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FuelRod Launches Free Battery Swaps at Austin-Bergstrom International Airport

Fuel Rod

FuelRod, a leading provider of portable power solutions, today announced an exclusive promotion sponsored by Austin-Bergstrom International Airport (AUS). This groundbreaking initiative, which runs through November 30, allows travelers at AUS to swap their depleted FuelRod chargers for fresh ones at no cost. This marks the first promotion of its kind at any airport, highlighting FuelRod’s commitment to ensuring travelers have reliable access to power and a stress-free travel experience. Travelers passing through AUS can now enjoy the convenience of swapping their depleted FuelRods for fully charged ones up to 10 times per month, free of charge. This hassle-free process can be completed at any of the several FuelRod kiosks throughout the airport by simply selecting the “swap” button, entering a phone number, and exchanging the used rod for a fresh one. Phone numbers are collected to track the 10-use limit. For travelers who prefer not to provide a phone number, the standard swap fee of $1 applies. Austin-Bergstrom International Airport is the first airport to offer such a promotion, setting a new standard for passenger comfort and convenience. This collaboration with FuelRod reflects a shared commitment to keeping travelers charged and connected by ensuring a reliable portable power source for their devices. FuelRod aims for this promotion to inspire similar initiatives nationwide, bringing sustainable charging solutions to travelers across the country. “We are extremely proud of our partnership with Austin-Bergstrom International Airport and their support of our vision for easily accessible, eco-friendly charging for travelers on the go,” said Joe Yeagley, FuelRod Co-founder. “AUS, as the first airport to sponsor the FuelRod “Swap” service, exemplifies Texas hospitality and demonstrates their commitment to providing an elevated experience for their passengers.” About FuelRod FuelRod is a California-based company specializing in portable power solutions. The developer of the FuelRod kit, the first reusable, portable charging system, FuelRod allows you to charge your mobile device on the go and then recharge or swap it for a fresh one. With a growing network of kiosks nationwide, FuelRod ensures your devices stay powered virtually wherever you go. Learn more at fuel-rod.com. Contact Details Razor Sharp PR Ray Young +1 512-694-6097 ray@razorsharppr.com Company Website https://www.fuel-rod.com/

June 20, 2024 09:00 AM Central Daylight Time

Collaboration between On and Verity – two pioneering Swiss brands – to transform supply chain operations with AI and robotics

