Technology
SIHL’s Core Businesses Achieve Robust Growth
Published
4 months agoon
By
Consumer Products Business Rebounds Rapidly
Infrastructure and Environmental Protection Business Accounts for the Largest Share of the Group’s Revenue and Profit
HONG KONG, Aug. 29, 2024 /PRNewswire/ — Shanghai Industrial Holdings Limited (“SIHL” or the “Company”, together with its subsidiaries collectively referred to the “Group”; HKSE stock code: 363) has announced its unaudited interim results for the six months ending on 30 June 2024. Revenue amounted to HK$10.37 billion, a decrease of 18.9% year-on-year. Profit attributable to owners of the Company amounted to HK$1.201 billion, a decrease of 12.7% year-on-year. The decrease in revenue and profit was mainly driven by a relatively large one-off gain recorded by SI Development over the same period last year. The Board of Directors has recommended an interim dividend of HK42 cents per share with the payout ratio of 38% to reciprocate our shareholders’ long-term support.
2024 Interim Results Highlights
For six months ended 30 June
(Unaudited)
2024
2023
Change
Revenue (HK$ million)
10,369
12,791
-18.9 %
Profit attributable to owners of the
Company (HK$ million)
1,201
1,376
-12.7 %
Earnings per share – Basic (HK$)
1.105
1.265
-12.6 %
Interim dividend per share (HK cents)
42
42
Payout ratio
38 %
33.2 %
As at 30 June
(Unaudited)
As at 31 December
(Audited)
2024
2023
Change
Total assets (HK$ million)
174,887
179,312
-2.5 %
Equity attributable to owners of the
Company (HK$ million)
46,280
46,603
-0.7 %
Cash and cash equivalents (HK$ million)
27,071
34,639
-2.6 %
Revenue and Profit Contributions by Business:
For the six months ended 30 June
(Unaudited)
Segment Revenue (HK$ million)
2024
2023
Change
Infrastructure and Environmental
Protection
4,571
5,550
-17.6 %
Real Estate
4,092
5,926
-31.0 %
Consumer Products
1,706
1,315
+29.7 %
Total
10,369
12,791
-18.9 %
Segment Net Profit (HK$ million)
2024
2023
Change
Infrastructure and Environmental
Protection
1,056
1,195
-11.6 %
Comprehensive Healthcare Operations
65
69
-6.4 %
Real Estate
-131
102
N/A
Consumer Products
320
128
+150.4 %
Total
1,311
1,494
-12.2 %
In the first half of 2024, the Group adhered to reform and innovation; accelerated the upgrading and restructuring of its main businesses; promoted the integration of financing and industries and revitalization of assets to further optimize its business layout; and strengthened its internal management in order to steadily promote the healthy development of its business.
For the six months ended 30 June 2024, the Group recorded unaudited revenue of HK$10.369 billion, representing a decrease of 18.9% compared to the same period last year. Profit attributable to owners of the Company was HK$1.201billion, representing a decrease of 12.7% year-on-year. The decline in revenue and profit was primarily due to a significant decrease in sales recognized from completed property projects and a decrease in construction revenue at SIIC Environment. That said, new project construction is expected to gradually commence in the second half of the year. The decline was also partially offset by a significant rebound in the consumer products business.
Over the period, profits from the infrastructure and environmental protection segment decreased by 11.6% year-on-year to HK$1.056 billion, accounting for around 80.6% of the Group’s net profit. This decline was primarily due to a 20.4% drop in profit contributions from the water services and clean energy business. The Group continued to leverage national strategies and policy opportunities; boosted its expansion in the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”) and the Yangtze River Economic Belt; and strengthened its leading position in China’s water services and environmental protection industries.
During the first half of 2024, the comprehensive healthcare operations business contributed a profit of HK$64.77 million, representing a decrease of 6.4% over the previous year and accounting for approximately 5.0% of the Group’s net profit.
