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Surf Air Mobility Announces Effectiveness of Registration Statement for Proposed Direct Listing of Its Common Stock

LOS ANGELES–(BUSINESS WIRE)–
Surf Air Mobility Inc. (“Surf Air Mobility” or “Surf Air”), a regional air travel company aiming to sustainably connect the world’s communities, today announced that its registration statement on Forms S-1 and S-4 was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 25, 2023. Surf Air Mobility anticipates that its Common Stock will begin trading on the New York Stock Exchange under the ticker symbol “SRFM” on July 27, 2023.

A copy of the prospectus related to the registration statement may be obtained by visiting the SEC website, by visiting the investor relations page on Surf Air’s website at https://investors.surfair.com or by emailing Surf Air’s investor relations department at [email protected].

The registration statement relating to these securities has been filed with, and declared effective by, the SEC. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD LOOKING STATEMENTS

The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about: Surf Air Mobility’s expectations regarding its ability to become a public company; Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; future trends in the aviation industry, generally; and Surf Air Mobility’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include, without limitation, statements regarding the satisfaction of required conditions for the listing of the Surf Air Mobility common stock. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; Surf Air Mobility’s limited operating history and that Surf Air Mobility has not yet manufactured any hybrid-electric or fully-electric aircraft; the powertrain technology Surf Air Mobility plans to develop does not yet exist; the inability to maintain and strengthen Surf Air’s brand and its reputation as a regional airline; any accidents or incidents involving hybrid-electric or fully-electric aircraft; the inability to accurately forecast demand for products and manage product inventory in an effective and efficient manner; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of hybrid-electric and fully-electric powertrains, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, Southern or Surf Air Mobility; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in the prospectus. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although Surf Air Mobility believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Surf Air Mobility cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements and financial projections. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Surf Air Mobility does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ABOUT SURF AIR

Surf Air Mobility is a Los Angeles-based electric aviation and air travel company expanding the category of regional air travel and reinventing flying through the power of electrification. Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets, bringing electrified aircraft to market at scale in an effort to substantially reduce the cost and environmental impact of flying. The management team has deep experience and expertise across aviation, electrification, and consumer technology.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230721710279/en/

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KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Transportation EV/Electric Vehicles Travel Automotive Air Aerospace Transport Manufacturing

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AM Best Affirms Credit Ratings of Aflac Incorporated and Its Subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Aflac Life Insurance Japan, Ltd. (Japan), American Family Life Assurance Company of Columbus (Omaha, NE), American Family Life Assurance Company of New York (Albany, NY) and Continental American Insurance Company (Omaha, NE). These companies represent the life/health insurance subsidiaries of Aflac Incorporated (Aflac) (Columbus, GA) [NYSE: AFL] and are collectively referred to as Aflac Incorporated Group. Concurrently, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and all existing Long-Term Issue Credit Ratings (Long-Term IR) of Aflac. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long-Term IRs and shelf registration.)

The ratings reflect Aflac Incorporated Group’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and very strong enterprise risk management (ERM).

The rating affirmations reflect Aflac Incorporated Group’s risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR) in the United States and excellent solvency ratios in Japan. Risk-adjusted capitalization has been enhanced by its very strong operating performance, which has more than offset realized investment losses in recent years. Aflac’s GAAP equity declined through first-quarter 2023, following the implementation of changes in discount rate assumptions on long-term insurance contracts. However, the drop was significantly below prior expectations due to changes in the interest rate environment. The organization’s investment team continues to manage the challenges effectively of foreign exchange risk. The organization’s invested assets are diverse across asset classes and types, and managed both internally and through highly respected external asset managers. The managers continue to de-risk the investment portfolio, which has resulted in a higher allocation to quality fixed-income assets that have favorably impacted the organization’s risk-adjusted capitalization. AM Best notes that the group’s exposure to real estate from commercial mortgages has performed well with virtually no delinquencies, foreclosures or restructured loans over the last several years. The group enjoys the financial flexibility provided by its publicly traded parent company. The flexibility has been further enhanced through a newly established reinsurance subsidiary, Aflac Re, and ceding a modest portion of Japan older cancer policies liabilities to the new entity. That allowed lower capital requirements in Japan and provided additional dividends to the parent company. AM Best notes that Aflac Incorporated Group’s current adjusted financial leverage and operating leverage remain relatively modest for its rating level.

