Technology
SurgePays Announces Second Quarter 2024 Financial Results
Published
1 month agoon
By
$5 Million Share Repurchase Authorized
BARTLETT, Tenn., Aug. 13, 2024 /PRNewswire/ — SurgePays, Inc. (NASDAQ: SURG) (“SurgePays” or the “Company”), a technology and telecom company focused on the underbanked and underserved, today announced its financial results for the second quarter ended June 30, 2024.
Management Commentary
Chairman and CEO Brian Cox commented on the quarter’s results, “The second quarter of 2024 begins a transition phase for SurgePays. ACP funding has run out and there is no guarantee it will return. Fortunately, in the first quarter we shored up our balance sheet and began implementing growth initiatives outside of the ACP program to continue to pursue our strategic goal of being one of the country’s largest providers of prepaid wireless and underbanked financial technology services.
“Second quarter sales of $15.1 million were about as expected, but were well below the first quarter 2024 revenues of $31.4 million and the year ago second quarter 2023 revenues of $35.9 million due to the ending of the government’s ACP funding in mid-May, which we knew was coming. Both the first quarter of 2024 and the second quarter of 2023 had full ACP funding.
“Gross profits in the 2024 second quarter were a loss of ($3.4) million compared to a profit of $10.0 million in the year ago quarter as the original ACP funding ran out mid-quarter. Additionally, we made the strategic decision to have our balance sheet take on the funding to maintain continuity within our subscriber base for three main reasons:
Congress could renew the ACP program at any time, and if we terminated service, we would have to go out and re-acquire customers from a standing start, which would cost tens of millions of dollars.If Congress delayed or didn’t fund the program, we had plan B to acquire a company with licenses to provide a similar wireless subsidy and offer our subscribers the option to remain on a free monthly plan subsidized by a sister program. This is in conjunction with incentivizing customers to switch to LinkUp Mobile, our non-subsidized prepaid wireless brand. We know how critical broadband service is in everybody’s life, and we believe it was simply the right thing to do.
“We are in a transition phase and are looking to get back to generating positive free cash flow by the end of this year through the following initiatives:
Continue to grow our ACP revenue stream should Congress begin funding it again.Offer our ACP subscriber base a free monthly service plan utilizing the Lifeline program while enticing customers with a cost-saving LinkUp Mobile prepaid wireless plan.Scaling up our third-party wholesale transactions for other prepaid wireless company payments at convenience stores. We believe this initiative is necessary because it is a relationship gateway product for LinkUp Mobile activations and subscriber growth.Expand our offerings outside of wireless. For instance, we recently launched our ClearLine customer engagement platform for convenience stores at last month’s RetailNOW Conference in Las Vegas.Expand product and service offerings to the same nationwide network of convenience stores we are building by exploring and executing prospective partnering or product distribution opportunities.Identify unique market opportunities that represent potential positive short-term cash flow.
“As we said last quarter, we knew that the ACP funding could run out, and we are not waiting around for Congress to provide additional funding. Many initiatives are underway to expand SurgePays’s footprint among the underbanked and underserved, who remain our key customers. We recognize that the expiration of ACP funding has adversely impacted our business and stock price. Therefore, we feel it’s an opportune time to announce a corporate stock buyback so our long-term investors know our interests are aligned. Until December 31, 2024, we will implement a buyback of up to $5 million (the “Maximum Amount”) of SurgePays common stock in the open market. Repurchases may be made from time to time at management’s discretion. The program will end upon the earlier of 6 months after the commencement of the program or the date upon which the Maximum Amount has been purchased and can be discontinued at any time. No shares have been repurchased under the program to date. There can be no assurance as to the timing or number of shares of any repurchases.”
Second Quarter 2024 Results Conference Call
SurgePays management will host a webcast at 5 p.m. ET / 2 p.m. PT to discuss these results. The live webcast of the call can be accessed on the company’s investor relations website at ir.surgepays.com, or by registering at the following link: Second Quarter Financial Results Call.
Telephone access to the call will be available at 877-545-0320 (in the U.S.) or by dialing 973-528-0002 (outside the U.S.). Participant access code is 650138.
A telephone replay will be available approximately one hour following completion of the call until August 27, 2024. To access the replay, please dial 877-481-4010 (in the U.S.) or 919-882-2331 (outside the U.S.). Replay passcode is 51057.
