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CHICAGO, Feb. 25, 2024 /PRNewswire/ -- At the invitation of Mr. Siva Yam, President of the United States of America-China Chamber of Commerce, Mr. Zhang Zhiguo, the CEO of Asia International Mergers and Acquisitions Fund for China, along with his delegation, arrived in Chicago, the third-largest city in the United States, on January 29, 2024. On the morning of January 30 at 10:00 AM, they visited the headquarters of the US-China Chamber of Commerce. Mr. Zhang Zhiguo and his old friend, Mr. Siva Yam, engaged in in-depth discussions for four hours. The parties reached multiple agreements and signed the "Comprehensive Strategic Cooperation Agreement between the US-China Chamber of Commerce and Asia Mergers and Acquisitions Fund," prioritizing the signing of four agreements: "Mutual Investment and Mergers and Acquisitions Cooperation Agreement between Chinese and American Enterprises," "Cooperation Agreement for Chinese Enterprises to List on NASDAQ," "Foreign Investment and Investment Promotion Agreement with Chinese Local Governments," and "Business Inspection and Training Agreement for Chinese and American Small and Medium Enterprises." Mr. Xu Zhenhua, a director of the Asia International Mergers and Acquisitions Fund, accompanied Mr. Zhang's delegation. Mr. Zhang Zhiguo, President of Asia International M&A Fund China, and Mr. Siva Yam, President of China-America Chamber of Commerce signed the NASDAQ listing agreement and the Foreign M&A cooperation agreement Currently, leveraging its financial capital resource advantages, the Asia International Mergers and Acquisitions Fund has been collaborating with various local governments on the ambitious plan to "Eliminate Counties with No Overseas Listings" in China. With 2863 districts and counties in China, the plan aims to incubate at least one overseas-listed company in each district and county. By promoting overseas listings, this plan intends to pave a convenient path to international capital market financing for China's small and medium-sized enterprises (SMEs), using global capital to facilitate the transformation and upgrading of Chinese SMEs and to promote the development of China's local economies. The plan has received strong endorsement and support . This comprehensive strategic cooperation with the US-China Chamber of Commerce leverages the chamber's influence in the US political and business circles to mobilize Wall Street capital to better implement the "Eliminate Counties with No Overseas Listings" plan. The cooperation items were the result of nearly six months of prior communication and coordination between the two sides and have the support of Republican members of the board of directors of the US-China Chamber of Commerce. The signing of the "Comprehensive Strategic Cooperation Agreement between the US-China Chamber of Commerce and Asia Mergers and Acquisitions Fund" follows President Xi Jinping's successful visit to San Francisco and the successful meeting between the heads of state of China and the United States. Based on the "San Francisco Vision" reached by the heads of state, aimed at advancing the development of China-US relations, this important civil economic exchange and cooperation fully reflects the profound connotation of President Xi Jinping's statement that "the hope of China-US relations lies in the people, and the foundation lies in the civilian sector." Through the active participation of non-governmental organizations and enterprises, the connection between the peoples of China and the United States will be closer, and civil exchanges and cooperation will be more active, injecting new momentum into the healthy development of China-US relations. The board of directors of the United States of America-China Chamber of Commerce consists of notable individuals from the Republican and Democratic parties, as well as the business and legal communities. The founding chairman was Prescott Bush, and the current president is Mr. Siva Yam, an investment banker with over twenty years of experience in mergers and acquisitions, company listings, private equity financing, and venture capital. He also serves as an advisor to several venture capital firms and Sino-American companies. The US-China Chamber of Commerce is a bilateral member organization that assists Chinese and American businesses, professionals, and the public in better understanding the business environments and cultural traditions of the two countries, helping Chinese enterprises enter the US market and attract foreign investment, as well as guiding American SMEs in expanding into China. Headquartered in the international financial center of Hong Kong, China, the Asia International Mergers and Acquisitions Fund primarily aids global capital in participating in