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Engineering Insurance Market to Reach $56.7 billion, Globally, by 2032 at 9.2% CAGR: Allied Market Research
One significant growth factor for the engineering insurance market is the escalating complexity and scale of construction projects worldwide. As infrastructures expand and technological advancements drive innovative designs, the potential risks and liabilities increase substantially. Engineering insurance becomes indispensable to mitigate these risks, offering coverage for unforeseen events, construction errors, and equipment failures. The demand for tailored insurance solutions that address these intricate project risks continues to surge, propelling the growth of the engineering insurance sector.
WILMINGTON, Del., Nov. 29, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Engineering Insurance Market by Type (Contractors All Risk (CAR) Insurance, Erection All Risk (EAR) Insurance, Contractor’s Plant and Machinery (CPM) Insurance, Machinery Breakdown Insurance, and Others), Distribution Channel (Banks, Insurance Companies, and Agents and Brokers), and Application (Construction Sector, Oil and Gas Sector, Manufacturing Sector, Transportation Sector, Energy and Utilities Sector, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global engineering insurance market size was valued at $24.1 billion in 2022 and is projected to reach $56.7 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
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127 – Tables
62 – Charts
420 – Pages
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Engineering insurance, also known as construction insurance, is a specialized form of insurance designed to protect against the risks associated with construction projects, engineering works, and machinery operations. It provides coverage for a wide range of potential hazards, including construction site accidents, material damage, third-party liabilities, and machinery breakdowns. This type of insurance is crucial for contractors, engineers, project owners, and stakeholders involved in large-scale infrastructure projects, offering financial protection against unforeseen events that can cause delays, property damage, or bodily injury. Engineering insurance policies are tailored to the unique risks of each project, providing comprehensive coverage and peace of mind throughout the construction or engineering process.
Prime Determinants of Growth
The engineering insurance market is expected to witness notable growth owing to technological advancements, global infrastructure development and regulatory compliance. Moreover, emerging risks and cyber threats are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, cost constraints and complex risk assessment limit the growth of the engineering insurance market.
Report Coverage & Details:
Report Coverage |
Details |
Forecast Period |
2023–2032 |
Base Year |
2022 |
Market Size in 2022 |
$24.1 billion |
Market Size in 2032 |
$56.7 billion |
CAGR |
9.2 % |
No. of Pages in Report |
420 |
Segments Covered |
Type, Distribution Channel, Application, and Region. |
Drivers |
Technological advancements Global infrastructure development Regulatory compliance |
Opportunities |
Emerging risks and cyber threats |
Restraints |
Cost constraints Complex risk assessment |
The Contractors All Risk (CAR) insurance segment to maintain its leadership status throughout the forecast period
Based on the type, the Contractors All Risk (CAR) insurance segment held the highest market share in 2022, accounting for more than one-third of the global engineering insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is because it offers comprehensive coverage for various risks during construction projects. CAR insurance typically protects against damages to the construction site, materials, and third-party liabilities, making it popular among stakeholders due to its wide-ranging protection. However, the machinery breakdown insurance segment is projected to manifest the highest CAGR of 12.8% from 2023 to 2032. This is primarily due to the increasing reliance on specialized and expensive machinery in construction and engineering projects. As technology advances, machinery becomes more intricate and crucial for project success. Machinery breakdown insurance specifically targets the risks associated with these complex machines, offering coverage for repair or replacement costs in case of breakdowns, ensuring minimal disruption to project timelines, and reducing financial losses.
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The insurance companies’ segment to maintain its leadership status throughout the forecast period
Based on the distribution channel, the insurance companies segment held the highest market share in 2022, accounting for nearly half of the global engineering insurance market revenue. This is due to its specialized expertise and tailored coverage offerings. Insurance companies have enhanced their understanding of engineering risks, crafting policies that cater to various project needs, ensuring comprehensive protection. However, the banks segment is projected to manifest the highest CAGR of 11.2% from 2022 to 2032. This is due to an increasing trend where banks are integrating insurance services into their offerings. Banks have a broad client base and are leveraging this advantage by bundling insurance with their financial products, making it more accessible to a wider audience. This approach attracts customers seeking convenience and a one-stop-shop for financial and insurance needs, fueling the anticipated rapid growth of the banks segment in engineering insurance.