Share Repurchase Authorization
As indicated above, SurgePays’s board of directors has authorized the company to repurchase up to $5 million of common stock through the open market until December 31, 2024.
About SurgePays, Inc.
SurgePays, Inc. is a technology and telecom company focused on the underbanked and underserved communities. SurgePays’ technology-layered platform empowers clerks at over 8,000 convenience stores to provide a suite of prepaid wireless and financial products to underbanked customers. SurgePays prepaid wireless companies provide services to over 250,000 low-income subscribers nationwide. The company ranks as the 345th fastest-growing tech company in North America according to the 2023 Deloitte Technology Fast 500. Please visit SurgePays.com for more information.
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “attempting,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
Although we believe that the expectations reflected in these forward-looking statements such as regarding our market potential along with the statements under the heading Management Commentary are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements including but not limited to, our plans to expand our prepaid wireless company and the stock buyback program, our ability to retain our subscribers on a free monthly plan subsidized by a sister program, our ability to obtain a company that has the license to subsidize our subscribers through a sister program and our expanded service and offerings. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, whether the ACP is funded again, our ability to obtain a company that has the license to subsidize our subscribers through a sister program, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; and our predictions about our industry. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
SurgePays, Inc. and Subsidiaries
Consolidated Balance Sheets
30-Jun-24
31-Dec-23
(Unaudited)
Assets
Current Assets
Cash
$
38,434,580
$
14,622,060
Accounts receivable – net
1,412,177
9,536,074
Inventory
8,363,434
9,046,594
Prepaids and other
507,927
161,933
Total Current Assets
48,718,118
33,366,661
Property and equipment – net
221,075
361,841
Other Assets
Note receivable
176,851
176,851
Intangibles – net
1,799,716
2,126,470
Internal use software development costs – net
428,010
539,424
Goodwill
4,166,782
1,666,782
Investment in CenterCom
498,273
464,409
Operating lease – right of use asset – net
396,475
387,869
Deferred income taxes – net
–
2,835,000
Total Other Assets
7,466,107
8,196,805
Total Assets
$
56,405,300
$
41,925,307
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued expenses
$
4,297,557
$
6,439,120
Accounts payable and accrued expenses – related party
499,853
1,048,224
Accrued income taxes payable
100,000
570,000
Deferred revenue
–
20,000
Operating lease liability
96,332
43,137
Note payable – related party
1,606,654
4,584,563
Total Current Liabilities
6,600,396
12,705,044
Long Term Liabilities
Note payable – related party
2,730,796
–
Notes payable – SBA government
474,758
460,523
Operating lease liability
317,470
356,276
Total Long Term Liabilities
3,523,024
816,799
Total Liabilities
10,123,420
13,521,843
Stockholders’ Equity
Common stock, $0.001 par value, 500,000,000 shares authorized 19,431,549 and 14,403,261 shares issued and outstanding, respectively
19,435
14,404
Additional paid-in capital
72,967,169
43,421,019
Accumulated deficit
(26,827,373
(15,186,203
Stockholders’ equity
46,159,231
28,249,220
Non-controlling interest
122,649
154,244
Total Stockholders’ Equity
46,281,880
28,403,464
Total Liabilities and Stockholders’ Equity
$
56,405,300
$
41,925,307
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2024
2023
2024
2023
Revenues
$
15,085,699
$
35,886,433
$
46,514,834
$
70,662,876
Costs and expenses
Cost of revenues
18,528,774
25,860,705
41,775,243
52,942,665
General and administrative expenses
7,432,978
3,823,227
13,863,783
6,812,648
Total costs and expenses
25,961,752
29,683,932
55,639,026
59,755,313
Income (loss) from operations
(10,876,053)
6,202,501
(9,124,192)
10,907,563
Other income (expense)
Interest expense
(116,722)
(156,267)
(249,305)
(348,593
Other income
636,868
–
636,868
–
Gain on investment in CenterCom
17,711
10,713
33,864
43,742
Total other income (expense) – net
537,857
(145,554)
421,427
(304,851