investment, industrial upgrading, mergers and acquisitions restructuring, investment and financing consulting, and comprehensive capital market services such as legal and fiscal matters in East Asia and Southeast Asia. The China region is our service focus, where we assist Chinese enterprises in overseas listings and international mergers and acquisitions restructuring, unleashing their potential for international development, acquiring international advanced manufacturing and management technology, industrial supply chain resources, brands, and marketing channels. We also facilitate the introduction of international high-quality enterprises into the Chinese market for investment, joint ventures, or mergers and acquisitions, achieving mutual benefit. Additionally, we assist Chinese local governments in industrial upgrading planning, capital planning, and attracting foreign investment. Media Contact:Zack zzhiguo16@mail.com+86 18121307508/+1 8258820468
NEW YORK and MANILA, Philippines, Feb. 22, 2024 /PRNewswire/ -- Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, has added Octopus&Whale, a Philippines-based game and experience design agency that helps companies parlay ideas into immersive communications, to its fast-growing Global Affiliate Network to bolster full-service and specialty digital solutions for clients across Asia-Pacific. The partnership comes as Stagwell accelerates its commitment to growth across Asia, anchored by its regional offices in Singapore and Malaysia, and over 25 affiliate partners in Asia to date. Octopus&Whale is now celebrating its fourth year, having expanded its client base to include some of the Philippines' most iconic names in business, such as SM, Meralco, NutriAsia, Unilab, and Philippine Airlines. As the country's only agency with a focus on gaming, they aim to complement the full-service creative, media and digital services offered by Stagwell. Octopus&Whale was also the first Filipino agency to venture into the blockchain with "Save Our Sharks," a metaverse initiative generating over $1.5M worth of digital collectibles to drive awareness for Philippine shark conservation. "Tiempo and the entire Octopus&Whale team strive to exceed client needs while pushing boundaries across immersive experiences. We're pleased to partner with them and bring their expertise in the fast-growing gaming and experience space to larger clients in the Philippines and Southeast Asia," said Randy Duax, managing director, Asia-Pacific for Stagwell. "Through our partnership with Stagwell, we see endless opportunities to amplify our creative vision and reach untapped markets that could benefit from our specialty digital capabilities," said Joey David Tiempo, founder and CEO, Octopus&Whale. "We are excited to collaborate with other players in this tech-first network and be the guide for businesses who want to explore the gaming space." Stagwell's Global Affiliate Program powers agile global solutions for clients, allowing Stagwell to partner with regional experts to scale marketing capabilities to new regions. Since the program's inception, Stagwell has formed partnerships with nearly 80 affiliates across APAC, EMEA, LATAM and North America, extending Stagwell's global operational reach to 98 countries. About StagwellStagwell (NASDAQ: STGW) is the network created to transform marketing. We deliver creative performance at scale for the world's most ambitious brands, connecting culture-moving creativity with cutting-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our more than 13,000 experts in more than 34 countries are united under a single purpose: to generate effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com. Media Contacts: For APACGermaine Onggermaine.ong@stagwellglobal.com For U.S.Sarah Arvizopr@stagwellglobal.com
Announces Filing of Annual Report on Form 20-F for Fiscal Year 2023 BEIJING, Feb. 21, 2024 /PRNewswire/ -- Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), a leading Chinese agricultural technology company, today announced financial results for the year ended September 30, 2023. Management Commentary Dr. Gengchen Han, Chairman and CEO of Origin Agritech, stated, "This past year has been a pivotal year for Origin Agritech, marked by significant advancements that position us for an unprecedented phase of growth. Today, we are not looking at just the successes of the past year but are firmly focused on the future, particularly 2024, which we anticipate will be a landmark year for the Company." "We are particularly excited about the performance of our hybrid corn seed, which has outperformed expectations in 2023. Thanks to the outstanding performance of our new hybrid, we are projecting sales growth of over 30% in this segment alone. Also, our NEC (Nutritionally Enhanced Corn) is set to recognize its first