Verity

On, a leading global sportswear brand, and Verity, a pioneering AI and robotics company, have announced a strategic collaboration to transform warehouse operations and optimize inventory management, ultimately enhancing supply chain efficiency and precision. On and Verity join forces, leveraging fleets of fully autonomous drones in warehouses to enable full operational visibility through smart, real-time inventory tracking, minimizing stockouts, misplacements, and shrinkage across the supply chain. This ensures flawless order fulfillment for retail and e-commerce. On is one of the fastest growing sportswear brands in history and seeks every technical advantage in its supply chain execution to support this growth. On identified Verity, renowned for its expertise in AI and robotics, as their preferred partner with in-depth technical expertise and a proven, intelligent and efficient system. Verity’s solution is used to perform millions of fully autonomous inventory checks each month in over 80 warehouses operated by different clients worldwide. This partnership delivers tangible business value by improving immediate product availability across On customer touchpoints—at physical stores and online—and maximizing successful order fulfillment by improving on-time and accurate deliveries. Verity clients see their operational issue rates reduced from 5-12% to less than 1%, significantly increasing their warehouses’ labor efficiency. By further digitizing On's supply chain, Verity strengthens its data accuracy and improves the quality and speed of decision-making. Already live at a US facility, Verity’s fleet of fully autonomous drones is scanning On products on a daily basis, ensuring full availability of stock for customer fulfillment. It is already improving key performance indicators (KPIs) and supporting On's objectives as a pioneer of new, more sustainable supply chains, by reducing CO2 emissions linked to warehousing: Verity clients observe a reduction of 1,000 tons of CO2 emissions per warehouse each year, on average. The collaboration’s goal is to explore new technology solutions to drive operational excellence and enhance inventory visibility, with On bringing Verity onboard with its 3PL partners. "We are excited to partner with Verity to transform our supply chain operations," said Caspar Coppetti, Co-Founder and Executive Co-Chairman at On. "Verity is a pioneering brand in the field of AI and robotics, and a perfect fit with On's values of harnessing innovation for the benefit of the customer experience. By leveraging innovative technological solutions, we aim to improve our operations' efficiency further, become a more sustainable brand, and take customer satisfaction to new heights. The collaboration of two pioneering Swiss brands can only mean an explosion of innovation!" "At Verity, we are dedicated to pushing the boundaries of AI and robotics to drive operational excellence," said Raffaello D’Andrea, Co-Founder and CEO at Verity. "Partnering with On, the most exciting sportswear brand in the market today, is a great opportunity to apply our shared commitment to leveraging technology to meet customer expectations. We share the same goals with On, in particular that of delivering an exceptional customer experience. This synergy is further amplified by our highly robust systems, boasting better than 99.99% reliability rates." Reflecting on two pioneering brands from Zurich, Switzerland, the collaboration between On and Verity underscores their shared DNA of using groundbreaking technology to deliver a superior customer experience. Both companies embrace the challenge and need for supply chain operational excellence to build customer excellence. About On On was born in the Swiss Alps in 2010 with the mission to ignite the human spirit through movement – a mission that still guides the brand today. Fourteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel and accessories for high-performance running, outdoor, training, all-day activities and tennis. On’s award-winning CloudTec® innovation, purposeful design and groundbreaking strides within the circular economy have attracted a fast-growing global fan base – inspiring humans to explore, discover and Dream On. On is present in more than 60 countries globally and engages with a digital community on www.on.com. About Verity For industries that rely on fast and efficient supply chains, Verity delivers AI-powered mobile intelligence, enabling complete operational visibility through fleets of fully autonomous drones. Verity's system is used to perform millions of fully autonomous inventory checks each month in more than 80 warehouses across the globe. The Verity team includes some of the top minds in the world of AI and robotics, supply chain, and drone technology. The result: Valuable insights that empower businesses to achieve greater operational efficiencies and build faster, smarter, and more sustainable supply chains. Contact Details Verity Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://verity.net/

June 13, 2024 08:00 AM Eastern Daylight Time

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NOVUS INK Advisors and Solidus Capital Group Team-up to Serve Growing Transatlantic Commercial Interests of Mid-Market Enterprises

NOVUS INK Advisors

NOVUS INK Advisors and Solidus Capital Group signed a services agreement today to provide integrated senior advisory and execution services to small-and mid-market enterprises amid thriving commercial interests between the United States and Europe. The two firms aim to accelerate client services by combining expertise and resources to support growth into new markets, encompassing management counsel, valuation, performance tracking, board advisory, marketing, communication, public and government affairs. The collaboration will enable NOVUS INK Advisors and Solidus Capital Group to meet the unique needs of global small-and mid-market enterprise clients operating across business-to-consumer, business-to-business, and business-to-government segments. The transatlantic economy is proving remarkably robust in the face of global economic and geopolitical disruptions. No two other regions in the world are as deeply integrated as the United States and Europe, according to the 2024 Transatlantic Economy Report from the U.S. Chamber of Commerce, AmCham EU, Johns Hopkins SAIS and the Transatlantic Leadership Network. The report states: "the $8.7 trillion transatlantic economy employs more than 16 million workers in mutually onshored jobs on both sides of the Atlantic. It is the largest and wealthiest market in the world, accounting for half of total global personal consumption and close to one-third of world GDP in purchasing power. Ties are solid in foreign direct investment, portfolio investment, banking claims, trade and affiliate sales in goods and services, digital links, energy, mutual R&D investment, patent cooperation, technology flows, and sales of knowledge-intensive services." The services agreement will be overseen by a committee chaired by Pia De Lima and Daniel Diaz, NOVUS INK Advisors' Managing Partners, and Andreas Dal Santo, Solidus Capital Group's Managing Director. NOVUS INK Advisors is based in Miami. Solidus Capital Group, affiliated with Atlantic Business Labs, is based in New York. NOVUS INK Advisors is a communication, public and government affairs lobbying firm. NOVUS INK Advisors' practice areas include Corporate, Band and Product Reputation, Business Strategy, Crisis and Reputation Risk, Financial Services, Investor Relations, Mergers & Acquisitions, Brand and Product Marketing Communications Strategy, and Public and Government Affairs. NOVUS INK Advisors is a registered lobbying firm. To learn more, visit: www.NovusInk.com. Solidus Capital Group specializes in management consulting, business valuation, and board advisory services for firms expanding into North America, Latin America, and Europe. It is spearheading an ecosystem of companies, consultants, and subject matter experts with experience from different industries and regions to support corporate and institutional clients' global strategies and growth into new markets. To learn more, visit www.solidus-capital.com. CONTACTS: NOVUS INK Advisors: client.services@NovusInk.com Solidus Capital Group: client.services@Solidus-Capital.com Contact Details NOVUS INK Advisors Client Services client.services@NovusInk.com Company Website https://www.novusink.com/about

