PETALING JAYA: Seal Incorporated Bhd, which has been attempting to turn around its fortunes, sees the entry of businessman Aaron Chen Khai Voon as strategic and advisorial.
Last week, Seal said it plans to place out 20% new shares in the company to Chen at a price of 26 sen a piece for a total RM16.2mil.
This would give Chen a 16.67% in Seal. The Koay family, led by Nixon Koay Shean Loong and his mother Datin Seri Tan Guik Lan, will see their holdings diluted to 18.6% following the entry of Chen.
Seal’s executive director, 29-year-old Nixon Koay said Chen will become a part-time adviser for the group as the latter’s corporate network and experience should prove valuable to Seal.
“Chen will not be involved with day-to-day operations but his appearance as a strategic investor should uplift the company’s image,” Nixon Koay told StarBiz.
Having taken over the reins in December 2020 following the demise of his father Datuk Koay Teng Choon, Nixon Koay says his recent meeting with Chen came at a timely juncture as Seal is looking to diversify.
Seal, a low-profile and long-time Main Market-listed company formerly known as South East Asia Lumber Corporation Bhd, started out in timber and then ventured into construction and property.
Its past property projects include Elit Heights, Elit Avenue and Sapphire in Penang.
Seal recently said it viewed the renewable energy (RE) sector favourably and has been eyeing solar power-related engineering, procurement, construction and commissioning (EPCC) jobs.
“Property development has long gestation periods. We need other viable businesses and RE will not only bode well for us in that sense but also boost our environmental, social and governance (ESG) targets.
“We made it clear in our announcement that the funds raised from the new placement exercise will go towards developing this new segment,” Koay said.
Chen’s proposed entry had stirred excitement in Seal’s shares, which rose by some 40% on the day after the announcement of his entry. It closed last Friday at 41 sen, giving the company a market capitalisation of RM130.1mil.
Low-profile Chen is the co-founder and major shareholder of Genetec Technology Bhd and holds an 18.26% stake in the company, which has a market capitalisation of around RM2bil.
Chen also has stakes in PappaRich Group Sdn Bhd, Beacon Hospital and MSR Green Energy Sdn Bhd. The latter undertakes EPCC project management and consultancy for solar photovoltaic projects.
Seal’s Nixon Koay added that while there is nothing concrete yet on the specific business Seal intends to acquire, there are some options on the table as the company is still identifying the best option.
This is not the first placement that Seal has carried out in recent years. In February this year, the group conducted a similar exercise and another two back in 2021, all generally for working capital purposes.
“There were not many developments in the group for the past two years because the management took the opportunity during the Covid-19 pandemic to restructure and revise the plans in its offerings. This year is a really important year for Seal,” he said.
On property development, Nixon Koay said Seal is planning two property launches this year.
“We are expecting to generate quite a bit of revenue as we also see a pick-up in demand in the market.
“A few more land parcels were added in the last few years, especially in Penang. We are looking to re-establish our presence in Penang as a property developer,” he said.
Seal’s earnings have been patchy, reporting a profit after tax of RM16.2mil in its financial year ended June 30, 2020 (FY20) but slipping into the red with a loss of RM10.4mil in FY21.
In FY22, Seal had a turnaround in profitability and recorded a profit after tax of RM4.6mil, underpinned by factors like higher gross profit margin and tax income.
The company is in a net debt position of RM37.1mil.
|BSE: 532540||Sector: IT|
|NSE: TCS||ISIN Code: INE467B01029|
00:00 | 30 Dec
00:00 | 30 Dec
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet – Intimation
December 30, 2022, 8:38 pm | Source: BSE | Download PDF
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 we enclose herewith Schedule of Analyst / Institutional Investor Meetings with Key Managerial Personnel (KMP) of the Company planned in the month of January 2023 and that took place during the month of December 2022.