The real estate business reported a loss of HK$131 million, marking a shift from profit to loss compared to the same period last year and accounting for a negative 10% of the Group’s net profit. The loss was mainly driven by a decrease in property sales from completed property and a high base from a significant one-time gain last year from the sale of the land parcel No.89, North Bund by SI Development.
The consumer products business made a profit contribution of HK$320 million to the Group, representing a significant increase of 150.4% over the previous year and accounting for 24.4% of the Group’s net profits. Nanyang Tobacco and Wing Fat Printing both saw significant rebounds in revenue and profit in the past half a year, reversing the downturn experienced during the pandemic. Notably, Wing Fat Printing experienced a strong performance rebound driven by the recovery in tobacco packaging and a significant rise in the moulded-fibre business.
Business review:
Infrastructure and Environmental Protection
For the Group’s three toll roads and Hangzhou Bay Bridge, overall traffic volume grew steadily during the period, mainly due to the increase in travel during festival and holidays after the pandemic. During the first half of the year, traffic volume increased by 1.9% year-on-year to 85.96 million and toll revenue amounted to HK$2.1 billion, decreased by 2.2% year-on-year. Profit to the Group amounted to HK$651 million, contributing stable cash flow.SIIC Environment (BHK SGX, 807 HKSE) reported revenue of RMB3.324 billion, a 17.3% year-on-year decrease, with profit attributable to shareholders at RMB321 million, down 14.8% year-on-year. The decline was mainly due to a significant reduction in construction revenue after the completion of the Baoshan project in 2023, resulting in a corresponding drop in profit. However, the gross profit margin increased by 2.6 percentage points to 38.4%, and major new projects are expected to begin construction in the second half of 2024.SIIC Environment’s operational business experienced stable growth in the first half of the year. Wastewater treatment volume increased by 3.1% year-on-year to approximately 1.278 billion tons, while water supply volume grew by 4.7% to 163 million tons. The average wastewater treatment fee also rose by 4.4% year-on-year to RMB1.88 per ton.During the period, General Water of China recorded revenue of HK$956 million, a year-on-year decrease of 10.3%. Net profit was HK$130 million, down 26.5% from the same period last year. General Water of China was also recognized as one of the “Top 10 Most Influential Water Companies in China” for the 21st consecutive year and ranked among the top three for the sixth consecutive year.SIHL has a 19.48% equity stake in Canvest Environmental Protection Group Company Limited (“Canvest”), which recorded a revenue of HK$2.13 billion in the first half of the year. Canvest currently operates 36 projects, covering 12 provinces and 26 cities. The combined daily processing capacity of these projects reached 54,540 tons, with the operational capacity amounting to 43,690 tons per day. During the period, the volume of harmlessly treated solid waste was 8.699 million tons, and electricity generation reached 3.225 billion kWh, representing a year-on-year increase of 7.6% and 4.7% respectively.Shanghai SUS Environment Co., Ltd (“SUS Environment”) – which is 28.34% owned by the Group’s 50% stake joint-venture – had a total daily capacity of 45,625 tons of waste incineration operations during the period. It achieved an on-grid electricity generation of 3.139 billion kWh, representing a year-on-year increase of 3.3%. During the year, three new waste-to-energy projects were acquired and 13 waste-to-energy projects were being developed, with a total amount of RMB74 million in newly signed contracts.With respect to the new business arena, the photovoltaic assets capacity of Shanghai Galaxy Investment Co., Ltd. and its subsidiary, SIIC Aerospace Galaxy Energy (Shanghai) Co., Ltd., reached 740 MW as of 30 June 2024. The total amount of on-grid electricity sold during the period from the 15 photovoltaic power stations was approximately 519 million kWh, representing a year-on-year decrease of 6.76%. This was primarily driven by a surge in solar and wind power installations across various provinces, leading to a significantly higher-than-expected level of power rationing.
