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Multi-pronged, agile and collaborative approach will attract international manufacturers to strengthen the UAE's and Dubai's industrial ecosystems VVIPs attend launch of #MakeBrilliance campaign aligned with Operation 300bn, 'Make it in the Emirates', the National Food Security Strategy 2051, UAE Net Zero by 2050 and Dubai Economic Agenda 'D33', to promote regional industrial sector's growth and market opportunities Emirates Development Bank (EDB) to provide AED1 billion in financing for Dubai Industrial City's customers DUBAI, UAE, May 4, 2023 /PRNewswire/ -- Dubai Industrial City, a member of TECOM Group PJSC, signed three major strategic partnerships with the Ministry of Industry and Advanced Technology (MoIAT), the Ministry of Climate Change and Environment (MOCCAE), the Emirates Development Bank (EDB) and Dubai's Department of Economy and Tourism (DET), to stimulate growth in the UAE's manufacturing industry with the aim to strengthen the UAE's position as a sustainable, attractive global industrial hub. VVIPs attend launch of MakeBrilliance campaign The signing ceremony at Jumeirah Emirates Towers in Dubai on 3 May 2023 was attended by high-ranking officials and VVIPs including His Excellency Omar Al Suwaidi, Undersecretary of the Ministry Industry and Advanced Technology; His Excellency Eng. Mohammed Alameeri, Assistant Undersecretary for the Food Diversity Sector at the Ministry of Climate Change and Environment; Ahmed Al Naqbi, CEO of Emirates Development Bank; Hadi Badri, CEO of Dubai Economic Development Corporation – Dubai's Department of Economy and Tourism; Abdulla Belhoul, Chief Executive Officer of TECOM Group; and Saud Abu Alshawareb, Executive Vice President of Industrial Leasing – TECOM Group. The agreements are in line with the long-term goals of the Operation 300bn, 'Make it in the Emirates' the 'National Food Security' and the UAE Net Zero by 2050 strategies to develop the UAE industrial sector and raise its in-country value and global exports as well as Dubai Economic Agenda 'D33' to promote sustainability, innovation and foreign investments in the local manufacturing sector. The agreements will amplify local and regional opportunities for industrial growth through Dubai Industrial City's purpose-built ecosystem, creating a multi-pronged approach that fosters collaboration between the public and private sectors to address economic priorities such as advanced manufacturing, sustainability and food security. Commenting on the partnership, His Excellency Omar Al Suwaidi, Undersecretary of the Ministry Industry and Advanced Technology said: "MoIAT is proud to support the Make Brilliance campaign, which is synergised with the objectives of the Make it in the Emirates initiative – one of the key pillars of our industrial sector and a vital contributor to the UAE's economic growth and diversification. Through the Make it in the Emirates initiative, we are forging a robust industrial community of local and international companies who are all contributing to the UAE's economic growth and diversification. "Our partnership with Dubai Industrial City will further strengthen this community and its ties with international stakeholders, helping to reinforce the UAE's reputation as a global destination for industries of the future. MoIAT is committed to working alongside partners to support our national reputation as a global destination for manufacturing. The Make it in the Emirates Forum this month will be a key platform for our national enterprises to connect with international partners to discuss opportunities and advance conversations around sustainable industrial development. We look forward to introducing more enablers and incentives as well as highlighting the UAE's unique value proposition." Following the signing ceremony, Saud Abu Alshawareb, Executive Vice President of Industrial Leasing – TECOM Group, said the agreements would pave the way for Dubai Industrial City to secure pathways for expanding the industrial and logistics sectors in Dubai and the UAE. "Growing the industrial and logistics is essential to the UAE's growth strategy. Dubai's logistics network and business-friendly legislation have made it an attractive industrial hub. As one of the region's largest industrial ecosystems, we aim to take the sector to the next level, unlocking core market value and attracting international investors in line with Operation 300bn, 'Make it in the Emirates' and Dubai Economic Agenda 'D33'. Partnerships with key government entities like MoIAT, MOCCAE, EDB and Dubai's DET will ensure our efforts strengthen the UAE's position as a global industrial hub, encouraging future investments," added Alshawareb. Growing a national manufacturing industry Dubai Industrial City is building on its longstanding partnership with MoIAT and EDB to promote the 'Make it in the Emirates' initiative under Operation 300bn, which invites investors, innovators and developers to participate in the national industrial and advanced manufacturing sectors with a view to exporting UAE products to new global markets. As part of a tripartite agreement signed during the event, MoIAT, EDB and Dubai Industrial City will collaborate to strengthen the UAE's reputation as a global destination for future industries. MoIAT will bring on Dubai Industrial City as a private sector partner to collaboratively advance the economic priorities of 'Make it in the Emirates' at local, regional, and international events. These joint efforts to grow the UAE's manufacturing and industrial sectors will be strengthened by Dubai Industrial City's renewed partnership with EDB to secure AED1 billion in financing for its customers. Both entities will support the growth of advanced and sustainable manufacturing and logistics in the UAE by providing innovative financing and banking solutions to small- and medium-sized enterprises. Commenting on the agreement, Ahmed Al Naqbi, CEO of