NASHVILLE, Tenn., Dec. 6, 2022 (SEND2PRESS NEWSWIRE) — “Roofing Contractor,” the roofing industry’s leading national magazine, recently announced its pick for Commercial Roofing Contractor of the Year – Rackley Roofing. The award was announced at the magazine’s 18th annual “Best of Success” conference which took place December 4-6 at the Fairmont Scottsdale Princess in Phoenix, AZ.
“It’s such an honor to be recognized as the Commercial Roofing Contractor of the Year,” Curtis Sutton, president and CEO, Rackley Roofing, says. “It’s clear that our unmatched customer service, safety, and documentation have paid off in more ways than one.”
Rackley Roofing practices their core values (humble, hungry, smart, innovative, customer-focused and accountable) daily. Their employee recruitment campaign demonstrates how inclusive they are by empowering people from all walks of life to excel within the company.
“Roofing Contractor” recognized that Rackley Roofing invests in the latest training and doesn’t skimp on developing the best people. They saw their passion for community and for pushing boundaries.
“True stars rise to the top not by chance but through purpose and passion,” said Jill Bloom, Group Publisher of “Roofing Contractor” Magazine. “Rackley’s purpose and passion shine bright through the way they care about their people. There’s so much more I could say about them! We are honored to have them as our Commercial Roofing Contractor of the Year!”
Though all of Rackley Roofing’s core values are seen in their day-to-day operations, their core value of “innovate” is a focus for Rackley Roofing as they leverage technology throughout the roofing process. In 2019, they were the recipient of the Roofing Technology Think Tank – RT3 Innovator of the Year award, which honors contractors for technical innovation and product development.
“The Rackley team lives their core values, making marketing their company a true delight. Nothing is fake or exaggerated; they truly are the best of the best,” Anna Anderson, CEO of Art Unlimited, a marketing agency, that provides services to Rackley, says.
Sutton’s approach to marketing is out-of-the-box, but stays on track – literally. He created a NASCAR team which stems from his love of racing and desire to be the best of the best where he decided to bring these two worlds together. The NASCAR team, Rackley WAR, is bringing the world of roofing to millions of users and daily expands the Rackley Roofing brand saturation.
“When you invest in a brand, you’ll see results,” Sutton says.
Transforming the industry is what Rackley Roofing does and will continue to do. Every day they’re looking for new ways to revolutionize the roofing industry, and they do just that one roof at a time.
About Rackley Roofing:
Established in 1974, Rackley Roofing is the leading industrial and commercial roofing contractor in Tennessee. As a full-service roofing company, its dedicated, in-house crews each focus on one specialty. They only hire highly skilled, full-time roofing experts. Their mission is to transform the roofing industry through unmatched customer service, documentation and safety.
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EXTON, Pa.–(BUSINESS WIRE)–Nov 30, 2022–
Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that its Cohesive Group digital integrator business has acquired Vetasi, a leading international consultancy specializing in enterprise asset management (EAM) solutions, with a strong focus on IBM Maximo.
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Vetasi brings to Cohesive the largest IBM Maximo consultancy team across Europe, Africa, and ASEAN countries, with headquarters in the United Kingdom and operations based in Poland, Indonesia, South Africa, Spain, Ukraine, and Australia. In addition to EAM resources, Vetasi deepens the Cohesive team with additional strategic advisory capabilities and adds to the Cohesive services catalog Maximo cloud hosting capabilities, expertise in low-code development, and strong real estate and facilities management domain knowledge. By virtue of the combination with Cohesive, Vetasi’s clients can benefit from the multidiscipline scope of a world-leading digital integrator, combining greater global scale with local agility to leverage more value from their asset portfolios.
Cohesive was founded by Bentley in 2020 as a digital engineering systems integrator to help infrastructure owner-operators deliver transformational and sustainable outcomes. Cohesive has achieved consistent significant growth and continues to win substantial new projects, notably in the utilities, transport, and energy sectors. Prior to Vetasi, Cohesive has acquired multiple organizations in the EAM and digital twin advisory space to increase service delivery capacity, including prioritizing geographical reach for significantly growing opportunities in the EMEA and especially Asia Pacific regions.
