Artificial Intelligence
ProSomnus® to Open New Global Headquarters and Manufacturing Center of Excellence, Increasing Manufacturing Capacity and Efficiency
32,219-square-foot facility will quintuple growth and create local jobs
All ProSomnus medical devices are made in Pleasanton, CA, USA
SAN FRANCISCO, June 28, 2022 (GLOBE NEWSWIRE) — ProSomnus, a leader in patient-preferred medical devices for the treatment of Obstructive Sleep Apnea (OSA), today announced plans for a new 32,219-square-foot facility in Pleasanton, California, USA. The facility will serve as the company’s global headquarters and manufacturing center of excellence. The move will quintuple manufacturing capacity, enabling ProSomnus to meet the rapidly growing demand for the company’s FDA-cleared oral appliance therapy devices. ProSomnus expects to begin operations at the facility in January 2023.
In addition to expanding capacity, the purpose-built facility will allow ProSomnus, a pioneer in precision oral appliance therapy, to enhance production workflows. The facility will be optimized for mass-customized manufacturing, artificial intelligence-driven medical device design, and 3D robotic milling, with the intention of enhancing production flow, product quality, manufacturing service and logistics.
“Our new Pleasanton facility will be engineered to improve productivity and process efficiency by applying the latest technologies and lean workflow,” stated Sung Kim, Co-Founder and Chief Technology Officer of ProSomnus. “Our enhanced manufacturing facility will allow the advancement of disruptive ideas that turn into innovative products.”
The new facility location was selected with employees, customers and suppliers in mind. The facility is within walking distance of rail and bus commuter centers, offers easy access to two major highways, and is near key shipping and logistics partners. Employees will enjoy outdoor break space and easy access to many local shops and restaurants.
“Expanding our footprint in a logistical hub such as Pleasanton is a critical step in making our patient-preferred Oral Appliance Therapy devices available to as many patients as possible,” said Len Liptak, Co-Founder and Chief Executive Officer of ProSomnus. “Our new facility will help ProSomnus meet the growing, global, demand for our medical devices, optimize our workflows, offers new jobs for the local economy, and provide employees with new career opportunities.”
About ProSomnus
ProSomnus is the first manufacturer of precision, mass-customized oral appliance therapy devices to treat OSA, which affects over 74 million Americans and is associated with serious comorbidities, including heart failure, stroke, hypertension, morbid obesity and type 2 diabetes. ProSomnus’s patented devices are a more comfortable and less invasive alternative to Continuous Positive Airway Pressure (CPAP) therapy, and lead to more effective and patient-preferred outcomes. With more than 150,000 patients treated, ProSomnus’s devices are the most prescribed oral appliance therapy in the U.S. To learn more, visit www.ProSomnus.com.
In May 2022, ProSomnus entered a definitive merger agreement with Lakeshore Acquisition I Corp. (Nasdaq: LAAA), a special purpose acquisition company. Upon closing, the combined company is expected to change its name to ProSomnus, Inc. and its Class A common stock is expected to be traded on the Nasdaq Capital Market under the symbol “OSA”.
Important Notice Regarding Forward-Looking Statements
This Press Release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions among Lakeshore Acquisition I Corp. (together with its successors, the “Purchaser”), LAAA Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (the “Merger Sub”), ProSomnus, HGP II, LLC, a Delaware limited liability company, as the representative of the stockholders of ProSomnus, and RedOne Investment Limited, a British Virgin Islands company, as the representative of the stockholders of Purchaser, and the transactions contemplated thereby, and the parties’ perspectives and expectations, are forward-looking statements. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.
