SAN JOSE, Calif.–(BUSINESS WIRE)–Flex (Nasdaq: FLEX) today announced that it has amended the financing
condition for its previously-announced cash tender offer (the “Tender
Offer”) for any and all of its outstanding 4.625% Notes due 2020 (the
“2020 Notes”). In addition to the other terms and conditions of the
Tender Offer, the Tender Offer is now subject to the successful
completion by Flex of its previously-announced offering (the “Offering”)
of $450 million aggregate principal amount of 4.875% notes due 2029 (the
“New Notes”). The Company intends to use the net proceeds from the
Offering, together with available cash, to effect the repurchase of the
2020 Notes validly tendered and accepted for purchase pursuant to the
Tender Offer and the redemption, in accordance with the terms of the
indenture governing the 2020 Notes, of any and all 2020 Notes remaining
outstanding after the Tender Offer, including the payment of any
premiums, accrued interest and costs and expenses incurred in connection
with the foregoing. If any 2020 Notes remain outstanding after the
consummation of the Tender Offer, Flex expects (but is not obligated) to
redeem such 2020 Notes in accordance with the terms and conditions set
forth in the related indenture. The Offering is not conditioned on the
completion of the Tender Offer.
The Tender Offer is being made on the terms and subject to the
conditions set forth in the Offer to Purchase dated May 30, 2019 (the
“Offer to Purchase”) and the related letter of transmittal and notice of
guaranteed delivery (collectively, the “Offer Documents”), subject to
the above-described amendment to the financing condition.
The Tender Offer will expire at 5:00 p.m., New York City time, on June
5, 2019, unless extended or earlier terminated as described in the Offer
The Company has engaged J.P. Morgan Securities LLC, Citigroup Global
Markets Inc. and BNP Paribas Securities Corp. to act as dealer managers
(collectively, the “Dealer Managers”) in connection with the Tender
Offer, and has appointed D.F. King & Co., Inc. (“DF King”) to serve as
the tender agent and information agent for the Tender Offer. Copies of
the Offer Documents are available via the Tender Offer website at http://www.dfking.com/flex
or by contacting DF King in New York via email at email@example.com
or via telephone at (212) 269-5550 (banks and brokers) or (800) 967-4607
(all others). Questions regarding the terms of the Tender Offer should
be directed to J.P. Morgan Securities LLC at (212) 834-8553 (collect) or
(866) 834-4666 (toll-free), Citigroup Global Markets Inc. at (212)
723-6106 (collect) or (800) 558-3745 (toll-free) or BNP Paribas
Securities Corp. at (212) 841-3059 (collect) or (888) 210-4358
None of Flex, its board of directors, the Dealer Managers, DF King or
the trustee for the 2020 Notes, or any of their respective affiliates,
is making any recommendation as to whether Holders should tender any
2020 Notes in response to the Tender Offer. Holders must make their own
decision as to whether to tender any of their 2020 Notes and, if so, the
principal amount of 2020 Notes to tender.
This press release is neither an offer to purchase nor a solicitation of
an offer to sell any of the 2020 Notes, or an offer to sell or a
solicitation of an offer to purchase the New Notes pursuant to the
Offering nor is it a solicitation for acceptance of the Tender Offer,
nor shall it constitute a notice of redemption under the indenture
governing the 2020 Notes. Flex is making the Tender Offer only by, and
pursuant to the terms of, the Offer Documents. The Tender Offer is not
being made in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other laws
of such jurisdiction.
Flex Ltd. (Reg. No. 199002645H) is the Sketch-to-Scale®
solutions provider that designs and builds intelligent products
globally. With approximately 200,000 employees across 30 countries, Flex
provides innovative design, engineering, manufacturing, real-time supply
chain insight and logistics services to companies of all sizes across
industries and markets.
This press release contains forward-looking statements within the
meaning of U.S. securities laws, including statements related to the
Offering, the Tender Offer and any potential redemption of 2020 Notes
not tendered in the Tender Offer. These forward-looking statements
involve risks and uncertainties that could cause the actual results to
differ materially from those anticipated by these forward-looking
statements, including the risk that the Tender Offer, the Offering or
the redemption of the 2020 Notes may not be completed on the proposed
terms, or at all. Readers are cautioned not to place undue reliance on
these forward-looking statements. The following risks, among others,
could affect our business and financial performance: future revenues and
earnings may not be achieved as expected; the challenges of effectively
managing our operations, including our ability to control costs and
manage changes in our operations; litigation and regulatory
investigations and proceedings; compliance with legal and regulatory
requirements; the possibility that benefits of our restructuring actions
may not materialize as expected; the expected revenue and margins from
recently launched programs may not be realized; our dependence on a
small number of customers; the impact of component shortages, including
their impact on our revenues; geopolitical risk, including the
termination and renegotiation of international trade agreements and
trade policies, including the impact of tariffs and related regulatory
actions; recently proposed changes or future changes in tax laws in
certain jurisdictions where we operate could materially impact our tax
expense; the effects that the current macroeconomic environment could
have on our business and demand for our products; and the effects that
current credit and market conditions could have on the liquidity and
financial condition of our customers and suppliers, including any impact
on their ability to meet their contractual obligations.