David Hollister, Bentley Systems’ chief investment officer, said, “The acquisition of Vetasi, with over 200 colleagues in EMEA and Asia Pacific, contributes substantially towards our objectives for Cohesive as an independent digital integrator, largely filling any remaining gaps to achieve comprehensive global self-sufficiency and economies of scale across the full lifecycle of infrastructure assets. Additionally, Vetasi significantly accelerates Cohesive’s learning curve in cloud hosting provisioning for Maximo. Cohesive’s growing success will show the way for engineering firms to create and curate digital twin data-centric cloud services for infrastructure owner-operators, increasing opportunities for Bentley’s market-leading iTwin Platform.”
Mark Bew, CEO of Cohesive, said, “Acquiring Vetasi enables Cohesive to consolidate its position as a global leader in digital engineering systems integration. This significantly scales out our global platform to build long-term, high-value partnerships with our clients. By advancing Maximo implementations to function within digital “infinity twins,” Cohesive can help to transform asset-owners’ businesses from an operational perspective while also improving their ESG performance. On behalf of Cohesive’s talent force of now over 700 colleagues everywhere, we warmly embrace the Vetasi team and look forward to the next step in our shared journey.”
Jarosław Łukasiewicz, CEO of Vetasi, who joins Cohesive along with other executive partners James Fair and Trevor Roberts, said, “We are delighted to join Cohesive and contribute to its mission of delivering transformational and sustainable outcomes through the built and natural environment. Becoming part of Cohesive enables us to expand our partnerships with our clients and build further upon Vetasi’s vision of delivering solutions that deliver real value.”
As a world-class digital engineering systems integrator and consultancy, Cohesive partners with infrastructure asset owner-operators and enterprise leaders to design and deliver transformational outcomes in both the built and natural environments, achieving for its clients practical service and financial and social goals. Its portfolio of industry and implementation experts, lifecycle capabilities, and key software proficiencies enables Cohesive to support and improve the most complex infrastructure projects and assets globally.
Learn more at https://cohesivegroup.com.
About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities. Our offerings include MicroStation -based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, Seequent’s leading geoprofessional software portfolio, and the iTwin Platform for infrastructure digital twins. Bentley Systems employs more than 4,500 colleagues and generates annual revenues of approximately $1 billion in 186 countries.
© 2022 Bentley Systems, Incorporated. Bentley, AssetWise, Cohesive, iTwin, MicroStation, ProjectWise, Seequent, and Vetasi are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.
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KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY CONSTRUCTION & PROPERTY CONSULTING ENGINEERING PROFESSIONAL SERVICES MANUFACTURING SOFTWARE OTHER CONSTRUCTION & PROPERTY DATA MANAGEMENT
SOURCE: The Cohesive Companies
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PUB: 11/30/2022 04:01 PM/DISC: 11/30/2022 04:02 PM
Stocks on Wall Street closed broadly higher Tuesday, as solid company earnings helped lift several retailers ahead of the Thanksgiving holiday in the U.S.
The S&P 500 rose 1.4%, more than making up for its losses last week. The Dow Jones Industrial Average rose 1.2% and the Nasdaq composite gained 1.4%.
All the company sectors in the benchmark S&P 500 index rose, with technology stocks driving much of the rally. Chipmaker Nvidia rose 4.7%.
Financial and health care stocks also helped lift the market. Charles Schwab rose 1.6% and Pfizer added 1.9%.
Energy stocks notched the biggest gain as the price of U.S. crude oil rose 1.5%. Chevron rose 2.6%.
“Yesterday’s slow sell-off of energy was overdone,” said Jay Hatfield, CEO of Infrastructure Capital Advisors. “So you’re getting a bounce back in energy and that’s really leading the market.”
Long-term Treasury yields fell. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.77% from 3.84% late Monday.
