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Posts Strong Adjusted EBITDA Margin ‎ 1 ‎ for Fiscal Year 2024 and Returns to Positive Sequential Growth in Fiscal Q4 2024 CINCINNATI, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (" Quipt ” or the " Company ”) (NASDAQ: QIPT; TSX: QIPT), a U.S. based home medical equipment provider, focused on end-to-end respiratory care, today announced its fourth quarter and fiscal year 2024 financial results and operational highlights. These results pertain to the three months and year ended September 30, 2024 and are reported in U.S. Dollars. The Company no longer qualifies as a "foreign private issuer” as such term is defined in Rule 405 under the U.S. Securities Act of 1933, as amended, and Rule 3b-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act”), which means that the Company, as of October 1, 2024, has been required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers. Accordingly, the Company is now required to prepare its financial statements filed with the Securities and Exchange Commission (" SEC ”) in accordance with generally accepted accounting principles in the United States (" U.S. GAAP ”), starting with the Company's fourth quarter and full year fiscal 2024 results. In addition, as required pursuant to section 4.3(4) of National Instrument 51-102 - Continuous Disclosure Obligations , the Company must restate and file under the Company's profile on SEDAR+ (www.sedarplus.com), ‎its interim financial reports for the fiscal year ended September 30, 2024 in accordance with U.S. GAAP, such interim financial reports having previously been prepared in accordance with the International Financial Reporting Standards (" IFRS ”). Conference Call Quipt will host its Earnings Conference Call on Tuesday, December 17, 2024 at 10:00 a.m. (ET). Interested parties may participate in the call by dialing: Following the conclusion of the call, a replay of the webcast will be available on the Company's website for at least the first year following the event. Financial Highlights : "Our results for fiscal 2024 reflect the resilience of our business and the scalability of our operating model,” said Gregory Crawford, Chairman and CEO of Quipt. "Despite facing unique challenges this year, we delivered record revenue, positive year-over-year organic growth and maintained a strong Adjusted EBITDA Margin 1 . This performance underscores the strength of our diversified product offering, go-to-market strategy and the adaptability of our team. As we look ahead to calendar 2025 and beyond, we have a high confidence level in our ability to return to consistent, historical organic growth levels. Our focus remains on leveraging the demographic trends such as the aging population and increasing prevalence of chronic respiratory conditions, while expanding our referral base through our growing salesforce and strategic investments. By combining these initiatives with our disciplined approach to inorganic growth, we aim to strengthen our market position and deliver sustained growth. The demand for in-home respiratory solutions continues to grow, and our ability to provide comprehensive, patient-centric care positions us well to capture this opportunity. We remain committed to operational excellence, enhancing our recurring revenue base, and executing on our growth roadmap to drive both scale and profitability. With a strong balance sheet, we are well-equipped to allocate capital toward strategic opportunities, while also investing in organic growth to build long-term shareholder value.” "Our financial performance in fiscal 2024 highlights the stability of our core operations,” added Hardik Mehta, Chief Financial Officer of Quipt. "In the fourth quarter, we returned to positive sequential organic revenue growth, which demonstrates the regained momentum in our business. As we move into calendar 2025, we are seeing strengthening trends across our major product categories, supported by solid referral activity and steady demand for our end-to-end respiratory care solutions. These factors give us confidence that we will return to consistent, historical organic growth levels in calendar 2025. With a scalable operating model, a focused growth strategy, and favorable demographic tailwinds, we are well-positioned to seize the opportunities in front of us.” ABOUT QUIPT HOME MEDICAL CORP. The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company's organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services, and making life easier for the patient. Forward-Looking Statements Certain statements contained in this press release constitute "forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or "forward-looking information" as such term is ‎‎‎‎‎‎defined in applicable Canadian securities legislation (collectively, "forward-looking statements”). The words "may", "would", "could", "should", "potential", ‎‎‎‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook", or the negatives thereof or variations of such words, and similar expressions ‎‎‎‎‎as ‎they relate to the Company, including: the Company anticipating a return to historical organic growth levels; are intended to ‎identify forward-looking information. All statements ‎other ‎than ‎statements of ‎‎historical fact, including those that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-‎looking statements and may involve estimates, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such statements reflect the ‎Company's ‎current ‎views and ‎‎intentions with respect to future ‎events, and current information available to the ‎Company, and ‎are ‎subject to ‎‎certain risks, uncertainties and ‎assumptions, including, without limitation: the ‎Company successfully identifying, ‎‎‎negotiating and ‎completing additional acquisitions; operating and other financial metrics maintaining their ‎‎current trajectories, the Company not being impacted by any further external and unique events like the Medicare ‎‎75/25 rate cut and the Change Healthcare cybersecurity incident for the remainder of the calendar year and in 2025; and the ‎Company not being subject to a material change to it cost structure. Many ‎factors could cause the actual ‎results, ‎‎performance or achievements that may be ‎expressed ‎or implied by such ‎forward-looking statements to ‎vary from ‎‎those described herein should one or more ‎of these ‎risks or ‎uncertainties materialize. Examples of such ‎risk ‎factors ‎include, without limitation: risks related ‎to credit, market ‎‎‎(including equity, commodity, foreign exchange ‎and interest ‎rate), ‎liquidity, operational ‎‎(including technology ‎and ‎infrastructure), reputational, insurance, ‎strategic, ‎regulatory, legal, ‎environmental, and ‎capital adequacy; the ‎‎general business and economic conditions in ‎the regions ‎in which the ‎Company operates; ‎the ability of the ‎‎Company to execute on key priorities, including the ‎successful ‎completion of ‎acquisitions, ‎business retention, and ‎‎strategic plans and to attract, develop and retain ‎key ‎executives; difficulty ‎integrating ‎newly acquired businesses; ‎‎the ability to implement business strategies and ‎‎pursue business opportunities; low ‎profit ‎market segments; ‎‎disruptions in or attacks (including cyber-attacks) on ‎‎the Company's information ‎technology, ‎internet, network ‎‎access or other voice or data communications systems or ‎‎services; the evolution of ‎various types ‎of fraud or other ‎‎criminal behavior to which the Company is exposed; the ‎‎failure of third parties to ‎comply with ‎their obligations to ‎‎the Company or its affiliates; the impact of new and ‎‎changes to, or application of, ‎current ‎laws and regulations; ‎‎decline of reimbursement rates; dependence on few ‎‎payors; possible new drug ‎discoveries; a ‎novel business ‎model; ‎dependence on key suppliers; granting of permits ‎‎and licenses in a highly ‎regulated ‎business; legal proceedings and litigation, including as it relates to the civil ‎‎investigative demand ("CID”) ‎received from the Department of Justice; ‎increased competition; ‎changes in ‎foreign currency rates; ‎increased ‎‎funding costs and market volatility due to ‎market illiquidity and ‎competition for ‎funding; the ‎availability of funds ‎‎and resources to pursue operations; ‎critical accounting ‎estimates and changes ‎to accounting ‎standards, policies, ‎‎and methods used by the Company; the Company's status as an emerging growth company and a smaller reporting company; the occurrence of ‎natural and unnatural ‎catastrophic ‎events or health epidemics or concerns; as well as those risk factors ‎discussed or ‎‎referred to ‎in the Company's disclosure ‎documents filed with ‎United States Securities and Exchange ‎Commission ‎‎(the "SEC”) and ‎available at www.sec.gov, including the Company's most recent Annual Report on Form 10-K, and with ‎the securities ‎regulatory authorities in certain provinces of ‎Canada and ‎‎‎available at www.sedarplus.com. Should any ‎factor affect ‎the Company in an unexpected manner, or ‎should ‎‎‎assumptions underlying the forward-looking ‎statement prove ‎incorrect, the actual results or events may ‎differ ‎‎‎materially from the results or events predicted. ‎Any such forward-‎looking statements are expressly qualified ‎in their ‎‎‎entirety by this cautionary statement. Moreover, ‎the Company ‎does not assume responsibility for the ‎accuracy or ‎‎‎completeness of such forward-looking ‎statements. The ‎forward-looking statements included in this ‎press release ‎‎‎is made as of the date of this press ‎release and the ‎Company undertakes no obligation to publicly ‎update or revise ‎‎‎any forward-looking statements, ‎other than as ‎required by applicable law‎.‎ Non-GAAP Financial Measures This press release refers to "Organic Growth”, "Recurring Revenue”, "Adjusted EBITDA”, "Adjusted EBITDA Margin” and "Adjusted Net Debt to Adjusted EBITDA Leverage Ratio”, which are non-GAAP financial measures that do not have standardized meanings prescribed by U.S. GAAP. The ‎Company's presentation of these financial measures may not be comparable to similarly titled measures used by ‎other companies. These financial measures are intended to provide additional information to investors concerning ‎the Company's performance.