revenue, which we expect to add more than 50% to our total revenue in 2024. These are a testament to our team's hard work and the strategic partnerships we have forged, allowing us to expand our production capabilities and market reach significantly." "Beyond our product offerings, we are making remarkable strides in our biotech research, particularly in gene editing technology. Our team, we believe, is at the forefront of agricultural biotechnology, working to innovate and improve our crop solutions. We anticipate that our progress in gene editing technology will not only enhance our existing product lines but also open new revenue streams. The potential of this technology is vast, and we are beginning to see the fruits of our labor. As we continue to push the boundaries of what's possible in agritech, we remain committed to delivering value to our shareholders, supporting our communities, and enhancing food security through efficient agricultural practices," concluded Dr. Han. Business Accomplishments and Highlights for the Year Ended September 30, 2023 and thereafter: Operational Highlights April 11, 2023: The selection of Origin Agritech's GMO corn hybrid with the triple stack trait BFL4-2 was announced for the national demo plot. April 17, 2023: A new 33,000-acre growing and processing facility in Xinjiang was announced, which is expected to increase revenue substantially. This project, requiring no capital cost for Origin, is in partnership with Shihezi City. July 12, 2023: Held a groundbreaking ceremony for a 100,000-ton corn drying base in Shihezi, Xinjiang. October 31, 2023: The development of a new gene-editing method that significantly reduces cross-procedure timing from 4-5 years to just one year and the creation of nitrogen-efficient corn to enhance crop health and potential yields were announced. Financial and Corporate Updates October 27, 2022: Appointed Dr. Shaojiang Chen to the Board of Directors as an independent director, effective November 1, 2022. Dr. Chen brings expertise in corn breeding and connections within the agritech community in China. July 19, 2023: Received a RMB 2 million grant from the Xinjiang government to support the construction of a local Germplasm Bank and the contract growing of NEC in the region. This grant highlights the government's endorsement of Origin's agricultural modernization efforts. September 6, 2023: Finalization of an agreement to sell former office space, converting approximately RMB 137.7 million in debt into equity in a joint venture with BC-TID. This move enhances Origin's financial health and supports its focus on agricultural biotech objectives. Fiscal Year 2023 Financial Results: For the fiscal year ended September 30, 2023, revenue was RMB93.3 million (US$13 million), compared to RMB52.6 million for the fiscal year ended September 30, 2022, an increase of 77.5%. The increase in revenues was mainly due to the re-opening of our Xinjiang facility and the strong market performance of our new hybrids. Total operating expenses for the fiscal year ended September 30, 2023 were RMB32.2 million (US$4.5 million), compared to operating expenses of RMB29.1 million in fiscal year 2022. Selling and marketing expenses for fiscal year 2023 were RMB8.3 million (US$1.2 million), compared to RMB7.3 million in fiscal year 2022. Selling and marketing expenses remained low as the Company's strategy to form seed distribution joint ventures helped improve efficiency in the distribution businesses. General and administrative expenses for the fiscal year ended September 30, 2023, were RMB14.2 million (US$1.99 million), compared to RMB14.3 million year-over-year. General and administrative expenses from continuing operations primarily consist of salary and compensation, depreciation and amortization, legal fees, professional expenses, and other expenses, including travel and other general business expenses and office supplies. Impairment of long-term investment for the fiscal year ended September 30, 2023 was RMB 1.49 million (US$ 0.21 million) Research and development expenses were RMB7.4 million (US$1 million) in fiscal year 2023, the same as fiscal year 2022. Research and development expenses from continuing operations primarily consist of salary and compensation expenses of personnel engaged in the research and development of our proprietary crop seeds and genetically modified products, traveling expenses, depreciation of plant and equipment, and expenses paid to certain research institutes to carry out research projects on behalf of Origin during the period. The Company received rental income for its headquarters building of RMB10.6 million (US$1.5 million) and incurred other non-operating income of RMB69.7 million (US$9.7 million) during the fiscal year ended September 30, 2023. For the year ended September 30, 