Net income (loss) before provision for income taxes
(10,338,196)
6,056,947
(8,702,765)
10,602,712
Provision for income tax benefit (expense)
(2,547,000)
–
(2,970,000)
–
Net income (loss) including non-controlling interest
(12,885,196)
6,056,947
(11,672,765)
10,602,712
Non-controlling interest
(19,431)
90,955
(31,595)
90,379
Net income (loss) available to common stockholders
$
(12,865,765)
$
5,965,992
$
(11,641,170)
$
10,512,333
Earnings per share – attributable to common stockholders
Basic
$
(0.66)
$
0.42
$
(0.63)
$
0.74
Diluted
$
(0.66)
$
0.4
$
(0.63)
$
0.71
Weighted average number of shares outstanding – attributable to common stockholders
Basic
19,431,549
14,191,083
18,562,416
14,154,163
Diluted
19,431,549
15,076,466
18,562,416
14,811,785
The accompanying notes are an integral part of these unaudited consolidated financial statements
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
For the Three and Six Months Ended June 30, 2024
(Unaudited)
Common Stock
Additional
Accumulated
Non-Controlling
Total
Paid-in
Stockholders’
Shares
Amount
Capital
Deficit
Interest
Equity
December 31, 2023
14,403,261
$
14,404
$
43,421,019
$
(15,186,203)
$
154,244
$
28,403,464
Stock issued for cash
3,080,356
3,081
17,246,913
–
–
17,249,994
Cash paid as direct offering costs
–
–
(1,395,000)
–
–
(1,395,000
Exercise of warrants – cash
1,860,308
1,861
8,797,396
–
–
8,799,257
Exercise of warrants – cashless
40,238
41
(41)
–
–
–
Stock issued for services
47,386
48
411,692
–
–
411,740
Recognition of stock based compensation – unvested shares – related parties
–
–
1,497,417
–
–
1,497,417
Recognition of stock-based compensation – related party
–
–
6,196
–
–
6,196
Non-controlling interest
–
–
–
–
(12,164)
(12,164
Net income
–
–
–
1,224,595
–
1,224,595
March 31, 2024
19,431,549
19,435
69,985,592
(13,961,608)
142,080
56,185,499
Recognition of stock based compensation – unvested shares – related parties
–
–
2,981,577
–
–
2,981,577
Non-controlling interest
–
–
–
–
(19,431)
(19,431
Net loss
–
–
–
(12,865,765)
–
(12,865,765
June 30, 2024
19,431,549
$
19,435
$
72,967,169
$
(26,827,373)
$
122,649
$
46,281,880
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
For the Three and Six Months Ended June 30, 2023
(Unaudited)
Common Stock
Additional
Accumulated
Non-Controlling
Total
Paid-in
Stockholders’
Shares
Amount
Capital
Deficit
Interest
Equity
December 31, 2022
14,116,832
$
14,117
$
40,780,707
$
(35,804,106)
$
127,535
$
5,118,253
Stock issued for services
60,082
60
307,398
–
–
307,458
Recognition of stock based compensation – stock options
–
–
9,294
–
–
9,294
Non-controlling interest
–
–
–
–
(576)
(576
Net income
–
–
–
4,546,341
–
4,546,341
March 31, 2023
14,176,914
14,177
41,097,399
(31,257,765)
126,959
9,980,770
Stock issued for services
64,927
65
311,121
–
–
311,186
Recognition of stock based compensation – stock options
–
–
9,294
–
–
9,294
Exercise of warrants for cash
43,814
44
207,196
–
–
207,240
Non-controlling interest
–
–
–
–
90,955
90,955
Net income
–
–
–
5,965,992
–
5,965,992
June 30, 2023
14,285,655
$
14,286
$
41,625,010
$
(25,291,773)
$
217,914
$
16,565,437
SurgePays, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
For the Six Months Ended June 30,
2024
2023
Operating activities
Net income (loss) – including non-controlling interest
$
(11,672,765)
$
10,602,712
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations
Depreciation and amortization
467,520
467,519
Amortization of right-of-use assets
46,995
21,494
Amortization of internal use software development costs
111,414
64,530
Stock issued for services
411,740
618,644
Recognition of stock based compensation – unvested shares – related parties
4,478,994
–
Recognition of share based compensation – options – related party
6,196
18,588
Interest expense adjustment – SBA loans
19,750
–
Right-of-use asset lease payment adjustment true up
(97,346)
–
Gain on equity method investment – CenterCom
(33,864)
(43,742
Changes in operating assets and liabilities
(Increase) decrease in
Accounts receivable
8,123,897
(1,059,014
Inventory
683,160
(6,900,674
Prepaids and other
(345,994)
(56,131
Deferred income taxes – net
2,835,000
–
Increase (decrease) in
Accounts payable and accrued expenses
(4,641,563)
(1,351,218
Accounts payable and accrued expenses – related party
(49,380)
(270,665
Accrued income taxes payable
(470,000)
–
Installment sale liability – net
–
