NOVI, Mich., Oct. 28, 2024 /PRNewswire/ — Stoneridge, Inc. (NYSE: SRI) today announced the availability of its next MirrorEye® Camera Monitor System program on Daimler Truck North America’s (DTNA) new fifth generation Freightliner Cascadia, which begins series production in mid-2025. The MirrorCam System, DTNA’s branded camera monitor system is built on Stoneridge’s industry-leading MirrorEye technology and is designed to enhance driver awareness by augmenting traditional mirrors with external cameras and in-cab digital monitors to offer a broader field of view, reduce blind spots, and improve both side and rearward visibility.

This collaboration represents a significant advancement in driver visibility and vehicle efficiency, marking Stoneridge’s third North American OEM program featuring a factory-installed camera monitor system.

Key features of Freightliner’s MirrorCam include:

Independent camera wing design with a high mounting position provides an extended field of vision, displaying front and side views via three high-resolution in-cab displays.Side views that automatically adjust based on trailer position, identify trailer length and display alerts from Side Guard Assist 2 (SGA2), standard with the Detroit Assurance Suite of Safety systems. SGA2 notifies the driver when objects or pedestrians are detected on the driver and passenger side, from the cab to the end of the trailer.Infrared technology and hydrophobic coatings designed to repel water and other contaminants that enhance visibility both at night and in inclement weather conditions.Aerodynamic wing design that reduces drag compared to traditional mirrors, resulting in improved fuel efficiency.

“We’re extremely proud to collaborate with DTNA in introducing a cutting-edge camera monitor system for the fifth generation Cascadia,” said Jim Zizelman, president and CEO of Stoneridge. “We have integrated and will continue to integrate advanced features and technology into the MirrorEye platform to take an already impressive system and enhance it even further.”

For more information about the fifth generation Cascadia, please visit: https://northamerica.daimlertruck.com/cascadia/. 

About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.

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SOURCE Stoneridge, Inc.

Harini Boppana joins as VP of Product and Simon Smith as SVP Sales & Marketing to propel Newbook’s next phase of growth and product evolution

AUSTIN, Texas and SURFERS PARADISE, Queensland, Oct. 28, 2024 /PRNewswire-PRWeb/ — Newbook, the leading property management software provider for RV parks and campgrounds, today announced that it has named Harini Boppana as Vice President of Product and Simon Smith as its new Chief Growth Officer. These strategic hires underscore Newbook’s commitment to driving product innovation and scaling its business globally.

Harini Boppana joins Newbook from Okendo, where she served as Head of Product for two-and-a-half years. She brings over 15 years of experience transforming customer experiences at scale through technology products. She also has a deep engineering background and a proven track record of driving customer and revenue growth across enterprises, startups, and scale-ups.

Harini has led global teams in both the U.S. and Australia and holds domain expertise in a range of industries, including banking, consulting, hospitality, and e-commerce. She has also held senior product roles at SiteMinder, PwC and J.P. Morgan, where she developed strategies that boosted customer engagement and business performance.

“We’re beyond excited to welcome Harini to the team as we redefine the future of property management technology,” said Shaun Cornelius, CEO of Newbook. “Harini’s unparalleled expertise in crafting innovative, customer-focused products will accelerate our delivery and support our customers with world-class technology to drive their business.”

Simon Smith joins Newbook from its parent company Storable, where he spent the past three years as Senior Vice President of Revenue. With over 20 years of leadership in sales, operations, and growth strategy, he brings invaluable expertise to his role as Chief Growth Officer. Simon’s experience in scaling revenue-generating teams and driving cross-functional growth will be vital as Newbook continues its expansion. He has also held leadership positions at TrueCar, AutoNation, and CentralBDC, where he developed high-performing sales teams and implemented successful business growth strategies.

“Simon’s proven ability to ignite growth across diverse industries and build powerhouse teams makes him an invaluable addition to Newbook,” added Shaun. “His visionary approach and deep expertise will be game-changers as we accelerate our ambitious plans to scale and transform the market.”

With these new additions, Newbook is poised to accelerate its growth while continuing to offer world-class property management and booking software solutions that enhance the customer experience.

Harini and Simon will be connecting with the industry at forthcoming industry shows across the US and Australia such as OHCE2024 in Oklahoma City.

For more information about Newbook and its latest initiatives, visit https://www.newbook.cloud/.

About Newbook

Newbook, a part of the Storable family, is an award-winning property management and online booking system for accommodation providers. Founded in 2010, the company has scaled over the past 14 years into a global market leader with three international offices and over 50,000 users. Newbook’s mission is to build high-quality products delivered with passion, so customers can create memorable experiences.

Media Contact

John Eidson, Newbook, 2035617112, john.eidson@beantownmv.com, https://www.newbook.cloud/

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SOURCE Newbook

XIAMEN, China, Oct. 28, 2024 /PRNewswire/ — Hitek Global Inc. (Nasdaq: HKIT) (the “Company”), a China-based information technology consulting and solutions service provider, today announced its unaudited financial results for the six months ended June 30, 2024.