Additional information concerning these and other risks is described
under “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in our reports on Forms
10-K and 10-Q that we file with the U.S. Securities and Exchange
Commission. The forward-looking statements in this press release are
based on current expectations and Flex assumes no obligation to update
these forward-looking statements, except as required by law.
Kevin Kessel, CFA
Vice President, Investor Relations
Strainprint™ Technologies Welcomes Organic Medical Cannabis Producer to Growing List of Subscribers
Strainprint Technologies Ltd, the leader in cannabis data and analytics is pleased to expand their nation-wide coverage with the addition of Stewart Farms.
Stewart Farms is a late-stage applicant headquartered in Alberta that is building a 100,000 sq. ft. vertical aquaponics farm in Saint Stephens, New Brunswick. They will be utilizing automation, vertical farming, and land-based aquaculture to produce medical grade organic cannabis for both recreational and medical markets in Canada. All of their products will be free of herbicides, pesticides and synthetic nutrients. At full capacity, they will reach more than 10,000 kgs per year of organically farmed cannabis and more than 200,000 kgs of organic tilapia.
Stewart Farms’ long term vision is to deliver tools and products to support future customers and patients during their health and wellness journeys. “Through our partnership with Strainprint we gain direct access to their incomparable data and analytics tools. This will aid us in educating a wider audience on the medical benefits and best practices of cannabis-based medicine,” said Tanner Stewart, Co-founder & CEO of Stewart Farms. “We know our customers are looking to consume more than dried cannabis. We know Canadians of all legal ages are trying to sort through their personal engagement with cannabis as a medicine. What we want to know, on an ongoing basis, is what is and is not working for people. Strainprint’s patient-led data services will give us the insight needed to create custom products and further understand the benefits of our existing products. Finally, our goal is to partner with companies and teams that truly have people’s best interest at heart. Caring about a patient’s success is what makes up the core of the Strainprint team. We couldn’t be happier to move forward with them at our side.”
Stewart Farms will access the Strainprint Analytics web platform, the most sophisticated cannabis analytics platform available to improve product development. Strainprint Analytics is built on top of the largest and most granular scientific data set of its kind in the world, with more than 1.3 million anonymized, patient reported medical cannabis outcomes and more than 65 million data points on strain efficacy.
“We’re thrilled to provide our real-time, crowd sourced data to an environmentally conscious company that uses innovative, cutting edge farming technology to produce top-tier medical cannabis,” said Strainprint CEO, Andrew Muroff. “Our organizations are equally committed to improving lives using cannabis therapy, and our shared core motivation is to provide guidance and support to help cannabis patients achieve their health goals.”
SOURCE Strainprint Technologies Ltd.
Field Trip Ventures Inc. Retains KCSA Strategic Communications as Public Relations Counsel
Greenery Map, the world’s first and only cannabis search engine to allow users to search for cannabis products based on their desired mood, medicinal use, and method of consumption, is now offering users – both businesses and consumers – the opportunity to register and connect to the app in an entirely mobile way. Previously, businesses were required to access GreeneryMap.com from a desktop in order to manage accounts and connect to the inventory API system, but that road block has been removed, allowing for an entirely mobile experience through the Greenery Map app.
App users turn to Greenery Map to help them decide on the strain of Cannabis and product that is right for them depending on their desired mood or medicinal effect. Following the matching, consumers are given a detailed history and description of the strain so that they can make educated purchases, cutting down on time that budtenders need to spend with patrons and speeding up the purchase process. Consumers can then see all of the ways to purchase said product, including the nearby dispensaries that have it in stock, online options, and even delivery options through the app. Greenery Map fully integrates with a dispensary’s inventory API system to update in real-time and give consumers real-time information on dispensary stock for the item they are looking for. The Greenery Map system also provides cannabis businesses in both the B2B and B2C sectors a private database to share and sell information and products. For Cannabis businesses, Greenery Map also offers the opportunity to open bank and merchant accounts through their partnership with PayHouse Consulting Group.
SOURCE Greenery Map
WeBank, IBM and Other Organizations Jointly Held the 1st International Workshop on Federated Machine Learning in conjunction with IJCAI 2019
Once a concept, AI is now ushering in a key stage of application. What’s the solution to the data silos among businesses? Given the enhanced regulation on data at home and abroad, what’s the solution to data privacy and security concerns? What’s the status quo of Federated Machine Learning and how to establish an ecosystem for FML in the future?
WeBank, IBM and other organizations jointly held the 1st International Workshop on Federated Machine Learning for User Privacy and Data Confidentiality (FML’19) in conjunction with the 28th International Joint Conference on Artificial Intelligence (IJCAI-19) on Aug. 12, 2019, to further discussion on these issues.