‎ Organic Growth is calculated as the increase in revenues of $34.2 million, less the revenues contributed by acquisitions of $27.1 million, divided by fiscal year 2023 revenue of $211.7 million, or 3%. Recurring Revenue for fiscal 2024 is calculated as rentals of medical equipment of $94.3 million plus sales of respiratory resupplies of $96.5 million for a total of $190.8 million, divided by total revenues of $245.9 million, or 78%. Adjusted EBITDA is calculated as net loss, and adding back depreciation and amortization, right-of-use operating lease amortization and interest, interest expense, net, provision (benefit) for income taxes, professional fees related to civil investigative demand and loss of foreign private issuer status, stock-based compensation, acquisition-related costs, loss on extinguishment of debt, gain (loss) on foreign currency transactions, change in fair value of derivative liability - interest rate swap, and share of loss of equity method investment. The following table shows our non-GAAP measure, Adjusted EBITDA, reconciled to our net income (loss) for the ‎following indicated periods‎ (in $millions)‎:‎ Net Debt to Adjusted EBITDA Leverage Ratio is calculated as Net Debt, divided by (Adjusted EBITDA for Q4 times four), and is reconciled as follows (in $millions): Cole Stevens VP of Corporate Development Quipt Home Medical Corp. 859-300-6455 [email protected] Gregory Crawford Chief Executive Officer Quipt Home Medical Corp. 859-300-6455 [email protected] ___________________________________ 1 Non-GAAP financial measure or ratio. See "Non-GAAP Financial Measures”.‎biller genie 。

Fulcrum Therapeutics to Participate in Upcoming December Conferences

Donald Trump’s transition team is quietly strategizing how to assuage the anti-abortion wing of the Republican Party amid concerns that Robert F. Kennedy Jr.’s past comments supporting abortion access could complicate his confirmation as the president-elect’s pick to lead the Department of Health and Human Services. Republican senators and anti-abortion leaders have already sounded the alarm about Kennedy, who was running as a Democrat as recently as last year, and his past support for abortion access until fetal viability, which Trump’s team sees as a key vulnerability. Oklahoma Sen. James Lankford, a new member of Senate GOP leadership, recently told Fox News: “It’ll come up in the hearing 100%. There’s no question that this will be an issue. I will raise it if no one else does.” Trump’s team has already begun giving assurances to anti-abortion leaders that they plan to stack other top health care positions with anti-abortion advocates to help alleviate those concerns, two people with direct knowledge of the conversations said. “I made clear to them that this needs to be tended to,” one anti-abortion leader, who spoke with the transition team over their concerns, told CNN. “We have some serious policy and personnel concerns that have been propriety to our community for 30 years. The expectation they’ve given me is they will have an assistant HHS secretary who more aligns with us.” Few in Trump’s orbit were surprised by his decision to name Kennedy to the top health care role since he had repeatedly vowed on the campaign trail to give the former independent presidential candidate, who endorsed him in August, power over health policy. But questions over Kennedy’s ability to win over Senate Republicans vital to his confirmation arose with the transition team both before and after he was offered the position, two sources briefed on the matter told CNN. Even before Trump selected him, the team had discussed staffing HHS with deputies who are more conservative on reproductive rights to signal that the agency would not deviate from Trump’s position, sources briefed on the discussions said. Once those staffing decisions are made, Kennedy is expected to meet with anti-abortion rights senators on the Hill. Abortion opponents say they have two priorities they want Kennedy to address: installing anti-abortion advocates in top roles and restoring the anti-abortion policies enacted in Trump’s first term. “There’s no question that we need a pro-life HHS secretary, and of course, we have concerns about Robert F. Kennedy Jr. I believe that no matter who is HHS secretary, baseline policies set by President Trump during his first term will be re-established,” Marjorie Dannenfelser, the president of Susan B. Anthony Pro-Life America, told CNN. Some of the policies anti-abortion advocates, like SBA Pro-Life America, have said they want in a second Trump term are for HHS to revive restrictions on federal funding going to family planning organizations that provide information about abortion. One Republican senator, who spoke to CNN on the condition of anonymity to speak freely, said Republican senators concerned about Kennedy’s position on abortion will expect him to commit to reintroducing the restrictions on federal funding when he meets with them privately ahead of his confirmation hearings. “My general sense is that those of us who are more on the pro-life side of the spectrum here certainly don’t want the federal government promoting abortions,” the Republican senator said. “I think it’s pretty simple, and I think that would be the expectation.” Anti-abortion groups are also calling for the Trump administration to bring back an expansive approach to enforcing so-called “conscience protections,” which allow doctors and even hospitals to opt out of performing the procedure, and pushing