Comprehensive Healthcare Operations
Comprehensive Healthcare Operations achieved a profit of HK$64.77 million for the first half of the year, representing a decrease of 6.4% year-on-year and accounting for 5.0% of the Group’s net profit. The Group’s 20%-owned Shanghai Pharmaceuticals Group recorded revenue of RMB139.658 billion, representing a year-on-year increase of 5.17%. Net profit amounted to RMB598 million, representing an increase of 6.3% over the previous year. Although the Group’s share of profit from Shanghai Pharmaceuticals Group increased, the depreciation of the RMB was less significant compared to the same period last year, resulting in a decrease in exchange gains from RMB loans invested in Shanghai Pharmaceuticals Group.
Real Estate
SI Development (600748 SSE) recorded revenue of RMB1.029 billion, representing a decrease of 70.2% year-on-year, which was primarily attributed to a significant decline in revenue recognized from completed projects and a high base due to a substantial one-off gain recorded in the same period last year. The net loss amounted to RMB177 million, turning from a profit to a loss. In the first half of the year, the contract sales of real estate projects reached RMB240 million.While the real estate industry witnessed a downward environment in the first half of the year, SI Development has made steady progress in the construction of key projects. At the same time, SI Development implemented rectification measures for major risk issues, comprehensively reviewed the existing corporate governance structure, and focused on core commercial and office projects, with 317 projects currently under management. Rental income for the period was approximately HK$234million.SI Urban Development (563 HKSE) recorded a revenue of HK$2.981 billion, a year-on-year increase of 65.8%, and a loss attribute to shareholders of HK$232 million, primarily due to the devaluation of investment properties. During the period, the contract sales amounted to RMB2.284 billion with projects mainly including Originally in Xi’an, Summitopia in Tianjin , with nine projects under construction. Rental income for the half-year amounted to approximately HK$381 million.
Consumer Products
In the first half of the year, Nanyang Tobacco recorded a revenue of HK$1.093 billion, a year-on-year increase of 68.7%. Net profit reached HK$281 million, a year-on-year increase of 173.5%. Sales volume was 569,000 cases, a year-on-year increase of 185.1%. Nanyang Tobacco has been steadily advancing projects such as the upgrade of the QR code application platform and the premium can production line, while striving to expand both domestic and international markets.Hong Kong has significantly increased tobacco taxes for two consecutive years, and smoking control measures are becoming increasingly stringent. In response, Nanyang Tobacco has closely collaborated with duty-free companies to gradually adjust its marketing strategy, focusing on mid- to high-end products while phasing out low-end products. This approach resulted in a satisfactory increase in sales during the period. Facing stricter compliance requirements in the domestic specialist market, Nanyang Tobacco has continuously introduced new products, expanding the number of product specifications to nine. In the second half of the year, new products are planned to be launched in Shanghai, Hubei, and Shenzhen.Since the commencement of production last year, Nanyang Tobacco’s Malaysia plant has completed its annual order fulfillment by this year, marking a solid step forward in its internationalization efforts. Meanwhile, under the strategic cooperation framework with large cigarette companies, Nanyang Tobacco has successfully advanced projects such as the implementation of tobacco primary processing. They are set to embark on a new round of deep collaboration, continually injecting vitality into the full industry chain cooperation model, including overseas tobacco leaf procurement, process technology, and market collaboration.During the period, Wing Fat Printing recorded a revenue of HK$751 million, a year-on-year increase of 3.7%, mainly driven by the tobacco and alcohol packaging and molding businesses. Net profit for the period reached HK$47.66 million, a sharp increase of 63.8% year-on-year, primarily due to structural optimization of revenue and comprehensive contributions from cost reduction and efficiency improvements. Throughout the period, Wing Fat Printing fully optimized its delivery capabilities and service levels for core customer groups, ensuring the healthy development of its revenue structure.
