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PAVmed Provides Business Update and Preliminary Fourth Quarter 2020 Financial Results

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PAVmed Reports Third Quarter 2020 Financial Results and Provides Business Update


Announces majority-owned subsidiary Lucid Diagnostics intends to spin-off into a separate public company

Lucid Diagnostics to launch major new multi-channel commercialization initiative for its EsoGuard Esophageal DNA Test

Conference call to be held today at 8:30 AM EST

NEW YORK, Feb. 22, 2021 (GLOBE NEWSWIRE) — PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), a highly differentiated, multi-product, commercial-stage medical device company, today provided a business update for the Company and its subsidiaries, Lucid Diagnostics Inc. (“Lucid”) and Solys Diagnostics Inc. (“Solys”), discussed preliminary financial results for the three and 12 months ended December 31, 2020 and made two strategic announcements regarding Lucid and its EsoGuard® product.

“Following a strong fourth quarter of 2020 and start of 2021, including raising over $30 million from institutional investors, we find ourselves in the strongest financial position in our history and with the confidence and determination necessary to rapidly and effectively advance and expand our mission,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “In addition to providing an update on all areas of our business, we are making two important announcements regarding Lucid and EsoGuard consistent with that sentiment.”

Conference Call and Webcast

A conference call and webcast on today’s Business Update and Preliminary Fourth Quarter Financial Results will take place at 8:30 AM EST. To access the conference call, U.S.-based listeners should dial (877) 407-3982 and international listeners should dial (201) 493-6780. All listeners should provide the operator with the conference call name “PAVmed, Inc. Business Update Conference Call” to join. Individuals interested in listening to the live conference call via webcast may do so by visiting the investor relations section of the Company’s website at

Lucid Diagnostics Spin-Off

The Company announced that its majority-owned subsidiary Lucid Diagnostics intends to spin off into a separate public company if favorable market conditions continue to hold, either through an initial public offering (“IPO”) or a business combination with a healthcare special purpose acquisition corporation (“SPAC”). The Lucid board of directors determined that this long-contemplated step is necessary for Lucid to fulfill its long-term potential, unlock its present value, and execute on a major new commercial initiative. The Company believes that a Lucid spin-off that accomplishes the foregoing would also be in the best interests of PAVmed and its shareholders. PAVmed will remain Lucid’s largest shareholder following any spin-off transaction.

Multi-Channel EsoGuard Commercialization Initiative

The Company also announced that Lucid is launching a major new commercial initiative which seeks to accelerate EsoGuard commercialization by simultaneously targeting multiple sales and marketing channels and building Lucid’s own network of EsoCheck® operators to assure sufficient testing capacity and geographic coverage to accommodate demand.

Lucid plans to retain and train a network of full-time nurses or other clinical personnel to serve as EsoCheck operators deployed at different types of venues, including leased space in physician practices, and potentially at free-standing EsoGuard testing centers in locales where testing volume and economics can support them. Lucid also intends to seek joint-ventures with laboratory testing companies as well as pharmacy mini-clinic networks to establish EsoGuard testing capacity at their facilities.

Once sufficient EsoGuard testing capacity and geographic coverage has been established in a specific locale, Lucid plans to initiate multiple new sales and marketing channels, while continuing to aggressively drive adoption by gastroenterologists. These new channels include direct-to-consumer marketing, as well as sales and marketing directly targeting primary care physicians.

A pilot program in one major metropolitan area is planned for the second quarter.