(1,668,744
Deferred revenue
(20,000)
(199,910
Operating lease liability
56,134
(19,329
Net cash provided by (used in) operating activities
(90,112)
224,060
Investing activities
Capitalized internal use software development costs
–
(281,304
Net cash used in investing activities
–
(281,304
Financing activities
Proceeds from stock issued for cash
17,249,994
–
Proceeds from exercise of common stock warrants
8,799,257
207,240
Cash paid as direct offering costs
(1,395,000)
–
Repayments of loans – related party
(746,104)
(467,385
Repayments on notes payable
–
(1,520,954
Repayments on notes payable – SBA government
(5,515)
(9,213
Net cash provided (used in) by financing activities
23,902,632
(1,790,312
Net increase (decrease) in cash
23,812,520
(1,847,556
Cash – beginning of period
14,622,060
7,035,654
Cash – end of period
$
38,434,580
$
5,188,098
Supplemental disclosure of cash flow information
Cash paid for interest
$
259,765
$
209,840
Cash paid for income tax
$
–
$
–
Supplemental disclosure of non-cash investing and financing activities
Reclassification of accrued interest – related party to note payable – related party
$
498,991
$
–
Exercise of warrants – cashless
$
41
$
–
Right-of-use asset obtained in exchange for new operating lease liability
$
98,638
$
–
Goodwill (ClearLine Mobile, Inc.)
$
2,500,000
$
–
The accompanying notes are an integral part of these unaudited consolidated financial statements
View original content to download multimedia:https://www.prnewswire.com/news-releases/surgepays-announces-second-quarter-2024-financial-results-302221503.html
SOURCE SurgePays
You may like
Technology
EcoCharge® and Balancell Partner to Drive Energy Efficiency in Africa with Advanced and Stable Charging Technologies
Published
55 mins agoon
September 24, 2024By
CHRISTCHURCH, New Zealand, Sept. 24, 2024 /PRNewswire/ — Two advanced energy solutions companies are announcing a multi-year partnership to support the growing demand for reliable and efficient charging solutions across the African market. The IDEAL Industries, Inc. brand EcoCharge by Enatel®, a global leader in battery charging technologies, is supplying charging technology to Balancell, a cutting-edge battery manufacturer and energy supplier.
Empowering Africa’s Energy Transition
Africa is experiencing a dynamic shift toward sustainable energy and electric mobility. Global banks and investors funded $76.04 billion in solar, hydropower, and wind projects across Africa from 2012 to 2021. The investments supported renewable energy developments like Kenya’s Lake Turkana Wind Power Project, a $1.095 billion wind farm that boosted their total electricity supply by 13%. Electrification is also rising; Africa’s electric vehicle market is expected to nearly double between 2021 and 2027.
However, more work remains. Africa attracts less than 5% of the world’s energy investments, using only 11% of its hydropower potential and 0.01% of its wind potential. Over 40% of Africans still lack access to electricity.
To advance battery charging solutions in Africa, Balancell will leverage charging technologies from EcoCharge to electrify the African material handling fleet. This initiative will help reduce CO2 emissions and enhance charging efficiency.
“We are thrilled to be part of the renewable energy transition in Africa,” said Enatel General Manager Mike Clifford. “By partnering with Balancell, we are matching a leading-edge battery design with an advanced charger. We’re confident this winning combination will help our customers achieve faster charging, less energy waste, and higher performance.”
Partnering for Growth and Sustainability
Under the agreement, EcoCharge will supply Balancell with a range of chargers that meet the challenging needs of the African market, such as unstable electrical grids and harsh environments. These advanced chargers will be integrated into Balancell’s advanced industrial batteries, providing the perfect match for optimal energy management and control.
“Partnering with EcoCharge allows us to offer our customers superior charging solutions that are both innovative and sustainable,” said Paul Osborne, Director and Chief Financial Officer of Balancell. “This collaboration enhances our ability to deliver comprehensive energy solutions that support Africa’s transition to cleaner, more sustainable energy sources.”