for a reversal of several Biden-era policies, including guidance instructing hospitals to perform abortion in medical emergencies, even in states that ban the procedure, as well as a policy that allows for abortion pills to be obtained without an in-person doctor’s visit. Trump, amid pressure from anti-abortion groups and allies, said in April he believes abortion policy should be left to the states to legislate and later vowed to veto a federal abortion ban as president should such a bill reach his desk. In a statement to CNN, Trump transition spokesperson Katie Miller said Kennedy “has every intention of supporting President Trump’s agenda to the fullest extent.” “This is President Trump’s administration that Robert F. Kennedy has been asked to serve in and he will carry out the policies Americans overwhelmingly voted for in President Trump’s historic victory,” Miller said. A spokesperson for Kennedy did not respond to requests for comment. But Kennedy himself is aware of the concerns about him, two people familiar with the discussions said, and plans to personally assure senators that he supports Trump’s view that abortion should be left to states. During the 2024 campaign, Kennedy adopted several different positions, drawing criticism at various points from both abortion rights organizations and anti-abortion groups. In August 2023, while still running in the Democratic primary, Kennedy said he would sign a law banning abortion after three months of pregnancy if he were elected, though his campaign walked back his statement at the time. During a podcast interview in May, when he was running as an independent, Kennedy said he opposed any government limits on abortion at the state or federal level but walked back his comment after blowback from anti-abortion advocates, including from inside his own campaign. In the final months of his campaign, before he suspended his bid and endorsed Trump, Kennedy advocated for abortion to be legal until fetal viability and endorsed the framework implemented under Roe v. Wade. But he often downplayed the importance of abortion access as a salient political issue for voters, minimizing it as one of several “culture war issues” that are less important than “existential issues” like the national debt, inflation, attacks on freedom of speech and the increase in diagnoses of chronic diseases. In recent conversations with Trump’s transition team, Kennedy has indicated that he has little interest in shaping abortion policy, even as his role as secretary would give him broad authority over abortion access, including access to abortion medication. Instead, he has said he plans to focus more of his efforts on his promises to curb obesity and upend the nation’s food industry, sources familiar with the talks said. There is also a general belief within Trump’s orbit that, despite being controversial, Kennedy may secure at least a couple of Senate Democratic votes. However, that sentiment is not strong enough to prevent the transition from working to reassure concerned Republicans. Kennedy’s wavering on the issue led Trump’s former vice president, Mike Pence — who staunchly opposes abortion rights and declined to endorse Trump this year — to call on GOP senators to reject his nomination. “On behalf of tens of millions of pro-life Americans, I respectfully urge Senate Republicans to reject this nomination and give the American people a leader who will respect the sanctity of life as secretary of Health and Human Services,” Pence said in a statement following Trump’s selection of Kennedy for the HHS role, calling the pick “deeply concerning to millions of pro-life Americans.” South Carolina Sen. Lindsey Graham, who had lobbied Trump during his 2024 campaign to support a 15-week national abortion ban with exceptions, recently told The Dispatch of Kennedy: “I want to see what he has to say about abortion. ... That will matter a lot to me.” Some GOP senators, including those who sit on the chamber’s Pro-Life Caucus, said they are confident Kennedy will honor Trump’s position. “Being a Cabinet secretary is not an exercise in individuality, you know? These people serve the principal, the principal is the president,” Missouri Sen. Josh Hawley told CNN. “So, I assume that he will support the president’s policies, whatever his personal position is. You don’t get hired because of your personal positions.” Hawley added: “I don’t want to presume I know the answers, but I’d be really surprised if he didn’t say ‘I’ll support the president’s policies on this and faithfully execute those.’” Fellow Missouri Republican, Sen. Eric Schmitt, acknowledged he has concerns about Kennedy’s views on abortion but defended him nevertheless, arguing he was picked by Trump to shake things up and “challenge a lot of things that so-called scientists don’t seem to want to challenge anymore.” “So am I going to agree with him on everything? I am ardently pro life. Of course not. But again, I think the president deserves the opportunity to put people in place who are going to implement change within, within these agencies that got way too big, way too powerful and they’re not accountable to anyone,” Schmitt told reporters in the Capitol. CNN’s Tierney Sneed and Ted Barrett contributed to this report.