“When rates go down it’s great for all stocks,” Hatfield said.
The S&P 500 rose 53.64 points to 4,003.58. The Dow gained 397.82 points to 34,098.10. The tech-heavy Nasdaq climbed 149.90 points to 11,174.41.
Smaller company stocks also got a boost. The Russell 2000 rose 21.20 points, or 1.2%, to 1,860.44.
Investors have very little news to review this week, but several retailers and technology companies are closing out the latest round of corporate earnings with their financial results. Best Buy surged 12.8% after the electronics retailer did better than analysts expected and said a decline in sales for the year will not be as bad as it had projected earlier.
Dell Technologies rose 6.8% after the computer maker reported strong third-quarter profit and revenue. Zoom Video slumped 3.9% after giving investors a weak profit and revenue forecast.
Several retailers made particularly strong gains following solid financial results. Abercrombie & Fitch surged 21.4% and American Eagle jumped 18.2%.
Nearly every company in the S&P 500 has reported their latest financial results, according to FactSet, and the results have been mixed. Companies in the index have reported overall earnings growth of about 2%, but have also issued various warnings about weaker consumer demand and crimped sales as inflation continues squeezing consumers.
Inflation and the Federal Reserve’s fight to tame it remains the main concern for Wall Street. The central bank on Wednesday will release minutes from its latest policy meeting, potentially giving investors more insight into its decision-making process.
Wall Street has been hoping that the central bank might ease up on its aggressive rate increases. Its benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.
The Fed has warned that it may have to ultimately raise rates to previously unanticipated level to cool the hottest inflation in decades. That strategy raises the risk that it could go too far in slowing economic growth and bring on a recession.
Worries about a recession continue hanging over the global economy and markets.
The Paris-based Organization for Economic Cooperation and Development is forecasting modest economic growth globally this year and more tepid growth in 2023. Russia’s war in Ukraine continues threatening energy supplies and key food commodities including wheat. A resurgence of COVID-19 cases in China continues threatening the world’s second-largest economy and global supply chains.
“In 2023, we expect less pain but also no gain,” stated a report from Goldman Sachs looking ahead to the new year.
The investment bank expects inflation and high interest rates to essentially flatten out corporate earnings and hold the broader stock market at its current levels, with the S&P 500 ending 2023 where it currently sits at around 4,000 points.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Company expands crop set into new varietals of premium snacking tomatoes
Company announces planting of 360,000 tomato plants at new 60-acre Richmond, Ky., farm as it works to quadruple number of farms in 2022
MOREHEAD, Ky., Nov. 22, 2022 (GLOBE NEWSWIRE) — AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia announced today it has kicked off the third season of harvesting ahead of schedule with commercial shipments of tomatoes from its 60-acre high-tech indoor farm in Morehead, Ky.
Martha Stewart, an AppHarvest board member, hosted a press conference for the company’s first harvest of tomatoes in January of 2021. Since that time, the company has opened two additional high-tech indoor farms—a 30-acre farm in Somerset, Ky., for strawberries and cucumbers and a 15-acre farm in Berea, Ky., for salad greens—both of which are currently shipping produce to top national grocery store chains, restaurants and food service outlets through its distributor, Mastronardi Produce. AppHarvest is shipping strawberries under the “WOW® Berries” brand from nearly 1 million strawberry plants and a variety of salad greens for the “Queen of Greens®” washed-and-ready-to-eat salad packs.
As AppHarvest works to quadruple its number of farms in 2022, the company continues construction on a fourth facility, a 60-acre farm in Richmond, Ky., that will grow tomatoes. While finalizing construction, half the Richmond farm has been planted with 360,000 Campari and Maranice varieties of “Tomatoes on the Vine,” which are expected to start harvesting in January of 2023.