June 11, 2024 09:30 AM Eastern Daylight Time

Kevel Named to Newsweek’s List of the Top 100 Global Most Loved Workplaces for 2024

Kevel

Kevel has ranked #13 on Newsweek ’sTop 100 Global Most Loved Workplaces® list for 2024. This is the 2 nd annual Top 100 Global Most Loved Workplaces® list in collaboration with the Best Practice Institute (BPI), a leadership development and benchmark research company. The results were determined after surveying more than 2 million employees from businesses with workforces varying in size from 30 to more than 10,000. The list recognizes companies that put respect, caring, and appreciation for their employees at the center of their business model and, in doing so, have earned the loyalty and respect of the people who work for them. Why is Kevel most loved? Kevel is committed to creating a thriving and diverse community, and it doesn't just show up in their recruitment. By addressing feedback from specific groups, from BIPOC to LGBTQ+ to women, Kevel ensures everyone has the psychological safety to be their authentic selves in the workplace. And with all-staff annual retreats, an international remote-first culture and the opportunity to work on cutting-edge, innovative technology, what's not to love? “We pride ourselves on being a people-first organization where we encourage vulnerability, authenticity and transparency. We aim to build an environment where every employee feels respected, welcomed and heard. We provide autonomy and flexibility, and promote from within to ensure every employee has the opportunity to reach their full potential.” - Mike Kohn Chief People Officer, Kevel How positive workers feel about their future at the company, career achievement, how much employer values align with employee values, respect at all levels, and the level of collaboration at the firm were the five critical areas measured to gauge employee sentiment. In addition, areas such as inclusion, employee wellness, diversity, career development, and company leadership were identified and analyzed in relation to the five critical areas measured. “As workplaces continue to shift, it’s clearer than ever that fostering collaboration, embracing a positive outlook, and aligning values are essential. The companies celebrated on the 2024 Global Most Loved Workplaces® list truly embody these principles. They show us that by championing respect and team oriented outcomes, they’re not just building great workplaces, they’re shaping a brighter future for all.” - Nancy Cooper, Global Editor in Chief of Newsweek Methodology BPI measures five primary areas to determine how employees feel about where they work to create the Most Loved Workplaces® list: the level of collaboration at the workplace, how positive workers are about their future at the company, how much employer values align with employee values; respect at all levels and career achievement. In consultation with Newsweek editors, BPI also considered employee wellness, diversity, inclusion, career advancement, and other workplace and talent development initiatives. To identify the top 100 companies ranked in this Newsweek publication, companies were evaluated and scored as follows: 50 percent of the initial score was based on direct employee responses to BPI's proprietary Love of Workplace Index® assessment. Another 15 percent was derived from analysis of external public ratings from sites such as Comparably, Careerbliss, Glassdoor, Indeed, and Google. The final 35 percent came from BPI’s direct interviews and written responses from company officials. Newsweek then researched every company on the list to determine the final list of 100 companies and their rankings. To view Kevel’s ranking and the full list, visit the Global Most Loved Workplaces® 2024 page. To learn more about the Most Loved Workplace certification, visit https://mostlovedworkplace.com/ and the Best Practice Institute, visit bestpracticeinstitute.org. About Kevel Kevel powers innovative, flexible ad tech infrastructure APIs that fuel its ad serving solutions. It’s unique offering empowers multi-brand retailers to launch differentiated retail media networks that improve the shopper experience while maintaining total control of their first-party data. Kevel believes that every digital retailer should have the capability to scale their own distinct ad platform, just like big tech players like Amazon. Customers like Edmunds, Klarna, Delivery Hero, Leroy Merlin, Slickdeals, and other leading retailers and marketplaces all launched their own retail media network with Kevel. The company has garnered numerous accolades, most recently earning recognition as one of the leading 100 innovative tech start-ups driving the future of brand-to-consumer in 2023 and awarded the MarTech Breakthrough Award for best overall ad tech company in 2022. Learn more at www.kevel.com Contact Details Kevel Jennifer Choo Director of Marketing +1 973-343-8819 jchoo@kevel.com

