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PINTEC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF 2024

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BEIJING, Nov. 8, 2024 /PRNewswire/ — Pintec Technology Holdings Limited (Nasdaq: PT) (“Pintec” or the “Company”), a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in China, today announced its unaudited financial results for the six months ended June 30, 2024.

First Half 2024 Financial Highlights

Total revenues decreased by 57.5% or RMB20.17 million to RMB14.92 million (US$2.09 million) for the first half of 2024 compared to total revenues of RMB35.09 million for the same period of 2023.

Gross profit increased by 111.6% to RMB8.90 million (US$1.25 million) for the first half of 2024 from RMB4.21 million for the same period of 2023. Gross margin was 59.66% for the first half of 2024 compared to 11.99% for the same period of 2023.

Loss from operations decreased by 37.1% to RMB7.61 million (US$1.07 million) for the first half of 2024 from RMB12.09 million for the same period of 2023.

Net loss decreased by 82.0% to RMB8.34 million (US$1.17 million) for the first half of 2024 compared to net loss of RMB46.30 million for the same period of 2023.

First Half 2024 Operating Highlights

Total loans facilitated decreased by 2.4% to RMB46.17 million (US$6.48 million) for the first half of 2024 from RMB47.3 million for the same period of 2023.

Loan outstanding balance decreased by 9.0% to RMB56.14 million (US$7.88 million) as of June 30, 2024 from RMB61.74 million as of December 31, 2023.

The following table provides delinquency rates by balance for all loans facilitated by the Company as of the dates indicated:

Delinquent for

16-30 days

31-60 days

61-90 days

December 31, 2021        

1.00

%

1.30

%

1.18

%

December 31, 2022

0.23

%

0.58

%

0.18

%

December 31, 2023

0.26

%

0.22

%

0.27

%

June 30, 2024

0.20

%

0.04

%

0.22

%

Mr. Zexiong Huang, Chief Executive Officer of Pintec, commented, “During the first half of 2024, despite the unavoidable constraints on our business expansion caused by changes in industry policies, regulations, and slowdown in overall economy in China, we continued to strive for further improvements in our financial position, driven by enhanced operational efficiency, strengthened risk management, and optimized cost structures, all contributing to the resilience of our business. At the same time, even amidst fluctuations in the market risks resulting from the sluggish macroeconomic recovery, we have adhered to a prudent risk management approach, enabling us to maintain stability and healthy asset quality in this challenging environment. We believe that lean financial performance and high-quality assets are fundamental to capturing long-term opportunities.”

“Looking forward, we are committed to focusing on our core strategy, which is to prioritize financial stability and risk management to sustain solid growth in an uncertain macro environment. We remain dedicated to delivering financial digitization solutions to our business partners, financial partners, and end customers. The sustainable and quality-based development will continue to be the path we uphold. To achieve this goal, we will keep solidifying our competencies in overall risk management, attracting customers and strengthening partnerships, expanding our business, and refining operations while implementing cost-effective initiatives.” Mr. Huang concluded.

First Half 2024 Financial Results

Revenues

Total revenues decreased by 57.47% to RMB14.92 million (US$2.09 million) for the first half of 2024 from RMB35.09 million for the same period of 2023.

Revenues from technical service fees decreased by 86.6% to RMB2.66 million (US$0.37 million) for the first half of 2024 from RMB19.83 million for the same period of 2023. The decrease in revenues from technical service fees was mainly due to the gradual reduction of such business based on our overall operation realignment.

Revenues from installment service fee decreased by 13.7% to RMB6.49 million (US$0.91 million) for the first half of 2024 from RMB7.53 million for the same period of 2023. The decrease in revenues from installment service fee was mainly due to the decrease in volume of both new and outstanding small and medium enterprises (“SMEs”) loans under current marketing environment in the first half of 2024.

Revenues from wealth management service fees decreased by 25.3% to RMB5.77 million (US$0.81 million) for the first half of 2024 from RMB7.73 million for the same period of 2023. The decrease in revenue of the wealth management was mainly due to that the new regulation issued by Chinese regulatory authority on insurance brokerage business which led to a scarcity of insurance products that comply with the new regulation and in turn caused the decrease in insurance brokerage business and revenue.