The construction sector segment to maintain its leadership status throughout the forecast period
Based on application, the construction sector segment held the highest market share in 2022, accounting for nearly one-fourth of the global engineering insurance market revenue. This is due to its extensive involvement in large-scale projects with high asset values and diverse risks. Construction projects encompass various stages, from planning to execution, involving heavy machinery, intricate operations, and numerous stakeholders. The sector faces risks such as machinery breakdowns, construction delays, and third-party liabilities. Consequently, insurance is integral to mitigating these risks, safeguarding investments, and ensuring project continuity. However, the energy and utility segment is projected to manifest the highest CAGR of 14.2% from 2022 to 2032. This surge can be attributed to an increasing trend in global commerce. This is due to escalating global energy demands and significant infrastructure developments. This sector encompasses diverse projects like power plants, renewable energy installations, and utility infrastructure, often involving high-value assets and complex technologies. The increasing focus on renewable energy and upgrading existing utility networks prompts substantial investments, thus driving the demand for insurance coverage.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share for more than one-third of the global engineering insurance market in terms of revenue in 2022. This is due to its mature and well-established engineering and construction sectors. The region houses numerous large-scale infrastructure projects, including advanced technological innovations and industrial developments. Robust regulatory frameworks and a high awareness of risk management practices drive the demand for comprehensive insurance coverage among businesses. However, Asia-Pacific is expected to witness the fastest CAGR of 12.4% from 2023 to 2032. This is due to increasing economic activities and substantial investments in infrastructure. Rapid urbanization, industrial expansion, and government initiatives for massive infrastructure projects fuel this growth.
Leading Market Players: –
- AXA XL
- Bajaj Allianz Life Insurance
- Bank of China
- Insureon
- Munich Reinsurance America, Inc.
- Progressive Casualty Insurance Company
- RAKINSURANCE
- SPA Insurance Brokers
- Swiss Re
- The Travelers Indemnity Company
The report provides a detailed analysis of the key players in the global engineering insurance market. These players have adopted different strategies such as product launches and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This engineering insurance market report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the engineering insurance market forecast from 2023 to 2032 to identify the prevailing engineering insurance market opportunity.
- Engineering insurance market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the engineering insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global engineering insurance market.
- Engineering insurance market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The engineering insurance market report includes an analysis of the regional as well as global engineering insurance market trends, key players, market segments, application areas, and market growth strategies.
Engineering Insurance Market Report Highlights
Aspects Details Market
By Type
- Contractor’s Plant and Machinery (CPM) Insurance
- Machinery Breakdown Insurance
- Others
- Contractors All Risk (CAR) Insurance
- Erection All Risk (EAR) Insurance
By Distribution Channel
- Banks
- Insurance Companies
- Agents and Brokers
By Application
- Construction Sector
- Oil and Gas Sector
- Manufacturing Sector
- Transportation Sector
- Energy and Utilities Sector
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market Players : the Travelers Indemnity Company, Swiss Re, Bajaj Allianz Life Insurance, Co. Ltd., AXA XL., Insureon Solutions, LLC, SPA Insurance Brokers, Bank of China, Progressive Casualty Insurance Company, RAKINSURANCE, Munich Reinsurance America, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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DayOne Launches as an Independent Global Data Center Pioneer Following Series B Funding Closure
SINGAPORE, Dec. 31, 2024 /PRNewswire/ — DayOne, a leading global data center pioneer, officially launched as an independent group on January 1, 2025, ushering in a transformative new era following the successful completion of its series B funding, led by renowned global investment institutions. Formerly operating as GDS International (GDSI), DayOne, founded in 2022 and headquartered in Singapore, has built a proven track record of creating and scaling markets across Asia-Pacific and beyond, driving digital transformation and enhancing regional connectivity.
The brand name “DayOne” encapsulates the company’s entrepreneurial spirit and relentless focus on customers, innovation, and growth. It signifies a mindset of respecting each day as an opportunity to embrace new possibilities, create impactful solutions, and deliver value across the markets we operate in. Inspired by its legacy of pioneering digital infrastructure and unlocking markets, “DayOne” represents a forward-looking commitment to empowering industry leaders with next-generation infrastructure solutions. Guided by humility and a deep reverence for our work and the industries we serve, “DayOne” is dedicated to creating value for all—spanning customers, business partners, investors, employees, and the communities we support.
Over the past year, DayOne secured approximately USD $1.9 billion through its Series A and Series B equity rounds, backed by world-class investors such as SoftBank Vision Fund, Kenneth Griffin, CEO of Citadel, Coatue Management, and Baupost Group.
These investments have not only underscored confidence in DayOne’s ability to deliver reliable, scalable, and sustainable digital infrastructure solutions but have also paved the way for its transformation into an autonomous entity. DayOne’s autonomy spans corporate governance, operations, finance, and technology functions. Its governance is further strengthened by a globally experienced and diverse board, with over half comprising independent investor directors.