Such risks and uncertainties include, but are not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Purchaser’s securities; (ii) the risk that the transaction may not be completed by Purchaser’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Purchaser; (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval of the business combination agreement by the stockholders of Purchaser, the satisfaction of the minimum cash amount following any redemptions by Purchaser’s public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether or not to pursue the proposed transaction; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (vi) the effect of the announcement or pendency of the transaction on ProSomnus’s business relationships, operating results and business generally; (vii) risks that the proposed transaction disrupts current plans and operations of ProSomnus; (viii) the outcome of any legal proceedings that may be instituted against ProSomnus or Purchaser related to the business combination agreement or the proposed transaction; (ix) the ability to maintain the listing of Purchaser’s securities on a national securities exchange; (x) changes in the competitive industries in which ProSomnus operates, variations in operating performance across competitors, changes in laws and regulations affecting ProSomnus’s business and changes in the combined capital structure; (xi) the ability to implement business plans, forecasts and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; (xii) the risk of downturns in the market and ProSomnus’s industry including, but not limited to, as a result of the COVID-19 pandemic; (xiii) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions; (xiv) the inability to complete its convertible debt financing; (xv) the risk of potential future significant dilution to stockholders resulting from lender conversions under the convertible debt financing; and (xvi) risks and uncertainties related to ProSomnus’s business, including, but not limited to, risks relating to the uncertainty of the projected financial information with respect to ProSomnus; risks related to ProSomnus’s limited operating history, the roll-out of ProSomnus’s business and the timing of expected business milestones; ProSomnus’s ability to implement its business plan and scale its business, which includes the recruitment of healthcare professionals to prescribe and dentists to deliver ProSomnus oral devices; the understanding and adoption by dentists and other healthcare professionals of ProSomnus oral devices for mild-to-moderate OSA; expectations concerning the effectiveness of OSA treatment using ProSomnus oral devices and the potential for patient relapse after completion of treatment; the potential financial benefits to dentists and other healthcare professionals from treating patients with ProSomnus oral devices and using ProSomnus’s monitoring tools; ProSomnus’s potential profit margin from sales of ProSomnus oral devices; ProSomnus’s ability to properly train dentists in the use of the ProSomnus oral devices and other services it offers in their dental practices; ProSomnus’s ability to formulate, implement and modify as necessary effective sales, marketing, and strategic initiatives to drive revenue growth; ProSomnus’s ability to expand internationally; the viability of ProSomnus’s intellectual property and intellectual property created in the future; acceptance by the marketplace of the products and services that ProSomnus markets; government regulations and ProSomnus’s ability to obtain applicable regulatory approvals and comply with government regulations, including under healthcare laws and the rules and regulations of the U.S. Food and Drug Administration; and the extent of patient reimbursement by medical insurance in the United States and internationally. A further list and description of risks and uncertainties can be found in Purchaser’s initial public offering prospectus dated June 10, 2021 and in Purchaser’s quarterly reports on Form 10-Q and annual reports on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) subsequent thereto and in the Registration Statement on Form S-4 and proxy statement that will be filed with the SEC by the Purchaser in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Purchaser, Merger Sub, ProSomnus, and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
Additional Information and Where to Find It
In connection with the transaction described herein, Purchaser will file relevant materials with the SEC, including the Registration Statement on Form S-4 and a proxy statement. The proxy statement and a proxy card will be mailed to stockholders as of a record date to be established for voting at the stockholders’ meeting relating to the proposed transactions. Stockholders will also be able to obtain a copy of the Registration Statement on Form S-4 and proxy statement without charge from Purchaser. The Registration Statement on Form S-4 and proxy statement, once available, may also be obtained without charge at the SEC’s website at www.sec.gov or by writing to Purchaser at 667 Madison Avenue, New York, NY 10065.
INVESTORS AND SECURITY HOLDERS OF PURCHASER ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTIONS THAT PURCHASER WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PURCHASER, PROSOMNUS AND THE TRANSACTIONS.
Participants in Solicitation
Purchaser, Merger Sub, ProSomnus, certain stockholders of ProSomnus, and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Purchaser common stock in respect of the proposed transaction. Information about Purchaser’s directors and executive officers and their ownership of Purchaser’s ordinary shares is set forth in Purchaser’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement pertaining to the proposed transaction when it becomes available. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential business combination or any other matter and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Purchaser, ProSomnus or the combined company, nor shall there be any sale of any such 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 such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
Investor Contact
Mike Cavanaugh
ICR Westwicke
Phone: +1.617.877.9641
Email: [email protected]
Media Contact
Kyle Evans
ICR Westwicke
Phone: +1.646.277.1295
Email: [email protected]
Riyadh leads the GCC’s rise as a retail innovation hub, hosting global retail leaders to address market resilience, AI-powered growth, and sustainabilityPanda Retail Company joins as a Strategic Partner and Apparel Group as a Headline Partner to support the Forum’s focus on ‘Rebuilding a Shared Future’The Forum marks the next phase of the Retail Leaders Circle’s decade-long mission to connect and empower leaders within the retail sectorRIYADH, Saudi Arabia, Oct. 1, 2024 /PRNewswire/ — The RLC Global Forum will hold its inaugural Annual Meeting on February 4-5, 2025, in Riyadh, a landmark event for the global retail sector. As the GCC strengthens its position as a hub of resilience and growth, fueled by Saudi Arabia’s Vision 2030, the Forum will bring together the world’s leading retailers, policymakers, investors and innovators to discuss the future of the industry, driven by AI, sustainability, and global collaboration.
Under the theme “Rebuilding a Shared Future,” the RLC Global Forum will tackle the most pressing challenges facing global retail today, including technological transformation, cross-border commerce, market resilience, and geopolitical shifts. The Forum will serve as a critical platform for fostering cross-industry partnerships and innovative strategies to drive the sector forward.