Business Update Highlights

  • PAVmed raised $30.4 million in gross proceeds from three common stock registered direct offerings with institutional investors in December and January, including a $13.4 million priced at-the-market offering in early January.
  • Lucid initiated claims submission and billing for its EsoGuard Esophageal DNA Test after CMS payment of $1938.01 for EsoGuard CPT code 0114U became effective on January 1, 2021. Continues to await EsoGuard local coverage determination from Medicare Administrative Contractor, Palmetto GBA. Engaged two leading consulting firms to help secure private payor payment and coverage. Completed preliminary insurance plan medical director interviews.
  • Lucid expanded full-time sales team from four to seven regional business managers overseeing, over 50 independent sales representatives. Recruiting a team of clinical specialists who will train clinicians and support existing accounts while freeing up other sales personnel to focus on opening new accounts.
  • Lucid launched consumer marketing campaign introducing an animated EsoGuard “mascot” to educate consumers on the link between chronic heartburn and esophageal cancer and to create EsoGuard visibility and awareness as a foundation for future direct-to-consumer marketing.
  • EsoGuard testing volume rebounded following winter slowdowns related to Covid-19 surge and facility limitations during period of mass workforce vaccination. Anticipate return to accelerating EsoGuard testing volume growth in the coming quarter.
  • ESOGUARD BE-1 and 2 studies in support of future PMA submission and FDA IVD registration now have 40 of 60 study sites active and have enrolled approximately 70 patients total at U.S. sites. European site initiation postponed until second quarter due to travel restrictions. Target completion date adjusted to early 2022 due to cumulative Covid-related enrollment slowdowns.
  • Lucid introduced an improved EsoGuard preservative buffer and received special 510(k) clearance to market a more user-friendly and precise EsoCheck accessory.
  • PAVmed and Lucid successfully completed all EU-notified-body audits. Expect EsoCheck CE Mark approval and completion of EsoGuard EU IVDD self-certification in second quarter. Limited commercial launch in select EU countries planned for later this year.
  • First U.S. carpal tunnel syndrome patient underwent successful CarpX® minimally invasive carpal tunnel release and returned to work within one week of the procedure, significantly shorter than recovery times following conventional surgery. Continuing steady and deliberate commercialization plan with a small team of world-class hand surgeons focused on optimizing the procedural steps and safety prior to broader commercialization effort later this year. Expect CarpX CE Mark approval in second quarter. Evaluating potential European distributors for future European commercial launch.
  • PAVmed completed in-person site initiation visits for PortIO study at four Colombia, South America medical centers. Awaiting IRB approval and expect to begin enrollment next quarter. Remain engaged with FDA regarding US PortIO IDE study.
  • PAVmed advancing NextFlo Intravenous Infusion system through design-controlled development and testing with FDA submission targeted for the third quarter. Ongoing M&A discussions and technologic diligence engagement with large strategic partner to license the NextFlo technology for disposable infusion pumps.
  • PAVmed executed manufacturing services agreement for DisappEAR resorbable silk pediatric ear tubes with Canon Inc.’s United States manufacturing and technology center in Virginia. Received Canon-produced prototypes for upcoming animal testing pursuant to previously executed research and development agreement.
  • Solys advanced research and development work on licensed non-invasive glucose monitoring technology, producing data in human volunteers and a diabetic rat model consistent with milestone accuracy parameters. In addition, developed and advanced its own proprietary non-invasive glucose monitoring technology which is not subject to the license agreement. Determined that it would be in PAVmed’s best interests to focus future efforts on its own proprietary technology, terminate the license agreement, and seek a mutually agreeable unwinding of the relationship, which is currently being negotiated.


For the three months ended December 31, 2020, research and development expenses were $3.6 million and general and administrative expenses were $3.9 million. GAAP net loss attributable to common stockholders was $8.8 million, or $(0.17) per common share. As illustrated below and for the purpose of helping the reader understand the effect of derivative accounting and other non-cash income and expenses on the Company’s financial results, the Company reported a non-GAAP adjusted loss for the three months ended December 31, 2020 of $6.4 million or $(0.12) per common share.

PAVmed had cash and cash equivalents of $17.3 million as of December 31, 2020, compared with $6.2 million as of December 31, 2019. Subsequently, in early January 2021, the Company closed on its $13.4 million registered direct offering for the sale of 6.0 million shares of common stock at $2.24 per share which was priced at-the-market under Nasdaq rules.

The audited financial results for the year ended December 31, 2020 on Form 10-K will be filed with the SEC in the coming days and will be available at or

Non-GAAP Measures

To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company’s financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation and amortization (EBITDA) and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense, loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, and loss on debt extinguishment. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP.

Non-GAAP financial measures are presented with the intent of providing greater transparency to information used by us in our financial performance GFN and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from or as an alternative to, the most directly comparable GAAP financial measures.

Non-GAAP financial measures are provided to enhance readers’ overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.

