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VNET Announces Certain Updates Regarding the Refinancing of the Founder’s Personal Loan

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BEIJING, July 8, 2024 /PRNewswire/ — VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced the refinancing of the margin loan facility provided by Bold Ally (Cayman) Limited (the “Bold Ally Loan”) to Mr. Josh Sheng Chen (“Mr. Chen”), Founder, Co-Chairperson and interim Chief Executive Officer of VNET. The Bold Ally Loan was procured by Mr. Chen in or around August 2021 to finance his purchase of 17,140,898 Class A ordinary shares from another significant shareholder at the time, and was secured by the ordinary shares beneficially owned by Mr. Chen in the Company.

With reference to the Amendment No. 8 to the Schedule 13D filing dated July 8, 2024 filed by Mr. Chen (the “Schedule 13D Amendment”), Mr. Chen and various entities wholly owned by him (the “Corporate Obligors”) have settled all of their obligations under the Bold Ally Loan. The settlement was funded using proceeds generated from the issuance of a promissory note (the “Note”) to Shining Rich Holdings Limited and the existing cash reserves of Mr. Chen.  

As a result of the settlement of the Bold Ally Loan, the collateral for the Bold Ally Loan has been released in full pursuant to a deed of undertaking as disclosed in the Schedule 13D Amendment, and Mr. Chen has restored his beneficial ownership interest in 33,628,926 Class A ordinary shares of the Company, the ownership of which was previously transferred to Bold Ally (Cayman) Limited.

The Note is secured by 68,373,133 Class A ordinary shares and 27,757,992 Class B ordinary shares beneficially owned by Mr. Chen and the Corporate Obligors, representing in the aggregate approximately 6.00% of the issued and outstanding share capital and 18.41% of the total voting power in the Company as of the date of the Schedule 13D Amendment.

Mr. Chen and the Corporate Obligors have also made various undertakings with respect to the shares of the Company. These undertakings include procuring the Company not to issue or grant, in any financial year, equity securities (including rights to acquire shares) representing 5% or more of the total issued and outstanding capital of the Company (on a fully-diluted basis) to any person, including Mr. Chen and the Corporate Obligors themselves, subject to exceptions. Details of such undertakings are set forth in the Schedule 13D Amendment.

Considering the voting power owned by Mr. Chen, his veto rights over certain corporate actions through his beneficial ownership of 60,000 class C ordinary shares and his executive powers as co-Chairperson and interim Chief Executive Officer of the Company, Mr. Chen holds significant power to direct or influence the management and policies of the Company as a controlling person.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’ internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,500 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement 

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement as well as VNET’s strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about beliefs and expectations on the future performance of VNET, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET’s goals and strategies; VNET’s liquidity conditions; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com 

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SOURCE VNET Group, Inc.

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New report from CFG: While Tariffs Crash Markets, Illegal Gambling Bleeds Billions

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44 minutes ago

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April 10, 2025

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America Must Stop the Steal Across Online Sports Betting, Casino and Predictors Now

Illegal operators now control 74% of America’s $90.1 billion online gambling market.U.S. audiences looking for online gaming are exposed to illegal gambling content 88% of the time, across their online activity2025 is a tipping point year – without action, illegal dominance will become entrenched.

WASHINGTON, April 10, 2025 /PRNewswire/ — Illegal online gambling operators now control 74% of the $90.1 billion U.S. online gambling marketplace, according to a new report from data intelligence platform Yield Sec, commissioned by the Campaign for Fairer Gambling (CFG). The report, USA National 2024, reveals that while legal online gambling revenues grew 36% last year, illegal revenues surged by 64% – nearly twice as fast.

The report reveals that 88% of U.S. online audiences are exposed to illegal gambling content, across platforms including search, social media, streaming, and apps. Despite the growth of legalized online sports betting and casino offerings in several states, illegal operators continue to outperform legal brands through price, product range, and aggressive promotions.

The report also reveals that illegal platforms don’t just reach more people – they engage them and retain more of their money. With 88% of U.S. audiences looking for gambling being exposed to illegal gambling content, and affiliates promoting illegal operators outnumbering legal ones by six to one, consumer engagement with illegal online gambling is deep and sustained.

Major events like the Super Bowl, March Madness, Copa America, and the Olympics in 2024 acted as recruitment gateways, driving spikes in traffic and allowing illegal operators to cross-sell profitable casino products and capture more of every consumer dollar. Product choice across illegals enhances their status to consumers as one-stop gambling shops: illegals feature all products in all states, including casino and popular predictor marketplaces which illegals have hijacked to feature events such as election and tariffs betting alongside sports and financials.

Derek Webb, founder of the Campaign for Fairer Gambling, comments:
“US legalization of internet gambling without a gameplan to tackle the illegal sector has been an unmitigated disaster. In California, where online gambling is illegal, the total population loss per capita for 2024 is $141. In comparison with New Jersey, where online sports and casino gambling are legal, the illegal loss per capita on sports is $103 and on casino is $169, being a total of $272, nearly twice as much as in California.

Any pundit, commentator, legislator, regulator, lawyer or lobbyist selling legalization alone as a cure for illegal online gambling should be ashamed.”

Ismail Vali, Founder and CEO of Yield Sec, added:
“Let’s not pin this on gambling regulators alone. Their job is to supervise the licensed industry, not to chase criminals who never applied for a license. Illegal gambling is everyone’s problem – operators, law enforcement, media companies, social platforms, and governments all have a role to play.