2022, rental income was RMB10.6 million, and other non-operating expenses were RMB15.7 million. Net Income attributable to Origin for the fiscal year ended September 30, 2023, was RMB62.7 million (US$8.7 million), compared to the net income of RMB2.35 million for the fiscal year ended September 30, 2022. Liquidity As of September 30, 2023, and 2022, we had approximately RMB23.7million (US$3.3 million) and RMB17.7 million, respectively, in cash and cash equivalents for continuing operations. The Company has no debt. Net cash provided by operating activities was RMB 5.5 million (US$0.76 million) during fiscal year 2023, compared with net cash provided by operating activities RMB3.3 million for the fiscal year ended September 30, 2022. Net cash used in investing activities was RMB11.2 million (US$1.6 million) for the fiscal year ended September 30, 2023, compared with net cash used in investing activities of RMB1.1 for the fiscal year ended September 30, 2022. Net cash provided by financing activities was RMB22.9 million for the fiscal year ended September 30, 2023, compared with net cash used in financing activities of RMB 0.32 million for the fiscal year ended September 30, 2022. The Company raised $2.73 million from the sale of 320,000 ordinary shares during the fiscal year ended September 30, 2023. The proceeds from the sale of the ordinary shares will be used for working capital and the grant amount will be used for our corn supply chain facilities in Xinjiang and other regions. Annual Report Now Available The Company has filed its annual report on Form 20-F for the fiscal year ended September 30, 2023 with the Securities and Exchange Commission ("SEC"). The annual report on Form 20-F can be accessed on the SEC's website at http://www.sec.gov and the Company's investor relations website at https://originagritech.com/investor-relations/. About Origin Agritech LimitedOrigin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech's phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China's Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company's website at www.originagritech.com. The Company also maintains a Twitter account for updating investors on Company and industry developments, which is https://x.com/origin_agritech. Forward-Looking StatementsThis communication contains "forward-looking statements" as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements address expected future business and financial performance and financial condition, and contain words like "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "would," "target," and similar expressions and variations. Forward-looking statements address matters that are uncertain. Forward-looking statements are not guarantees of future performance and are based on assumptions and expectations which may not be realized. They are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates but involve a number of risks and uncertainties, many of which are beyond the Company's control. Some of the important factors that could cause the Company's actual results to differ materially from those discussed in forward-looking statements are: failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting our products; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; natural disasters and weather events and patterns; ability to protect and enforce the Company's intellectual property rights; and separation of underperforming or non-strategic assets or businesses. The Company undertakes no duty or obligation to publicly revise or update any forward-looking statements as a result of future developments, or new information or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. For more information, please contact:Origin Agritech Limited Contact:Kate Lang (Mandarin/English)Director of Investor RelationsPhone: +86 186-1839-3368Email: bing.lang@originseed.com.cn Investor Relations Contact:Matthew Abenante, IRCPresidentStrategic Investor Relations, LLCTel: 347-947-2093Email: matthew@strategic-ir.com
MILAN, Feb. 21, 2024 /PRNewswire/ -- PLT Energia (PLT), one of the largest independent Italian groups in the renewable and energy storage sector, announced that its subsidiary PLT Energy US Corp has entered into a joint venture with GGS Energy LLC to develop more than 1 GW of renewable energy in Texas. The joint venture's first project will be the development and construction of its Indigo Project Phase I, located in West Texas totaling 330 MW: 150 MW of PV and 180 MW of storage. Construction is expected to commence in June 2024. The newly formed joint venture company, PLT US Solar 1 LLC, is 80% owned by PLT Energy US Corp and 20% owned by GGS Energy. "This dynamic JV with GGS Energy offers PLT a platform for international growth into the U.S. Market and advances our long-term goals of being a leader