Technology
Research Solutions Reports Fourth Quarter and Fiscal Year 2024 Results
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8 hours agoon
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Reports 18% Revenue Increase, ARR of $17.4 Million and Record Cash Flow
HENDERSON, Nev., Sept. 19, 2024 /PRNewswire/ — Research Solutions, Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based workflow solutions to accelerate research for R&D-driven organizations, reported record financial results for its fourth quarter and full fiscal year ended June 30, 2024.
Fiscal Fourth Quarter 2024 Summary (compared to prior-year quarter)
Total revenue of $12.1 million, a 22% increase.Platform revenue up 86% to $4.3 million. Platform revenue accounted for 35% of the revenue as compared to 23% in the prior year.Annual Recurring Revenue (“ARR”) up 84% to $17.4 million, which includes approximately $12.1 million of B2B recurring revenue and $5.4M of B2C recurring revenue.Gross profit up 44%. Total gross margin improved 710 basis points to 46.5%.Net loss of $2.8 million, or ($0.09) per diluted share, compared to $376,000 or $0.01 per diluted share. The quarter’s result includes a charge of approximately $4.3 million related to increasing the projected earnout for Scite.Adjusted EBITDA of $1.4 million, a 70% improvement and a Company quarterly record, compared to $825,000.Cash flow from operations of $2.0 million, compared to $1.5 million, a 30% improvement.
Fiscal Year 2024 Summary (compared to Fiscal 2023)
Total revenue of $44.6 million, an 18% increase.Platform revenue up 61% to $14.0 million. Transaction revenue increased 5.7% to $30.7 million.Gross profit up 34%. Total gross margin improved 500 basis points to 44.0%.Net loss of $3.8 million, or ($0.13) per diluted share, including the previously mentioned $4.3 million charge and $1.5 million in proxy and acquisition-related expenses, compared to net income of $572,000 or $0.02 per diluted share.Adjusted EBITDA of $2.2 million, which is inclusive of proxy and acquisition-related expenses of $1.4 million, a Company record, compared to $2.0 million.Cash flow from operations of $3.6 million, a Company record, compared to $3.4 million.
“Fiscal 2024 was a transformational year for the Company. We completed two acquisitions which helped position us as a vertical SaaS and AI company, helping researchers throughout their entire workflow. The integration of these acquisitions and our operational execution were meaningful contributors to our 85% year-over-year ARR growth and the double-digit increase in Adjusted EBITDA,” said Roy W. Olivier, President and CEO of Research Solutions. “There are many untapped market opportunities where our highly specialized product offerings can serve as a vital piece of the research process. Overall, we believe we are well-positioned to deliver meaningful ARR growth while expanding Adjusted EBITDA margins, creating long-term value for our shareholders.”
Fiscal Fourth Quarter 2024 Results
Total revenue was $12.1 million, a 22% increase from $10.0 million in the year-ago quarter primarily driven by increased platform revenue versus the prior-year period due to revenue from the Company’s acquisitions as well as organic platform revenue growth.
Platform subscription revenue for the quarter was $4.3 million, an 86% year-over-year increase. The increase was primarily due to the acquisition of Scite, as well as organic growth in the core Article Galaxy platform. The quarter ended with annual recurring revenue of $17.4 million, up 84% year-over-year (see the company’s definition of annual recurring revenue below).
Transaction revenue was $7.9 million, compared to $7.7 million in the fourth quarter of fiscal 2023. The transaction active customer count for the quarter was 1,398, compared to 1,404 customers in the prior-year quarter (see the company’s definition of active customer accounts and transactions below).
Total gross margin improved 710 basis points from the prior-year quarter to 46.5%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as a 70 basis point increase in margins in the transactions business.
Total operating expenses were $5.0 million, compared to $3.7 million in the fourth quarter of 2023. The increase was primarily related to the additional cost base associated with the aforementioned acquisitions, as well as increased non-cash depreciation and amortization expense related to such acquisitions.
Other expense for the quarter was approximately $3.5 million, compared to other income of $120,000 in the prior-year quarter. The primary driver of this was $4.3M of expense related to increasing the earn-out assumption associated with the Scite acquisition.