Cost of Revenues

Cost of revenues decreased by 80.51% to RMB6.02 million (US$0.85 million) for the first half of 2024 from RMB30.88 million for the same period of 2023. This decrease was mainly attributable to:

Funding cost. Funding cost mainly consists of interest expense the Company pays in relation to the funding debts to fund its financing receivables. Funding cost decreased RMB9.31 million to nil compared to funding cost of RMB9.31 million in the same period of 2023. The decrease was due to that we recorded interest expenses of RMB9.31 million during the first half of 2023, which was mainly represents an out-of-period adjustments amount to RMB9.31 million from prior years.

Reversal/(provision) of credit losses. Provision of credit losses of RMB1.73 million (US$0.24 million) in first half of 2024 compared to reversal of credit losses of RMB0.38 million in the same period of 2023.

Origination and servicing cost. Origination and servicing cost decreased by 78.8% to RMB5.05 million (US$0.71 million) compared to RMB23.86 million in the same period of 2023, which was mainly due to the decreased in revenue from technical services fees and its corresponding costs.

Gross Profit

Gross profit increased to RMB8.90 million (US$1.25 million) for the first half of 2024 from RMB4.21 million for the same period of 2023. Gross margin was 59.66% in the first half of 2024 compared to 11.99% in the same period of 2023.

Operating Expenses

Total operating expenses increased by 1.3% to RMB16.51 million (US$2.32 million) for the first half of 2024 from RMB16.30 million for the same period of 2023. The Company has been continuously optimizing and refining its organizational structure, marketing strategies and product matrix since the beginning of 2024.

Sales and marketing expenses in the first half of 2024 increased by 0.3% to RMB8.54 million (US$1.20 million) from RMB8.51 million in the same period of 2023. This increase was primarily due to the addition of sales and marketing personnel to expand our Wealth Management Solutions services and business.

General and administrative expenses in the first half of 2024 increased by 12.8% to RMB5.71 million (US$0.80 million) from RMB5.06 million in the same period of 2023. This increase was primarily driven by the reversal of share-based compensation in first half of 2023, which was an out-of-period adjustments from prior years and no such adjustments were recorded in first half of 2024.

Research and development expenses in the first half of 2024 decreased by 17.0% to RMB2.26 million (US$0.32 million) from RMB2.73 million in the same period of 2023, primarily due to personnel structure optimization as part of the business transformation of the Company.

Loss from operations

Loss from operations decreased by 37.1% to RMB7.61 million (US$1.07 million) for the first half of 2024 from RMB12.09 million for the same period of 2023.

Other income and expenses

Other expenses, net decreased by 99.4% to RMB0.28 million (US$0.04 million) for the first half of 2024 from RMB45.59 million for the same period of 2023. The decrease was primarily due to the decrease in impairment loss of long-lived assets of RMB3.74 million, decrease of interest expense of RMB4.41 million and the decrease in loss of RMB38.88 million from disposal of Sky City Holding Limited and eight of its subsidiaries in May 2023.

Income tax (expense)/benefit

Income tax expense was recorded as RMB0.46 million for the first half of 2024 compared to income tax benefit of RMB11.38 million recorded for the first half of 2023.

Net loss

As a result of the foregoing, net loss was recorded RMB8.34 million (US$1.17 million) for the first half of 2024 compared to RMB46.30 million recorded for the same period of 2023.

Net loss attributable to ordinary shareholders was recorded RMB8.43 million (US$1.18 million) for the first half of 2024 compared to net loss attributable to ordinary shareholders of RMB44.86 million recorded for the same period of 2023.

Adjusted net loss was RMB8.34 million (US$1.17 million) for the first half of 2024 compared to RMB65.50 million for the same period of 2023.

Net Loss Per Share

Basic and diluted net loss per ordinary share in the first half of 2024 were both RMB0.02 (US$0.00). Basic and diluted net loss per American Depositary Share (“ADS”) in the first half of 2024 were both RMB0.53 (US$0.07). Each ADS represents thirty-five of the Company’s Class A ordinary shares.

Adjusted basic and diluted net loss per ordinary share in the first half of 2024 were both RMB0.02 (US$0.00). Adjusted basic and diluted net loss per ADS in the first half of 2024 were both RMB0.53 (US$0.07).

Balance Sheet

The Company has combined cash and cash equivalents and long-term restricted cash of RMB53.42 million (US$7.50 million) as of June 30, 2024, compared to RMB45.51 million as of December 31, 2023.