in the realization of renewable energy projects globally," stated Pierluigi Tortora, Chairman of PLT. PLT's CEO Stefano Marulli added, "PLT Energia remains focused on value creation across our entire renewable portfolio as we continue to pursue growth opportunities that underpin our strategy of geographical diversification." Philip Carafiello, President of PLT Energy US Corp, added, "Securing this joint venture and kicking off development of the Indigo PV Project helps support PLT's charter to realize lower carbon energy projects, while benefitting local communities and the economy." GGS Energy, a subsidiary of Glacier Global Partners, was formed in 2020 as an energy transition company focusing on developments of utility-scale renewable energy projects in the U.S. with an initial focus on photovoltaic projects. "We are thrilled to embark on this journey with PLT Energia," said GGS Energy Chairman Yaniv Blumenfeld. "In aligning with PLT, GGS Energy is not just forming a partnership; we are joining forces with a team whose trust and support reflect a deep alignment with our mission and values. This JV is a steppingstone for GGS's growth and signals our collective commitment to transform the energy landscape." GGS Energy CEO David Ramm added, "Joining hands with the PLT group heralds a new era for GGS Energy, where trust, innovation, and expertise converge to fuel our growth ambitions in the renewable energy sector. I am very excited by the prospects of what we will achieve together." Contact:Eleonora TortoraCFO & Investor RelationsPLT Holding S.r.l.e.tortora@pltholding.it
RIYADH, Saudi Arabia, Feb. 20, 2024 /PRNewswire/ -- Alat, an innovative company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia, today announced four global partnerships with leading technology companies, Softbank Group, Carrier Corporation, Dahua Technology and Tahakom. Alat, a PIF company, will deliver sustainable manufacturing to help these global companies reduce their emissions and move towards carbon zero manufacturing. Alat is quickly delivering its mandate by partnering with the world's leading corporations to innovate and transform industries, with a commitment and focus on using clean energy. Alat Saudi Arabia Alat will invest US$100 billion by 2030 to enhance the capabilities of the technological sector, benefiting from the rapid development of this sector in Saudi Arabia. The company will also empower the private sector and enhance the commercial environment through its business systems and partnerships with leading international technology manufacturers. Amit Midha, Global CEO of Alat, said: "In conjunction with our international and regional partners, the first four of which we proudly announce today, we will redefine sustainable manufacturing. Alat´s mandate is focused on harnessing the Kingdom´s solar, wind and green hydrogen clean energy. We are passionately using technology to transform businesses, leveraging cutting-edge AI technology and fourth industrial revolution technologies for manufacturing. This is not only using clean energy, but applying sustainability measures to all our operations, buildings, logistics and supply chain, with sustainability at the core of everything we do." Accelerating Alat´s plans and ambitions, the company is today announcing four global partnerships: Softbank Group: In conjunction with the Softbank Group, one of the world´s largest technology investment groups, Alat and Softbank will establish a next generation industrial automation business in the Kingdom of Saudi Arabia that will manufacture groundbreaking industrial robots. The partners will invest up to US$150 million to establish a fully automated manufacturing and engineering hub that will serve local and global demand. The plan is for this manufacturing plant to be opened by December 2024. Carrier Corporation: A global leader in intelligent climate and energy solutions, will in collaboration with Alat develop a cutting-edge manufacturing and R&D facility in the Kingdom aimed at decarbonizing emissions in buildings, and dramatically increasing their energy efficiency. The partnership will deliver advanced heating, ventilation and air conditioning (HVAC) solutions which includes high-tech products like Variable Refrigerant Flow, chillers, and Air Handling Units (AHUs). The agreement includes development of a cutting-edge manufacturing and R&D center expected to create more than 5,000 local jobs. Dahua Technology Ltd: A professional manufacturer in the security and safety field will start manufacturing technology products in the region, through a new joint venture to produce and market solutions for safety and surveillance use that are applicable in Intelligent Cities, as well as Intelligent Buildings and Enterprise Applications. Alat and Dahua Technology will invest