image this sea star to showcase the beauty of science in the oceans.

“This is a fantastic feeling,” Formery commented. “Two years ago, I won an honorable mention from IOTY. Winning the global award feels like an incredible achievement and shows I made progress. I love microscopy and can spend a huge amount of time in front of our confocal microscope, but the very nice samples that I am lucky to work with really make the difference. I work with marine invertebrates, in particular echinoderms (sea stars, sea urchins and their kind). They are beautiful animals, with a fascinating and aesthetically pleasing fivefold symmetry that is unlike anything else in the animal kingdom. We know little about how these animals shape their fivefold body, which is the topic of my research. Echinoderms, and marine invertebrates in general, are often not well-known animals. I’m happy that taking images of them helps communicate how much beauty we have in our oceans, and why it is important to know more about them and protect them.”

For the grand prize, Formery will receive an Olympus SZX7 stereo microscope with a DP23 digital camera.

Materials Science Winner
Shyam Rathod from India was selected as the winner of the new dedicated category for materials science and engineering images. Rathod will receive an Olympus SZ61 stereo microscope for his colorful image showing the crystal of a topical medicine for wart treatment.

Regional Winners
Three regional prizes were awarded to Javier Ruperez (Spain) for EMEA, Igor Siwanowicz (USA) for the Americas and Jiao Li (China) for Asia-Pacific. Each regional winner will choose an Olympus CX23 upright microscope or SZ61 stereo microscope.

Honorable Mentions
Honorable mentions include Layra Cintrón-Rivera (USA), Katelin Murphy (USA), Michael Shribak (USA), Jing Ling (China), Mei Yu (China), Robert Berdan (Canada), Uriel Ruiz (Mexico), Liu Ruming (China), Thorben Danke (Germany) and Ru Jinwei (China).

The contest launched on Oct. 4, 2022, with a call for users to submit their best scientific images through March 31, 2023. All entries were evaluated on artistic and visual aspects, scientific impact and microscope proficiency.

From starfish and butterfly wings to medicine, the Evident team continues to be impressed by the diverse specimens captured under the microscope.

“Each year, we receive an array of microscope images that masterfully blend art and science. This year’s new materials science and engineering category adds another dimension to our imaging contest, bringing attention to the beauty of samples in all aspects of science,” said Satoshi Nakamura, Vice President of Global Marketing at Evident. “We are honored to receive so many life science and materials science images from around the world demonstrating the versatility of the art of science.”

About the Image of the Year (IOTY) Award
Evident’s IOTY Award began with Olympus in 2017 as the Image of the Year European Life Science Light Microscopy Award with the aim to celebrate both the artistic and scientific value of microscopy images. Today, the competition stays true to this mission by encouraging people around the world to look at scientific images in a new way, appreciate their beauty, and share images with others.

To learn more about the award-winning images and the microscope techniques used to capture them, visit Olympus-LifeScience.com/IOTY.

About EVIDENT

At Evident, we are guided by the scientific spirit—innovation and exploration are at the heart of what we do. Committed to making people’s lives healthier, safer and more fulfilling, we support our customers with solutions that solve their challenges and advance their work; whether it’s researching medical breakthroughs, inspecting infrastructure, or exposing hidden toxins in consumer products.

Evident Life Science empowers scientists and researchers through collaboration and cutting-edge life science solutions. Dedicated to meeting the challenges and supporting the evolving needs of its customers, Evident Life Science advances a comprehensive range of microscopes for pathology, hematology, IVF and other clinical applications as well as for research and education.

For more information, visit EvidentScientific.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26e91d7e-a2e3-41fc-a3e3-090f56b674e1

Media Contact:
Hilary Banda
781-419-3624
Hilary.Banda@EvidentScientific.com

GlobeNewswire Distribution ID 8882107

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Fortinet Recognized as the Sole Leader in the Westlands Advisory 2023 IT/OT Network Protection Platforms Navigator™

As one of the top and fastest growing OT security vendors, Fortinet is increasing market share with its integrated OT-Aware Security Fabric platform

SUNNYVALE, Calif., July 27, 2023 (GLOBE NEWSWIRE) — John Maddison, Chief Marketing Officer and EVP, Product Strategy at Fortinet
“For nearly two decades, organizations worldwide have trusted Fortinet to secure industrial environments and meet the operational and regulatory requirements of operational technology [OT] networks. We’re pleased that our continued innovation and investment in OT security has been recognized by Westlands Advisory, which has named Fortinet the sole leader in its IT/OT Network Protection Platforms Navigator.”

News Summary
Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced that Westlands Advisory, a leading OT security industry analysis and strategy firm, has named Fortinet as the sole Leader in the 2023 IT/OT Network Protection Platforms Navigator.