SIHL Chairlady Leng Wei Qing stated, “At present, the business development of enterprises is still in the complicated environment of sailing against the current and either making no progress or retreating. In the second half of the year, the Group will continue to prioritize stability while enhancing market expansion capabilities and focusing on value creation, to achieve sustainable green development and healthy growth . In the infrastructure and environmental protection sectors, SIIC Environment will continue to optimize its business layout, expand market share, and solidify its leading position in China’s water services and environmental protection industries. We will actively respond to national policies, keeping pace with the times and unwaveringly pursuing green development. The toll road business will continue to improve operational efficiency and maintain stable development. The Group’s investments in the health and new business arena, particularly in the pharmaceutical, healthcare, and green energy sectors will contribute further to the growth. In real estate, we will closely monitor changes in industry policies and strategically position ourselves in key areas, such as the Yangtze River Delta Economic Zone centered on Shanghai, to continue advancing existing projects. Nanyang Tobacco will accelerate the cultivation of the existing innovative tobacco market and the launch of new products, while also focusing on the Malaysia project to enhance our digital application capabilities. Wing Fat Printing will leverage technological innovation to advance its sustainable development in the green, healthy, and environmentally friendly packaging market. Overall, the Group will accelerate the upgrading of its core businesses and selectively increase holdings in high-quality projects to create greater value for shareholders.”
About SIHL
Shanghai Industrial Holdings Limited (“SIHL”, HKSE Stock Code: 363) is the largest overseas conglomerate under Shanghai Industrial Investments (Holdings) Co., Ltd (“SIIC”). As the flagship of the SIIC group of companies, SIHL has been successful in leveraging its Shanghai advantage since listing, in terms of securing the best investment opportunities in mainland China with full support from the parent company. With over 20 years’ development, SIHL has become a conglomerate company with four core businesses: infrastructure and environmental protection (including toll roads/bridges, sewage treatment and solid waste treatment, etc.), comprehensive healthcare operations, real estate and consumer products (including Nanyang Tobacco and Wing Fat Printing). SIIC will continue to enhance its corporate governance and strive to create greater value for its shareholders.
For more information about SIHL, please visit the company website at www.sihl.com.hk.
View original content:https://www.prnewswire.com/apac/news-releases/sihls-core-businesses-achieve-robust-growth-302234010.html
SOURCE Shanghai Industrial Holdings Limited
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CreateAI Announces Results of 2024 Annual Meeting of Stockholders
Published
34 minutes agoon
December 23, 2024By
SAN DIEGO, Dec. 23, 2024 /PRNewswire/ — CreateAI Holdings Inc., formerly TuSimple Holdings Inc. (OTCMKTS: TSPH) (“CreateAI” or the “Company”), a global artificial intelligence technology company, today announced shareholder voting results for its annual meeting of stockholders held on December 20, 2024 (the “Annual Meeting”).
As of October 28, 2024, the record date for the Annual Meeting, there were a total of 232,618,399 shares of common stock outstanding and entitled to vote at the Annual Meeting, comprised of 208,618,399 shares of Class A Common Stock (each with one vote per share) and 24,000,000 shares of Class B Common Stock (each with ten votes per share). At the Annual Meeting, holders of 207,347,538 shares of common stock, representing 423,347,538 votes, entitled to vote at the meeting were represented in person or by proxy and, therefore, a quorum constituted of the majority of the voting power of the shares of common stock issued and outstanding and entitled to vote at the Annual Meeting was present.
The following is a brief description of each matter voted upon at the 2024 Annual Meeting and the numbers of votes cast for, withheld, or against, the number of abstentions, and the number of broker non-votes with respect to each other, as applicable.
1. Election of six nominees to serve on the Board of Directors (the “Board”) for a term which will expire at the 2025 annual meeting of stockholders, or, if Proposal Two is adopted, to hold office until the annual meeting of stockholders in accordance with the class of director to which each nominee will be assigned. The following six directors were elected by the votes as indicated below.