A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and 12 months ended December 31, 2020 and 2019 is as follows:

For the three months ended
December 31,
For the year ended
December 31,
(ooo’s except per-share amounts)   2020     2019     2020     2019  
Net income (loss) per common share, basic and diluted $ (0.17 ) $ (0.19 ) $ (0.73 ) $ (0.55 )
Net loss attributable to common stockholders (8,813 ) (6,313 ) (34,563 ) (16,727 )
Preferred Stock dividends and deemed dividends 73 69 287 270
Net income (loss) as reported (8,740 ) (6,244 ) (34,276 ) (16,457 )
Depreciation expense1 7 4 23 14
Interest expense, net3 33 52 33
EBITDA (8,733 ) (6,207 ) (34,201 ) (16,410 )
Other non-cash or financing related expenses:
Stock-based compensation expense2 585 393 2,044 1,571
Debt extinguishment3 1,897 1,165 6,497 666
Change in FV convertible debt3 (194 ) (482 ) 3,467 341
Offering costs convertible debt3 1,250 2,520
Non-GAAP adjusted (loss) (6,445 ) (3,881 ) (19,673 ) (13,832 )
Basic and Diluted shares outstanding 52,487 33,223 45,564 29,212
Non-GAAP adjusted (loss) income per share ($0.12 ) ($0.12 ) ($0.43 ) ($0.47 )

1 Included in general and administrative expenses in the financial statements

2 For the three months ended December 31, 2020 includes $450 of stock based compensation expense reported as general and administrative expenses and $136 reported as research and development expense.  For the three months ended December 31, 2019 includes $310 of stock based compensation expense reported as general and administrative expenses and $84 reported as research and development expense.  For the year ended December 31, 2020 includes $1,581 of stock based compensation expense reported as general and administrative expenses and $462 reported as research and development expense.  For the year ended December 31, 2019 includes $1,162 of stock based compensation expense reported as general and administrative expenses and $408 reported as research and development expense.

3 Included in other income and expenses

Conference Call and Webcast

As announced last week, the Company changed the time for today’s conference call and webcast to 8:30 AM EST to accommodate the schedule of Lucid’s Strategic Advisor, medical diagnostics pioneer Stanley Lapidus. Mr. Lapidus will join PAVmed Chairman and Chief Executive Officer Lishan Aklog, M.D., and President and Chief Financial Officer Dennis McGrath on the call.

Mr. McGrath will provide a financial update on the Company. Dr. Aklog will provide a business update and discuss Lucid’s growth strategy with Mr. Lapidus, who will provide his perspective on Lucid’s EsoGuard commercial opportunity, based on his similar experiences bringing early cancer detection technologies to market, including as the founder and former Chairman and CEO of Exact Sciences.

To access the conference call, U.S.-based listeners should dial (877) 407-3982 and international listeners should dial (201) 493-6780. All listeners should provide the operator with the conference call name “PAVmed, Inc. Business Update Conference Call” to join. Individuals interested in listening to the live conference call via webcast may do so by visiting the investor relations section of the Company’s website at

Following the conclusion of the conference call, a replay will be available for one week and can be accessed by dialing (844) 512-2921 from within the U.S. or (412) 317-6671 from outside the U.S. To access the replay, all listeners should provide the following pin number: 13715663. The webcast will be available for replay on the investor relations section of the Company’s website at