Emirates Development Bank, said: "The signing of this MoU today underscores EDB's vital role in strengthening the economic resilience and competitiveness of the UAE. In 2022, EDB approved AED513.4 million towards financing projects and businesses based in Dubai Industrial City. "We are proud to be a part of Dubai Industrial City's #MakeBrilliance campaign, which reinforces the UAE's commitment to innovation and excellence in industrial manufacturing. Our commitment to providing AED1 billion for businesses based in the district in the next three to five years represents a significant increase in available capital, heralding a new era in industrial financing to help deliver innovative products made in the UAE. "Through strategic partnerships with key players like MOIAT and Dubai Industrial City, EDB identifies developmental projects and deploys capital efficiently and quickly. Our partnership is instrumental to drive resilience and growth in the UAE's industrial landscape, as we excel through partnerships and continue to support projects that contribute to the nation's economic growth and competitiveness." New partnerships with MOCCAE and Dubai's DET Dubai Industrial City and MOCCAE signed an agreement to boost food security to support the 'National Food Security Strategy 2051'. Both parties will promote adopting advanced technology to strengthen the local food production sector and emphasise the importance of innovation, knowledge-sharing, and nutrition security. His Excellency Eng. Mohammed Alameeri, Assistant Undersecretary for the Food Diversity Sector at the Ministry of Climate Change and Environment, stressed that all are partners in supporting the competitiveness of the UAE and achieving its goals to enhance food security based on innovative solutions and modern technologies that are environmentally friendly and climate smart. His Excellency added: "With the UAE hosting the twenty-eighth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) and in line with the Year of Sustainability, we stress, through our strategic partnership with Dubai Industrial City, the importance of strengthening the UAE's ranking in the global food security indicators, and transforming it into an innovation based food security hub. The UAE aims to become the best in the world on the global food security index by 2051, through employing modern techniques and technologies, enhancing local production, and developing local and international partnerships to diversify food sources." Sustainability remains a key pillar for Dubai Industrial City and the UAE's overarching manufacturing roadmap, and the agreement signed between Dubai Industrial City and MOCCAE will promote decarbonisation in the industrial sector. Both parties will collaborate on implementing environmental laws and decrees and promoting the UAE carbon registry and crediting mechanism to support decarbonisation efforts in the industrial and logistics sectors under the UAE Net Zero by 2050 strategy. The agreement with Dubai's DET will contribute to the Dubai Economic Agenda 'D33' by attracting foreign direct investment in the manufacturing and logistics sectors. By showcasing the ecosystem's ready-to-use offerings before global audiences, Dubai Industrial City aims to attract international manufacturers to set up and export from Dubai and the UAE. Hadi Badri, CEO of Dubai Economic Development Corporation – Dubai's Department of Economy and Tourism, said: "As Dubai's Department of Economy & Tourism, we are committed to building on the strength of Dubai's progressive public-private partnership model to deliver the Dubai Economic Agenda 'D33' and will bring together a range of stakeholders to contribute towards its success. We are focused on a set of core priorities for the next decade, including raising the value-add of the industrial sector and promoting export growth, building a framework for sustainable economic development, and achieving self-sufficiency in a number of key sectors and industries, including manufacturing." Launch of #MakeBrilliance The event also kicked off Dubai Industrial City's #MakeBrilliance campaign, which will elevate the industrial hub's status globally. MoIAT, MOCCAE, EDB and Dubai's DET will amplify the campaign at global, regional and local events. Established in 2004, Dubai Industrial City is one of the region's largest industrial manufacturing and logistics hubs. It is home to more than 800 customers and 300 operational factories. It has been a catalyst for the growth and expansion of the UAE's industrial sector with a world-class master plan divided into sector-focused zones, including minerals, base metals, F&B, trade and distribution, transportation, chemicals, and machinery and equipment. Dubai Industrial City is part of TECOM Group's portfolio of 10 business districts, including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Science Park, Dubai Knowledge Park, Dubai International Academic City and Dubai Design District (d3). About TECOM Group PJSC TECOM Group has been developing strategic, sector-focused business districts across the emirate of Dubai since 1999. TECOM Group is well-positioned to continue playing an integral role in cementing Dubai's status as a global business and talent hub. The TECOM Group portfolio consists of 10 business districts catering to 6 vital knowledge-based economic sectors, including design, education, manufacturing, media, science, and technology. The Group provides a varied and tailor-made leasing portfolio – which includes offices, co-working spaces, warehouses and land – to over 9,500 customers and more than 105,000 professionals. TECOM Group offers additional value-added services to deliver a competitive and attractive environment for businesses and entrepreneurs to thrive in and to facilitate engagement between the districts' community members. Government and corporate services are made available through an integrated smart services platform, "axs", which enhances ease of doing