“Our evolution into the RLC Global Forum reflects a broader, more inclusive vision for the global retail sector,” said Panos Linardos, Chairman of the RLC Global Forum. “This inaugural Annual Meeting will offer unique insights into how we can navigate the complex landscape of retail, from AI advancements to building sustainable and inclusive industry growth.”
Panda Retail Company, one of the top retail chain businesses in the Middle East and the lead grocery retailer in Saudi Arabia, joins as a strategic partner. “Our strategic alliance with the RLC Global Forum marks Panda’s dedication to innovation and excellence in the grocery sector,” said Dr. Bander Hamooh, CEO of Panda Retail Company. “We look forward to leveraging this partnership to pioneer new solutions and advance the retail landscape in Saudi Arabia.”
Additionally, the multi-award-winning global fashion and lifestyle retail powerhouse, Apparel Group, joins as a Headline Partner. “At Apparel Group, we are always eager to foster discussions on crucial themes that impact both the global landscape and our industry,” stated Sima Ganwani Ved, Founder and Chairwoman of Apparel Group. “Our strategic partnership with the RLC Global Forum highlights our commitment to engage with pivotal topics and drive meaningful dialogue that shapes the future of retail and beyond.”
The inaugural 2025 RLC Global Forum promises to be a defining event, setting the stage for retail’s next chapter of innovation, collaboration, and growth.
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Artificial Intelligence
Cyber-Physical Systems (CPS) Market worth $255.3 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 1, 2024 /PRNewswire/ — The global cyber-physical systems market is expected to be valued at USD 124.1 billion in 2024 and is projected to reach USD 255.3 billion by 2029; it is expected to grow at a CAGR of 15.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. Higher growth in industrial automation coupled with the influence of IoT is boosting the growth of the cyber-physical systems market. The growth of the industry of industrial automation is mainly influenced by the importance of the integration of cyber-physical systems and the Internet of Things. CPS involve the connectivity of sensors and actuators, which improves manufacturing efficiency and flexibility while heightening the operational capabilities of a factory, thus a shift toward smart factories in the industry 4.0 era. The influence of IoT will further be the enablement of real-time data exchange along with advanced analytics on predicting maintenance and optimization of resources that would make automation faster. The CPS systems are expected to expand rapidly with each adoption in the various industries across the market because of the inherent innovations coupled with competitiveness across a number of industries.
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Browse in-depth TOC on “Cyber-Physical Systems (CPS) Market” 210 – Tables70 – Figures298 – Pages
Cyber-Physical Systems (CPS) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 124.1 billion
Estimated Value by 2029
$ 255.3 billion
Growth Rate
Poised to grow at a CAGR of 15.5%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Type, Vertical and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Complexities associated with integrating various components
Key Market Opportunities
Rising preference for sustainable energy
Key Market Drivers
Growing trend of industrial automation
The operational technology (OT) holds a significant share in cyber-physical systems market.
The operational technology (OT) segment holds a significant share in the cyber-physical systems market due to higher demand from process industries such as oil & gas, chemical, and petroleum. This technology enables these industries to manage and control critical industrial processes in real time. These systems integrate hardware and software that collects the data, visualizes it, and takes control of the processes. Also, the industries such as energy and manufacturing rely on OT for performing operations such as process control, safety management, and monitoring. Furthermore, integrating OT with IT systems has enhanced the execution of complex industrial tasks. As industries increasingly adopt automation and smart technologies, the reliance on robust OT systems ensures its substantial share in the CPS market.
Digital twin technology to exhibit the highest growth rate in the cyber-physical systems market.
The digital twin is anticipated to hold the highest growth rate in the cyber-physical systems market. This is attributed to their unique gadgetry, which completely transforms how industries manage and optimize their assets. Digital twins can imitate real-life systems, allowing businesses to monitor, predict and simulate how they operate in real-time. This capacity is vital in sectors such as manufacturing, healthcare, and aerospace, where there is an emphasis on the careful handling of machines and techniques. The emergence of Industry 4.0 kindled by the expanding incorporation of AI with IoT technologies, has since contributed to expediting the use of digital twins due to their ability to facilitate preventive maintenance, reduce downtimes, and enhance the decision-making process among manufacturers. Given that organizations are increasingly leaning towards productivity improvement ideas, demand for digital twin technology will be expected to keep rising, resulting in the highest CAGR in CPS markets throughout the forecast period.
Manufacturing vertical dominates the cyber-physical systems market over the forecast period.