Net loss in the fourth quarter was $2.8 million, or ($0.09) per diluted share, compared to net income of $376,000, or $0.01 per diluted share, in the prior-year quarter. Adjusted EBITDA was $1.4 million, compared to $825,000 in the year-ago quarter (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).
Full-Year Fiscal 2024 Results
Total revenue was $44.6 million, an 18% increase from fiscal 2023, driven by both increased platform revenue and transaction revenue.
Platform subscription revenue for fiscal 2024 was $14.0 million, a 61% year-over-year increase. The increase was primarily due to the acquisition of Scite, as well as organic growth in the core Article Galaxy platform.
Transaction revenue was $30.7 million, compared to $29.0 million in fiscal 2023. The increase was driven by organic growth and the impact of a full year of contribution from the acquisition of contracts from FIZ Karlsruhe, compared to six months in fiscal 2023.
Total gross margin improved 500 basis points from the prior-year to 44.0%. The increase was primarily driven by the continued revenue mix shift to the higher-margin Platforms business, as well as a 100 basis point increase in margins in the transactions business related to pricing initiatives.
Total operating expenses for the year were $20.4 million, compared to $14.5 million in fiscal 2023. The increase was primarily related to the additional cost base associated with the acquisitions, including increased non-cash depreciation and amortization expense related to such acquisitions, as well as the aforementioned proxy and acquisition-related expenses.
Net loss for fiscal 2024 was $3.8 million, or ($0.13) per diluted share, compared to net income of $572,000, or $0.02 per diluted share, in the prior-year. Adjusted EBITDA was $2.2 million, compared to $2.0 million in fiscal 2023 (see definition and further discussion about the presentation of Adjusted EBITDA, a non-GAAP term, below).
Conference Call
Research Solutions President and CEO Roy W. Olivier and CFO Bill Nurthen will host the conference call, followed by a question and answer period.
Date: Thursday, September 19, 2024
Time: 5:00 p.m. ET (2:00 p.m. PT)
Dial-in number: 1-412-317-5180
The conference call will be broadcast live and available for replay until October 19, 2024 by dialing 1-412-317-6671 and using the replay ID 10191850, and via the investor relations section of the company’s website at http://researchsolutions.investorroom.com/.
Fiscal Fourth Quarter Financial and Operational Summary Tables vs. Prior-Year Quarter
Quarter Ended June 30,
Twelve Months Ended June 30,
2024
2023
Change
% Change
2024
2023
Change
% Change
Revenue:
Platforms
$ 4,277,338
$ 2,303,375
$ 1,973,963
85.7 %
$ 13,956,517
$ 8,683,246
$ 5,273,271
60.7 %
Transactions
$ 7,856,176
$ 7,656,342
199,834
2.6 %
$ 30,667,382
$ 29,020,206
1,647,176
5.7 %
Total Revenue
12,133,514
9,959,717
2,173,797
21.8 %
44,623,899
37,703,452
6,920,447
18.4 %
Gross Profit:
Platforms
3,650,286
2,028,265
1,622,021
80.0 %
11,889,314
7,655,960
4,233,353
55.3 %
Transactions
1,992,580
1,892,278
100,302
5.3 %
7,750,852
7,044,931
705,921
10.0 %
Total Gross Profit
5,642,866
3,920,543
1,722,323
43.9 %
19,640,166
14,700,891
4,939,274
33.6 %