Driving Innovation
EcoCharge chargers are known for their durability, efficiency, and adaptability, making them suitable for deployment in diverse and sometimes challenging environments across Africa. This partnership with Balancell not only strengthens the product offerings available to the African market but also underscores the EcoCharge commitment to continued innovation and investment in sustainable energy solutions.
To learn more about the transition to sustainable energy, visit: https://www.EcoCharge.net/
About EcoCharge®
EcoCharge leads the battery charging market with a range of high-quality products, including single phase chargers, three phase chargers and BMM’s. They are designed and manufactured in New Zealand to ISO9001 standards and carry global compliance marks.
About Enatel®
Enatel is a world leader in power conversion and battery charging technology based in Christchurch, New Zealand. The company specializes in developing high-efficiency and sustainable charging solutions for a variety of applications.
To learn more about the transition to sustainable energy, visit: https://www.enatel.net/
About IDEAL INDUSTRIES, INC.
IDEAL INDUSTRIES, INC. is a global, diversified 108-year-old family-owned business that designs and manufactures superior products for the electrical, power management and industrial charging industries.
For more information, visit www.idealindustries.com.
About Balancell
Balancell is a leading provider of energy solutions, with a focus on lithium-ion battery technology and energy management systems. Headquartered in Cape Town, Balancell serves a diverse range of industries, including telecommunications, renewable energy, and electric vehicles.
View original content:https://www.prnewswire.com/apac/news-releases/ecocharge-and-balancell-partner-to-drive-energy-efficiency-in-africa-with-advanced-and-stable-charging-technologies-302254810.html
SOURCE IDEAL Industries
Technology
Global Digital Health Leaders Converge in Seoul for HIMSS24 APAC Conference
Published
2 hours agoon
September 23, 2024By
SEOUL, Korea, Sept. 24, 2024 /PRNewswire/ — The 2024 HIMSS Asia Pacific Health Conference & Exhibition, one of the most influential digital health conferences in the APAC region, will be hosted for the first time in Seoul, Korea. The conference will take place from 1 – 4 October at the Coex Convention & Exhibition Center.
The HIMSS24 APAC Conference will bring together healthcare experts and innovators from around the world to collaborate and exchange ideas and insights that will help shape the future of healthcare.
The conference presents a unique opportunity for attendees to hear from world-renowned experts, network with leading healthcare executives and professionals, and learn about cutting-edge developments and technologies addressing critical issues such as artificial intelligence, cybersecurity, interoperability, and data analytics.
Produced in partnership with Messe Esang, Korea’s largest exhibition company, the HIMSS24 APAC Conference will feature visionary keynotes, interactive demonstrations, and a digital health technology exhibition that will illuminate cutting-edge health tech topics, enhance knowledge, and foster innovation.
Through a partnership with the Korean Hospital Association, attendees of the HIMSS APAC conference will have complimentary access to the K-Hospital + Healthtech Fair, the largest healthcare exhibition in South Korea.
Sessions catered to HIMSS24 APAC’s four learning tracks on artificial intelligence, smart hospitals, cybersecurity, and innovations will include fireside chats, real-world case studies, demonstrations, and more. Exclusive to HIMSS24 APAC, attendees can also experience advanced medical systems and management practices shaping the future of global healthcare with guided tours of leading hospitals in Korea.
The HIMSS APAC Conference follows the memorandum of understanding signed by HIMSS, the Korea Hospital Association (KHA), and the Korea Health Information Services (KHIS) on May 17, 2024.
HIMSS (Healthcare Information and Management Systems Society) is a global advisor, thought leader, and member-based society committed to reforming the global health ecosystem through the power of information and technology. As a mission-driven nonprofit, HIMSS offers a unique depth and breadth of expertise in health innovation, public policy, workforce development, research, and digital health transformation to advise leaders, stakeholders, and influencers across the global health ecosystem on best practices.
Click here to register or learn more about HIMSS24 APAC.
Journalists interested in attending the conference can contact HIMSS to receive complimentary press credentials.