Central Government Capex To Surge By 25% YoY In Second Half Of FY25: Jefferies

Feds suspend ACA marketplace access to companies accused of falsely promising ‘cash cards’He is not yet in power but President-elect Donald Trump rattled much of the world with an off-hours warning of stiff tariffs on close allies and China — a loud hint that Trump-style government by social media post is coming back. With word of these levies against goods imported from Mexico, Canada and China, Trump sent auto industry stocks plummeting, raised fears for global supply chains and unnerved the world’s major economies. For Washington-watchers with memories of the Republican’s first term, the impromptu policy volley on Monday evening foreshadowed a second term of startling announcements of all manner, fired off at all hours of the day from his smartphone. “Donald Trump is never going to change much of anything,” said Larry Sabato, a leading US political scientist and director of the University of Virginia’s Center for Politics. “You can expect in the second term pretty much what he showed us about himself and his methods in the first term. Social media announcements of policy, hirings and firings will continue.” The first of Trump’s tariff announcements — a 25 percent levy on everything coming in from Mexico and Canada — came amid an angry rebuke of lax border security at 6:45 pm on Truth Social, Trump’s own platform. The United States is bound by agreements on the movement of goods and services brokered by Trump in a free trade treaty with both nations during his first term. But Trump warned that the new levy would “remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country” — sowing panic from Ottawa to Mexico City. Seconds later, another message from the incoming commander-in-chief turned the focus on Chinese imports, which he said would be hit with “an additional 10% Tariff, above any additional Tariffs.” The consequences were immediate. Almost every major US automaker operates plants in Mexico, and shares in General Motors and Stellantis — which produce pickup trucks in America’s southern neighbor — plummeted. Canada, China and Mexico protested, while Germany called on its European partners to prepare for Trump to impose hefty tariffs on their exports and stick together to combat such measures. – Framing the debate – The tumult recalls Trump’s first term, when journalists, business leaders and politicians at home and abroad would scan their phones for the latest pronouncements, often long after they had left the office or over breakfast. During his first four years in the Oval Office, the tweet — in those days his newsy posts were almost exclusively limited to Twitter, now known as X — became the quasi-official gazette for administration policy. The public learned of the president-elect’s 2020 Covid-19 diagnosis via an early-hours post, and when Iranian Revolutionary Guards commander Qasem Soleimani was assassinated on Trump’s order, the Republican confirmed the kill by tweeting a US flag. The public and media learned of numerous other decisions big and small by the same source, from the introduction of customs duties to the dismissal of cabinet secretaries. It is not a communication method that has been favored by any previous US administration and runs counter to the policies and practices of most governments around the world. Throughout his third White House campaign, and with every twist and turn in his various entanglements with the justice system, Trump has poured his heart out on Truth Social, an app he turned to during his 20-month ban from Twitter. In recent days, the mercurial Republican has even named his attorney general secretaries of justice and health via announcements on the network. “He sees social media as a tool to shape and direct the national conversation and will do so again,” said political scientist Julian Zelizer, a Princeton University professor. AFP

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Feds suspend ACA marketplace access to companies accused of falsely promising ‘cash cards’

WINNIPEG - Manitoba Métis Federation President David Chartrand told a ceremony for a new treaty that recognizes his organization as the government for the Red River Métis that the moment was 154 years in the making. Read this article for free: Already have an account? To continue reading, please subscribe: * WINNIPEG - Manitoba Métis Federation President David Chartrand told a ceremony for a new treaty that recognizes his organization as the government for the Red River Métis that the moment was 154 years in the making. Read unlimited articles for free today: Already have an account? WINNIPEG – Manitoba Métis Federation President David Chartrand told a ceremony for a new treaty that recognizes his organization as the government for the Red River Métis that the moment was 154 years in the making. “We will pursue something that’s rightfully ours, and no matter how long it takes, we will never give up.We will try and try and try,” Chartrand told the ceremony in Winnipeg on Saturday. The federation is the first Métis group to sign a modern treaty with the federal government, and the ceremony came after its members voted overwhelmingly in favour of the agreement last year during an assembly. It recognizes the Red River Métis have an inherent right to self-government and law-making powers over their own citizenship, elections and other operations. While the treaty doesn’t lay out