business and provides community members with a seamless experience. TECOM Group also provides industry specialized facilities, including media production studios, laboratories and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Its future-focused co-working spaces D/Quarters deliver stimulating work environments for tenants, and the "Go Freelance" package serves freelance talents. For more information, please visit www.tecomgroup.ae. About Dubai Industrial City Dubai Industrial City provides intelligent infrastructure and integrated solutions for manufacturers and businesses. Part of TECOM Group, it is a key stakeholder in the Operation 300bn, which aims to develop the UAE's industrial sector and enhance its role in stimulating the national economy. The hub is home a wide range of customers in sector-specific zones, including major local and multinational organisations such as Unilever, Patchi, Al Khayyat Investments, Almarai Group, IFFCO Group, Silver Line Gate Group, Badia Farms and Al Futtaim Logistics. Offering a cost-effective and efficient business environment for the region's manufacturing sector, Dubai Industrial City today serves as an enabling ecosystem for manufacturing and logistics with its integrated offerings of industrial land, state-of-the-art warehousing, office space, retail space, showrooms, and worker accommodation. For more information, please visit www.dubaiindustrialcity.ae About Emirates Development Bank Emirates Development Bank [EDB] the UAE's development bank, is a key financial engine for the economic development and industrial advancement of the UAE. EDB provides financial and non-financial support to businesses of all sizes from start-ups, SMEs to corporates driving economic competitiveness across five strategic priority sectors: advanced technology, food security, healthcare, renewables, and manufacturing. EDB was established under Federal Law by Decree No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan; and became operational in June 2015. For more details, visit www.edb.gov.ae. For media enquiries, please contact: Mutaz AlbadriTECOM Group PJSCTel: +971 50 570 6785Email: mutaz.albadri@tecomgroup.ae Mustafa Al-SibaiHill+Knowlton StrategiesTel: +971 52 283 7165Email: mustafa.al-sibai@hkstrategies.com Strategic partnership with DET Strategic partnership with MOCCAE Strategic partnership with MoIAT EDB
BEIJING, May 4, 2023 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has initiated the drilling of Project Deep Earth 1-Yuejin 3-3XC Well ("the Well") on May 1 in the Tarim Basin, Xinjiang Uyghur Autonomous Region. With a design depth of 9,472 meters, it will be the deepest oil and gas well in Asia and a breakthrough of milestone significance in China's ultra-deep oil and gas exploration, which now has world-leading technological and equipment capabilities. Sinopec Starts the Drilling of Asia’s Deepest Oil and Gas Well, Project Deep Earth 1-Yuejin 3-3XC Well, in Tarim Basin. Located in the Shaya County of Aksu Prefecture by the edge of the Taklamakan Desert, the Well has completed stratigraphic sealing of the upper 1,500 meters in only four to five days. The drilling operation, carried out by Sinopec Oilfield Service Corporation, is estimated to reach the carboniferous strata in 21 days, which will set a new record in the region. The extensively difficult and challenging drilling operation is also setting a new Asian record for horizontal displacement in ultra-deep drilling. Wells with a depth of over 9,000 meters are defined as ultra-deep wells, which is the most challenging field of oil and gas engineering technology development. The depth of the Well is 624 meters higher than Everest. In addition to the common bottlenecks of complex geological structure and high temperature, pressure, and hydrogen sulfide content, the well has also been designed for a 3,400-meter horizontal drilling distance, which brings up new issues such as difficult casing and the formation of cuttings bed in horizontal depth. Sinopec Northwest China Petroleum Bureau has innovatively adopted ultra-deep and large displacement technology that accesses the rich oil and gas resources without damaging the wetland natural reserve. Equipped with "a pair of eyes", the high-temperature and high-efficiency directional technique transmits signals from the vertical depth of 7,200 meters enabled by the high-precision drilling measurement and control system. Sinopec aims to launch pilot ultra-deep exploration projects and push the limits of depth through innovation-driven development of deep marine facies geological theory and exploration technologies. Through its self-developed rotary geo-steerable drilling system and the high-temperature and high-pressure logging equipment, Sinopec has achieved leapfrog development of fast drilling in high precision. As of now, the Shunbei oil and gas field of the Shendi-1 Project has 49 oil and gas wells that are deeper than 8,000 meters, and multiple wells have set new Asian records.
TAIPEI, May 4, 2023 /PRNewswire/ -- Asian Packaging Industry Online Exhibition (APACK 2023) is a virtual and physical integration targeting Asian suppliers, importers, and exporters. It will be exhibited from May 4 - August 31, 2023, and is expected to bring an excellent opportunity for exhibitors to expose their brands. This transnational trade event, jointly organized by AsianNet and TradeAsia (www.e-tradeasia.com), will be held once a year starting in 2022. In terms of quality and quantity, there are satisfactory results. In 2023, we will expand the scale. During the three-month extension period, there will be in line with the show schedules of Interpack, Taipei International Packaging Industry Show and Propak Asia to create group momentum. It is convenient for international buyers to visit and compare in one purchase. TradeAsia, the organizer of the Asian Packaging Industry Online Exhibition (APACK 2023), invited dozens of Taiwanese suppliers of Packaging Industry