Manufacturing is the largest vertical of the cyber-physical systems market, as heavy machinery works with advanced automation technologies to implement the most modern manufacturing process. Smart manufacturing avails itself of CPS technologies such as IIoT, robotics, and digital twins, enabling capabilities like real-time monitoring, predictive maintenance, and optimized production workflows. These are really important to enable companies to compete in a global marketplace, supporting manufacturers in increasing their efficiency, reducing charges, and offering better quality products. The emphasis on digitalization and the integration of manufacturing systems propagated by Industry 4.0 has positioned CPS technologies as the dominant sector in the market, especially for manufacturing.
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North America region holds the largest share of cyber-physical systems market during the forecast period.
North America holds the major share of the cyber-physical systems industry due to the presence of key players in the region. The region is strategically vital for advanced R&D initiatives focusing on transformational technologies such as IIoT, smart grids, and autonomous systems. Steadily rising demand from manufacturing, automotive, and healthcare sectors eager to adopt and implement new and transformative technologies constantly pushes innovation. In addition to this, early adoption of the practices of Industry 4.0 across the region, along with a regulatory framework favorable to encouraging innovation in technologies, has enabled North America to continue dominating the global cyber-physical systems market.
Key Players-
The report profiles key players in cyber-physical systems companies such as ABB (Switzerland), Honeywell International Inc. (US), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Continental AG (Germany), General Electric Company (US), Hitachi, Ltd. (Japan), Toshiba Corporation (Japan), and Robert Bosch GmbH (Germany) among others. These players have a strong market presence in cyber-physical systems across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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Artificial Intelligence
Matterport Fall 2024 Release: Insights Meets Imagination elevates the platform with generative AI and more
Matterport introduces essential new tools for real estate agents, contractors and designers
SUNNYVALE, Calif., Oct. 1, 2024 /PRNewswire/ — Matterport, Inc., today unveiled a groundbreaking suite of new tools designed to reshape the way professionals design, build, and market properties. Through the power of generative AI, Matterport users can now easily reimagine the potential of any space, transforming digital twins from static replicas into dynamic canvases for creativity.
“Our Fall 2024 Release empowers users to unlock the full potential of Matterport,” said RJ Pittman, Chairman and CEO of Matterport. “Imagine being able to defurnish a home with one click or generate stunning property descriptions automatically, using just the data from your digital twin. These tools save time, elevate listings, and simplify complex workflows for everyone—from real estate agents to contractors and enterprise teams. And with features like 3D model merge, field tags, and one-click bill-back processing, we’re helping customers manage spaces at scale with unprecedented speed, efficiency and precision.”
New tools for agents:
One of the most revolutionary additions in the Fall Release is Matterport’s AI-powered defurnish tool, designed to solve a common challenge for home sellers and agents: clutter. With a single click, users can now transform a cluttered living room or messy garage into a clean, open space—allowing potential buyers to visualize the home’s true potential. Whether it’s “erasing” an outdated couch or clearing out the dining room set, defurnish gives agents a powerful yet simple tool to make every property shine.
And coming soon, Matterport’s interior design tools will unlock creativity for everyone—letting users digitally furnish and redesign spaces with ease and offering a glimpse of what the future could hold.
The AI-powered property description tool is another game-changer, crafting detailed, engaging written descriptions in just seconds. Brokers and marketers can select the style and tone, ensuring each listing is perfectly tailored—whether it’s a sleek, modern downtown loft or a charming suburban home. And by leveraging the precise spatial data of every digital twin, the tool creates content that is not only beautifully written but also accurate down to the last detail, saving hours of work and producing results that even seasoned experts will admire.
New tools for property managers, contractors, and designers:
For large-scale projects, Matterport’s new Merge tool enables users to seamlessly “snap” together multiple digital twins. Imagine creating a full digital model of an entire hotel, floor by floor, or merging every floor of a high-rise office tower into one cohesive 3D tour of the building. Merge also allows multiple team members to scan different sections of a property simultaneously and integrate them later, making it possible to capture and manage even the most expansive buildings quickly and efficiently.
Field Tags further enhance the efficiency of on-site work by allowing users to add on-site observations and tags during the scanning process. No more repeat visits to capture missed details—everything can be documented in real-time, ensuring accurate, comprehensive records of the space are captured at the moment they matter most. This feature keeps teams aligned and projects moving forward without unnecessary delays.
Lastly, Matterport introduces one-click bill-back processing, a highly anticipated feature for enterprise customers. This simple yet powerful tool removes the headache of manual invoicing and cost allocation, allowing organizations to easily distribute expenses across departments and external partners. By automating billing processes, Matterport reduces administrative burdens and empowers teams to focus on what matters most.
About MatterportMatterport, Inc. (Nasdaq: MTTR) is the World’s #1 Digital Twin Platform* leading the digital transformation of the built world. Our groundbreaking platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal, and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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