“With the experience of two seasons of harvests, the Morehead farm is seeing significantly improved quality and yield, which largely can be attributed to task completion rates of crop care specialists meeting and sometimes exceeding 100% of goal,” said AppHarvest Founder & CEO Jonathan Webb. “We’re developing a tenured workforce and seeing benefits of promoting from within to help drive efficiency and quality from folks who have grown the business with us from the ground up.” The AppHarvest team has continued to enhance training with routine quality checks of crop care tasks, which facilitates quick retraining if needed.
For its third season of harvesting, the AppHarvest Morehead farm has further diversified its crop set adding snacking tomatoes sold under the Sunset brand as “Flavor Bombs®” and “Sugar Bombs®.” Morehead is growing roughly 50% beefsteak tomatoes, 25% Tomatoes on the Vine and 25% snacking tomatoes.
According to USDA reports, the value of U.S. fruit and vegetable imports rose to a record level in 2021 and has been projected to keep increasing in 2022. Changing weather patterns—ranging from mega-drought in the Southwest of the U.S. to more frequent flooding to catastrophic wind events—are making it harder than ever for open-field farmers to predict the duration of their growing seasons and to have conditions that result in a quality harvest. Major food retailers have demonstrated increasing interest in high-tech indoor farms for their ability to de-risk fruit and vegetable production with a more climate-resilient, more sustainable year-round growing solution that uses far fewer resources. Europe, a pioneer in the industry, is estimated to have nearly 520,000 acres of CEA production compared to an estimated 6,000 acres in the United States.
AppHarvest is a sustainable food company in Appalachia developing and operating some of the world’s largest high-tech indoor farms with robotics and artificial intelligence to build a reliable, climate-resilient food system. AppHarvest’s farms are designed to grow produce using sunshine, rainwater and up to 90% less water than open-field growing, all while producing yields up to 30 times that of traditional agriculture and preventing pollution from agricultural runoff. AppHarvest currently operates its 60-acre flagship farm in Morehead, Ky., producing tomatoes, a 15-acre indoor farm for salad greens in Berea, Ky., and a 30-acre farm for strawberries and cucumbers in Somerset, Ky. The company continues construction on a 60-acre indoor farm for tomatoes in Richmond, Ky. The four-farm network that is expected to be operational by the end of 2022 consists of 165 acres. For more information, visit https://www.appharvest.com/.
Certain statements included in this news release that are not historical facts 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 or phrases such as “will,” “estimate,” “work to,” “continue,” “expect,” “plan,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this news release, regarding AppHarvest’s intention to build high-tech CEA farms, AppHarvest’s expectation of the landscape of the fruit and vegetables market, the economic impact of changing weather patterns on production for open-field farmers, the anticipated benefits of and production at such facilities, timing and availability of produce, AppHarvest’s future financial performance, AppHarvest’s growth and evolving business plans and strategy, ability to capitalize on commercial opportunities, future operations, estimated financial position and cash flow, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this news release, and on the current expectations of AppHarvest’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on 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 AppHarvest. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the company’s Quarterly Report on Form 10-Q filed with the SEC by AppHarvest on Nov. 7, 2022, under the heading “Risk Factors,” and other documents AppHarvest has filed, or that AppHarvest will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect AppHarvest’s expectations, plans, or forecasts of future events and views as of the date of this press release. AppHarvest anticipates that subsequent events and developments will cause its assessments to change. However, while AppHarvest may elect to update these forward-looking statements at some point in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing AppHarvest’s assessments of any date subsequent to the date of this news release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Media Contact: Darla Turner, Darla.Turner@appharvest.com
Investor Contact: AppHarvestIR@appharvest.com
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SANTA BARBARA, CA, Nov. 15, 2022 (GLOBE NEWSWIRE) — SunHydrogen, Inc. (OTC: HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today announced that it has invested $10M in TECO 2030 ASA (Oslo Stock Exchange: TECO, OTCQX: TECFF).