Contact:
Albe Zakes
HIMSS Communications Director
Email: albe.zakes@himss.org
Phone: +1.267.221.4800
Sukhjit Singh
Senior Director, HIMSS APAC
Email: Sukhjit.Singh@himss.org
Phone: 65.6664.1187
View original content:https://www.prnewswire.com/apac/news-releases/global-digital-health-leaders-converge-in-seoul-for-himss24-apac-conference-302256242.html
SOURCE HIMSS-HEALTHCARE INFORMATION AND MANAGEMENT SYSTEMS SOCIETY
Technology
EDC expands Indo-Pacific presence with a new representation in Japan
Published
2 hours agoon
September 23, 2024By
Tokyo hub in key “gateway to Asia” nation will better support Canadian exporters
OTTAWA, ON and TOKYO, Sept. 24, 2024 /PRNewswire/ — Today, Export Development Canada (EDC) announced the opening of its new representation in Tokyo, Japan. This marks EDC’s ninth Indo-Pacific representation, reaffirming the organization’s commitment to helping Canadian companies diversify into higher-growth markets.
As the world’s fourth-largest economy and fifth-largest export destination for Canada in 2023 (accounting for 1.9% of national exports), Japan presents a wealth of opportunities for Canadian exporters of all sizes. Boasting a trusted free market and a strong business and a regulatory environment supported by democratic institutions, the country serves as a strategic launchpad offering exporters easier entry into the region and subsequently into other Indo-Pacific markets. EDC’s Tokyo representation will serve as a vital hub, offering on-the-ground support, market insights and tailored financial services to Canadian companies.
“Japan is a key trading partner for Canada, and our countries enjoy deep economic and trade relations spanning 95 years,” said Mairead Lavery, President and CEO, EDC. “With Japan’s reliance on imports, the opportunities for Canadian exporters— particularly in sectors like cleantech, agriculture, and bioscience—are too big to ignore. This representation will offer on-the-ground support necessary for Canadian businesses to capitalize on emerging opportunities and succeed in the Japanese market.”
In 2023, Japanese foreign direct investment (FDI) stock into Canada reached $49.3 billion, solidifying its role as the leading source of FDI from the Indo-Pacific and third largest worldwide, according to Global Affairs Canada. Additionally, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in force since 2018, continues to provide Canadian investors with access to Japanese markets by having eliminated or reduced tariffs on most key Canadian exports to the country.
The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, welcomed the announcement: “Canada’s longstanding economic and trading partnership with Japan reflects the powerful collaboration between our two countries that benefits Canadian and Japanese people alike. EDC’s new Tokyo representation is a testament to the enduring economic relationship between Canada and Japan and will play a crucial role in supporting Canadian businesses in the Indo-Pacific. I look forward to seeing our trade and investment relationship advance further through these new collaborations.”
George Monize, EDC’s Managing Director and Head of the Indo-Pacific emphasized the strategic importance of Japan for Canadian companies: “Japan has many of the critical elements for Canadian exporters’ expansion in this region. But to really thrive here—strong relationships are key. And that is why we are here, getting to know the market inside and out to forge the connections Canadian companies need to grow and succeed. The Tokyo representation will work closely with our established Singapore hub—harnessing our learnings, experience and networks to ensure we have the right recipe of support in place for Canadian businesses.”
With efforts led by EDC’s Chief Representative, Jean-Bernard Ruggieri, the Tokyo office will collaborate closely with local agencies, government and partners in Japan to navigate market complexities and facilitate business opportunities for Canadian companies. Tokyo complements EDC’s existing representations in Delhi, Mumbai, Shanghai, Beijing, Sydney, Jakarta, Seoul, and Singapore.
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
Media Contact: Media | Export Development Canada, 1-888-222-4065, media@edc.ca
EcoCharge® and Balancell Partner to Drive Energy Efficiency in Africa with Advanced and Stable Charging Technologies
Global Digital Health Leaders Converge in Seoul for HIMSS24 APAC Conference
EDC expands Indo-Pacific presence with a new representation in Japan
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market4 days ago
Feds end Bitcoin bandits’ luxury life fueled by $230M crypto scam
-
Near Videos4 days ago
[REDACTED] online hackathon workshop workshop with Calimero Network
-
Technology2 days ago
Summit of Whose Future? Girls Have the Answers: Leaders Must Listen
-
Coin Market2 days ago
Indian Supreme Court recovers YouTube account from XRP scammers
-
Near Videos2 days ago
Near AI Tech Showcase recap Singapore Token2049
-
Technology3 days ago
Canada Announces Significant Funding to Unlock More Critical Minerals Development in Northern British Columbia and the Yukon
-
Technology5 days ago
MSB and TerraPay Collaborate to Simplify and Enhance Cross-Border Money Transfers
-
Technology3 days ago
IFIC Monthly Investment Fund Statistics – August 2024