At Yield Sec, we show every legal stakeholder how to identify, expose, and remove crime from the marketplace – because until that happens, it’s your money that’s being stolen. For America in 2025, it’s time to kick crime out of online gambling.”

Key findings in the Campaign for Fairer Gambling U.S.A National 2024 Report:

917 illegal online gambling operators actively targeting U.S. users, compared to just 95 legal ones668 affiliates promoting illegal online gambling operators, versus 106 promoting legal brands88% of U.S. online audiences are exposed to illegal gambling contentIllegal operators generated $67.1 billion in revenue in 2024, compared to $23 billion by legal operatorsIllegal gambling revenue grew by 64% year-on-year, nearly double the growth of the legal sector (36%)

Yield Sec warns that 2025 marks a tipping point in the U.S. online gambling marketplace, unless actions are taken now against crime. CFG is calling on legislators, regulators, and all industry leaders to work together to protect consumers, safeguard state revenues, and curb crime. It’s time to stop the steal across American online gambling.

About The Campaign for Fairer Gambling (CFG):
The Campaign for Fairer Gambling (CFG) exists to advance a politically bipartisan and scientifically evidenced agenda of gambling reform. CFG will be active across America because the nationwide debate over gambling needs more balance and trustworthy data. For more information, visit: 
https://www.fairergambling.com/

About Yield Sec:
Yield Sec, short for yield security, is a technical intelligence platform monitoring all audience activity across gambling, streaming, crypto and consumer goods to see the total online marketplace – both legal and illegal. Yield Sec delivers analysis, actions and recommendations to ensure online stakeholders make the money they should – and are not stolen from by crime.
https://www.yieldsec.com/

PDF : https://mma.prnewswire.com/media/2662080/Campaign_for_Fairer_Gambling.pdf
Logo: https://mma.prnewswire.com/media/2615627/5262004/CFFG_Logo.jpg

 

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/new-report-from-cfg-while-tariffs-crash-markets-illegal-gambling-bleeds-billions-302425800.html

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123Invent Inventor Develops New Transition Lens For Mobile Device (CTK-1617)

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April 10, 2025

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PITTSBURGH , April 10, 2025 /PRNewswire/ — “I wanted to create a smartphone camera lens protector equipped with advanced transition technology to ensure flawless photos and ideal lighting conditions for every shot,” said an inventor, from Kathleen, Ga., “so I invented the TRANSITION LENS FOR MOBILE DEVICE. My design dynamically adapts based on brightness of the sunlight for balanced exposure and enhanced clarity.”

The patent-pending invention provides an improved way to take photos using a smartphone. In doing so, it would automatically adjust to varying sunlight levels. As a result, it eliminates bright midday sun, overexposure, and unflattering shadows. It also enables you to capture stunning images that truly reflect the beauty of the subject. The invention features an effective design that is easy to apply and use so it is ideal for smartphone owners.

The TRANSITION LENS FOR MOBILE DEVICE is currently available for licensing or sale to manufacturers or marketers. For more information, visit www.transitionlensformobiledevice.com. Or contact Sheldon Brown at 954-993-6770 or email info@transitionlensformobiledevice.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/123invent-inventor-develops-new-transition-lens-for-mobile-device-ctk-1617-302425259.html

SOURCE InventHelp

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Raymond Gatcliffe appointed Country Officer and Chief Executive Officer for Citibank Canada

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44 minutes ago

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April 10, 2025

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Citigroup Inc. (NYSE: C)

TORONTO, April 10, 2025 /CNW/ – Raymond Gatcliffe has been appointed Country Officer and Chief Executive Officer for Citibank Canada, effective April 1, 2025. He succeeds John Hastings who will stay on as a member of the Citibank Canada Board of Directors.

Raymond Gatcliffe appointed Country Officer and Chief Executive Officer for Citibank Canada, effective April 1, 2025.

Gatcliffe will be responsible for the in-country execution of the bank’s strategy to be the preeminent banking partner for institutions with cross-border needs and a global leader in wealth management. He will also be responsible for the delivery of the firm-wide transformation in Canada, fostering successful client relationships at all levels of the organization, and protecting and enhancing Citi’s reputation in the country in addition to being the main regulatory representative for Citi in Canada.

Gatcliffe has 30 years of banking experience with Citi across several regions and roles. Prior to this appointment, he was based in New York as the North American Head of Citi’s Commercial Bank. Raymond has also led Citi’s Commercial Bank in Europe, the Middle East and Africa based in London and Citi’s Regional Corporate and Investment Banking business for Central America and the Caribbean based in Miami. He first began his career at Citi Trinidad in 1994.

“Having spent some of my formative years living here, I am thrilled to be back in Canada leveraging my experience with Citi in leading our franchise,” said Gatcliffe. “With roots in Canada dating back to 1919, our firm sees this as a key franchise in its global network. Canadian companies are internationally focused and we look forward to continuing to support them with Citi’s leading global products and network.”

Citi provides corporations, governments, investors and institutions with a broad range of financial products and services – and employs more than 3,200 people, making it one of the largest foreign bank employers in Canada. The company has offices in Toronto, Mississauga, Montreal, Calgary and Vancouver.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.  

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi  

SOURCE CITIBANK CANADA

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