US$200M to establish a secure and compliant global business for vision-centric products, called Alat AIVisio Technology Co. Ltd., and a state-of-the-art manufacturing facility in Saudi Arabia. Both companies will cooperate and support with technology enablement, testing labs and demo centres. The Saudi Technology and Security Comprehensive Control Company (Tahakom), which already develops Intelligent Transportation Systems (ITS), Artificial Intelligence (Al) and cutting-edge safety solutions, will in partnership with Alat combine their resources and capabilities to advance smart mobility and intelligent cities solutions, in alignment with Saudi Arabia Vision 2030. This partnership will involve collaboration on solution designs, product specifications and leveraging R&D and innovation functions, as well as building technology roadmaps and cultivating both client and vendor relationships. Alat will innovate and create manufacturing capabilities across seven business units, these include semiconductors, smart devices, smart buildings, smart appliances, smart health, advanced industrials and next-gen infrastructure. The company will initially manufacture products in 34 categories in seven business units. Alat has appointed some of the world´s most experienced global industry experts to lead each of the Alat business units. For more information visit www.alat.com
CDM Integrates ASC's Recording Insights Solution for Microsoft Teams into its Product Portfolio HÖSBACH, Germany, Feb. 20, 2024 /PRNewswire/ -- ASC Technologies AG, one of the world's leading providers for cutting-edge software and cloud solutions, specialized in compliance recording and analysis of communication, has announced the partnership with CDM (Communications Design & Management), one of Australia's leading ICT service providers. The partnership brings together CDM's expertise in IT network infrastructure and service delivery with ASC's many years of experience in compliance recording and AI-driven analytics. The objective of the collaboration is to enable a wide range of industries - including financial institutions, contact centers, and the public sector - to utilize Microsoft Teams for their business communication while adhering to compliance requirements and benefiting from AI supported tools. CDM's Unified Communications Manager commented: "Providing the right solution for the best possible outcome for our customers is a key focus of CDM. To ensure we deliver on this commitment, we select only those products that we consider to be best of type as components for our solutions. Within our Unified Communications practice, we have chosen ASC to provide class-leading recording and analytics across our entire technology stack. With the strong uptake of Microsoft Teams, ASC's solution Recording Insights means recordings are no longer just stored to disk but now provide invaluable information to shape customer's business decisions." Recording Insights facilitates recording calls, meetings, shared screens, videos and chats within Microsoft Teams and archiving them in a legally compliant manner. Recording Insights is a native, Microsoft-certified cloud solution that is hosted in Azure and can be seamlessly integrated into the collaboration platform. Dr. Gerald Kromer, CEO at ASC, added: "Together with CDM's comprehensive ICT knowledge and customer-centric approach, we are able to set new standards for enterprise communication and collaboration. Our partnership will unlock the full potential of Microsoft Teams, backed by the power of Microsoft Azure and OpenAI." About CDM Communications Design & Management Pty Limited (CDM) is a privately owned small to medium enterprise that has been in operation since 1991. During this period we have delivered technology projects ranging in size from small to extremely large. CDM is committed to meeting our customer's objectives and requirements and ensuring customer satisfaction. To achieve this we develop reliable partnerships and it is through these partnerships that we are able to deliver mutually beneficial results. About ASC ASC is a worldwide leading provider of software and cloud solutions in the field of omni-channel recording, quality management, and analytics. Among our target groups are all companies that record their communications, especially financial service providers, contact centers, and public safety organizations. We offer solutions for recording as well as AI-based analysis and evaluation of all communications – with full flexibility as a cloud service, on-premise or as a hybrid solution. Headquartered in Germany with subsidiaries in 14 countries and experienced system integration partners in over 60 countries, ASC is the #1 Europe-based player in its industry. www.asctechnologies.com
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