June 06, 2024 09:58 AM Eastern Daylight Time

Assiduus Accelerates International Growth, Expands into South America

Assiduus

Assiduus, a renowned innovator and leader in multi-market ecommerce distribution, has announced its expansion into South America. With the expansion, Assiduus expects to capitalize on the region's booming ecommerce market and empower non-LatAm brands to reach millions of potential customers across South America. Despite being a rapidly growing market, South America remains under-penetrated for non-regional brands. However, Assiduus believes there is a huge appetite for international brands, particularly those of US origin. Market data suggests that ecommerce sales in Latin America are expected to rise to $160 billion by 2025. With the current growth rate, others are even more bullish, forecasting the surge to be up to $200 billion by the end of 2025. Hence, Assiduus does not just look forward to entering another market but also to opening up a unique opportunity for brands globally. Founder and CEO of Assiduus, Somdutta Singh, is confident that this expansion will be a game-changer for brands in the region and play a pivotal role in Assiduus’ growth trajectory. By establishing a presence in South America, the company looks forward to expanding its client offerings and base and solidifying its position as the leading global ecommerce accelerator: “ South America represents a vibrant landscape for ecommerce. We're excited to empower brands and entrepreneurs with the opportunity to grow their business with Assiduus and deliver great value and a convenient shopping experience for customers across South America. We’re providing our industry-leading expertise to brands, enabling them to navigate complexities like global logistics and fulfillment, access to buyer data and analytics, marketplace and inventory optimization across global platforms. This empowers brands to focus on what they do best – creating exceptional products for global audiences. ” Assiduus also looks forward to benefiting South American consumers by facilitating access to a wider variety of quality products. Their commitment to facilitating a smooth shopping experience ensures a convenient journey for customers across the region, making it easier than ever to discover and purchase their desired brands. About Assiduus Assiduus is headquartered in Delaware, US, and covers markets in North America (US & Canada), Europe, the Middle East, Asia, and South America. They are one of the frontrunners of tech-powered cross-border ecommerce distribution, and their full-stack middleware empowers brands to navigate the complexities of global distribution and supply chain management end-to-end via one platform. Assiduus solves the five key entry barriers and challenges for consumer brands to enter, sell, and scale in a market - navigating product licensing and import regulation, data-led inventory forecasting and planning, multi-platform integration, distribution and supply chain, and access to data and analytics. Since its inception in 2018, Assiduus has grown significantly, managing over $450+ million in GMV. Recognized by Inc 5000 as a Top 600 company in 2021 and ranked No. 8 in Deloitte Fast 50 in 2022, Assiduus has partnered with leading Fortune 500 companies as a global ecommerce distribution and supply chain enabler to help them optimize and scale their ecommerce business. Contact Details Hardik Jaisingh Assiduus hardik.jaisingh@assiduusglobal.com Company Website https://www.assiduusglobal.com/