Gross profit as a % of revenue:
Platforms
85.3 %
88.1 %
-2.7 %
85.2 %
88.2 %
-3.0 %
Transactions
25.4 %
24.7 %
0.6 %
25.3 %
24.3 %
1.0 %
Total Gross Profit
46.5 %
39.4 %
7.1 %
44.0 %
39.0 %
5.0 %
Operating Expenses:
Sales and marketing
830,195
455,030
375,165
82.4 %
3,442,503
2,285,478
1,157,025
50.6 %
Technology and product development
1,489,491
991,093
498,398
50.3 %
5,442,382
3,742,192
1,700,190
45.4 %
General and administrative
1,917,907
1,649,333
268,574
16.3 %
8,511,697
6,654,012
1,857,685
27.9 %
Depreciation and amortization
311,004
22,163
288,841
1303.3 %
836,271
52,649
783,622
1488.4 %
Stock-based compensation
426,190
585,384
(159,194)
-27.2 %
2,155,461
1,849,906
305,555
16.5 %
Foreign currency translation loss
6,336
(37,743)
44,079
116.8 %
21,395
(121,953)
143,348
117.5 %
Total Operating Expenses
4,981,123
3,665,260
1,315,863
35.9 %
20,409,709
14,462,284
5,947,425
41.1 %
Income (loss) from operations
661,743
255,283
406,460
159.2 %
(769,543)
238,608
(1,008,151)
-422.5 %
Other Income (Expenses):
Other income
(3,451,948)
120,522
(3,572,470)
NM
(2,903,983)
338,617
(3,242,600)
NM
Provision for income taxes
(31,022)
(59)
(30,963)
NM
(113,071)
(5,602)
(107,469)
NM
Total Other Income (Expenses):
(3,482,970)
120,463
(3,603,433)
NM
(3,017,054)
333,015
(3,350,069)
NM
Net income (loss)
$ (2,821,227)
$ 375,746
(3,196,973)
NM
$ (3,786,597)
$ 571,623
(4,358,220)
NM
NM
Adjusted EBITDA
$ 1,405,273
$ 825,087
$ 580,186
70.3 %
$ 2,243,584
$ 2,019,210
$ 224,374
11.1 %
Quarter Ended June 30,
Twelve Months Ended June 30,
2024
2023
Change
% Change
2024
2023
Change
% Change
Platforms:
B2B ARR (Annual recurring revenue*):
Beginning of Period
$ 11,653,063
$ 9,107,681
$ 2,545,382
27.9 %
$ 9,444,130
$ 7,922,188
$ 1,521,942
19.2 %
Incremental ARR
407,139
336,448
70,691
21.0 %
2,616,072
1,521,941
1,094,131
71.9 %
End of Period
$ 12,060,202
$ 9,444,129
$ 2,616,073
27.7 %
$ 12,060,202
$ 9,444,129
$ 2,616,073
27.7 %
Deployments:
Beginning of Period
983
815
168
20.6 %
835
733
102
13.9 %
Incremental Deployments
38
20
18
90.0 %
186
102
84
82.4 %
End of Period
1,021
835
186
22.3 %
1,021
835
186
22.3 %
ASP (Average sales price):
Beginning of Period
$ 11,855
$ 11,175
$ 680
6.1 %
$ 11,310
$ 10,808
$ 502
4.6 %
End of Period
$ 11,812
$ 11,310
$ 502
4.4 %
$ 11,812
$ 11,310
$ 502
4.4 %
B2C ARR (Annual recurring revenue*):
Beginning of Period
$ 4,902,975
$ –
$ 4,902,975
$ –
$ –
$ –
Incremental ARR
460,154
–
460,154
NM
5,363,129
–
5,363,129
NM
End of Period
$ 5,363,129
$ –
$ 5,363,129
NM
$ 5,363,129
$ –
$ 5,363,129
NM
Total ARR (Annualized recurring revenue):
$ 17,423,331
$ 9,444,129
$ 7,979,202
84.5 %
$ 17,423,331
$ 9,444,129
$ 7,979,202
84.5 %
Transaction Customers:
Corporate customers
1,093
1,090
3
0.3 %
1,088
1,012
76
7.5 %
Academic customers
305
314
(9)
-2.9 %
316
304
12
4.0 %
Total customers
1,398
1,404
(6)
-0.4 %
1,404
1,316
88
6.7 %
Active Customer Accounts, Transactions and Annual Recurring Revenue
The company defines active customer accounts as the sum of the total quantity of customers per month for each month in the period divided by the respective number of months in the period. The quantity of customers per month is defined as customers with at least one transaction during the month.