About PAVmed

PAVmed Inc. is a highly differentiated, multi-product, commercial-stage medical device company employing a unique business model designed to advance innovative products to commercialization rapidly and with less capital than the typical medical device company. This proprietary model enables PAVmed to pursue an expanding pipeline strategy with a view to enhancing and accelerating value creation while seeking to further expand its pipeline through relationships with its network of clinician innovators at leading academic centers. PAVmed’s diversified product pipeline addresses unmet clinical needs encompassing a broad spectrum of clinical areas with attractive regulatory pathways and market opportunities. Its four operating divisions include GI Health (EsoGuard® Esophageal DNA Test, EsoCheck® Esophageal Cell Collection Device, and EsoCure™ Esophageal Ablation Device with Caldus™ Technology), Minimally Invasive Interventions (CarpX® Minimally Invasive Device for Carpal Tunnel Syndrome), Infusion Therapy (PortIO™ Implantable Intraosseus Vascular Access Device and NextFlo™ Highly Accurate Disposable Intravenous Infusion Set), and Emerging Innovations (non-invasive laser-based glucose monitoring, pediatric ear tubes, and mechanical circulatory support). For more information, please visit, follow us on Twitter, connect with us on LinkedIn, and watch our videos on YouTube. For more information on our majority owned subsidiary, Lucid Diagnostics Inc., please visit, follow Lucid on Twitter, and connect with Lucid on LinkedIn. For detailed information on EsoGuard, please visit and follow us on Twitter, Facebook and Instagram.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of PAVmed’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, our ability to complete our strategic initiatives, volatility in the price of PAVmed’s common stock, Series W Warrants and Series Z Warrants; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required advance PAVmed’s products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed’s preclinical studies; whether and when PAVmed’s products are cleared by regulatory authorities; the effectiveness of our marketing initiatives; the establishment of government and private payment insurance coverage; market acceptance of PAVmed’s products once cleared and commercialized; our ability to raise additional funding and other competitive developments. PAVmed has not yet received clearance from the FDA or other regulatory body to market many of its products. The Company has been monitoring the COVID-19 pandemic and its impact on our business. The Company expects the significance of the COVID-19 pandemic, including the extent of its effect on the Company’s financial and operational results, to be dictated by, among other things, the success of efforts to contain it and the impact of actions taken in response. New risks and uncertainties may arise from time to time and are difficult to predict. All of these factors are difficult or impossible to predict accurately and many of them are beyond PAVmed’s control. For a further list and description of these and other important risks and uncertainties that may affect PAVmed’s future operations, see Part I, Item IA, “Risk Factors,” in PAVmed’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, “Risk Factors” in any Quarterly Report on Form 10-Q filed by PAVmed after its most recent Annual Report. PAVmed disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.


Mike Havrilla
Director of Investor Relations
(814) 241-4138

Shaun O’Neil
Chief Commercial Officer
(518) 812-3087

Katie Gallagher
(617) 792-3937


Business: freight shipping rates climb

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Investor interest in the shipping sector is growing as freight rates are rising. Shares in shipping companies are having a bumper year amid strong demand for Asia-made goods and skyrocketing shipping prices. Profits have accelerated, boosted by soaring freight rates from North Asia to the U.S. and Europe.

The oil industry’s top lobbying group is preparing to endorse setting a price on carbon emissions in what would be the strongest signal yet that oil and gas producers are ready to accept government efforts to confront climate change. The American Petroleum Institute is poised to embrace putting a price on carbon emissions.

Royal Caribbean’s new ship, the Odyssey of the Seas, will be setting sail in May from Israel with a Covid-19 vaccine requirement. The announcement represents the new ship’s first trip, Royal Caribbean’s first voyage from Israel, and the company’s first cruise with a vaccination requirement.

Futures are moderately lower after stocks soared yesterday. The Dow Industrials rallied 603, the Nasdaq jumped 396 and the S&P 500 gained 90.


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AWS Launches Second Region in Japan

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Thunderbird Entertainment Group Reports on Fiscal Year 2020 Financial Results | Business



Amazon Web Services, Inc. (AWS), an company (NASDAQ:AMZN), today announced the launch of a second full region in Japan, the AWS Asia Pacific (Osaka) Region. The region is an expansion of the existing AWS Osaka Local Region, which opened to select customers in February 2018. The new region consists of three Availability Zones (AZs) and joins the existing 25 Availability Zones in eight AWS Regions across Asia Pacific in Beijing, Hong Kong, Mumbai, Ningxia, Seoul, Singapore, Sydney, and Tokyo. Globally, AWS has 80 Availability Zones across 25 geographic regions, with plans to launch 15 more Availability Zones and five more AWS Regions in Australia, India, Indonesia, Spain, and Switzerland. Starting today, developers, startups, and enterprises, as well as government, education, and non-profit organizations can leverage the new AWS Asia Pacific (Osaka) Region to run their applications locally, serve end-users across Asia with lower latency, and access the broadest and deepest suite of services available in the cloud. For more information on AWS’s global infrastructure, go to:

“We launched the AWS Osaka Local Region to help select customers run specific workloads in western Japan. Since then, customers have asked AWS to launch a second full region with multiple Availability Zones and broad service selection in the country, and today we’re excited to deliver on those requests,” said Peter DeSantis, Senior Vice President of Global Infrastructure and Customer Support, AWS. “Together with the AWS Asia Pacific (Tokyo) Region, the AWS Asia Pacific (Osaka) Region provides customers with even lower latency to end users in Japan, as well as the ability to architect workloads across multiple Availability Zones and multiple regions in Japan for even greater fault tolerance, resiliency, and availability.”