Fortinet is the only vendor that achieved Leader status in the IT/OT Network Protection Platforms Navigator, which highlights the company’s OT network and security experience. The company continues to support customers with its continued investments in product development and in building an OT-Aware Security Fabric, which enables multiple technologies to work together across IT and OT environments with shared threat intelligence and simplified management that offers full visibility across the attack surface.

Innovation, Scalability, and Ease of Deployment for OT Organizations
Westlands Advisory points out that a key Fortinet strength is “its ability to provide security solutions across the entire Purdue model from sensor to cloud. Industry partners and customers often cite Fortinet’s solutions as easy to deploy, use, and scale.”

This recognition from Westlands Advisory reinforces Fortinet’s commitment to OT security, which is one of the company’s top priorities. Over the last year, Fortinet has increased its market share in the OT market and is now one of the fastest-growing OT vendors on track to meet its goal of being number one in OT security. As Westlands Advisory notes, Fortinet’s “OT business has grown strongly, outpacing average market growth, due to increased investment in products, staff, and the sales and marketing operations.”

Benefits and Risks of IT/OT Network Convergence
IT and OT networks have traditionally been kept separate but are increasingly being integrated to meet business goals such as improving productivity and reducing costs. However, interconnecting IT and OT environments also increases risk. By targeting IT networks, cybercriminals often can gain access to OT systems. Attacks on power grids, shipping lines, manufacturing plants, and other facilities are steadily increasing. But according to the 2023 Fortinet State of Operational Technology and Cybersecurity Report, cybersecurity solutions continue to aid in the success of most (76%) OT professionals, particularly by improving efficiency (67%) and flexibility (68%).

In the Industrial Cybersecurity Outlook section, Westlands Advisory suggests that security leaders “transition to a platform approach to cybersecurity to achieve unified visibility across their assets and to implement and manage security policies and procedures across OT environments.”

Security and Services Specifically Designed for OT Networks
To address the customer challenges related to managing threats and vulnerabilities, Fortinet takes a platform approach to OT using the Fortinet OT-Aware Security Fabric. This portfolio of cybersecurity products, solutions, and security services is designed specifically for industrial networks, extending the Fortinet Security Fabric capabilities to OT networks in factories, plants, remote locations, ships, and other operational technology environments.

The OT-centric features and products in the OT-Aware Security Fabric include:

  • Secure networking, using FortiGate Next-Generation Firewall, FortiNAC, and FortiSwitch for OT, including ruggedized hardware for harsh environments
  • Threat intelligence through OT and IoT Security Services and Inline Sandbox
  • Zero-Trust Access with FortiPAM Secure Remote Access
  • Security operations, using FortiDeceptor, FortiEDR, FortiNDR, FortiAnalyzer, SEIM, SOAR, and Professional Services for OT
  • An open ecosystem of alliances and integrations with leading OT technology vendors

The OT-Aware Security Fabric seamlessly provides security for converged IT/OT ecosystems to mitigate cyber and production risk for industrial and cyber-physical system companies.

Additional Resources

About Fortinet
Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

FTNT-O

Copyright © 2023 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

Media Contact: Investor Contact: Analyst Contact:
Michelle Zimmermann
Fortinet, Inc.
408-235-7700
pr@fortinet.com		 Peter Salkowski
Fortinet, Inc.
408-331-4595
psalkowski@fortinet.com		 Brian Greenberg
Fortinet, Inc.
408-235-7700
analystrelations@fortinet.com

GlobeNewswire Distribution ID 8881536

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Jitterbit Launches Harmony EDI, a Fully Embedded, Cloud-Based EDI Solution to Deliver a More Robust and User-Friendly Experience

Harmony EDI’s flexibility, enhanced visibility, ease of use, centralized trading partner management and competitive pricing make it a superior choice in the market

ALAMEDA, Calif., July 27, 2023 (GLOBE NEWSWIRE) — Jitterbit, a global leader for empowering transformation through automation, today announced its self-managed, cloud-based electronic data interchange (EDI) solution that comes fully integrated in the Jitterbit Harmony platform. With Harmony EDI, users can fully self-serve and self-manage EDI processes. Data is automatically transferred between trading partners (i.e. Amazon, Home Depot, Lowes, Walmart, and more) and merchants into the merchant’s ERP, CRM, and shipping systems. This helps to streamline processes and automate workflows, eliminating the manual processing and approvals of EDI transactions, and ensuring the accuracy of information being transmitted between systems.

Traditional EDI offerings rely on third-party vendor platforms to handle EDI for their customers, posing significant challenges for businesses. The application disparity and need for additional connectors makes it difficult to scale as new EDI trading partners and applications are added. Additionally, many EDI vendors do not have the technical expertise to manage integrations outside of EDI which limits businesses that want to scale.