The ratings also reflect Aflac Incorporated Group’s continued strong operating margins in Japan and U.S. markets and return on equity remains very favorable. The earnings continue to be favorably impacted by lower benefits utilization in the U. S segment partially offset by higher administrative expenses. While both of Aflac’s operating segments historically have produced favorable results, the group continues to be challenged to reverse the trend of premium decline and grow new sales materially, due to the increasingly competitive market. The company continues to focus actively on client retention strategies, product enhancements and operational capabilities to meet evolving market demands and facilitate growth.

AM Best considers Aflac’s ERM management capabilities to be very strong, which is deeply embedded in the organization’s strategy and decision making and has positively impacted its balance sheet strength, operational performance and business profile. The ERM program has continued to demonstrate robust processes within its framework that are effective in identifying potential risks, managing those risks and mitigating them. AM Best’s assessment also includes an evaluation of the program’s risk defense capabilities of multiple exposures and has determined that most are managed with very high capabilities.

Aflac has also leveraged its risk management capabilities to maintain its favorable business profile in the Japan market and management has made numerous investments in its U.S. market businesses to well position the company to grow product premium over the next few years. The company is the leader in providing both medical and cancer insurance in Japan, and its strong partnership with Japan Post solidifies its standing as a formidable competitor in that market. In the U.S. market, Aflac continues to be a leader in supplemental medical insurance space.

The following Long-Term IRs have been affirmed with a stable outlook:

Aflac Incorporated—

— “a” (Excellent) on USD 750 million, 3.625% senior unsecured notes, due 2024

— “a” (Excellent) on USD 450 million, 3.25% senior unsecured notes, due 2025

— “a” (Excellent) on JPY 12.4 billion, 0.3% senior unsecured notes, due 2025

— “a” (Excellent) on USD 300 million, 2.875% senior unsecured notes, due 2026

— “a” (Excellent) on USD 400 million, 1.125% senior unsecured notes, due 2026

— “a” (Excellent) on JPY 60 billion, 0.932% senior unsecured notes, due 2027

— “a” (Excellent) on JPY 12.6 billion, 0.5% senior unsecured notes, due 2029

— “a” (Excellent) on JPY 33.4 billion, 1.075% senior unsecured notes, due 2029

— “a” (Excellent) on JPY 13.3 billion, 0.55% senior unsecured notes, due 2030

— “a” (Excellent) on USD 1.0 billion, 3.6% senior unsecured notes, due 2030

— “a” (Excellent) on JPY 29.3 billion, 1.159% senior unsecured notes, due 2030

— “a” (Excellent) on JPY 9.3 billion, 0.843% senior unsecured notes, due 2031

— “a” (Excellent) on JPY 30 billion, 0.633% senior unsecured notes, due 2031

— “a” (Excellent) on JPY 20.7 billion, 0.75% senior unsecured notes, due 2032

— “a” (Excellent) on JPY 21.1 billion, 1.32% senior unsecured notes, due 2032

— “a” (Excellent) on JPY 15.2 billion, 1.488% senior unsecured notes, due 2033

— “a” (Excellent) on JPY 12.0 billion, 0.844% senior unsecured notes, due 2033

— “a” (Excellent) on JPY 9.8 billion, 0.934% senior unsecured notes, due 2034

— “a” (Excellent) on JPY 10.6 billion, 0.83% senior unsecured notes, due 2035

— “a” (Excellent) on JPY 10.0 billion, 1.039% senior unsecured notes, due 2036

— “a” (Excellent) on JPY 6.5 billion, 1.594% senior unsecured notes, due 2037

— “a” (Excellent) on JPY 8.9 billion, 1.75% senior unsecured notes, due 2038

— “a” (Excellent) on JPY 6.3 billion, 1.122% senior unsecured notes, due 2039

— “a” (Excellent) on USD 400 million, 6.90% senior unsecured notes, due 2039

— “a” (Excellent) on USD 450 million, 6.45% senior unsecured notes, due 2040

— “a” (Excellent) on JPY 10.0 billion, 1.264% senior unsecured notes, due 2041

— “a” (Excellent) on USD 400 million, 4.0% senior unsecured notes, due 2046

— “a-” (Excellent) on JPY 60 billion, 2.108% subordinated debentures, due 2047

— “a” (Excellent) on USD 550 million, 4.75% senior unsecured notes, due 2049

— “a” (Excellent) on JPY 20.0 billion, 1.56% senior unsecured notes, due 2051

— “a” (Excellent) on JPY 12.0 billion, 2.144% senior unsecured notes, due 2052

The following indicative Long-Term IRs have been affirmed with stable outlooks on securities available under the existing shelf registration:

Aflac Incorporated—

— “a” (Excellent) on senior unsecured debt

— “a-” (Excellent) on subordinated debt

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Jennifer Asamoah

Senior Financial Analyst

+1 908 882 1637

[email protected]

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

[email protected]

Doniella Pliss

Director

+1 908 882 2245

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Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

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Chanyoung Lee

Director

+852 2827 3404

[email protected]

KEYWORDS: New Jersey Europe United States North America

INDUSTRY KEYWORDS: Insurance Professional Services

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New Jersey American Water Reports Progress on Lead Service Line Replacement Program: More Than 4,000 Service Lines Replaced to Date

24,000 lines identified as needing replacement so far; Stepped up education and outreach efforts to continue throughout the summer.

CAMDEN, N.J.–(BUSINESS WIRE)–
New Jersey American Water is well on its way to meeting New Jersey’s 10-year lead service line replacement target — with more than 4,000 lead and galvanized steel water service lines replaced to date. Though, with more than 24,000 water service lines currently identified as needing replacement and many more yet to be identified, New Jersey American Water is calling on customers and stakeholders to help speed up progress.

In July 2021, New Jersey enacted a law requiring all water providers to replace both utility-owned and customer-owned lead and galvanized service lines by 2031. In response to this law, in January 2022, New Jersey American Water published a robust, interactive webpage and map, located at newjerseyamwater.com/leadfacts, to allow customers to view the service line material of their property.

Historically, the material of customer-owned water service lines has not been tracked by water utilities, so completing an inventory of customer-owned service lines is a necessary first step towards replacing all lead or galvanized water service lines.

Recently, the company launched an education campaign about the Lead Service Line Replacement Program with resources for customers, including a step-by-step tutorial showing how to self-identify pipe material and a convenient portal to submit findings. Customers with water service lines confirmed as needing replacement will then need to sign an agreement authorizing New Jersey American Water to complete the necessary work.

“In just one year, our Lead Service Line Replacement Program has made a significant difference across our service areas in New Jersey. But, with thousands of lines left to be replaced, and many more that have yet to be identified, we’re counting on the continued support of our customers, elected officials, and community partners to help us get this done quickly and efficiently,” said Mark McDonough, President, New Jersey American Water. “We’ll do all the work — all we need customers to do is identify their service line material using our online portal, and if it’s confirmed to be lead or galvanized steel, sign the agreement giving our contractors permission to complete the replacement.”

In addition to resources currently available through its education campaign, New Jersey American Water will be stepping up outreach in early August by launching a toolkit and hosting a webinar to arm stakeholders, elected officials, and partners with more resources to help spread the word, educate and engage customers across their service area.

“For this effort to truly be successful, we need everyone to ‘pipe up’ and tell us what their service lines are made of, so we can work together to get the lead out of New Jersey, once and for all,” said McDonough.

As the company and customers continue to identify lead and galvanized service lines, New Jersey American Water will notify property owners via letters as required by law annually until their lead or galvanized service line is replaced. This notification will follow the company’s annual July inventory submission to the New Jersey Department of Environmental Protection.

It is important to note that if a customer’s service lines contain lead, it does not mean they cannot use water as they normally do. New Jersey American Water regularly tests for lead in drinking water and the water delivered to customers meets state and federal water quality regulations, including those set for lead.

For more information on this program, and lead and drinking water, please visit www.newjerseyamwater.com/leadfacts.

About New Jersey American Water

New Jersey American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230725040649/en/

Media:

Chelsea Kulp

Sr. Manager of Government and External Affairs

New Jersey American Water

856-745-1861

[email protected]

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Utilities Other Natural Resources Environmental Issues Environmental Health Energy Other Construction & Property Other Education Natural Resources Construction & Property Environment Education Urban Planning Building Systems

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QuidelOrtho Partners With BYG4lab^® to Strengthen Informatics Offerings

Strategic partnership will add middleware and data management solutions across the company’s diagnostics portfolio

SAN DIEGO–(BUSINESS WIRE)–QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or “QuidelOrtho”), a global provider of innovative in vitro diagnostics technologies designed for point-of-care settings, clinical labs and transfusion medicine, announced today that it has entered into a software development partnership with BYG4lab^®, a leading provider of middleware and data management solutions for laboratories, that intends to accelerate QuidelOrtho’s efforts to expand and strengthen informatics offerings across its portfolio of diagnostics platforms.