A Norway-based company, TECO 2030 is the developer of zero-emission technology for the maritime and heavy industry sectors. TECO 2030 is currently accelerating the transition to renewable fuels by developing and building Europe’s first gigafactory of hydrogen PEM fuel cell stacks for medium to heavy-duty trucks and PEM fuel cell modules for maritime applications.
Most recently, TECO 2030, Shell, and additional partners received €5 million in funding from Horizon Europe to realize the HyEkoTank, a hydrogen powered tanker that will look to lead the maritime shipping sector in achieving climate targets set by the European Union.
Additionally, earlier this year TECO 2030 announced a new collaboration with their longtime development partner AVL in which TECO 2030 will provide fuel cell stacks with energy capacities above 300kW for AVL’s HyTruck fuel cell system.
“Over the past year, we have considered many companies in the hydrogen space for strategic investment,” said SunHydrogen’s CEO Tim Young. “We believe TECO 2030’s fuel cell technology, designed with their development partner AVL, has shown incredible potential to become a key player in the fuel cell market.”
“In addition to our commitment to developing our nanoparticle technology, SunHydrogen is in parallel committed to enabling the green hydrogen economy,” Mr. Young continued. “Through our cooperation with TECO 2030, we believe our companies can make a significant impact in a fast-growing market that Goldman Sachs estimates to be worth $12 trillion by 2050.”
SunHydrogen’s $10M total strategic investment is in two parts. The first is a $7M direct investment for shares equal to 9.3% of TECO 2030. The second is a $3M convertible note at 8% interest that will be convertible into 6.1 million shares at 5.08 Norwegian Krone per share.
Following the investment, SunHydrogen shall designate a director to serve on TECO 2030’s board of directors. As part of the investment, the two parties agree to pursue a potential business combination and an up-listing onto a US stock exchange will be explored.
“This strategic investment by SunHydrogen will give us more visibility and a strong strategic partner in the US which has very ambitious hydrogen plans,” said TECO 2030’s CEO Tore Enger. “I am looking forward to cooperating with SunHydrogen on our mission toward zero emission fuel cell projects.”
About SunHydrogen, Inc.
SunHydrogen is developing a breakthrough, low-cost technology to make renewable hydrogen using sunlight and any source of water, including seawater and wastewater. The only byproduct of hydrogen fuel is pure water, unlike hydrocarbon fuels such as oil, coal and natural gas that release carbon dioxide and other contaminants into the atmosphere when used. By optimizing the science of water electrolysis at the nano-level, our low-cost nanoparticles mimic photosynthesis to efficiently use sunlight to separate hydrogen from water, ultimately producing environmentally friendly renewable hydrogen. Using our low-cost method to produce renewable hydrogen, we intend to enable a world of distributed hydrogen production for renewable electricity and hydrogen fuel cell vehicles. To learn more about SunHydrogen, please visit our website at www.SunHydrogen.com.
About TECO 2030
TECO 2030 is a Norway-based cleantech company developing zero-emission technology for the maritime and heavy industry sectors. They are developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules that enable ships and other heavy-duty applications to become emission-free. The company is listed on Euronext Growth on the Oslo Stock Exchange under the ticker TECO, and in New York on the OTCQX under the ticker TECFF. TECO 2030 is a spinoff of TECO Maritime Group, a group that has provided technology and services to the global shipping industry since 1994. For more information, please visit www.teco2030.no.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will realize a return on our investment in TECO 2030 or that we will be able to consummate a business combination with TECO 2030 and successfully up-list to a national exchange. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company’s reports to the Securities and Exchange Commission. The forward-looking statements contained herein are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.
Copyright 2022 GlobeNewswire, Inc.
KUALA LUMPUR: Artroniq Bhd‘s wholly-owned subsidiary EA Global Integrated Sdn Bhd has entered into a letter of intent to provide services and consultation to Cambodia’s Panda Commercial Bank PLC in the research and development of blockchain financial services.
Artroniq said in a filing with Bursa Malaysia the total investment by Panda for the R&D of financial services with blockchain technology is about US$10mil.