Going Concern

The Company acknowledged that there were recurring losses from operation since year 2019. For the six months ended June 30, 2024, the Company reported a net loss of RMB8.34 million (US$1.17 million). In addition, as of June 30, 2024, the Company reported a negative working capital of RMB388.96 million (US$54.58 million) and had an accumulated deficit of RMB2,520.97 million (US$353.73 million). The Company’s operating results in future periods are subject to numerous uncertainties, and it is uncertain whether the Company will be able to reduce or eliminate its net loss in the foreseeable future. In order to alleviate the pressure on capital turnover, the Company has reached an agreement with a third-party institution to obtain a line of credit facility with an amount up to US$40 million with annual interest rate of 7% if used, which is effective until September 30, 2025.

Due to the unpredictable future of the capital markets and the industry in which we operate, there can be no assurance that the Company will be successful in achieving its budget goals, that the Company’s future capital raising will be sufficient to support its ongoing operations, or that any additional financing will be available in a timely manner or with acceptable terms, if at all. If the Company is unable to raise sufficient financing or events or circumstances occur such that the Company does not meet its budget goals, it may have a material adverse effect on the Company’s financial position, results of operations, cash flows, and ability to achieve its intended business objectives. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements.

Use of Non-GAAP Financial Measures

In evaluating its business, the Company considers and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net income/loss as net income/loss excluding share-based compensation expenses and income tax benefit recognized due to reversal of uncertain tax position.

The Company believes that this non-GAAP financial measure can help management evaluate the Company’s operating performance and formulate business plans. Adjusted net income/loss enables management to assess operating results without considering the impact of share-based compensation expenses and income tax benefit recognized due to reversal of uncertain tax position. The Company also believes that this non-GAAP financial measure provides useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by management in their financial and operational decision-making.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net income/loss is that it does not reflect all items of income and expenses that affect the Company’s operations. The Company will continue to incur share-based compensation expenses in its business, which are reflected in the presentation of its adjusted net income/loss. Further, this non-GAAP financial measure may differ from non-GAAP financial information used by other companies, including peer companies, and therefore its comparability may be limited.

The Company compensates for these limitations by reconciling this non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, net income/loss, which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1268 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as Pintec’s strategic and operational plans, contain forward-looking statements. Pintec may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, the Company’s limited operating history, regulatory uncertainties relating to the markets and industries where the Company operates, and the need to further diversify its financial partners, the Company’s reliance on a limited number of business partners, the impact of current or future PRC laws or regulations on wealth management financial products, and the Company’s ability to meet the standards necessary to maintain the listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Pintec

Pintec is a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in China. It connects business partners and financial partners on its open platform and enables them to provide financial services to end users efficiently and effectively. Pintec empowers its business partners by providing them with the capability to add a financing option to their product offerings. It helps its financial partners adapt to the new digital economy by enabling them to access the online population that they could not otherwise reach efficiently or effectively. Pintec continues to deliver exceptional digitization services, diversified financial products, and best-in-class solutions with innovative technology, to solidify its relationship with its business partners and satisfy its clients’ needs. Pintec currently holds internet micro lending license, fund distribution license, insurance brokerage license and enterprise credit investigation license in China. For more information, please visit ir.pintec.com.

 

Pintec Technology Holdings Ltd.

Condensed Consolidated Balance Sheets

(In thousands, except for share and per share data)

As of
December 31,

As of June 30,

2023

2024

2024

RMB

RMB

US$

(Unaudited)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

40,508

44,606

6,259

Restricted cash

3,815

535

Short-term financing receivables, net

61,467

55,941

7,849

Short-term financial guarantee assets, net

43

Accounts receivable, net

1,569

2,255

316

Prepayments and other current assets, net

4,605

3,373

476

Amounts due from related parties, net

5

Total current assets

108,197

109,990

15,435

Non-current assets:

Non-current restricted cash

5,000

5,000

702

Total non-current assets

5,000

5,000

702

TOTAL ASSETS

113,197

114,990

16,137

LIABILITIES

Current liabilities:

Accounts payable

4,977

4,153

583

Amounts due to related parties, current

299,346

301,398

42,291

Tax payable

18,857

18,561

2,604

Financial guarantee liabilities

43

Accrued expenses and other liabilities

165,072

174,834

24,532

Total current liabilities

488,295

498,946

70,010

Non-current liabilities:

Other non-current liabilities

4,781

4,490

630

Total non-current liabilities

4,781

4,490

630

TOTAL LIABILITIES

493,076

503,436

70,640

DEFICIT

   Class A Ordinary Shares (US$ 0.000125 par value per share;
     1,750,000,000 shares authorized as of December 31, 2023 and June
     30, 2024; 503,747,680 and 503,747,680 shares outstanding as of
     December 31, 2023 and June 30, 2024)

