24 C
Vientiane
Wednesday, April 30, 2025
spot_img
Home Blog Page 1036

2024 “The Land of Blessings” Cultural Tourism Promotion Activities Held in Hong Kong and Macao


HONG KONG SAR – Media OutReach Newswire – 23 August 2024 – The 2024 “The Land of Blessings” Cultural Tourism Promotion Activities were successfully held in Hong Kong and Macao on August 20 and 22. The activities, hosted by Fuzhou Municipal Bureau of Culture and Tourism, attracted cultural and tourism authorities, representatives of cultural and tourism enterprises and institutions, chambers of commerce, and associations from Fuzhou, Hong Kong, and Macao.

2024 “The Land of Blessings” Cultural Tourism Promotion Activities Held in Hong Kong and Macao
2024 “The Land of Blessings” Cultural Tourism Promotion Activities Held in Hong Kong and Macao

Through the promotion of cultural tourism resources and showcase of Fu culture, the event presented the new image of “The Land of Blessings” and explored new opportunities for cooperation in cultural tourism. “As the capital of the ancient State of Min, Fuzhou is surrounded by green mountains on three sides, with Minjiang River flowing through it.” Fuzhou is a famous historical and cultural city with a superior natural environment and profound cultural heritage.

Immerse in the cultural and tourism feast of Fuzhou due to wholehearted promotion

At the promotion event, the host showed the new look of the “The Land of Blessings” through screening of promotional videos and on-site presentations.

From the unique urban layout of “Three Hills and Two Towers,” to the shipbuilding culture of strengthening marine development, talents emerging from the Three Lanes and Seven Alleys, and Fuzhou cuisine as a mainstay of Fujian cuisine, guests immersed themselves in the atmosphere showing the elements of “mountains, sea, talents, and cuisine,” experiencing the rich and diverse natural beauty and cultural charm of Fuzhou.

Additionally, the event included special activities such as Fuzhou-themed postcard stamping, Fuzhou intangible cultural heritage Paper Flower Flipping, and Fuzhou cuisine tasting, further highlighting the unique local flavors and Fu culture of Fuzhou.

Immersive experience of intangible cultural heritage through interactive performances

During the presentations of intangible cultural heritage, detailed introductions were given not only about Fuzhou’s intangible cultural heritage but also about the conservation and inheritance efforts Fuzhou has made in this field over the years. The event also featured interactive performances of intangible cultural heritage.

The Min Opera excerpt “Strolling in a Colorful Garden” captivated the audience with its melodious tune. Dong Yaping, a renowned inheritor of Fuzhou intangible cultural heritage paper cutting, showcased the art of paper cutting themed the Fu culture with her nimble fingers, allowing the audience to feel the enduring craftsmanship passed down through six generations.

The event also included a question-and-answer session on Fuzhou’s intangible cultural heritage and cultural tourism, encouraging active participation from the guests and broadening the reach of Fuzhou’s cultural tourism resources.

Fuzhou, Hong Kong and Macao share a close cultural bond, providing fertile ground for in-depth cooperation. The host stated that this outdoor promotion event is a significant outcome of cultural exchange and cooperation between Fuzhou, Hong Kong, and Macao, and they hope to see more compatriots from Hong Kong and Macao visit Fuzhou to deeply experience the infinite charm of the “The Land of Blessings.” Going forward, Fuzhou will continue to deepen cultural and tourism exchanges and cooperation with Hong Kong and Macao, promote the interconnected development of cultural and tourism resources, and jointly explore the tourism market.
Hashtag: #ChineseHeadlinesNewMedia

The issuer is solely responsible for the content of this announcement.

CBB 2024: Bringing together globally renowned enterprises to create a new chapter in the liquid food industry

SHANGHAI, CHINA – Media OutReach Newswire – 23 August 2024 – International Brew & Beverage Processing Technology and Equipment Exhibition for China (CBB 2024) will be held at the Shanghai New International Expo Center from October 28th to 31st, 2024. As a grand event for the entire industry chain of the liquid food industry, CBB 2024 will bring together world-renowned enterprises to showcase cutting-edge innovative achievements, high-end technologies, intelligent solutions and green production concepts, leading the industry to new heights.

The exhibition focuses on “innovation” and attracts many well-known international and domestic brands to participatein the exhibition, showing the intelligent level and efficiency of liquid food production. High end has become another highlight, and exhibitors will introduce high-end production equipment and technology to enhance product quality and market competitiveness.