“Congratulations on the opening of AWS Osaka Region. The government has adopted a “cloud-by-default” principle and basic policy prioritizing the use of cloud services, and we welcome AWS as a part of our services,” said Takuya Hirai, Member of the House of Representatives and Minister of State for Digital Transformation. “The mission of the Japan Digital Transformation Agency, scheduled to be established in September 2021, is to think about how systems should be run on the cloud in order to promote standardization and interoperability, which are necessary for both national and local governments to promote digitalization. In cooperation with various companies, including AWS, we will do our utmost to promote the digitalization of Japan.”

AWS Regions are comprised of Availability Zones, which place infrastructure in separate and distinct geographic locations with enough distance to significantly reduce the risk of a single event impacting customers’ business continuity, yet near enough to provide low latency for high availability applications. Each Availability Zone has independent power, cooling, and physical security and is connected via redundant, ultra-low-latency networks. AWS customers focused on high availability can design their applications to run in multiple Availability Zones and across multiple regions to achieve even greater fault tolerance. Additionally, Japanese customers, from startups to enterprises and the public sector, will have additional infrastructure to leverage advanced technologies including compute, storage, analytics, database, machine learning, Internet of Things (IoT), mobile services, and more to drive innovation. The launch of a second AWS Region in Japan provides customers with even lower latency across the country and supports disaster recovery applications for business continuity.

Customers and AWS Partners welcome the new AWS Asia Pacific (Osaka) Region

Millions of active customers use AWS each month in over 190 countries around the world, and hundreds of thousands of active customers use AWS services in Japan each month to accelerate innovation, increase agility, and drive cost savings. Organizations across Japan moving their mission-critical workloads to the cloud include customers such as Bellsystem24, Gibraltar Life Insurance, KDDI, Kindai University, Mitsubishi UFJ Financial Group, Nabtesco Corporation, NRI, NTT East, OGIS-RI CO. ltd., Prudential Life Insurance, Sony Bank, Sumitomo Mitsui Trust Bank, Tokio Marine & Nichido Fire Insurance, and many more.

Mitsubishi UFJ Financial Group (MUFG), whose business operations include commercial banks, trust banks, securities, and credit cards, adopted a cloud-first strategy and announced its full AWS deployment in 2017. “We have been making steady progress in IT architecture transformation and digitalization by leveraging AWS to build new systems,” said Hiroki Kameda, Managing Corporate Executive and Group CIO of MUFG. “AWS enabled us to build a big data platform for all our bank and group data so that we can use it flexibly, streamline administrative processes such as tremendous data entry work using AI, migrate a part of a market risk management system, and conduct applied research in more advanced AI algorithms and other new technologies. We reduced large costs by migrating and building a new system on AWS compared to on-premises. We have been using the AWS Osaka Local Region, and its expansion into the AWS Asia Pacific (Osaka) Region will enable us to actively run even more workloads and systems to enhance the agility and availability of our customer services. With digital technology playing an increasingly important role in our competitiveness, we will continue to grow our digital workforce both quantitatively and qualitatively to further drive our digital transformation.”

Sony Bank is an Internet bank established in 2001 as an asset management bank for individuals. It provides various financial services such as foreign currency deposits, home loans, investment trusts, and debit cards. “Since the end of 2013, we have been gradually migrating our general internal business systems and banking peripheral systems onto AWS, and by the end of 2019, approximately 80 percent of our systems had been running on AWS,” said Tatsuya Fukushima, Executive Officer leading the System Planning Department, System Development Department, and System Administration Department of Sony Bank. “As a result, infrastructure-related costs have been reduced by up to 60 percent compared to on-premises systems, and infrastructure procurement and construction time have been cut by more than half. We are currently building a next-generation banking system on AWS with a cloud-native architecture designed to ensure high availability by utilizing the AWS services in both the Tokyo and Osaka regions, so the AWS Asia Pacific (Osaka) Region is key to our future plans. As an Internet bank, we will continue to improve management efficiency and provide products and services that meet our customers’ needs.”