A transaction is an order for a unit of copyrighted content fulfilled or managed in the Platform.
The company defines annual recurring revenue (“ARR”) as the value of contracted Platform subscription recurring revenue normalized to a one-year period. For B2C ARR, this includes the annualized value of monthly subscriptions, meaning their monthly value multiplied by twelve.
Use of Non-GAAP Measure – Adjusted EBITDA
Research Solutions’ management evaluates and makes operating decisions using various financial metrics. In addition to the company’s GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP measure provides useful information about the company’s operating results.
The tables below provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. Adjusted EBITDA is defined as net income (loss), plus interest expense, other income (expense) including any change in fair value of contingent earnout liability, foreign currency transaction loss, provision for income taxes, depreciation and amortization, stock-based compensation, gain on sale of discontinued operations, and other potential adjustments that may arise. Set forth below is a reconciliation of Adjusted EBITDA to net income (loss):
Quarter Ended June 30,
Twelve Months Ended June 30,
2024
2023
Change
% Change
2024
2023
Change
% Change
Net Income (loss)
$ (2,821,227)
$ 375,746
$ (3,196,973)
NM
$ (3,786,597)
$ 571,623
$(4,358,220)
NM
Add (deduct):
–
Other income (expense)
3,451,948
(120,522)
3,572,470
NM
2,903,983
(338,617)
3,242,600
NM
Foreign currency translation loss
6,336
(37,743)
44,079
116.8 %
21,395
(121,953)
143,348
117.5 %
Provision for income taxes
31,022
59
30,963
NM
113,071
5,602
107,469
NM
Depreciation and amortization
311,004
22,163
288,841
1303.3 %
836,271
52,649
783,622
1488.4 %
Stock-based compensation
426,190
585,384
(159,194)
-27.2 %
2,155,461
1,849,906
305,555
16.5 %
Gain on sale of disc. ops.
–
–
–
–
–
–
Adjusted EBITDA
$ 1,405,273
$ 825,087
$ 580,186
70.3 %
$ 2,243,584
$ 2,019,210
$ 224,374
11.1 %
About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints Desk, the company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on Article Galaxy, the company’s SaaS research platform, to streamline access to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com
Important Cautions Regarding Forward-Looking Statements
Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects”, “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. Examples of forward-looking statements in this release include statements regarding enhanced product offerings, additional customers, and the Company’s prospects for growth. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.
Research Solutions, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30,
June 30,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
6,100,031
$
13,545,333
Accounts receivable, net of allowance of $68,579 and $85,015, respectively
6,879,800
6,153,063
Prepaid expenses and other current assets
643,553
400,340
Prepaid royalties
1,067,237
1,202,678
Total current assets
14,690,621
21,301,414
Non-current assets:
Property and equipment, net of accumulated depreciation of $922,558 and $881,908,
respectively
88,011
70,193
Intangible assets, net of accumulated amortization of $1,535,310 and $747,355,
respectively ($8,343,056 provisional)
10,764,261
462,068
Goodwill ($13,171,486 provisional)
16,315,888
—
Deposits and other assets
981
1,052
Total assets
$
41,859,762
$
21,834,727
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses
$
8,843,612
$
8,079,516
Deferred revenue
9,023,848
6,424,724
Total current liabilities
17,867,460
14,504,240
Non-current liabilities:
Contingent earnout liability
12,298,114
—
Total liabilities
30,165,574
14,504,240
Commitments and contingencies
Stockholders’ equity:
Preferred stock; $0.001 par value; 20,000,000 shares authorized; no shares issued and
outstanding
—
—
Common stock; $0.001 par value; 100,000,000 shares authorized; 32,295,373 and
29,487,508 shares issued and outstanding, respectively
32,295
29,487
Additional paid-in capital
38,089,958
29,941,873
Accumulated deficit
(26,309,246)
(22,522,649)
Accumulated other comprehensive loss
(118,819)
(118,224)
Total stockholders’ equity
11,694,188
7,330,487
Total liabilities and stockholders’ equity
$
41,859,762
$
21,834,727
Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Operations and Other Comprehensive Loss
Years Ended
June 30,
2024
2023
Revenue:
Platforms
$
13,956,517
$
8,683,246
Transactions
30,667,382
29,020,206
Total revenue
44,623,899
37,703,452
Cost of revenue:
Platforms
2,067,203
1,027,286
Transactions
22,916,530
21,975,275
Total cost of revenue
24,983,733
23,002,561
Gross profit
19,640,166
14,700,891
Operating expenses:
Selling, general and administrative
19,573,438
14,409,634
Depreciation and amortization
836,271
52,649
Total operating expenses
20,409,709
14,462,283
Income (loss) from operations
(769,543)
238,608
Other income
333,088
338,617
Change in fair value of contingent earnout liability
(3,237,071)
—
Income (loss) from operations before provision for income taxes
(3,673,526)
577,225
Provision for income taxes
(113,071)
(5,602)
Net income (loss)
(3,786,597)
571,623
Other comprehensive income (loss):
Foreign currency translation
(595)
3,717
Comprehensive income (loss)
$
(3,787,192)
$
575,340
Basic income (loss) per common share:
Net income (loss) per share
$
(0.13)
$
0.02
Weighted average common shares outstanding
28,863,949
26,860,761
Diluted income (loss) per common share:
Net income (loss) per share
$
(0.13)
$
0.02
Weighted average common shares outstanding
28,863,949
29,139,759
Research Solutions, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Years Ended
June 30,
2024
2023
Cash flow from operating activities:
Net income (loss)
$
(3,786,597)
$
571,623
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
836,271
52,649
Fair value of vested stock options
140,150
375,189
Fair value of vested restricted common stock
1,994,362
1,418,718
Fair value of vested unrestricted common stock
—
68,272
Modification cost of accelerated vesting of restricted common stock
20,949
56,000
Adjustment to contingent earnout liability
3,237,071
—
Changes in operating assets and liabilities:
Accounts receivable
(344,020)
(901,518)
Prepaid expenses and other current assets
(164,579)
(124,314)
Prepaid royalties
135,441
(356,026)
Accounts payable and accrued expenses
560,027
1,337,056
Deferred revenue
921,879
886,198
Net cash provided by operating activities
3,550,954
3,383,847
Cash flow from investing activities:
Purchase of property and equipment
(71,510)
(47,209)
Payment for acquisition of Resolute, net of cash acquired
(2,718,253)
—
Payment for acquisition of Scite, net of cash acquired
(7,305,493)
—
Payment for non-refundable deposit for asset acquisition
—
(297,450)
Net cash used in investing activities
(10,095,256)
(344,659)
Cash flow from financing activities:
Proceeds from the exercise of stock options
—
57,500
Common stock repurchase
(554,202)
(104,250)
Payment of contingent acquisition consideration
(351,649)
(50,509)
Net cash used in financing activities
(905,851)
(97,259)
Effect of exchange rate changes
4,851
229
Net increase (decrease) in cash and cash equivalents
(7,445,302)
2,942,158
Cash and cash equivalents, beginning of period
13,545,333
10,603,175
Cash and cash equivalents, end of period
$
6,100,031
$
13,545,333
Supplemental disclosures of cash flow information:
Cash paid for income taxes
$
113,071
$
5,602
Non-cash investing and financing activities:
Contingent consideration accrual on asset acquisition
$
32,022
$
138,428
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SOURCE Research Solutions, Inc.
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September 20, 2024By
HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.
“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”
Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.
“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”
Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.
About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.
Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
For media inquiries, please use the contact information below:
Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com
Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com
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SOURCE McDermott International, Ltd
Technology
Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style
Published
2 hours agoon
September 20, 2024By
BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.
The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide. According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists. However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.
“Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc. This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.
Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.
Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.
“Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.
The Halal Route application is free to download on both iOS and Android systems.
Read the full article at https://www.chula.ac.th/en/highlight/185916/
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/halal-route-application—eat-travel-around-thailand-safe-and-sound-halal-style-302251312.html
SOURCE Chulalongkorn University
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