Intelligence and greening are also important themes of this exhibition. Exhibitors will showcase intelligent solutions and green production technology applications to promote the transformation of the liquid food industry towards intelligence, efficiency and greening, and build a sustainable future together.

For more details or to register to visit, please visit the exhibition’s official website: http://www.chinabrew-beverage.com

Hashtag: #CBB2024

The issuer is solely responsible for the content of this announcement.

2024 Hainan Tourism & Cultural Excellence Top 10 Revealed


HAIKOU, CHINA – Media OutReach Newswire – 23 August 2024 – In spring 2024, the Department of Tourism, Culture, Radio, Television and Sports of Hainan Province launched a global “Hainan Tourism & Cultural Excellence Top 10” selection event, which received widespread media coverage and enthusiastic support from around the world. Top spots include Ling Shui’s Boundary Island, Sanya’s Yalong Bay, and Danzhou’s Daner Zhuiguang Station.

2024 Hainan Tourism & Cultural Excellence Top 10 Revealed
2024 Hainan Tourism & Cultural Excellence Top 10 Revealed

According to the Department, the event has featured 96 posts on Facebook highlighting Hainan’s diverse travel offerings, including the Hainan Coastal Scenic Highway, marine adventures, duty-free shopping, wellness retreats, rural experiences, rainforests, and intangible cultural heritage. These posts have showcased Hainan’s vibrant tourism and culture to a global audience, especially the 59 visa-free countries, receiving positive responses from users in countries like the U.S., France, and Spain.

2024 Hainan Tourism & Cultural Excellence Top 10 Revealed
2024 Hainan Tourism & Cultural Excellence Top 10 Revealed

After six months of recommendations and voting, the “Hainan Tourism & Cultural Excellence Top 10” have been revealed. The list includes Boundary Island in Ling Shui, Yalong Bay in Sanya, the Danzhou’s Daner Zhuiguang Station, the Wanning section of the Hainan Coastal Scenic Highway, Sanya International Duty-Free City, Houhai Village in Sanya, Haikou’s Old Arcade Street, Maona Village in Wuzhishan City, the Hainan Li Brocade, and Yalong Bay Tropical Paradise Forest Park.

Additionally, some unique regional experiences have captured international attention. These include the annual China International Consumer Products Expo, showcasing top global products; the Nanhai Museum in Hainan, which highlights the ancient Maritime Silk Road; Hainan’s famous local dishes, such as Wenchang Chicken, Hainan Rice Noodles, Hainan-style Mooncakes, and Ling Shui Sour Rice Noodles; and the wellness destination of the Seven Fairy-Lady Mountain in Baoting, known for its tropical rainforest and natural hot springs.

As China’s largest free trade port and its only tropical island province, Hainan province boasts 68 unique bays, over 4,400 square kilometers of tropical rainforest national parks, and a Chinese ethnic minority cultural heritage stretching over 3,000 years, all of which are Hainan’s distinctive tourism and cultural symbols. Hainan offers dozens of international flights and visa-free entry for visitors from 59 countries and tour groups registered in Hong Kong and Macao special administrative regions for up to 144 hours. Hainan is also equipped with a unique coastal scenic highway and high-speed rail. Plus, it’s home to one of the world’s largest duty-free shopping malls, making it a top destination for duty-free shopping in Asia.

Hashtag: #HainanTourism

The issuer is solely responsible for the content of this announcement.

Sequans Communications Preliminary Second Quarter 2024 Financial Results

  • Agrees to Sell its 4G IoT Technology for $200M to Qualcomm While Retaining License for Ongoing Use and Development
  • Management to Hold a Conference Call Today, August 23, at 8:30 am ET

Paris, France–(Newsfile Corp. – August 23, 2024) – Sequans Communications S.A. (NYSE: SQNS) (“Sequans” or the “Company”), a leading developer and provider of 5G/4G semiconductors and IoT modules, today announced preliminary financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Summary Preliminary Results Table:

(in US$ millions, except share and per share data) Q2 2024 (1) Q1 2024 Q2 2023
Revenue $9.7 $6.0 $9.2
Gross profit $8.1 $3.9 $7.5
Gross margin (%) 84 % 63.9 % 82.3 %
Operating loss ($3.7 ) ($8.5 ) ($5.4 )
Net loss ($0.9 ) ($11.8 ) ($9.1 )
Diluted loss per ADS ($0.01 ) ($0.19 ) ($0.16 )
Non-IFRS diluted loss per ADS * ($0.09 ) ($0.14 ) ($0.10 )
Weighted average number of diluted ADS (IFRS) 61,912,657 61,613,761 57,119,468
Weighted average number of diluted ADS (Non-IFRS) 61,912,657 61,613,761 57,119,468
(1) Final results are subject to finalization of the allocation of the Qualcomm transaction proceeds
* See Use of Non-IFRS/non-GAAP Financial Measures disclosure on page 3. IFRS Net Loss includes significant non-cash interest expense, debt amendment and change in value of embedded derivative that are excluded from Non-IFRS measures

“Our second quarter revenue was $9.7M, representing a 5.4% increase year-over-year and a 60.5% sequential increase. License and services revenue accounted for 75% of it, largely driven by the Monarch 2 manufacturing license agreement that we announced on June 18, 2024, which we can now disclose was with Qualcomm. Note however, that our Q2 2024 results presented here are subject to change based on the final allocation of the purchase price of the new Qualcomm deal we have just announced,” said Georges Karam, CEO of Sequans.

A joint press release issued earlier today announced that Qualcomm Technologies, Inc. (“Qualcomm”), a subsidiary of Qualcomm Incorporated, will acquire Sequans’ 4G IoT technologies. Sequans, in addition to retaining full ownership of 5G intellectual property, will retain the right to sell, support, maintain and enhance its existing 4G product portfolio and develop new generations of chips and modules using such technologies. This deal enables Sequans to advance its Monarch (LTE-M/NB-IoT), Calliope (LTE Cat-1/Cat-1bis), and Cassiopeia (LTE Cat-4/Cat-6) lines, along with 5G RedCap and eRedCap product developments. This transaction will not affect Sequans’ existing contractual obligations or operations with customers, suppliers, and industry partners. It is expected to close by the end of October 2024, and is subject to customary closing conditions, including French regulatory approval.

Karam continued, “We are excited to enter into this transaction with Qualcomm. This transaction validates our LTE-M/NB-IoT and Cat 1bis technologies and strengthens our balance sheet. Retaining ownership of our 5G technology and a perpetual 4G license allows us to continue selling the Monarch and Calliope products families and expand towards 5G RedCap and eRedCap, enabling our continued growth and innovation.”

Under the terms of the agreement with Qualcomm, Sequans will receive $185 million in cash, with $175 million payable at closing and up to an additional $10 million following the completion of a one-year warranty period. The remaining $15 million was paid under the pre-transaction manufacturing license agreement that was executed in June 2024 and will be credited toward the $200 million purchase price.

Q3 2024 Outlook

As the allocation of the purchase price of the pending Qualcomm transaction will not be finalized until the 4th quarter, we are not able to provide the expected impact of this deal on our licensing and services results for the second half of this year. Focusing on product revenue, we anticipate a modest increase in the third quarter compared to Q2 and a further stronger performance in the fourth quarter of 2024. Overall, due to the anticipated increase in products moving into mass production over the coming quarters, we expect higher product revenue for the full year of 2025 compared to 2024.

Second Quarter 2024 Financial Summary:

Revenue: Revenue was $9.7 million, an increase of 60.5% compared to the first quarter of 2024 and an increase of 5.6% compared to the second quarter of 2023. Product revenue was $2.4 million, flat compared to the first quarter of 2024 and an increase of 144.5% compared to the second quarter of 2023. License and services revenue was $7.2 million, largely driven by the Monarch 2 manufacturing license agreement announced on June 18, 2024, and offsetting lowered licensing revenue from our Chinese strategic partner.

Gross margin: Gross margin was 84.0% compared to 63.9% in the first quarter of 2024 and 82.3% in the second quarter of 2023.

Operating loss: Operating loss was $3.7 million compared to $8.5 million in the first quarter of 2024 and $5.4 million in the second quarter of 2023.

Net loss: Net loss was $0.9 million, or ($0.01) per diluted ADS, compared to $11.8 million, or ($0.19) per diluted ADS, in the first quarter of 2024 and $9.1 million, or ($0.16) per diluted ADS, in the second quarter of 2023. Net loss in the second quarter of 2024 includes a gain of $13.6 million related to the impact of the debt extension, a gain of $39,000 on the change in fair value of the convertible debt derivative compared to a loss of $36,000 in the first quarter of 2024 and a gain of $0.3 million in the second quarter of 2023.