to participate in the exhibition. Top-notch brands such as Keljen Enterprise, Tian Cherng, Elastin, Shang-Yuh, Jesper PET, Avatack, Chun Cheng, Neptune Tape, Powertronics and Pan Taiwan are all gearing up to showcase their newest products. Manufacturers and product categories have covered Carton Sealer, Erector, Empty Carton Bottom Sealer, Cross Strapping System, Strapping System, Auto Strapping Machine, Strapping Device, Pallet Arrow Strapping, PVC Sheet, PVC Rigid Sheet, Plastic Sheet, PP Sheet, PC Sheet, PS Sheet, PEVA Sheet, Foil Stamping, Book Binding Paper, PVC non-woven Leather, Hot Stamping, Mirror Plastic Sheet, Acrylic Sheet, Acrylic Glass, Acrylic Fabrics, Book Binding, Folding Boxes, Vacuum Emulsify Mixer, Nauta Mixer, V Type Mixer, Ribbon Blender, Double Cone Mixer, Rocking Mixer, Vacuum Cooker, Steam Heating Kettle, Preparation Mixing Tank, Chemical Machine, Pharmaceutical Machine, Production Factory Piping Engineering, Preform, PET Preform, PET Preforms, Bottle Preform, Plastic PET Preform, Injection Molds, Blow Mold, PET, Blow Molding, Plastic Injection Molding, PET Bottles, Plastic Bottle, Plastic Bottles, Water Bottle, Plastic Preform, Preform Bottle, Bottle Caps and 38mm Cold Fill Preform. Also includes machines for dough processing from production to finished packaging, such as Crisp Skin Machine, Dough Divider, Reversible Sheeter, Horizontal-type Plant Mixer, Horizontal Vacuum Mixer, Bagel Machine, Multi-purpose mixer, Dough Moulder, Tabletop Dough Moulder, Short Dough Moulder with thousands of the latest products, tools, and equipment on display. It can be said to be rich and professional. APACK 2023 Online Exhibition：https://www.etradeasia.com/online-show/23/Asian-Packaging-Industry-Online-Exhibition-2023.html Although the COVID-19 epidemic is gradually slowing down in Asia, Europe, and America, the international flow of people is still difficult to recover in a short period of time. Traditional exhibitions have been greatly hindered, and at this time, online activities have become mainstream. The Asian Packaging Industry Online Exhibition (APACK 2023) provides various online exhibition rooms, including exhibition pages, electronic catalogs, and virtual exhibition halls. It also connects products and exhibitor information with TradeAsia so that even international buyers who are thousands of miles away can easily visit and will not be affected by travel restrictions and quarantine measures. They can also visit the manufacturer's special pages and leave their information at the same time. TradeAsia (www.e-tradeasia.com) has provided B2B international trade services for buyers and sellers since 1997. It is the most experienced and professional trade platform in the world. We currently have millions of global members, more than 600,000 suppliers, and millions of the latest products. Thousands of professional buyers worldwide find products and contact sellers for business cooperation every day. TradeAsia is a significant trade promotion channel in Asia. TradeAsia has also established cooperative relationships with hundreds of trade entities worldwide, exchanging marketing promotion exposures. Therefore, suppliers have a good chance to spread information to global platforms or exhibition entities simultaneously. By this effort, we will significantly increase participation with global marketing power APACK 2023 Online Exhibition will also be broadcast globally.
4 Co-locating Shows Create Powerful Synergy and Unmatched Business Opportunities HONG KONG, May 3, 2023 /PRNewswire/ -- Returning from 10 – 12 May 2023 at the Hong Kong Convention and Exhibition Centre (HKCEC), HOFEX, ProWine Hong Kong @HOFEX, Retail Asia Conference & Expo and Build4Asia will send the biggest welcome to global business traders by presenting unparalleled sourcing, trading and networking opportunities across industries. As the leading B2B sourcing platform for the F&B, hospitality, retail and building industries in Hong Kong, the co-locating shows will reconnect exhibitors and visitors from Mainland China, Asia-Pacific and afar, offering a myriad of inspiring events and industry updates to deliver an epic B2B sourcing experience. "As global tourism gradually recovers, the 4 shows will expand in scale and international presence to capture post-pandemic business opportunities. We are very proud to say that our shows play an exceptionally vital role in reconnecting businesses and industries; as seen in the extensive support from the government and industry members, as well as the strong commitment of global trade organisations and exhibitors." said Mr David Bondi, Senior Vice President, Asia, Informa Markets – Organiser of HOFEX, ProWine Hong Kong @HOFEX, Retail Asia Conference & Expo and Build4Asia. The four shows' joint opening ceremony will take place on 10 May 2023, which be officiated by the Honourable Paul Chan Mo-Po, GBM, GBS, MH, JP, Financial Secretary, The Government of the Hong Kong Special Administrative Region. Key industry stakeholders including InvestHK, Hong Kong Tourism Board, Hong Kong Hotels Association and more will also witness the opening of this grand industry occasion. Embark on a Multi-sensory Culinary Adventure Remarking 36 years of excellence, HOFEX – Asia's Leading Food & Hospitality Tradeshow is a global sourcing powerhouse bringing top-notch F&B products and solutions from around the world to energise the Asia market. Spanning across Hall 1 and 3 of the HKCEC, the expo will play host to 25,000+ trade buyers and 1,200+ exhibiting brands including national and regional pavilions from China, Denmark, Italy, Macao, Malaysia, Korea, Poland, Thailand, UK, USA and more. From Bakery & Confectionery, Specialty Coffee & Tea, Food & Drinks, Foodservice Equipment & Catering Supplies, Tableware & Hospitality Supplies to Hospitality Technology & Design, HOFEX presents the most comprehensive selection of products and solutions to cater to the needs of all F&B traders. An array of