454

454

64

   Class B Ordinary Shares (US$ 0.000125 par value per share;
     250,000,000 shares authorized as of December 31, 2023 and June
     30, 2024; 50,939,520 and 50,939,520 shares outstanding as of
     December 31, 2023 and June 30, 2024)

42

42

6

Additional paid-in capital

2,036,473

2,036,473

285,749

Statutory reserves

9,006

9,006

1,264

Accumulated other comprehensive income

73,607

73,383

10,297

Accumulated deficit

(2,512,537)

(2,520,966)

(353,730)

Total shareholders’ deficit

(392,955)

(401,608)

(56,350)

Non-controlling interests

13,076

13,162

1,847

TOTAL DEFICIT

(379,879)

(388,446)

(54,503)

TOTAL LIABILITIES AND DEFICIT

113,197

114,990

16,137

 

Pintec Technology Holdings Ltd.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except for share and per share data)

For the six months ended June 30,

2023

2024

2024

RMB

RMB

US$

Revenues:

Technical service fees

19,834

2,658

373

Installment service fees

7,527

6,493

911

Wealth management service fees and others

7,727

5,771

810

Total revenues

35,088

14,922

2,094

Cost of revenues:

Funding cost

(9,305)

Reversal/(Provision) of credit losses

378

(1,730)

(243)

Origination and servicing cost

(23,856)

(5,055)

(710)

Reversal of guarantee

1,903

765

107

Cost of revenues

(30,880)

(6,020)

(846)

Gross profit

4,208

8,902

1,248

Operating expenses:

Sales and marketing expenses

(8,509)

(8,537)

(1,198)

General and administrative expenses

(5,059)

(5,708)

(801)

Research and development expenses

(2,728)

(2,264)

(318)

Total operating expenses

(16,296)

(16,509)

(2,317)

Loss from operations

(12,088)

(7,607)

(1,069)

Long-lived assets impairment

(3,737)

Loss from disposal of subsidiaries

(38,883)

Financial expenses, net

(4,273)

132

19

Other income/(expenses), net

1,305

(409)

(57)

Loss before income tax (expense)/benefit

(57,676)

(7,884)

(1,107)

Income tax benefit/(expense)

11,377

(459)

(64)

Net loss

(46,299)

(8,343)

(1,171)

Less: Net (loss)/income attributable to non-controlling interests

(1,444)

86

12

Net loss attributable to Pintec Technology Holdings Limited
shareholders

(44,855)

(8,429)

(1,183)

Other comprehensive (loss)/income:

Foreign currency translation adjustments, net of nil tax

46,080

(224)

(31)

Total other comprehensive income/(loss)

46,080

(224)

(31)

Total comprehensive loss

(219)

(8,567)

(1,202)

Total comprehensive (loss)/income attributable to non-controlling
interests

(1,444)

86

12

Total comprehensive income/(loss) attributable to Pintec Technology
     Holdings Limited shareholders

1,225

(8,653)

(1,214)

Net loss per ordinary share

Basic

(0.10)

(0.02)

(0.00)

Diluted

(0.10)

(0.02)

(0.00)

Weighted average ordinary shares outstanding

Basic

433,743,535

554,687,200

554,687,200

Diluted

434,294,424

554,687,200

554,687,200

 

Pintec Technology Holdings Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Results

(In thousands, except for share and per share data)

For the six months ended June 30,

2023

2024

2024

RMB

RMB

US$

Net loss

(46,299)

(8,343)

(1,171)

Add: Share-based compensation expenses

(6,884)

Less: Income tax benefit recognized due to reversal of uncertain tax
    position

12,319

Adjusted net loss

(65,502)

(8,343)

(1,171)

Less: Adjusted net (loss)/income attributable to non-controlling interests

(1,444)

86

12

Adjusted net loss attributable to Pintec Technology Holdings Limited
    shareholders

(64,058)

(8,429)

(1,183)

Adjusted net loss per ordinary share

Basic and diluted

(0.15)

(0.02)

(0.00)

Weighted average number of ordinary shares outstanding

Basic and diluted

433,743,535

554,687,200

554,687,200

 

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SOURCE Pintec Technology Holdings Limited

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TÜV Rheinland Joins SEIA and Reinforces Commitment to the U.S. Solar and Renewable Energy Market

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BOXBOROUGH, Mass., Nov. 12, 2024 /PRNewswire/ — TÜV Rheinland of North America is pleased to announce that it has joined the Solar Energy Industries Association (SEIA), underscoring its commitment to advancing the solar and renewable energy industry in the United States. This step reflects TÜV Rheinland’s dedication to supporting the growth of clean energy and providing world-class services that enhance the bankability and reliability of solar projects across the nation.