June 06, 2024 09:30 AM Eastern Daylight Time

ToolsGroup Strengthens Leadership Team with Eric Austvold as Chief Revenue Officer (CRO)

ToolsGroup

ToolsGroup, a global leader in retail and supply chain planning and optimization software, is excited to announce a key leadership change aimed at driving growth across all regions and product lines. Eric Austvold has joined ToolsGroup as Chief Revenue Officer (CRO), bringing extensive experience from leadership roles in software companies. Known for promoting teamwork and driving revenue growth, Eric recently led a $100M Process Manufacturing unit at INFOR, a top global SaaS ERP provider. He also held leadership positions in early-stage SaaS start-ups and was a trusted advisor at AMR Research, now part of Gartner. He holds a BS in Applied Mathematics from The University of Wisconsin-STOUT. Speaking of his new role, Austvold commented, “I am excited to embark on this journey with ToolsGroup as we drive the future of supply chain planning and optimization. I firmly believe in the innovative solutions ToolsGroup offers and am committed to nurturing strong customer relationships to fuel our ongoing growth.” "We are thrilled to welcome Eric to the ToolsGroup team as Chief Revenue Officer," said ToolsGroup CEO Inna Kuznetsova. "His proven track record in driving revenue and fostering collaborative teamwork will be invaluable as we continue to enhance our global market presence. Eric’s leadership will help us achieve significant top-line growth and further our commitment to delivering exceptional value to our customers." Come meet Eric and other members of the ToolsGoup leadership team in person at the upcoming Gartner® Supply Chain Symposium/XPO™, June 10-12, in Barcelona. ToolsGroup will be exhibiting in kiosk #400, while ToolsGroup’s customer Franke will be presenting their success story and vision of a digital supply chain on Tuesday afternoon. Those interested in pre-scheduling a meeting with them are invited to book it here. About ToolsGroup ToolsGroup’s innovative AI-powered solutions enable retailers, distributors and manufacturers to navigate through supply chain uncertainty. Our retail and supply chain planning suites empower a new level of intelligent decision-making and unlock powerful business improvements in forecast accuracy, service levels and inventory – delighting customers and achieving financial and sustainability KPIs.. Stay in touch with ToolsGroup on LinkedIn, Twitter, YouTube, or visit www.toolsgroup.com. Contact Details Meir Kahtan +1 917-864-0800 mkahtan@rcn.com Company Website https://www.toolsgroup.com

June 06, 2024 09:00 AM Eastern Daylight Time

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Black Radiance Launches Beautyverse App as First Step into Beauty Tech Space