“Our partnership with BYG4lab^® reaches across the business, from clinical labs to point-of-care, and it allows QuidelOrtho to rapidly integrate affordable, cutting-edge and time-saving informatics solutions,” said Douglas Bryant, President and Chief Executive Officer of QuidelOrtho. “Building this powerful data management capability into our portfolio offering will be yet another proof point in our commitment to engineering user-friendly innovations that enable customers to standardize and automate manual processes to boost efficiencies at single sites and across networks.”

QuidelOrtho’s partnership with BYG4lab^®, a proven company that understands the data management challenges labs face, expands on an existing agreement between both companies pertaining to France and is a strategic catalyst that will accelerate the development of innovative solutions that can be used across the entire lab. The companies will work jointly to address the immediate workflow and labor challenges within the global laboratory community through proprietary tools that allow auto-verification to become more routine and available to labs of all sizes. This partnership reflects QuidelOrtho’s appreciation of the importance of informatics to today’s labs and the Company’s determination to create robust solutions that are agile and can be updated quickly and easily to support our customers’ needs.

“With ever-increasing testing demands and decreasing staffing availability, accurate and automated record collection and management are critical to assuring the highest quality of patient care,” Mr. Bryant noted. “QuidelOrtho is committed to provide integrated diagnostics systems and informatics solutions that bridge the gap and give our customers an edge.”

About QuidelOrtho Corporation

QuidelOrtho Corporation (Nasdaq: QDEL) is a world leader in in vitro diagnostics, developing and manufacturing intelligent solutions that transform data into understanding and action for more people in more places every day.

Offering industry-leading expertise in immunoassay and molecular testing, clinical chemistry and transfusion medicine, bringing fast, accurate and reliable diagnostics when and where they are needed – from home to hospital, lab to clinic. So that patients, clinicians and health officials can spot trends sooner, respond quicker and chart the course ahead with accuracy and confidence.

Building upon its 80-year legacy of groundbreaking innovation, QuidelOrtho continues to partner with customers across the healthcare continuum and around the globe to forge a new diagnostic frontier. One where insights and solutions know no bounds, expertise seamlessly connects and a more informed path is illuminated for each of us.

QuidelOrtho is transforming the power of diagnostics into a healthier future for all.

For more information, please visit www.quidelortho.com.

Source: QuidelOrtho Corporation

About BYG4lab^®

BYG INFORMATIQUE is a software company specialized in Middleware Data Management solutions covering all disciplines in the healthcare industry. More than 4000 laboratories worldwide are using BYG4lab^® data management solutions on a daily basis through E.O.M dedicated workstations. In addition, more than 500 laboratories are using BYG4lab^® Off-the-shelf solutions through its legacy portfolio: the universal connector B-Link™, EVM™ (Central lab) or Pilot NextGen^® (Microbiology), or through the brand new Yline^® technical baseline and innovative web-based architecture which includes nYna^® (Central Lab), pocY^® (POCT), and Ynfectio^® (Epidemiology). The company provides innovative multi-language solutions driving efficiency and cost effectiveness by: improving workflow management; making instrument integration more efficient; handling multi-sites and multi-LIS configurations; ensuring regulatory and legal compliances (ISO 15189); providing an innovative Method validation module; including full QC package; and giving tangible dynamics’ indicators for improving and controlling workflow. BYG INFORMATIQUE is the privileged partner of several companies in the IVD industry through its complete Middleware suite or through specific full Data Management solutions or specific modules. BYG4lab^®’s solutions are distributed worldwide and available in 11 languages. BYG INFORMATIQUE is ISO 13485: 2016 certified and follows the most demanding international recommendations regarding the medical software development cycle (CEN 62304) , cybersecurity and data Privacy.

For more information, please visit www.byg4lab.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230724368435/en/

BYG4lab^® Media:

Alexandre Rousseaux – Business Developer Management – [email protected]

QuidelOrtho Media:

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: General Health Health Data Management Technology Software

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