competitions, forums and award ceremonies will also take place during the show, turning the exhibition halls into a breeding ground of pioneer trends and ideas. As the flagship event of HOFEX, the Hong Kong International Culinary Classic (HKICC) will see more than 300 talented chefs, cooks, pastry chefs and apprentices from across 7 countries and regions to display cooking skills and share culinary expertise. This year, the contest will include Bread Showpiece, Croissants & Danish and Dim Sum Platter as new categories to stir up interests and allow the demonstration of more specialised culinary skills. Another highlight will be the Hong Kong Professional Mixologist Challenge 2023, which is open to bartenders in hotels, bars, restaurants, clubs and institutions in Hong Kong, Macau and Taiwan to recognise the professionalism of regional bartenders. GHM Hotel Industry Development Leaders Summit & GHM "Golden Pearl Award" Award Ceremony is a brand-new event where top management from eminent hotel groups convene to explore opportunities and roles of hotel and F&B industry in the Greater Bay Area, as well as to celebrate the excellence and dedication of industry professionals. Uncork Asia's Wine Business Opportunities ProWine Hong Kong @HOFEX — the international trade fair for wines and spirits will showcase premium wines & spirits, professional wine equipment and accessories from around the world in Hall 3F-G. Under the support of national trade organisations, a myriad of international companies will join in cluster as country pavilions, including Wines of Germany by Federal Ministry of Food and Agriculture (BMEL) and French Pavilion by Business France, each presenting the country's very best wines & spirits to hold on to connoisseurs' taste buds. The industry's favourite ProWine Hong Kong Wine Forum will be held 3 days in a row to present wine tasting techniques and bubbling wines trends covering Haute Couture Champagne, Prosecco, Spanish Sherries, Chinese Baijiu, etc. Sought-after speakers include the acclaimed sommelier Reeze Choi, Asia's first Master of Wine, Debra Meiburg MW, renowned wine & spirits educators, Jennie Mack and Eddie Nara, to name a few. Get Ahead in the New Retail Landscape Situated at the forefront of innovative retail solutions, Retail Asia Conference & Expo (RACE) is powering Hong Kong's current retail technological revolution by providing an innovative platform for thought exchange. Taking place in Hall 5F, the show will gather global tech entrepreneurs under one roof to showcase 500+ cutting-edge products featuring online payment, supply chain, e-commerce, chatbot, data analytics, etc. This year, RACE will present an unprecedented exhibitor line-up — payment solutions companies such as Airwallex and EFT Payment have joined, along with overseas industry giants such as Sensormatic from US, Lark Technologies from Singapore, Dtonic Corporation from Korea and many more. The highly regarded Retail Digital Marketing Conference will gather over 100+ Chief Marketing Officers, Digital, Data, Branding, Experience, Social Media, Loyalty, Analytics professionals and decision-makers to navigate the future of retail digital marketing. Featured speakers include market leaders in e-commerce such as Michael Ho, ZALORA's Head of Hong Kong; Tony Mak, I.T's Creative Director and Sarah Mathews, Tripadvisor's Director of Media Partnerships APAC and many more. Redefine the Future of Construction Build4Asia — the No.1 Tradeshow for the Building, Electrical Engineering and Security Industries in Hall 5G welcomes leaders from the construction and building solutions sectors to demonstrate their world advanced technologies to Hong Kong and beyond. From building materials and automation, smart city technologies to total surveillance systems, the show covers almost all facets of the construction industry to fulfil sourcing needs of all industry players. APAC state-owned companies that will be showcasing at Build4Asia this year include China Machinery Engineering Corporation from Mainland China and Certis from Singapore (a subsidiary of Temasek Holdings). An array of educational events will be held to introduce various pathways to net zero in sectors of energy saving, building efficiency, mobility, nature-based solutions and more. Partnered with GBA Carbon Neutrality Association, the GBA Low Carbon Buildings TOP 100 Award Photobook Launch & Awardees Sharing will make its first appearance at Build4Asia to elevate industry standards for green constructions, while the ESG Asia Forum supported by The American Institute of Architects, Hong Kong Green Building Council, etc. will explore investor expectations and new practices to stand out in the new era of ESG reporting. The show is open to trade professionals and media only and visitors must be aged 18 or above. PR Newswire is the Media Partner of HOFEX, ProWine Hong Kong @ HOFEX, Retail Asia Conference & Expo and Build4Asia. About Informa Markets Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world's leading exhibitions organiser, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com. HOFEX https://www.hofex.com/ ProWine Hong Kong @HOFEX http://www.prowine-hongkong.com/ Retail Asia Conference & Expo https://www.retailasiaexpo.com/ Build4Asia https://www.build4asia.com/