specific rights around health care, harvesting or land, Chartrand has said those aspects will likely be negotiated later with the federal government on a nation-to-nation basis. It is subject to legislation passing in Parliament, and Chartrand has said the NDP, Bloc Quebecois and Greens have promised to support the Liberal government. Métis leader Louis Riel negotiated a treaty with Canada some 150 years ago, which led to Manitoba joining Confederation, a development that was supposed to reserve 1.4 million acres of land for Métis residents in the province. But Ottawa did not follow through with the promises of that agreement and Riel was eventually executed for high treason in 1885 for resisting Canada’s encroachment on Métis lands. Chartrand told the crowd gathered for Saturday’s signing ceremony, which included federal ministers, MPs and Premier Wab Kinew, that the injustices against Métis aren’t ancient history. When COVID-19 vaccines arrived in Canada, the federation’s leader fought to get Métis prioritized with other Indigenous groups to receive them, arguing that they, too, faced higher health risks. But he said that never happened because Métis didn’t have constitutional protection, and he said the federal and provincial governments argued over who had jurisdiction over them. “I still, to this day, will hold a grudge, and I’m one that doesn’t, but I’ll never forget what they did to us then. And that’s now, not 1800,” he said. Crown-Indigenous Relations Minister Gary Anandasangaree called the day “long overdue” and said he hopes to advance the necessary legislation to enable the treaty in the coming days. “I call upon all parliamentarians to support this initiative and ensure we have swift passage of this bill,” he said Saturday. Anandasangaree said once the treaty comes into effect, it will apply to the Manitoba Métis Federation’s approximately 42,500 Red River Métis citizens. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. Chartrand has said he has not heard whether the Conservatives will back it. He noted Prime Minister Justin Trudeau had intended to be at Saturday’s signing ceremony, but was pulled away Friday to fly to Florida for a dinner meeting with U.S. president-elect Donald Trump. “He’s doing his part and we clearly accept his regrets, because he personally wanted to be here,” Chartrand said. — By Rob Drinkwater in Edmonton, with files from Alessia Passafiume in Ottawa This report by The Canadian Press was first published Nov. 30, 2024. Advertisement AdvertisementBy Keith Laing | Bloomberg California Governor Gavin Newsom is promising to step in with a state electric-car tax credit if US President-elect Donald Trump repeals a federal subsidy after he takes office next year. Newsom, a prominent Democrat and frequent critic of Republican politics, said in a statement Monday that he will propose rebooting a program California phased out in 2023 to provide EV buyers relief in lieu of a $7,500 tax credit targeted by Trump. Trump has long criticized President Joe Biden administration’s efforts to subsidize electric vehicles in a bid to boost adoption of cleaner cars. His transition team is now looking to slash fuel-efficiency requirements for new cars and light trucks as part of plans to unwind Biden policies the president-elect has blasted as an “EV mandate,” Bloomberg News reported last week. California clashed with Trump frequently on auto emission regulations during the incoming president’s first term, and the state’s leaders have made clear they are now girding for another fight. Newsom already has sought to shield the state’s policies on issues including reproductive rights, climate and immigration from potential threats under a Trump administration. California, as well as states including Oregon and Colorado, currently are exempt from rules that preempt them from enacting their own emissions standards for new vehicles. More than a dozen states representing more than a third of the US auto market now have formally opted to follow California’s rules. Trump in his first term targeted California’s right to set tougher gas mileage rules than the federal government. He is expected to make another attempt to roll back the California carve out under the 1970 Clean Air Act after taking office in January. Tesla settling technology theft suit against Rivian Tesla said last week it’s reached a “conditional” settlement in its 2020 lawsuit accusing Irvine-based Rivian Automotive of poaching employees to steal electric-vehicle trade secrets. Tesla didn’t disclose specifics about the agreement in a court filing, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms. Rivian declined to comment. A lawyer for Tesla didn’t immediately respond to a request for comment. The dispute kicked off more than four years ago when Elon Musk’s electric-vehicle maker accused Rivian of an “alarming pattern” of poaching its employees and stealing trade secrets. Some workers were “caught red-handed” misappropriating core technology for its next-generation batteries, Tesla later said. Rivian has denied wrongdoing and criticized the lawsuit as an effort to suppress competition in the EV market. Rivian and a group of its employees who defected from Tesla lost bids to get the lawsuit thrown out and a trial was set for March. —Malathi Nayak at Bloomberg contributed to this report.

KR, Sinokor, and HD Hyundai Marine Solution Join Forces to Transform Ship Maintenance with Advanced CBM Technology