It said the investment, which will be for a period of two years, will include the compiling of documentation and requirement, research and development of smart contracts for blockchain financial services such as assets management, payment, remittance and insurance solutions, consultation services and maintenance services upon product launching.
“The Proposed Collaboration is to further strengthen and expand market penetration in Cambodia. The Proposed Collaboration is also intended to venture into new source of business income to the Group,” said Artroniq.
Panda Commercial Bank is a New Age digital bank based in Cambodia and officially opened for business on 29 February 2020 and engages primarily in general banking business and the provision of related financial services.
ARLINGTON, Va., Nov. 08, 2022 (GLOBE NEWSWIRE) — Federated Wireless, the industry expert in cloud-based dynamic spectrum sharing solutions, has been conditionally approved as an Automated Frequency Coordination (AFC) system operator by the U.S. Federal Communications Commission (FCC). In anticipation of this approval, Federated Wireless has already engaged in commercial agreements with leading unlicensed radio equipment manufacturers to enable access to the 6 GHz band by new standard power and outdoor Wi-Fi 6E devices.
To date, Federated Wireless has signed commercial agreements with several innovative enterprise WLAN access point manufacturers. These vendors are collectively responsible for producing equipment for over 50% of the worldwide enterprise outdoor access point market. The commercial agreements between Federated Wireless and these leading companies will bring standard power and outdoor access point operation online at a lightning pace.
“Federated Wireless thanks the FCC for granting conditional approval to our AFC system and for recognizing that standard power and outdoor Wi-Fi access points will provide the necessary capacity to unleash industry-changing use cases for wireless technology,” notes Kurt Schaubach, Chief Technology Officer of Federated Wireless. “Our team has been hard at work building and demonstrating, both domestically and internationally, a best-in-class AFC solution that will enable rapid standard power and outdoor access point deployment in the 6 GHz band.”
Fixed wireless access will be a critical technology deployed in the 6 GHz band. Fixed wireless operators were one of the earliest adopters of shared spectrum technology through the use of the Citizens Broadband Radio Service (CBRS) band. Federated Wireless is pleased to announce it has also signed a commercial agreement with a leading 4G/5G equipment manufacturer that specializes in fixed wireless access points. The commercial partnership between the two companies will allow the fixed wireless market to utilize 850 MHz of the 6 GHz band for standard power operation.
In addition to the U.S. FCC, national regulatory authorities around the world, including Canada, the Kingdom of Saudi Arabia, and Brazil are in the process of authorizing unlicensed device use of the 6 GHz band in conjunction with an AFC for standard power and outdoor operations. Federated Wireless looks forward to joining forces with our current and future Wi-Fi equipment partners to launch this exciting new capability globally and accelerate industrial digital transformation and connect the unconnected.
“Wireless technology has the ability to positively impact how we interact with the world. Through the 6 GHz band, standard power devices will facilitate use cases that need multi-gigabit speeds to support high-definition video streaming and augmented/virtual reality, such as telehealth, robotics, and industrial automation,” says Iyad Tarazi, President and Chief Executive Officer of Federated Wireless. “Our conditional approval is another proof point that the Federated Wireless team is the best in the industry when it comes to developing shared spectrum solutions for the wireless challenges of today and tomorrow.”
About Federated Wireless
Founded in 2012, Federated Wireless is the leading innovator of private wireless and shared spectrum services. The company’s partner ecosystem includes more than 80 solution and edge partners, all of which are dedicated to collaboration in advance development and deployment of shared spectrum services. Federated Wireless’ customer base includes companies spanning telecommunications, government, logistics, manufacturing, energy, hospitality, education, retail, office space, municipal and residential verticals, with use cases ranging from Private Wireless and Industrial IoT to network densification and mobile offload. For more information, visit: www.federatedwireless.com.
Copyright 2022 GlobeNewswire, Inc.