BEIJING, May 2, 2023 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (Nasdaq: RETO) ("ReTo," "Company," "we," "our" or "us"), a provider of technology solutions, operation services for intelligent ecological environments, roadside assistance services and software development services in China, today announced its audited financial results for the fiscal year ended December 31, 2022. Financial Highlights for the Fiscal Year 2022 Total revenue for the fiscal year 2022 increased by 80% to approximately $6.5 million, primarily due to higher machinery and equipment sales resulted from contracts for gravity separators and revenue from roadside assistance ("RSA") services and software development services, which were acquired in December 2021. Gross profit for the fiscal year 2022 increased by 109% to approximately $0.8 million. Gross profit margin was 12% for the fiscal year 2022, as compared to 11% for the prior year. Total net loss for the fiscal year 2022 was approximately $15.4 million, compared to approximately $22.1 million for the prior year. Mr. Hengfang Li, ReTo's Chairman and Chief Executive Officer, said, "The total revenue in 2022 has increased compared to the previous year mainly due to the increase of income from sales of the Company's gravity separators and the newly added RSA services and software development services. As we move into post-epidemic era and adjust our business strategy and model, we will focus on the ecological and environmental protection business and plan to leverage our Internet of Things technology, ecological restoration technology and new ecological materials to empower our equipment business. Since the second half of 2022, we have launched a number of ecological and environmental protection projects, including large-scale Ecologic Oriented Development ("EOD") projects. We have started to work on a solid waste treatment and ecological governance EOD project for China-Mongolia Group and entered into a strategic cooperation agreement with the local government of Mengzi City, Yunnan Province for another ecological EOD project." Financial Results for the Fiscal Years 2022 and 2021 Revenues Our total revenues from continuing operations increased by approximately $2.9 million, or 80%, to approximately $6.5 million for the year ended December 31, 2022 from approximately $3.6 million for the year ended December 31, 2021. Among our total revenue, revenue from third-party customers increased by approximately $2.9 million, or 86%, from approximately $3.3 million for the year ended December 31, 2021 to approximately $6.2 million for the year ended December 31, 2022, while revenue from related-party customers increased by $23,091, or 8%, from $281,784 for the year ended December 31, 2021 to $304,875 for the year ended December 31, 2022. The significant increase in our total revenue was mainly due to higher machinery and equipment sales resulted from contracts for gravity separators and revenue from RSA services and software development services, which were acquired in December 2021. Cost of Revenues Our total cost of revenues increased by approximately $2.5 million, or 76%, to approximately $5.7 million for the year ended December 31, 2022 from approximately $3.2 million for the year ended December 31, 2021. Cost of revenues from third-party customers increased by approximately $2.2 million, or 71%, from approximately $3.0 million in the year ended December 31, 2021 to approximately $5.2 million in the year ended December 31, 2022, while cost of revenues from related-party customers increased by approximately $0.3 million, or 170%, from approximately $0.2 million in the year ended December 31, 2021 to approximately $0.5 million in the year ended December 31, 2022. The increase in our total cost of revenue was in line with the increase in revenue. The cost of revenues percentage decreased to 88% in the year ended December 31, 2022 from 89% in the year ended December 31, 2021. Gross Profit (Loss) Our gross profit increased by approximately $0.4 million, or 109%, to approximately $0.8 million for the year ended December 31, 2022 from approximately $0.4 million for the year ended December 31, 2021. Gross profit margin for our continuing operations was 12% for the year ended December 31, 2022, as compared to 11% for the year ended December 31, 2021. Selling Expenses For the year ended December 31, 2022, our selling expenses were approximately $3.8 million, representing a 357% increase from approximately $0.8 million in the year ended December 31, 2021. As a percentage of sales, our selling expenses were 58% and 23% for the years ended December 31, 2022 and 2021, respectively. The increase was mainly due to more marketing activities and shipping and handling fees associated with increased sales in the year ended December 31, 2022. General and Administrative Expenses For the year ended December 31, 2022, our general and administrative expenses were approximately $8.6 million, representing an increase of approximately $4.0 million compared to approximately $4.6 million in the year ended December 31, 2021. The increase in general and administrative expenses was mainly due to an increase of share-based compensation for services and consulting and professional fees of approximately $4.0 million. As a percentage of revenues, general and administrative expenses were 133% and 129% of our total revenues for the years ended December 31, 2022 and 2021, respectively. Bad Debt Expenses For the year ended December 31, 2022, our bad debt expenses were approximately $1.7 million, representing a decrease of approximately $0.5 million as compared to approximately $2.3 million in the year ended December 31, 2021. We incurred significant bad debt expenses on uncollectible accounts receivable and advance payments for the years ended December 31, 2022 and 2021. The impact of COVID-19 on our customers in 2022 was less severe than in 2021. As a percentage of revenues, bad debt expenses were 26% and 63% of our total revenues for the years ended December 31, 2022 and 2021, respectively. Research and Development Expenses Our research and development ("R&D") expenses were approximately $1.0 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively. The increase in R&D expenses in the year ended December 31, 2022 was due to more R&D projects conducted by Beijing REIT Technology Development Co., Ltd., ReTo's wholly-owned subsidiary. Change in Fair Value in Convertible Debt During the years ended December 31, 2022 and 2021, change in fair value in convertible debt amounted to approximately $0.5 million and $1.9 million, respectively. Net Loss Our net loss from continuing operations