Non-IFRS loss and diluted loss per ADS: Excluding the non-cash stock-based compensation, the non-cash impact of the fair-value, the effective interest adjustments related to the convertible debt with embedded derivatives and other financings, non-IFRS net loss was $5.8 million, or ($0.09) per diluted ADS, compared to $8.8 million, or ($0.14) per diluted ADS in the first quarter of 2024, and $6.0 million, or ($0.10) per diluted ADS, in the second quarter of 2023. The non-IFRS net loss includes a foreign exchange gain of $90,000 in the second quarter of 2024, compared to a foreign exchange gain of $0.3 million in the first quarter of 2024 and a foreign exchange loss of $40,000 in the second quarter of 2023.

Cash: Cash and cash equivalents at June 30, 2024 totaled $13.1 million compared to $0.5 million at March 31, 2024. This amount includes $5 million from issuance of an unsecured promissory note in April 2024 and the $15 million upfront payment from the licensing agreement received in June 2024.

Conference Call Details
Date: Friday, August 23, 2024
Time: 8:00 a.m. ET / 14:00 CET
Dial in: U.S. toll-free: 1-800-717-1738
International: +33 800 94 51 20
Access: When prompted, provide the event title or access code 1181953

A live and archived webcast of the call will be available from the Investor Relations section of the Sequans website at www.sequans.com/investors/webcasts-and-presentations. An audio replay of the conference call will be available until August 30, 2024, by dialing toll-free 1-844-512-2921 in the U.S. or +1 412-317-6671 from outside the U.S., using the following access coder: 1181953

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and business of Sequans, including our business following completion of the transaction. These forward-looking statements include, but are not limited to, statements regarding the satisfaction of conditions to the completion of the proposed transaction and the expected completion of the proposed transaction, the timing and benefits thereof, as well as other statements that are not historical fact. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-Looking statements also often use words such as “anticipate,” “target,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “could,” “project,” “should,” “will” or other words of similar meaning. These statements are based on assumptions and assessments made by Sequans in light of its experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct, and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

Forward-Looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Such risks and uncertainties include, but are not limited to, the potential failure to satisfy conditions to the completion of the proposed transaction due to the failure to obtain necessary regulatory or other approvals; the outcome of legal proceedings that may be instituted against Sequans and/or others relating to the transaction; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; significant or unexpected costs, charges or expenses resulting from the proposed transaction; and negative effects of this announcement or the consummation of the proposed transaction on the market price of Sequans’ ADS and ordinary shares. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors. A more complete description of these and other material risks can be found in Sequans’ filings with the SEC, including its annual report on Form 20-F for the year ended December 31, 2023, subsequent filings on Form 6-K and other documents that may be filed from time to time with the SEC. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Sequans undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.

Use of Non-IFRS/non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements prepared in accordance with IFRS, we disclose certain non-IFRS, or non-GAAP, financial measures. These measures exclude the non-cash stock-based compensation and the non-cash impacts of convertible debt extensions, effective interest adjustments related to the convertible debt with embedded derivatives and other financings; deferred tax benefit or expense related to the convertible debt and other financings. We believe that these measures can be useful to facilitate comparisons among different companies. These non-GAAP measures have limitations in that the non-GAAP measures we use may not be directly comparable to those reported by other companies. We seek to compensate for this limitation by providing a reconciliation of the non-GAAP financial measures to the most directly comparable IFRS measures in the table attached to this press release.

About Sequans Communications
Sequans Communications S.A. (NYSE: SQNS) is a leading semiconductor company specialized in wireless cellular technology for the Internet of Things (IoT). Our engineers design and develop innovative, secure, and scalable technologies that power the next generation of connected devices. We offer a wide range of solutions, including chips, modules, IP and services. Our Monarch (NB-IoT/LTE-M), Calliope (LTE Cat 1/Cat 1bis), and Taurus (5G NR) platforms are optimized for IoT, delivering breakthroughs in wireless connectivity, power efficiency, security, and performance.
Established in 2003, Sequans is headquartered in France and has a global presence with offices in the United States, United Kingdom, Israel, Hong Kong, Singapore, Finland, Taiwan, and China. Visit Sequans online at www.sequans.com, and follow us on X and Linked-In.