KUALA LUMPUR: SMTrack Bhd has proposed to diversify into three new businesses, namely property, oil and gas (O&G) as well as food and beverages (F&B).
In a filing with Bursa Malaysia, SMTrack said the proposed diversifications are in line with the group’s objective to expand its revenue stream by diversifying into other viable businesses.
“We believe that by venturing into the property related industry, it should provide the group an extra revenue stream and earnings base given the optimistic outlook within the property development sector.
“The sector is gradually recovering from the pandemic following the reopening of the economy and country borders,” it said.
SMTrack also noted that by venturing into the support services for the O&G industry, it can improve the group’s financial performance and also reduce its dependence on the existing businesses.
On the F&B business, SMTrack said the segment is envisaged to be one of the group’s stable business.
The F&B segment is expected to contribute positively to its earnings considering the profit guarantee provided under the share sale and purchase agreement (SSPA) and the favourable outlook and prospects of the F&B service industry, said the company.
On June 23, 2022 – its wholly owned subsidiary SMT Turbojet Resources Sdn Bhd has been appointed a project management consultant to assist Menara Rezeki Properties Sdn Bhd (MRPSB) in a project involving a proposed development of three high-rise buildings which consist of both residential and retail units.
“We acknowledge that SMTrack has no prior experience in property related businesses such as property development, property management and construction business. Therefore, SMTrack proposes to engage ESA International Sdn Bhd to jointly undertake the scope of work under the Property Consultancy Agreement considering the experience of ESA International and its subsidiaries (ESA Group) in property related projects,” it said.
ESA Group is principally involved in the provision of consulting services for all areas of civil and structural engineering.
On the O&G segment, SMT Turbojet had entered into a Project Consultancy Agreement with Eight Safety Consultancy Sdn Bhd (8SC) as the administrative consultant for petroleum O&G industry safety product purchase process or any traceability solutions compatible with the system to the targeted end users.
It said SMTrack Group currently does not possess sufficient experience, expertise and capability to carry out its entire obligations under the O&G Consultancy Agreement in relation to the Health, Safety, Security and Environment (HSSE) consultancy project secured by 8SC as it was SMTrack Group’s first foray into providing consultancy service for O&G industry.
“In view of the foregoing, SMTrack Group proposes to engage Plant & Power Engineering Sdn Bhd (PPESB) to jointly undertake SMT Turbojet’s obligations under the O&G consultancy agreement in relation to the HSSE consultancy project given its expertise and experience.
“Moving forward, we intend to expand internally by hiring the necessary expertise to ensure adequate resources are available to effect any project secured pursuant to the O&G consultancy agreement,” said the group.
PPESB is principally involved in the provision of heating, ventilation, air conditioning and refrigeration system for the marine or naval, offshore O&G industry. It also provides specialist services in various areas such as health and safety, environmental management and risk management.
On the F&B segment, the company proposes to undertake the diversification of the existing business into the F&B business via AHA Food & Beverage Sdn Bhd (AHAFB), a subsidiary of SMT Foods & Beverages Sdn Bhd (SMTFB) which is a wholly owned subsidiary of SMTrack.
On Oct 25, 2022 – SMTFB had entered into a SSPA with Abdul Halim Ahmad (vendor) for the acquisition of 60 ordinary shares in AHAFB from the vendor, representing 60 per cent of the entire issued share capital of AHAFB for a total purchase price of RM500,000.
AHAFB is the operator of ‘Nasi Ahmad’ restaurants which specialise in selling nasi kandar.
Currently, ‘Nasi Ahmad’ has two operating outlets in Selangor and the group is planning to expand the business by opening additional ‘Nasi Ahmad’ outlets across the Klang Valley and Putrajaya.
“Although the group has no prior experience in the F&B business, the board expects the group to leverage on the brands, standard operating procedures, recipes and training to be provided by the existing management of the acquired business,” it said.
After taking due consideration, SMTrack anticipates the proposed diversifications to contribute 25 per cent or more to the net profits of the group. – Bernama