amounted to approximately $15.4 million and $20.5 million for the years ended December 31, 2022 and 2021, respectively. Our net loss from discontinued operations amounted to nil and approximately $1.6 million for the years ended December 31, 2022 and 2021, respectively. Total net loss amounted to approximately $15.4 million and $22.1 million for the years ended December 31, 2022 and 2021, respectively. Financial Position As of December 31, 2022, the Company had cash of approximately $0.1 million and accounts receivable of approximately $2.2 million. As of December 31, 2022, the Company had a working capital deficit of approximately of $10.1 million. As of December 31, 2022, the Company had outstanding bank loans of approximately $1.3 million. Additional information regarding the Company's results of operations for the fiscal year 2022 can be found in the Company's Annual Report on Form 20-F for the year ended December 31, 2022, which has been filed with the Securities and Exchange Commission on the date of this earnings release. About ReTo Eco-Solutions, Inc. Founded in 1999, ReTo, through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company, through its operating subsidiaries in China, is engaged in the manufacture and distribution of eco-friendly construction materials (aggregates, bricks, pavers and tiles), as well as equipment used for the production of these eco-friendly construction materials. In addition, the Company provides consultation, design, project implementation and construction of urban ecological protection projects and parts, engineering support, consulting, technical advice and service, and other project-related solutions for its manufacturing equipment and environmental protection projects. The Company also offers roadside assistance services and software development services utilizing Internet of Things technologies. For more information, please visit: http://en.retoeco.com. Forward-Looking Statements This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: ReTo's goal and strategies; ReTo's future business development, financial condition and results of operations; expected changes in ReTo's revenues, costs or expenses; industry landscape of, and trends in, the construction industry; ReTo's expectations regarding demand for, and market acceptance of, its services; the impact of COVID-19 pandemic; general economic and business condition; and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the "SEC"). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. For more information, please contact: ReTo Eco-Solutions, Inc.Yue Hu Beijing Phone: +86-010-64827328ir@retoeco.com or 311@reit.cc RETO ECO-SOLUTIONS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, December 31, 2022 2021 ASSETS Current Assets: Cash and cash equivalents $ 113,895 $ 457,495 Accounts receivable, net 2,150,450 441,703 Accounts receivable, net - related party 83,736 93,589 Advances to suppliers, net 453,894 281,600 Advances to suppliers, net - related party 3,787,036 3,842,620 Inventories, net 337,798 463,731 Prepayments and other current assets 402,151 389,864 Due from related parties 208,225 - Receivable from disposition - current - 7,059,559 Total Current Assets 7,537,185 13,030,161 Property, plant and equipment, net 8,722,435 9,707,602 Intangible assets, net 4,869,654 4,111,029 Long-term investment in equity investee 2,503,944 2,758,228 Right-of-use assets 424,999 278,269 Goodwill - 1,075,778 Total Assets $ 24,058,217 $ 30,961,067 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Short-term loans $ 1,319,490 2,353,500 Convertible debt 3,922,686 1,645,000 Advances from customers 2,551,216 2,061,203 Due to a minority shareholder 725,000 - Deferred grants - current 18,563 269,061 Accounts payable 2,624,701 2,121,313 Accounts payable - related party - 10,199 Accrued and other liabilities 2,717,432 3,103,056 Loans from third parties 1,106,233 1,593,977 Taxes payable 2,077,088 2,599,770 Due to related parties - 472,439 Operating lease liabilities, current 277,036 155,857 Deferred tax liability 325,593 370,856 Total Current Liabilities 17,665,038 16,756,231 Loans from third parties-noncurrent 1,160,000 - Operating lease liabilities - noncurrent 158,650 120,558 Total Liabilities 18,983,688 16,876,789 Commitments and Contingencies Shareholders' Equity: Common Share, $0.001 par value, 200,000,000 shares authorized, 43,398,885 shares and 28,965,034 shares issued and outstanding as of December 31, 2022 and 2021, respectively 43,400 28,966 Additional paid-in capital 53,331,093 46,776,170 Statutory reserve 1,066,554 1,230,387 Accumulated deficit (47,813,206 ) (33,347,984 ) Accumulated other comprehensive loss (2,388,890 ) (1,135,386 ) Total Shareholders' Equity Attributable to ReTo Eco-Solutions Inc. 4,238,951 13,552,153 Noncontrolling interest 835,578 532,125 Total Shareholders' Equity 5,074,529 14,084,278 Total Liabilities and Shareholders' Equity $ 24,058,217 30,961,067 RETO ECO-SOLUTIONS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Years Ended December 31, 2022 2021 2020 Revenues $ 6,168,798 $ 3,318,294 $ 8,110,401 Revenues – related parties 304,875 281,784 228,814 Total Revenues 6,473,673 3,600,078 8,339,215 Cost of revenues 5,195,159 3,039,296 6,193,505 Cost of revenues – related parties 471,849 175,053 148,034 Total cost of revenues 5,667,008 3,214,349 6,341,539 Gross Profit 806,665 385,729 1,997,676 Operating Expenses: Selling expenses 3,774,666 826,242 1,085,602 General and administrative expenses 8,592,966 4,619,058 3,971,496 Bad debt expenses 1,710,839 2,250,334 909,931 Impairment of long-lived assets - 4,344,133 2,267,485 Impairment of goodwill 1,018,870 - - Research and development expenses 960,598 346,951 334,904 Total Operating Expenses 16,057,939 12,386,718 8,569,418 Loss from Operations (15,251,274 ) (12,000,989 ) (6,571,742 ) Other Income (Expenses): Interest expense (321,686 ) (103,340 ) (857,551 ) Interest income 3,234 1,898 (64 ) Other income (expenses), net 