Adding to its strategic depth, DayOne recently welcomed three esteemed board leaders: Lim Ah Doo, Co-Chairman of the Board and Chairman of Olam Group Limited; and board advisors Ken Miyauchi, former President & CEO of SoftBank Corp., and Bob McCooey, Vice Chairman of Nasdaq. This robust governance framework ensures balanced decision-making aligned with international best practices, laying a solid foundation for sustainable growth and long-term value creation.
“The trust from our investors speaks volumes about the strength of DayOne’s vision and our ability to deliver transformative results in a rapidly evolving industry,” said William Huang, Chairman of DayOne. “This transformation goes beyond operational independence— it solidifies our role as a leader in setting new industry benchmarks, advancing regional digital growth, and championing sustainable innovation.”
Jamie Khoo, CEO of DayOne, said: “DayOne represents more than a new name—it’s a commitment to leading with purpose, agility, and innovation. Our focus is on delivering cutting-edge digital infrastructure that propels industries and communities forward. This new chapter empowers us to create lasting impacts on economies and build a future-ready digital ecosystem.”
Gary Wojtaszek, Vice-Chairman of the Board and former President and CEO of CyrusOne, stated: “The formation of DayOne marks a pivotal moment for the industry. Backed by a forward-thinking board and an exceptional leadership team, DayOne is set to redefine digital infrastructure and establish new benchmarks in the sector.”
Operating across key markets such as Singapore, Johor (Malaysia), Batam (Indonesia), Greater Bangkok, Hong Kong SAR, and Tokyo, DayOne combines deep local expertise with a global vision to meet the growing demands of hyperscalers and enterprises. Its innovative strategies, such as the SIJORI market creation, integrate the strengths of Singapore, Johor, and Batam to deliver interconnected, scalable, low-latency, and sustainable digital infrastructure solutions.
DayOne’s competitive edge lies in its ability to anticipate market demands and deliver customer-centric solutions. With a focus on innovation, the company consistently sets industry benchmarks in speed, scalability, and execution. Its sustainability efforts include cutting-edge cooling technologies, renewable energy adoption, and green building designs aimed at reducing environmental impact and enhancing operational resilience.
Looking ahead, DayOne envisions a future where digital infrastructure fuels economic transformation and accelerates global connectivity. By integrating sustainability with advanced technology, DayOne is poised to drive innovation and empower industries worldwide.
About DayOne
DayOne is a data center pioneer that develops and operates next-gen digital infrastructure for industry leaders who demand reliable, cost-effective and quickly scalable solutions.
Our cutting-edge facilities empower hyperscalers and large enterprises to achieve rapid deployment and enhance connectivity, driving transformative engagement and innovation as we shape the future of industries. DayOne’s data centers are located across key markets, including Singapore, Johor (Malaysia), Batam (Indonesia), Greater Bangkok, Hong Kong SAR, Tokyo, and beyond.
Headquartered in Singapore, DayOne’s leadership team draws on over two decades of industry experience and a track record of building Asia’s largest data center business. With DayOne, they have created the SIJORI (Singapore, Johor, and Riau Islands) market as a global data center hub.
As demand for strategically located and customized data centers rises, DayOne’s entrepreneurial spirit, customer-first strategy, deep local partnerships, and agile executional capabilities uniquely position us to power the growth ambitions of leading hyperscalers and large enterprises around the world.
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GES Completes Sale to Truelink Capital
Partnership Strengthens Commitment to Growth and Innovation
LAS VEGAS, Dec. 31, 2024 /PRNewswire/ — GES, a global leader in the exhibition and event industry, announced the completion of its sale by Viad Corp to Truelink Capital, a Los Angeles based private equity firm. This transformational transaction positions GES to accelerate growth as a privately-owned, stand-alone company within Truelink’s portfolio.
“We are thrilled to open a new chapter of our business in 2025 alongside Truelink,” shared Derek Linde, GES Chief Executive Officer. “Our talented team delivered extraordinary event experiences for our clients across the globe during 2024, as we continued to see strong momentum in our business. We are energized by this opportunity to partner with the Truelink team to accelerate innovation and expand our industry-leading capability to deliver premier experiential events to clients worldwide.”
With over 2,600 talented team members and strong, lasting relationships with business partners across the globe, GES and its companies have a decades-long history supporting the world’s leading brands and events in robust business verticals including healthcare, aerospace & defense, financial services, manufacturing, technology, and retail, in a variety of exhibitions, event and experiential marketing capacities.