Black Radiance

Black Radiance, one of the first inclusive beauty brands, is excited to launch its first augmented reality app, Beyond Radiant. Available now in all app stores, Beyond Radiant empowers women of color with the confidence to be their best selves by seeing the unlimited possibilities in the avatars. Beyond Radiant stands at the intersection of augmented reality technology, beauty, and empowerment. Unlike traditional beauty apps that focus solely on makeup application, Beyond Radiant offers an immersive experience surrounding four diverse avatars, each with unique personalities and professions, to inspire women of color and foster a community of confident, empowered women who see themselves in the achievements and aspirations of the app’s avatar. “Black Radiance has always stood on the cutting-edge of the intersection between beauty and race,” said Sherry West, Brand Marketing Manager at Black Radiance. “We know the way of the future is to embrace technology in new and unique ways, especially with the increasing presence of AI in the beauty industry. We’re excited to step into the future in an inclusive way that holds true to Black Radiance’s long-standing mission of empowering women of color.” Beyond Radiant Augmented Reality avatars are inspired by history-making women who have blazed new paths for Black women, like NASA Astronaut Jessica Watkins, and record-breaking ice skater Starr Andrews. Jessica Watkins is the first Black woman to complete an International Space Station long-term mission, while Starr Andrews is the first African American woman to win a Grand Prix medal in the singles discipline. The dedication, creativity, imagination, and fortitude of these women can be seen in the four avatars: The Boss Babe, The Champ, The Content Creator, and The Innovator. “In a world where beauty standards often feel limiting, Black Radiance dares to redefine what beauty can mean for women of color,” said K. Parris MacDonald, Vice President of Marketing at Black Radiance. “The Beyond Radiant App feels like a natural progression to further offering space to women of color to be their authentic selves and see themselves reflected in the narratives of achievement and success.” The Beyond Radiant app is available to download in all app stores now and at www.blackradiancebeauty.com. For more information and updates, visit www.blackradiancebeauty.com/beyondradiant and follow @blackradiancebeauty on social media. Hi-res images and interviews are available upon request. About Black Radiance: For over 30 years, Black Radiance® has recognized, represented, and celebrated the diversity of darker complexions by offering affordable, high-quality cosmetics with uncompromising color, trusted coverage, and formula innovation. Black Radiance empowers and inspires women of color through cosmetics, beauty, and lifestyles. Our mission – to enable Black women worldwide to be even more beautiful. We promise to create both products and experiences that encourage women of color worldwide to embrace, enhance, define, and love their shade of beauty. Contact Details Cami Carlson camryn@six-one.com

June 06, 2024 08:03 AM Eastern Daylight Time

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White Bridge Capital Expands to Texas, Opening Cross-Border Investment Opportunities in Real Estate Development

White Bridge Capital, LLC

Firm Looks to Serve Cross-Border Real Estate Needs of Family Offices, High-Net-Worth Individuals and Entities Seeking to Invest in Multi-Family, Build-to-Suit, Industrial, and Commercial Development Projects White Bridge Capital, a cross-border real estate investment firm, is extending its reach to Texas to cater to global family offices, high-net-worth individuals, and overseas entities seeking to benefit from the state’s robust economic expansion and the resulting impact on its flourishing real estate market. The portfolio encompasses multi-family residences, build-to-suit properties, industrial facilities, and commercial developments across the state. In Texas, White Bridge Capital will be spearheaded by newly appointed Partner Nat Parsons, a third-generation developer by training and leading real estate and construction veteran with nearly two decades of experience, including the banking sector. Co-founded by Tommy Campbell and Regina Garcia Handal, with headquarters in Miami, Florida and operations in Mexico City, White Bridge Capital sources real estate deals, structures investments, secures financing for underlying assets, and manages client investments throughout the real estate development cycle. “The expansion to Texas marks a significant step in the firm’s growth and its intent to have a strategic physical presence to look after our clients’ overall interests,” said Tommy Campbell, Co-Founder and Managing Partner, White Bridge Capital. “Investors are focused on long-term appreciation and greater control, and White Bridge Capital, with our ‘boots on the ground’ approach, stands ready to source real estate investments in Texas that offer clients active management.” Cross-border family office real-estate investments across the Americas are on the rise, propelled by macroeconomic and geopolitical drivers. White Bridge Capital is bridging this investment opportunity with its unique customized investment platform underpinned by high-touch, local intelligence, and a robust network of experts across the Americas. “Nat is an outstanding business leader. His extensive experience and strategic vision in managing complex real estate deals, leading construction projects and teams, will be invaluable to our firm and clients,” said Regina Garcia Handal, Co-Founder and Managing Partner, White Bridge Capital. “In partnership with Nat, we look forward to our Texas office thriving into the future.” A graduate of Texas A&M University, Nat holds a master’s in business administration and a bachelor’s in construction science, focusing on business, project planning, and construction management of high-quality facilities. A proud and devoted father, Parsons is a U.S. rugby player, the son of architects and grandson of Nathaniel E. Parsons, president of N. E. Parsons Sheet Metal and Roofing Company 1924. “White Bridge Capital’s leadership, client base, and market reach are unparalleled,” said Parsons. Together with Tommy, Regina, and Texas’ pro-business and investor-friendly policies, I look forward to serving new and existing clients. The opportunities to grow in Texas are endless.” Texas is an appealing destination for investors, particularly those from Latin America, given its overall business-friendly environment, infrastructure development, technological advancements, and strong economic growth – accelerated by trade with Mexico – attracting diverse industries to the state, resulting in population growth and an attractive real estate market. # # # About White Bridge Capital: Headquartered in Miami, Florida, with operations in Mexico City, White Bridge Capital sources compelling real estate deals, structures investments, secures financing for underlying assets, and manages client investments throughout the real estate development life cycle. To learn more, visit White Bridge Capital. Contact Details Pia De Lima +1 305-794-1231 pia.delima@novusink.com Dan Diaz +1 347-673-3555 daniel.diaz@NovusInk.com Company Website https://www.whitebridge.capital/