Jitterbit’s fully integrated and self-managed Harmony EDI eradicates the above obstacles, bringing a new level of ease of use and functionality to the market. Many EDI solutions offer complicated EDI integrations limited to document translators or the movement and exchange of data between trading partners and businesses. With Harmony EDI, businesses have access to a cloud-based iPaaS solution with a suite of applications that support customized integrations and the ability to easily add and manage systems and applications that integrate with EDI. Harmony EDI supports businesses of all types—from those with an experienced or dedicated EDI team who want to manage EDI themselves, to businesses with very little or no EDI experience who want a reliable vendor to set up their EDI processes and trading partners.

Harmony EDI gives users full visibility and control, enabling them to:

  • Manage and configure trading partners: Harmony EDI’s centralized platform delivers advanced features for businesses to manage all aspects of their trading partner relationships, with access to more than 1,000 trading partners and 4,000 maps.
  • Gain full visibility into EDI transactions and documents: With enhanced tracking and reporting capabilities, Harmony EDI gives businesses the visibility they need to quickly identify and address issues, such as transaction errors, ensuring timely and accurate document exchange. This includes the ability to self-manage trading partners and EDI workflows with ERP and back-end systems, and the ability to easily add new trading partners as the business scales.
  • Integrate with ERP systems: Fully integrated in the Harmony platform, Harmony EDI powers integrations with industry-leading ERP systems such as SAP, Oracle Netsuite, Sage, Microsoft Dynamics 365, and more, further enabling businesses to automate their EDI processes and streamline their workflows between systems and applications.
  • Seamlessly work with Jitterbit’s full iPaaS solution: With Harmony EDI, businesses can easily add applications and systems to their tech stack, create automated workflows between applications and have better visibility of application data across platforms.

“Today, Jitterbit takes a leap forward in the world of EDI solutions with the launch of Harmony EDI. Seamlessly embedded in the cloud, this game-changing offering brings flexibility, enhanced visibility and unparalleled user-friendliness,” said Vito Salvaggio, SVP of product management at Jitterbit. “With centralized trading partner management and competitive pricing, Harmony EDI stands tall as the superior choice in the market. B2B vendors can say goodbye to limitations and embrace a new era of streamlined processes, automated workflows, and the power to redefine success.”

Jitterbit Harmony EDI will be available immediately. To learn more, please visit www.jitterbit.com/product/edi/.

About Jitterbit, Inc.
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The yachting of yesteryear on display at the 16th Monaco Classic Week-La Belle Classe

The yachting of yesteryear on display at the 16th Monaco Classic Week-La Belle Classe

The yachting of yesteryear goes on display. From 13-16 September, Monaco Classic Week-La Belle Classe organised by Yacht Club de Monaco pays tribute to all the splendour associated with sailing’s maritime heritage

MONACO, July 27, 2023 (GLOBE NEWSWIRE) — The yachting of yesteryear goes on display. From 13-16 September, Monaco Classic Week-La Belle Classe organised by Yacht Club de Monaco pays tribute to all the splendour associated with sailing’s maritime heritage. Around 110 classic sailing and motorboats are expected for this 16th edition alongside a 20-strong fleet of the clinker-built Dinghy 12’ class; a fabulous line-up that will fill the YCM Marina comprising a dozen period motor-yachts, 50 vintage motorboats, including around 30 Rivas and 3 powerboats from the early 20th century as well as 50 classic sailing yachts.

Launched in 1994, this unique in the world biennial event pays homage to large and small pleasure boats that bear witness to the yachting of yesteryear. The meeting brings owners and their crews out on the water for a range of contests with social occasions in the evening in the time-honoured tradition of a certain ‘Art de Vivre la Mer’ so dear to YCM. Among those joining Yacht Club de Monaco’s flagship Tuiga (1909) of note will be Maliclaire, a 35m topsail schooner (1909), the three-mast schooner Creole, built in 1927 by the Camper & Nicholsons yard and Atlantic, replica of that famous three-mast schooner helmed by the legendary Charlie Barr which left her mark on the history of sailing by setting the first record for a North Atlantic crossing. It was a record that would remain unequalled for 75 years.

This year the public and classic yacht enthusiasts also have the opportunity to see a photography exhibition dedicated to Prince Rainier III, who founded the YCM and so loved sailing, as the Principality celebrates the centenary of his birth. Access to the quays and exhibitors Village (painters, photographers, craftsmen, official YCM Boutique) is free to everyone starting Wednesday 13th September from 10.00am.

For more information:
Press Office LaPresse – ufficio.stampa@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4bf5403-d981-4d59-b9f0-025502ef55eb

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

GlobeNewswire Distribution ID 8882004