KDDI Corporation (KDDI), established in 2000, is engaged in telecommunications, Internet, financial services, electricity distribution, intelligent consumer appliances, and other businesses both in Japan and overseas. KDDI started using AWS as its official cloud vendor in 2016 after AWS met its stringent internal security standards. “I am delighted that the AWS Osaka Local Region has expanded into a full AWS Region in such a short time,” said Akihiro Nakashima, Administrative Officer and Deputy General Manager, Service Planning and Development Division, Solutions Business Sector, KDDI Corporation. “KDDI currently develops and operates more than 60 services on AWS, such as the back end for our power supply business ‘au Denki’, ‘au Home’, which leverages IoT to make everyday life more convenient, and the subsystem of ‘au PAY’, a smartphone service that allows payment with QR codes. Leveraging AWS Asia Pacific (Osaka) Region, we will be able to provide additional business continuity services through multi-region operations in Japan.”

Founded in 1983, OGIS-RI CO., ltd. is a global IT consulting firm providing information strategy, systems integration, systems development, network construction, support, and security solutions. OGIS-RI CO., ltd. is a group company of Osaka Gas Group. “Osaka Gas was the first in Japan to deploy IoT technology in consumer gas appliances in April 2016 using AWS. We have since been selling ENE FARM fuel cells, gas water heaters, and other products connected to the Internet around the clock,” said Kosuke Nakatani, Director, Executive Officer and Member of the Board, Head of IT Platform Service Division, OGIS-RI CO., ltd., which develops and manages the IT systems of Daigas Group (previously known as Osaka Gas Group) companies. “We use AWS to provide our enterprise customers with ‘ekul,’ a simple data measurement service that measures and visualizes gas and electricity usage in real time and transmits information to corporate customers across the country. We also provide cloud integration services based on our experience in the migration of on-premises business systems to AWS and system development on AWS. With the launch of the AWS Asia Pacific (Osaka) Region, we are very pleased to offer our customers in the Kansai area a selection of multiple regions with low latency, enabling us to have even greater availability.”

Sansan, established in 2007, is the provider of “SanSan,” a corporate business card management cloud service, and “Eight,” a business card app, under the mission of “creating innovation through encounters.” Seita Fujikura, CTO of Sansan, said, “Business cards are the proof of business encounters. SanSan and Eight solve various issues that business people face by accurately converting into data and utilizing the business cards that are captured every day. Our applications are configured on several hundred Amazon EC2 instances. By utilizing a variety of AWS services, we are able to substantially reduce costs and develop our products based on customer requests. The AWS Asia Pacific (Osaka) Region will help us further evolve our products and services and provide new value as a business infrastructure.”

Founded in 1925, Kindai University provides learning to all ages and is one of the largest universities in western Japan with 48 departments ranging from medicine to the arts with 52,000 students enrolled. “Kindai University migrated our teaching system and all 17 cloud-enabled business systems to AWS from on-premises systems in 2015 based on an estimation that the initial investment cost would be reduced by about 70 percent and the total cost of initial investment and running costs over 10 years would be reduced by another 20 percent compared to on-premises systems,” said Takumi Ueda, Educational and Administrative Information Systems Department of Kindai University. “AWS enables us to provide a powerful, stable system for our students and faculty, and the opening of the AWS Asia Pacific (Osaka) Region gives us the opportunity to provide increased availability and even lower latency.”

AWS Partner Network (APN) Partners welcomed the arrival of a second AWS Region in Japan. The APN includes tens of thousands of Independent Software Vendors (ISV) and Systems Integrators (SI) around the world. AWS Partners build innovative solutions and services on AWS, and the APN helps by providing business, technical, marketing, and go-to-market support. SI Consulting Partners supporting enterprise and public sector customers migrating to AWS include Classmethod, CTC, FUJISOFT, iret, NEC, NTT Data, SCSK, Serverworks and many others. APN ISVs in Japan including Acroquest Technology, AptPod, Digital Cube, Hatena, VMware, Works Human Intelligence, and many others, are already using AWS to deliver their software to customers around the world and will serve their Japanese customers from the AWS Asia Pacific (Osaka) Region at launch. Customers can also easily find, trial, deploy, and buy software solutions for AWS on the AWS Marketplace. For the full list of the members of the AWS Partner Network, please visit:

NEC is an IT vendor that has been driving innovation in Japan since 1899 and is a premier consulting partner in the APN. NEC has a vision of creating a positive impact on society through technological advances. “The inauguration of the AWS Asia Pacific (Osaka) Region significantly broadens NEC’s service infrastructure offering in Japan, and we are happy to help accelerate our customers’ innovation efforts,” said Toshifumi Yoshizaki, Senior Vice President, NEC. “NEC has a long history as an AWS Partner, having joined the AWS Partner Network in 2012 and becoming a certified Premier Consulting Partner in 2016. In 2020, we became the first company in Japan to embark on a strategic corporate-level collaboration with AWS. This collaboration enabled us to provide higher-level managed services to government and corporate customers pursuing digital transformation. NEC Group will be increasing the number of AWS-certified personnel to 3,000 over the next three years and will continue to support large-scale cloud migration projects by significantly strengthening its delivery capabilities.”

VMware Cloud on AWS is a jointly engineered service that brings VMware’s enterprise-class software-defined data center software to the AWS Cloud. Delivered as an on-demand service with optimized access to AWS services, VMware Cloud on AWS enables IT teams to leverage the best of both worlds. “AWS is VMware’s preferred public cloud partner for all VMware vSphere-based workloads. And VMware Cloud on AWS is the preferred AWS solution for vSphere workloads,” said Tadashi Yamanaka, Vice President and General Manager, VMware Japan. “We look forward to serving the needs of customers in Japan with the expansion of VMware Cloud on AWS to the AWS Asia Pacific (Osaka) Region. This expansion will provide our customers in western Japan with more geographic diversity and disaster recovery alternatives. Customers throughout the country will also gain more flexibility to move their vSphere workloads to VMware Cloud on AWS for application modernization, as well as improved agility, cost and security.”

Works Human Intelligence Co., Ltd (Works HI), the provider of COMPANY, one of the top HR Payroll ERP software package systems in Japan, is an ISV Partner with AWS. “Works HI first adopted AWS in 2012 when we launched the cloud version of our software solution COMPANY. We continue to modernize the architecture of the SaaS version of COMPANY and enhance its functionality by making use of the multitude of AWS services available in Japan.” said Asahi Morita, Product Division Senior General Manager at Works Human Intelligence. “The opening of the AWS Asia Pacific (Osaka) Region helps us support a greater number of customers with mission-critical operations and business continuity support with our COMPANY software solution by making it available across multiple regions in Japan.”

Amazon’s Continued Investment in Japan

In March 2011, AWS launched the AWS Asia Pacific (Tokyo) Region with two Availability Zones as the company’s fifth AWS Region. A third Tokyo AZ was added in 2012 and fourth in 2018 to help customers build highly available and fault-tolerant applications across the region’s four existing AZs. In February 2018, AWS launched the Osaka Local Region to enable compliance with guidelines for applications that require even greater distance between Availability Zones for select customers. As a response to further customer demand for a standard region in western Japan, today AWS is extending the capability of the Osaka Local Region by expanding it into a standard AWS Region.

Amazon is also continuing to invest in the upskilling of local developers, students, and the next generation of IT leaders in Japan through programs such as AWS Academy and AWS Educate. AWS Academy provides higher education institutions with a free, ready-to-teach cloud computing curriculum that prepares students to pursue industry-recognized certifications and in-demand cloud jobs. AWS Educate provides student access to AWS services and content designed to build knowledge and skills in cloud computing.

About Amazon Web Services

For almost 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS has been continually expanding its services to support virtually any cloud workload, and it now has more than 200 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 80 Availability Zones (AZs) within 25 geographic regions, with announced plans for 15 more Availability Zones and five more AWS Regions in Australia, India, Indonesia, Spain, and Switzerland. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit

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Love’s Bakery to close after 170 years in business

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Love's Bakery to close after 170 years in business


Locally owned and operated, Love’s Bakery,
a fixture in Hawaii for over 169 years will cease operations at the end of March due to losses
attributable to Covid-19.
“Love’s Bakery has been a beloved brand for nearly 170 years,” stated the Love’s Bakery Management
Team. “We have worked diligently to cut expenses, to maintain our market share and to remedy our
operational difficulties, however under the current business environment we are no longer able to
continue operations. Love’s local management is committed to closing its doors in a responsible
manner. We wish to thank all of our employees, suppliers, customers, friends, neighbors, and business
partners for their loyalty and support.”


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