June 04, 2024 09:30 AM Eastern Daylight Time

Shareholder Proposal Seeks Reevaluation of Exec. Incentives for EVs at GM

NLPC

On June 4, National Legal and Policy Center will present a shareholder proposal at the General Motors Company advocating for GM’s board of directors to reevaluate the electric vehicle expansion targets included in its executive compensation packages. The proposal, identified as Item No. 5 on the 2024 proxy ballot, argues that GM’s focus on electric vehicles is misaligned with both the market demand for EVs and the economic realities the company faces. Last month NLPC filed a proxy memo with the Securities and Exchange Commission that explains its rationale for the proposal. GM, like many in energy-intensive sectors, has increasingly aligned its corporate strategies with a poorly substantiated, government-subsidized, and corporate media-amplified “scientific consensus” that carbon emissions will result in catastrophic effects to the planet, and to humans. These scenarios are increasingly unlikely, yet the corporate media continues to portray them as the default. Supposedly, this climate crisis can only be averted if governments and consumers adopt environmentally friendly technology, such as electric vehicles, en masse. However, electric vehicles aren’t good for the environment. Even with government subsidies, they’re expensive and unprofitable. Further, consumers don’t want to make the switch. Luke Perlot, Associate Director of NLPC's Corporate Integrity Project, stated, “Our proposal encourages a reassessment of GM’s current executive compensation incentives, which overly prioritize electric vehicle production without adequate consideration of the associated economic, environmental, and ethical risks. Instead, the company should remove these incentives and give its executive team the opportunity to pursue growth strategies without political bias.” Key Details of the Proposal: Misalignment with Market Realities: Despite substantial investments and executive incentives, the anticipated demand for EVs has not materialized at the projected scale. An open letter to President Biden signed by over 5,000 auto dealerships warned of lack of demand for EVs. Economic Viability and Subsidy Dependence: GM's profitability in the EV sector is heavily reliant on government subsidies, which are subject to political changes and could be repealed as early as 2025. Without these subsidies, the division’s path to achieving positive pre-tax earnings, currently projected for no sooner than 2025, appears increasingly precarious. Environmental and Ethical Challenges: The extraction and processing of rare-earth elements, crucial for these batteries, are predominantly concentrated in regions with poor environmental and labor standards. This not only leads to severe ecological damage, but also involves significant human rights abuses, including forced labor. Further, these elements are primarily processed in China, a geopolitical adversary of the United States. “Consumers still want internal combustion engine vehicles,” Perlot added, “and GM’s competitors are making substantial investments to meet their demand. The company cannot afford to be left behind because of misguided incentives.” Founded in 1991, the National Legal and Policy Center promotes ethics in public life through research, investigation, education and legal action. Contact Details National Legal and Policy Center Dan Rene +1 202-329-8357 drene@nlpc.org Company Website http://www.nlpc.org

June 03, 2024 11:45 AM Eastern Daylight Time

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