For
Withheld
Broker Non-Votes
Cheng Lu
208,949,915
164,765,0191
49,632,604
Mo Chen
208,946,146
164,768,7881
49,632,604
James Lu
209,109,928
164,605,0061
49,632,604
Zhen Tao
209,158,316
164,556,6181
49,632,604
Albert Schultz
348,895,0191
24,819,915
49,632,604
Jianan Hao
209,021,652
164,693,2821
49,632,604
The totals above include the 240,000,000 votes represented by the Class B shares of Common Stock. 12,000,000 shares of Class B Common Stock (representing 120,000,00 votes) were voted “FOR” and 12,000,000 shares of Class B Common stock (representing 120,000,00 votes) were voted “WITHHELD” for each of the Directors other than Albert Schultz. All shares of Class B Common Stock were voted “FOR” the election of Albert Schultz. Excluding the 240,000,000 votes from the 24,000,000 shares of Class B Common Stock from the totals above, the 183,347,538 shares of Class A Common Stock were voted as indicated below.
For
Withheld
Broker Non-Votes
Cheng Lu
88,949,915
44,765,019
49,632,604
Mo Chen
88,946,146
44,768,788
49,632,604
James Lu
89,109,928
44,605,006
49,632,604
Zhen Tao
89,158,316
44,556,618
49,632,604
Albert Schultz
108,895,019
24,819,915
49,632,604
Jianan Hao
89,021,652
44,693,282
49,632,604
2. Amendment to the Company’s Restated Certificate of Incorporation to classify the Board of Directors into three classes, with directors in each class to serve staggered three-year terms. Pursuant to the Restated Certificate of Incorporation, Proposal Two must receive the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors, voting together as a single class, since directors representing two-thirds (2/3) of the total number of authorized directors have already approved. The amendment was not approved2 by the votes as indicated below:
For
Against1
Abstain
Broker Non-Votes
208,955,668
164,659,652
99,614
49,632,604
Because Proposal Two was not approved, the six directors elected pursuant to Proposal One will serve on the Board for a term which will expire at the 2025 annual meeting of stockholders.
3. Ratification of the appointment of UHY LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The selection was ratified by the votes as indicated below:
For
Against1
Abstain
Broker Non-Votes
255,504,371
155,923,768
11,919,399
–
Note 1: Includes 120,000,000 votes of the 12,000,000 shares of Class B Common Stock held by White Marble LLC and White Marble International Limited (together, the “White Marble Entities”) controlled by Dr. Xiaodi Hou.
Note 2: The White Marble Entities have filed an action in the Delaware Court of Chancery seeking a declaratory judgment that the voting agreement between White Marble and Mo Chen is invalid and White Marble, not Mo Chen, controls the vote. White Marble LLC v. Chen, C.A. No. 2024-1208-PAF (Del. Ch.) On December 13, 2024, the Court entered an order that allows the Company to hold the vote on Proposal Two, and ordered that if Proposal Two is not approved at the Annual Meeting but the Court determines in the Action that Mo Chen, not the White Marble Entities, control how the White Marble Entities’ Shares are voted, then the White Marble Entities’ shares shall be deemed to have been voted in favor of Proposal Two at the Annual Meeting and that such vote shall stand. The vote totals above include the votes of the shares held by the White Marble Entities as voted by the White Marble Entities. If the shares held by the White Marble entities reflected in the totals above are deemed to have been voted in favor of Proposal Two, the Proposal will have passed. Accordingly, if the Court rules in Mo Chen’s favor, Proposal Two will be deemed to have passed and the Company would be permitted to amend its Certificate of Incorporation to implement Proposal Two and each of the directors elected pursuant to Proposal One will serve on the Board until the annual meeting of stockholders in accordance with the class of director to which each nominee is assigned.
About CreateAI
CreateAI (formerly TuSimple) is a global artificial intelligence company with offices in US, China, and Japan. The company is pioneering the future of digital entertainment content production, seamlessly blending cutting-edge generative AI technology with the creativity of world-class talent. Our mission is to redefine the boundaries of what’s possible in digital storytelling by developing immersive, captivating, and visually stunning experiences that resonate with audiences on a global scale.