President of IJCAI, Chair of FML Steering Committee, Chief AI Officer of WeBank Professor Qiang Yang delivered opening remarks at the workshop. Dr. Shahrokh Daijavad from IBM and Dr. Jakub Konečný from Google presented keynote addresses. In the panel discussion, top scholars from WeBank, Bar-Ilan University, IBM, Squirrel AI, Google, Huawei, Clustar, Sinovation Ventures and many other renowned enterprises and universities shared and discussed their findings and experience in FML as an emerging AI technology.
This workshop received 40 papers, of which 12 were presented during the workshop, 19 presented via poster. Awards include Best Theory Paper Award, Best Application Paper Award, Best Student Paper Award, Best Presentation Award. Selected high quality papers will be invited for publication in a special issue in the IEEE Intelligent Systems journal. All these attracted numerous scholars to engage in discussions and join efforts for building the FML ecosystem.
Experts from IBM and Google Share Groundbreaking Findings with a Focus on the Theory and Application of FML
Privacy and security are becoming a key concern in our digital age. On 25th May last year, the implementation of General Data Protection Regulation (GDPR) by the EU, the toughest Act on data privacy protection, stressed that user data collection must be open and transparent. A series of laws and regulations from China and overseas also pose new challenges to the traditional way of handling data and model for cooperation. Seeking ways for AI to adapt to this new reality became top priority, a demand that led to this workshop on FML.
A wealth of solutions and breakthroughs were shared by Dr. Shahrokh Daijavad from IBM and Dr. Jakub Konečný from Google in their speech on FML.
Besides how FML can help tackle challenges in the business world, Dr. Shahrokh Daijavad also shared the concept of Fusion AI, which means to train models on widely distributed data sets, but fuse them to produce one equivalent to what centralized training would yield. “Unlike traditional machine learning, in Fusion AI, model parameters are shared and data is not transferred, which makes Fusion AI model better than models that moving data centrally.” Given the widely distributed data, the development of Fusion AI and FML became ever important and imminent.
“FML enables machine learning engineers and data scientists to work productively with decentralized data with privacy by default,” said Dr. Jakub Konečný from Google. He also shared with us how FML works and its use cases at Google. In the case of Gboard, as on-device data is privacy sensitive or large or is more relevant than server-side proxy data, and labels can be inferred naturally via user interaction, the application of Federated RNN compared to prior n-gram model can increase the accuracy of next-word prediction by 24%, and the click rate of prediction strip by 10%.
Major Figure Panelists Discuss the Way Ahead for FML
The moderator of the panel discussion, AI Principal Scientist of WeBank Dr. Lixin Fan joined panelists including Professor Benny Pinkas from Bar-Ilan University, Dr. Shahrokh Daijavad of IBM Academy of Technology, Chief Architect of Squirrel AI Dr. Richard Tong, Research Scientist of Google Dr. Jakub Konečný, Dr. Baofeng Zhang from CTO Office of CBG Software in Huawei, Executive VP of Clustar Dr. Junxue Zhang, VP of AI Institute in Sinovation Ventures Dr. Ji Feng and other experts in a host of in-depth exchanges with attendees, to shed light on the way ahead for FML.
Experts shared thoughts in the panel discussion on questions including but not limited to: How to meet the security and compliance requirements? Is there a way to extend the value of data while observing user privacy and data security? Given the classic trade-off between data regulation and development of AI, how to achieve the long-term goal of establishing a stable and win-win business ecosystem?
List of Award-Winners
Best Theory Paper Award, Best Application Paper Award, Best Student Paper Award and Best Presentation Award selected by all attendees were announced at the closing of the workshop.
Best Theory Paper Award:
Preserving User Privacy for Machine Learning: Local Differential Privacy or Federated Machine Learning? By Huadi Zheng, Haibo Hu & Ziyang Han;
Best Application Paper Award:
FedHealth: A Federated Transfer Learning Framework for Wearable Healthcare. By Yiqiang Chen, Jindong Wang, Chaohui Yu, Wen Gao & Xin Qin;
Best Student Paper Award:
Quantifying the Performance of Federated Transfer Learning. By Qinghe Jing, Weiyan Wang, Junxue Zhang, Han Tian & Kai Chen;
Best Presentation Award:
Federated Generative Privacy. By Aleksei Triastcyn and Boi Faltings.
President of IJCAI, Chief AI Officer of WeBank Professor Qiang Yang, Chief Architect of Squirrel AI Dr. Richard Tong, andVP of AI Institute in Sinovation Ventures Dr. Ji Feng presented the awards.
“The mission of this International Federated Machine Learning Workshop is to facilitate further understanding in the academia, business community as well as legal and regulatory institutions by promoting the establishment of FML ecosystem in the hope that more businesses will join and build a platform for students aspired to work in FML to find research teams that suit them,” said Professor Qiang Yang.
Held Aug. 10-16, 2019 in Macao, China, IJCAI-19 is one of the leading International Academic Conference on AI, attracting over 3000 AI research personnel and experts. The 1st International Workshop on Federated Machine Learning (FML’19) was a highlight for experts joining this event. Visionaries in the academia and industrial sector expressed the willingness to be part of the effort for academic research, application of FML in the future, and the development and boom of AI ecosystem.
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