“Truelink is excited to collaborate with Derek and his leadership team to enhance GES’ position as an industry leader and strengthen the company’s heritage of success,” said Luke Myers, Co-Founder and Managing Partner of Truelink. “We are excited to drive strategic investments to bolster GES and Spiro’s strengths in creative design, logistics and event production, accelerate its tech-enabled offerings, and expand GES’ international reach on Day 1. We thank Viad for its exceptional stewardship and support during the transition period, and look forward to collaborating with the GES leadership team to help the business reach its maximum potential”
About GES:
GES is a leading global provider of exhibition and experiential marketing services to event organizers and brand marketers. We empower clients to engage their audiences and elevate the customer experience by delivering comprehensive exhibition, experiential, strategic, creative, event management and accommodation, meeting planning and logistical solutions, as well as registration and engagement solutions. GES includes a dynamic collective of industry-leading companies and their distinctive specialties — GES Exhibitions, Spiro, onPeak, SHOWTECH and Visit. Whether partnering together or working independently, our companies strategically partner with brands and event organizers to transform business objectives into extraordinary experiences that drive meaningful customer connections and bottom-line impact.
www.ges.com
www.thisisspiro.com
www.onpeak.com
www.showtech.ca
www.visitcloud.com
About Truelink Capital
Truelink Capital is a middle-market private equity firm based in Los Angeles. Truelink pairs deep industry experience in the industrials and technology-enabled services sectors with a commitment to building partnerships that drive long-term value through an operationally focused strategy. Truelink partners with management, corporate sellers, and founders to accelerate growth through the execution of strategic initiatives and transformative add-on acquisitions.
Contacts:
Marianne Szczech
[email protected]
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Innocan Pharma Announces Closing of Private Placement for Gross Proceeds of C$635,444.60
NOT FOR DISSEMINATION IN OR INTO THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
HERZLIYA, Israel and CALGARY, AB, Dec. 31, 2024 /PRNewswire/ — Innocan Pharma Corporation (the “Company“) (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Offering“) of units of the Company (the “Units“), pursuant to which the Company issued 3,177,223 Units at a price of C$0.20 per Unit (the “Offering Price“) for aggregate gross proceeds of $635,444.60.
Each Unit is comprised of one common share of the Company (a “Common Share“) and one common share purchase warrant of the Company (a “Warrant“). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.28 for a period of four (4) years from the date of issuance.
The Company paid an arm’s length finder a cash fee of C$13,500 and issued to the finder 67,500 warrants attributable to investors introduced to the Company by the finder within 3 months following such introduction (“Finder Warrants“). Each Finder Warrant entitles the Finder to purchase one Common Share at an exercise price of C$0.28 for a period of four (4) years from the date of issuance.
Iris Bincovich Innocan Pharma’s CEO stated: “I am thrilled with this successful closing of this private placement round, which reflects strong investor confidence in Innocan’s long-term vision, strategic direction as well as our proprietary CBD-loaded liposome platform technology (LPT) and our strongly growing consumer wellness operations. These new funds raised will allow us to further advance our innovative LPT through its regulatory milestones, and furthers our long-term goal of enhancing health and wellness worldwide.”
The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Innocan
Innocan is an innovator in the pharmaceuticals and wellness sectors. In the pharmaceuticals sector, Innocan developed a CBD-loaded liposome drug delivery platform with exact dosing, prolonged and controlled release of synthetic CBD for non-opioid pain management. In the wellness sector, Innocan develops and markets a wide portfolio of high-performance self-care and beauty products to promote a healthier lifestyle. Under this segment Innocan carries on business through its 60% owned subsidiary, BI Sky Global Ltd. which focuses on advanced, targeted online sales.
For further information, please contact:
Iris Bincovich, CEO
+1-516-210-4025
+972-54-3012842
+44 203 769 9377
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer for Forward-Looking Information
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the use of proceeds of the Offering; and statements regarding the FDA approval process for the Company’s LPT for its human pharmaceutical applications.
Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of the Company. Such statements can generally, but not always, be identified by words such as “expects”, “plans”, “anticipates”, “intends”, “estimates”, “forecasts”, “schedules”, “prepares”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. All statements that describe the Company’s plans relating to operations and potential strategic opportunities are forward-looking statements under applicable securities laws. These statements address future events and conditions and are reliant on assumptions made by the Company’s management, and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could materially differ from those currently projected, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedarplus.ca.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law.
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