“We are excited to join SEIA and contribute to the ongoing transformation of the U.S. energy landscape,” said May Wang, US Segment Manager for Solar & Sustainability at TÜV Rheinland of North America. “Our extensive experience in solar and renewable energy, combined with our global network of state-of-the-art laboratories, dedicated expert teams, and comprehensive solutions, enables us to provide cutting-edge services that drive sustainable growth and ensure long-term success in the U.S. market.”

To further support the growth of U.S. Solar manufacturing and renewable energy stations, TÜV Rheinland offers an extended bankability service, meticulously designed by top experts in the solar industry. This service is specifically tailored to help EPCs, investors, and power plant owners accurately assess the return on investment for their solar projects.

“SEIA is glad to have TÜV Rheinland join our organization as the solar and storage industry continues to scale to meet growing demand for electricity,” said Roderick Lewis, senior vice president of sales and business development at SEIA. “We look forward to collaborating with them to further advance the adoption of solar energy across the United States.”

In addition to these specialized services, TÜV Rheinland provides a comprehensive one-stop solution for renewable energy projects, encompassing supply chain and sustainability services. These offerings ensure that every aspect of a project, from inception to operation, meets the highest standards of quality, efficiency, and environmental responsibility.

As the United States aims to revitalize its solar manufacturing industry and increase the share of renewable energy, TÜV Rheinland stands ready to assist in this transformation. With over 150 years of experience in the independent testing, inspection, and certification (TIC) industry, and 42 years specifically in the solar and renewable energy sector, TÜV Rheinland has established itself as a global leader, providing services that ensure quality, safety, and performance across various industries.

TÜV Rheinland’s dedicated team of experts spans Europe, India, the Middle East, Asia, Mexico, and Americas, as well as company’s solar laboratories in Cologne, Shanghai, and Bangalore are at the forefront of innovation, serving top-tier solar panel and PV cell manufacturers worldwide offering unparalleled support to Solar & Energy Storage System power plants.

For more information regarding the solar business, please visit www.tuv.com/solar or contact solar@us.tuv.com.

About TÜV Rheinland
Safety and quality in almost all areas of business and life: That’s what TÜV Rheinland stands for. The company has been active for more than 150 years and is one of the world’s leading testing service providers. TÜV Rheinland has more than 22,000 employees in over 50 countries and generates annual sales of more than 2.4 billion euros. TÜV Rheinland’s highly qualified experts test technical systems and products around the globe, accompany innovations in technology and business, train people in numerous professions and certify management systems according to international standards. In this way, the independent experts ensure trust along global flows of goods and value chains. Since 2006, TÜV Rheinland has been a member of the United Nations Global Compact for more sustainability and against corruption.
Website: www.tuv.com

About SEIA
The Solar Energy Industries Association® (SEIA) is leading the transformation to a clean energy economy, creating the framework for solar to achieve 30% of U.S. electricity generation by 2030. SEIA works with its 1,000 member companies and other strategic partners to fight for policies that create jobs in every community and shape fair market rules that promote competition and the growth of reliable, low-cost solar power. Founded in 1974, SEIA is the national trade association for the solar and solar + storage industries, building a comprehensive vision for the Solar+ Decade through research, education and advocacy. Website: www.seia.org

CONTACT:
Michael García Carbajal
Phone: +52 55 3488 2108
Email: Michael.Garcia@mex.tuv.com

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SOURCE TUV Rheinland

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Equity 1031 Exchange Introduces Cash Incentive Program for 1031 Exchange Referrals

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New program rewards real estate professionals with $225 for qualified referrals

FORT MYERS, Fla., Nov. 12, 2024 /PRNewswire/ — Equity 1031 Exchange is thrilled to announce the launch of a new referral program that offers cash incentives to real estate professionals. The program, which provides a $225 reward for each successful referral, creates new opportunities for real estate agents and brokers to grow their business while connecting their clients with experienced 1031 exchange services.

As investors increasingly seek tax-efficient investment strategies through 1031 exchanges, which require a Qualified Intermediary (QI), this program helps connect real estate professionals with an experienced QI.

“We’re introducing this program to recognize and reward the real estate professionals who trust us with their clients’ 1031 exchange needs,” said Theresa Knower, President of Equity 1031 Exchange. “This program demonstrates our commitment to working with real estate professionals while providing tangible value for their referrals.”