177,753 (26,991 ) 480,054 Loss from disposal of REIT Changjiang - (6,293,149 ) - Gain from dissolution of subsidiaries 508,345 - - Gain from disposal of Gu'an REIT - - 2,231,270 Share of losses in equity method investments (46,209 ) (142,673 ) - Change in fair value convertible debt (467,383 ) (1,908,830 ) - Total Other Income (Expenses), net (145,946 ) (8,473,085 ) 1,853,709 Loss before provision for income taxes (15,397,220 ) (20,474,074 ) (4,718,033 ) Income taxes provision (benefit) (17,562 ) 3,469 569,974 Net loss from continuing operations (15,379,658 ) (20,477,543 ) (5,288,007 ) Net loss from discontinued operations, net of taxes - (1,596,390 ) (7,612,601 ) Net Loss (15,379,658 ) (22,073,933 ) (12,900,608 ) Less: net loss attributable to noncontrolling interest (750,603 ) (969,107 ) (1,126,845 ) Net loss attributable to ReTo Eco-Solutions, Inc. $ (14,629,055 ) $ (21,104,826 ) $ (11,773,763 ) Comprehensive Loss: Net Loss $ (15,379,658 ) (22,073,933 ) (12,900,608 ) Other Comprehensive income (loss): Foreign currency translation adjustments (1,183,819 ) 493,769 1,923,316 Comprehensive Loss (16,563,477 ) (21,580,164 ) (10,977,292 ) Less: comprehensive loss attributable to noncontrolling interest (680,918 ) (938,771 ) (1,132,148 ) Comprehensive loss attributable to ReTo Eco-Solutions, Inc. $ (15,882,559 ) $ (20,641,393 ) $ (9,845,144 ) Net loss attributable to ReTo Eco-Solutions, Inc. Continuing operations (14,629,055 ) (19,508,436 ) (4,161,162 ) Discontinued operations - (1,596,390 ) (7,612,601 ) Total $ (14,629,055 ) $ (21,104,826 ) $ (11,773,763 ) Basic and Diluted Loss Per Share Attributable to ReTo Eco-Solutions, Inc. Continuing operations (0.38 ) (0.75 ) (0.17 ) Discontinued operations - (0.06 ) (0.32 ) Total $ (0.38 ) $ (0.81 ) $ (0.49 ) Weighted average number of shares Basic and diluted 38,800,974 26,160,750 24,124,884
The collaboration assists Korean electric charger manufacturers in obtaining ENERGY STAR® certification. The relationship sets the stage to help manufacturers meet the growing demand for electric vehicle chargers and batteries as electric vehicle adoption rises. WASHINGTON, April 29, 2023 /PRNewswire/ -- UL Solutions, a global leader in applied safety science, and the Korea Testing Certification Institute (KTC) signed a memorandum of understanding (MoU) in Washington, DC to collaborate on the safety and performance evaluation and global market access of electric vehicle (EV) chargers. The relationship sets the stage to help Korean manufacturers meet the growing demand for EV chargers as EV adoption rises in the U.S. UL Solutions and KTC signed an MoU to collaborate on the safety and performance evaluation and global market access of EV chargers and batteries. Pictured left to right: Korea’s Trade, Industry and Energy Minister Lee Chang-yang, Ahn Sung-il, President of Korea Testing Certification Institute, Weifang Zhou, Executive Vice President and President of Testing, Inspection and Certification at UL Solutions, and U.S. Secretary of Commerce Gina Raimondo. With this agreement, UL Solutions and KTC can assist Korean electric charger manufacturers in obtaining ENERGY STAR® certification. KTC has been approved by the U.S. Environmental Protection Agency (EPA) to test for the ENERGY STAR® program. A joint program of the EPA and the U.S. Department of Energy (DOE), ENERGY STAR® identifies top-performing, cost-effective products, homes and buildings, and helps consumers, businesses and industry save money and protect the environment through the adoption of energy-efficient products and practices. The MoU between UL Solutions and KTC supports Korean EV charger manufacturers in obtaining ENERGY STAR® certification without sending samples overseas, resulting in time and cost savings. In addition, UL Solutions and KTC have pledged to collaborate on EV battery safety and performance evaluation to help Korean manufacturers develop and export EV battery products. "Energy savings and environmental concerns among consumers are helping speed the adoption of innovative products to reduce environmental impact," said Weifang Zhou, executive vice president and president, Testing, Inspection and Certification at UL Solutions. "We are excited about our collaboration with KTC and how we are joining to support the global transition to clean transportation." "We look forward to working with UL Solutions to help open markets to Korean manufacturers while also helping them advance the safety and performance of their innovations critical to the adoption of battery-powered transportation," said Ahn Sung-il, president of KTC. About UL SolutionsA global leader in applied safety science, UL Solutions transforms safety, security and sustainability challenges into opportunities for customers in more than 100 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers' product innovation and business growth. The UL Certification Marks serve as a recognized symbol of trust in our customers' products and reflect an unwavering commitment to advancing our safety mission. We help our customers innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage. About Korea Testing CertificationKorea Testing Certification Institute (KTC) is the representative testing and certification institute of Korea. For over 50 years since its establishment, KTC has provided testing and certification services in various fields such as electric, electronic, communication, machinery, chemistry, bio, etc., and has supported Korea's industrial growth by responding to national R&D demands. In addition, we have established domestic and overseas bases to support the growth of Korean companies, regional innovation, exports and overseas expansion. Press Contact:Steven BrewsterUL SolutionsULNews@UL.comT: +1 (847) 664.8425 Photo - https://mma.prnasia.com/media2/2066333/UL_Solutions_and_KTC.jpg?p=medium600Logo - https://mma.prnasia.com/media2/1849892/UL_Solutions_Logo.jpg?p=medium600
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