Ms. Xiaoyang Huang, Chief Executive Officer and Director of Hitek Global Inc., commented, “We are pleased to report a solid performance for the first half of fiscal year 2024, as we continue to adapt to an evolving market environment. Despite facing challenges, particularly due to the implementation of Golden Tax Phase IV, which introduced new complexities for enterprises in managing their taxes, we have remained resilient. One of the key highlights of our financial performance is the increase in our gross profit margin, which rose to 52.0% for the six months ended June 30, 2024, compared to 50.9% in the same period last year. This improvement reflects our successful shift toward higher-margin revenue streams, especially in software sales, which continue to grow as we cater to larger clients. As we move forward, we are also actively expanding into new business modules to strengthen our market position. We are exploring strategic acquisitions and partnerships, particularly in the technical services, which we believe will offer immense growth potential. These moves are aligned with our long-term vision. By leveraging our expertise and seizing these emerging opportunities, we are confident in our ability to drive sustainable growth and deliver greater value to our shareholders.”

First Half 2024 Financial Highlights

Revenue was $1.83 million for the six months ended June 30, 2024 compared to $2.95 million for the same period of last year.Gross profit was $0.95 million for the six months ended June 30, 2024 compared to $1.5 million for the same period of last year.Gross profit margin as a percentage of revenue increased to 52.0% for the six months ended June 30, 2024 from 50.9% for the same period of last year.Basic and diluted earnings per share was $0.01 for the six months ended June 30, 2024 compared to $0.05 for the same period of last year.

First Half 2024 Financial Results

Revenue

Total revenues were $1.83 million for the six months ended June 30, 2024, compared to $2.95 million for the same period of last year.

Revenue generated from hardware sales was $0.75 million for the six months ended June 30, 2024, compared to $1.31 million for the same period of last year. The hardware sales decrease was mainly due to the decrease in our customers’ demands affected by the sluggish economic environment.Revenue generated from CIS software sales was $0.82 million for the six months ended June 30, 2024, increased by 6.1% from $0.78 million for the same period of last year. CIS software sales increased mainly due to the increase in software sales to large customers.Revenue generated from tax devices and services was $0.26 million for the six months ended June 30, 2024, compared to $0.86 million for the same period of last year. Tax devices and service sales decreased due to new policies that Xiamen tax authorities implemented the use of electronic invoices system to replace the prior tax control system.

Gross Profit and Gross Margin

Gross profit was $0.95 million for the six months ended June 30, 2024 compared to $1.5 million for the same period of last year.

Gross profit margin as a percentage of revenue increased to 52.0% for the six months ended June 30, 2024 from 50.9% for the same period of last year. This was mainly due to the increase of software sales, which has a relatively high gross profit margin compared with other revenue streams.

Operating Expenses

Operating expenses were $0.99 million for the six months ended June 30, 2024, decreased by 8.0% from $1.08 million for the same period of last year.

Selling expenses were $9,844 for the six months ended June 30, 2024, increased by 2,928.9% from $325 for the same period of last year. Selling expenses were 0.5% of total revenues for the six months ended June 30, 2024 and 0.01% of total revenues in the comparable period of 2023. The increase results from marketing activities to attract new purchases from new and existing customers.General and administrative expenses were $1.32 million for the six months ended June 30, 2024, increased by 32.7% from $0.99 million for the same period of last year. The increase was mainly due to the increase in consulting fees for financing.

Operating loss was $0.37 million for the six months ended June 30, 2024 compared to operating income of $0.51 million for the comparable period of 2023. The decrease in operating income in 2024 was primarily due to the decrease in revenue and increase of general and administrative expenses.

Other Income

Other income was $0.66 million and $0.44 million for the six months ended June 30, 2024 and 2023, respectively. The increase was primarily due to the increase in interest income from loan receivables and increase of net investment income.

Net Income

As a result of the factors described above, net income was $0.12 million for the six months ended June 30, 2024, compared to $0.62 million for the comparable period of 2023.

Basic and Diluted Earnings per Share

Basic and diluted earnings per share was $0.01 for the six months ended June 30, 2024, compared to $0.05 for the same period of last year.

Balance Sheet

As of June 30, 2024, the Company had cash of $7.22 million, compared to $9.31 million as of December 31, 2023.

Cash Flow

Net cash provided by operating activities was $0.75 million for the six months ended June 30, 2024, compared to $0.20 million for the same period of last year.

Net cash used in investing activities was $11.03 million for the six months ended June 30, 2024, compared to $11.00 million for the same period of last year.

Net cash provided by financing activities was $8.20 million for the six months ended June 30, 2024, compared to $15.14 million for the same period of last year.

About Hitek Global Inc.

Hitek Global Inc., headquartered in Xiamen, China, is an information technology (“IT”) consulting and solutions service provider in China. The Company has two lines of business: 1) services to small and medium businesses, which consists of Anti-Counterfeiting Tax Control System (“ACTCS”) tax devices, ACTCS services, and IT services, and 2) services to large businesses, which consists of hardware sales and software sales. The Company’s vision is to become a one-stop consulting destination for holistic IT and other business consulting services in China. For more information, visit the Company’s website at http://ir.xmhitek.com/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

For investor and media inquiries please contact:

Hitek Global Inc.
Investor Relations Department
Email: ir@xmhitek.com

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SOURCE HITEK GLOBAL INC