Program highlights:

$225 reward upon completion of first property sale in exchangeStreamlined digital onboarding processAdvanced dashboard for tracking referrals and earningsAccess to expert 1031 exchange advisorsNo cap on earning potential

The program’s launch builds upon Equity 1031 Exchange’s 25-year legacy of excellence, formerly as Midland 1031, and introduces a modern approach to professional referrals. Real estate professionals can now benefit from their network while ensuring their clients receive personalized service through complex 1031 exchange transactions.

Simple three-step process:

Complete and submit referral agreementAccess personalized tracking dashboardEarn rewards upon qualifying transactions

“Our goal is to build strong professional relationships,” added Knower. “We’re offering this incentive because we’re confident that once real estate professionals experience our service quality, they’ll see the value in recommending us to their clients.”

Interested real estate professionals can get more details on the program and sign up here.

About Equity 1031 Exchange

Equity 1031 Exchange is a Qualified Intermediary (QI) under IRS Section 1031, specializing in facilitating seamless, tax-deferred real estate exchanges. With decades of industry experience, Equity 1031 Exchange is dedicated to helping investors preserve and grow their wealth by navigating the complexities of 1031 exchanges. Our team of experienced professionals ensures that each transaction is handled with precision to help you ensure compliance with IRS regulations. Learn more at https://getequity1031.com/.

For more information contact:
Lori Hartigan
Senior Marketing Manager
Equity 1031 Exchange
Email: l.hartigan@trustetc.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/equity-1031-exchange-introduces-cash-incentive-program-for-1031-exchange-referrals-302303145.html

SOURCE Equity Trust Company

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Pye-Barker Fire & Safety Acquires Sonitrol New England, Enters New Markets and Marks First Rhode Island Location

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ATLANTA, Nov. 12, 2024 /PRNewswire/ — Pye-Barker Fire & Safety – the largest fully integrated and full-service fire protection, life safety and security services provider in the United States – has acquired Sonitrol New England, a regional leader in security and fire alarm services, from the Sonitrol Security Systems network. From this acquisition, Pye-Barker gains two new branches in Rocky Hill, Connecticut, and Riverside, Rhode Island. This marks Pye-Barker’s first location in the state of Rhode Island, helping Pye-Barker expand its full fire code compliance services in the Northeast.

This marks Pye-Barker’s first location in Rhode Island, helping Pye-Barker expand its services in the Northeast.

Sonitrol New England works with thousands of New England customers to protect their businesses, schools, government buildings, healthcare facilities and other commercial entities. The team designs and services fire detection, intrusion detection, video surveillance, panic buttons, access control, and emergency communication systems.

Since its founding in 1972 by Doug Curtiss, Sonitrol New England has remained at the forefront of the latest security technology and team training, efficiently transmitting alarm information to emergency dispatch and first responders.

“For over 50 years, Sonitrol New England has been committed to protecting our neighbors and building highly skilled local teams,” said Doug Curtiss, Sonitrol New England Founder and President. “Joining Pye-Barker is a unique opportunity to add more fire protection services to our offerings and expand career development for our team, while maintaining the localized service that our customers trust.”

“At the heart of Pye-Barker are the local teams who are out protecting their communities every day,” said Bart Proctor, Pye-Barker CEO. “As we continue expanding our geographic footprint, we are proud to bring aboard hardworking teams like those at Sonitrol New England and support their continued service in the neighborhoods where they live and work.”

Sonitrol New England was represented by Mark Sandler, Managing Director at SPP Advisors, in this transaction. Nelson Mullins Riley & Scarborough LLP represented Pye-Barker.

About Pye-Barker Fire & Safety

The U.S. leader in fully integrated life safety systems, Pye-Barker Fire & Safety provides complete fire protection and security systems nationwide. With over 230 locations and 7,000 team members nationwide, Pye-Barker ranks No. 849 on the Inc. 5000 and No. 8 on the SDM 100.

Pye-Barker continues to explore strategic acquisition opportunities. Visit pyebarkerfs.com/acquisitions to see why we’re the industry’s acquirer of choice.

Contact:

Eric Garner
Chief Business Development Officer
801.395.8738
eric.garner@pyebarkerfs.com

Media:

Alycia Volpe
media@pyebarkerfs.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/pye-barker-fire–safety-acquires-sonitrol-new-england-enters-new-markets-and-marks-first-rhode-island-location-302303152.html

SOURCE Pye-Barker Fire & Safety

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