Investor Relations Contact:
ICR for CreateAI
CreateAI.IR@icrinc.com
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SOURCE CreateAI Holdings Inc
Technology
Rosica Communications Releases V2 of Thought Leadership Measurement Matrix™
Published
34 minutes agoon
December 23, 2024By
Beta Phase Concludes, Formerly Launching Market Influence Platform
FAIR LAWN, N.J., Dec. 23, 2024 /PRNewswire-PRWeb/ — Rosica Communications, a national PR agency specializing in education, animal health, nonprofits, and healthcare, has completed beta-testing of its comprehensive tool for assessing thought leadership, now called the Thought Leadership Measurement Matrix™. This innovative tool utilizes a unique, weighted algorithm to measure and analyze 20 marketing, online, and public relations factors or activities that impact thought leadership and influence industry reputation and standing.
This PR thought leadership measurement system provides both qualitative and quantitative assessments of an organization’s market influence, pinpointing strengths and uncovering opportunities for advancing thought leadership. After nearly two years of development and retaining an analytics specialist and mathematician in 2024 to advance its thought leadership scoring tables, Rosica’s Thought Leadership Measurement Matrix™ is now ready for prime time. Formerly launched by Rosica as the “Thought Leadership Index,” this is the only tool that thoroughly measures 20 distinct variables affecting thought leadership. It allows organizations to gauge their leadership presence through an in-depth analysis of performance indicators, SEO, content marketing (owned media), speaking engagements, website traffic and user experience (UX), and influencer or KOL advocacy.
“Completing the beta phase with our clients created insights that shaped the final PR and thought leadership measurement platform we’re now officially introducing. The Thought Leadership Measurement Matrix™ is the most comprehensive tool available to measure earned, owned, social, and paid media, plus a number of additional online and traditional marketing, PR, and communications activities that move the needle for organizations to impact of their thought leadership,” said Chris Rosica, CEO and president of Rosica Communications.
“Rosica goes beyond traditional web metrics to deliver a tool that tracks the broader scope of an organization’s thought leadership activities. This tool doesn’t just measure visibility, it quantifies influence, helping organizations not only get noticed but also become recognized leaders in their industries,” said Analytics Specialist Dan Scheuermann.
For more information, visit http://www.rosica.com
Media Contact
Micah Carroll, Rosica Communications, 201-843-5600, micah@rosica.com, www.Rosica.com
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Technology
KORE Announces NYSE Acceptance of Plan to Regain Listing Compliance
Published
34 minutes agoon
December 23, 2024By
ATLANTA, Dec. 23, 2024 /PRNewswire/ — KORE Group Holdings, Inc. (NYSE: KORE) (“KORE” or the “Company”), the global pure-play Internet of Things (“IoT”) hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today announced it has received notification (the “Acceptance Letter”) from the New York Stock Exchange (the “NYSE”) that the NYSE has accepted the Company’s previously-submitted plan (the “Plan”) to regain compliance with the NYSE’s continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual relating to minimum market capitalization and stockholders’ equity. In the Acceptance Letter, the NYSE granted the Company an 18-month period from September 12, 2024 (the “Plan Period”) to regain compliance with the continued listing standards. As part of the Plan, the Company is required to provide the NYSE quarterly updates regarding its progress towards the goals and initiatives in the Plan. In the Plan, Kore included details regarding previously reported operational restructuring activities, as well as an outlook on the Company’s business.
The Company expects its common stock will continue to be listed on the NYSE during the Plan Period, subject to the Company adherence to the Plan and compliance with other applicable NYSE continued listing standards. The Company’s receipt of such notification from the NYSE does not affect the Company’s business, operations or reporting requirements with the U.S. Securities and Exchange Commission.
Cautionary Note on Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “guidance,” “project,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected progress with the Company’s compliance plan submitted to the NYSE, expected compliance with continued listing standards of the NYSE and expected continued listing of the Company’s common stock on the NYSE. These statements are based on various assumptions and on the current expectations of KORE’s management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE’s business and the timing of expected business milestones; risks relating to the integration of KORE’s acquired companies, including the acquisition of Twilio’s IoT business, changes in the assumptions underlying KORE’s expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of estimates relating to customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; the effects of competition on KORE’s future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE’s expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
KORE Investor Contact:
Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
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