Sequans investor relations: Kim Rogers (USA), +1 385.831.7337, ir@sequans.com
Sequans media relations: Linda Bouvet (France), +33 170721600, media@sequans.com

Condensed financial tables follow

SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended
(in thousands of US$, except share and per share
amounts)
June 30,
2024 (1)
Mar 31,
2024
June 30,
2023
Revenue :
Product revenue $ 2,435 $ 2,468 $ 996
License and services revenue 7,240 3,559 8,162
Total revenue 9,675 6,027 9,158
Cost of revenue 1,547 2,173 1,625
Gross profit 8,128 3,854 7,533
Operating expenses :
Research and development 5,789 6,613 6,346
Sales and marketing 3,131 2,872 2,982
General and administrative 2,916 2,902 3,588
Total operating expenses 11,836 12,387 12,916
Operating profit (loss) (3,708 ) (8,533 ) (5,383 )
Financial income (expense):
Interest income (expense), net (10,806 ) (3,318 ) (2,796 )
Change in fair value of convertible debt derivative 39 (36 ) 325
Impact of debt amendment 13,620
Foreign exchange gain (loss) 90 264 (40 )
Profit (Loss) before income taxes (765 ) (11,623 ) (7,894 )
Income tax expense 146 167 1,223
Profit (Loss) $ (911 ) $ (11,790 ) $ (9,117 )
Attributable to :
Shareholders of the parent (911 ) (11,790 ) (9,117 )
Minority interests
Basic loss per ADS ($0.01 ) ($0.19 ) ($0.16 )
Diluted loss per ADS ($0.01 ) ($0.19 ) ($0.16 )
Weighted average number of ADS used for computing:
– Basic 61,912,657 61,613,761 57,119,468
– Diluted 61,912,657 61,613,761 57,119,468
(1) Final results are subject to finalization of the allocation of the Qualcomm deal transaction proceeds

SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Six months ended June 30,
(in thousands of US$, except share and per share amounts) 2024 (1) 2023
Revenue :
Product revenue $ 4,903 $ 3,336
License and services revenue 10,799 17,721
Total revenue 15,702 21,057
Cost of revenue 3,720 4,181
Gross profit 11,982 16,876
Operating expenses :
Research and development 12,402 13,834
Sales and marketing 6,003 6,015
General and administrative 5,818 6,406
Total operating expenses 24,223 26,255
Operating profit (loss) (12,241 ) (9,379 )
Financial income (expense):
Interest income (expense), net (14,124 ) (5,311 )
Change in fair value of convertible debt derivative 3 2,627
Impact of debt amendment 13,620
Foreign exchange gain (loss) 354 (205 )
Profit (Loss) before income taxes (12,388 ) (12,268 )
Income tax expense 313 1,889
Profit (Loss) $ (12,701 ) $ (14,157 )
Attributable to :
Shareholders of the parent (12,701 ) (14,157 )
Minority interests
Basic loss per ADS ($0.21 ) ($0.27 )
Diluted loss per ADS ($0.21 ) ($0.27 )
Weighted average number of ADS used for computing:
– Basic 61,764,688 52,774,984
– Diluted 61,764,688 52,774,984
(1) Final results are subject to finalization of the allocation of the Qualcomm deal transaction proceeds

SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

At June 30, At Dec 31,
(in thousands of US$) 2024 (1) 2023
ASSETS
Non-current assets
Property, plant and equipment $ 5,570 $ 6,815
Intangible assets 75,732 64,300
Deposits and other receivables 3,234 801
Other non-current financial assets 349 360
Total non-current assets 84,885 72,276
Current assets
Inventories 4,523 6,335
Trade receivables 2,636 8,115
Contract assets 219 497
Prepaid expenses 1,500 1,422
Other receivables 7,651 4,839
Research tax credit receivable 7,727 9,983
Cash and cash equivalents 13,108 5,705
Total current assets 37,364 36,896
Total assets $ 122,249 $ 109,172
EQUITY AND LIABILITIES
Equity
Issued capital, euro 0.01 nominal value, 248,694,416 shares authorized, issued and outstanding at June 30, 2024 (246,262,004 shares at December 31, 2023) $ 2,905 $ 2,878
Share premium 14,542 14,568
Other capital reserves 73,378 70,261
Accumulated deficit (106,063 ) (93,362 )
Other components of equity (685 ) (416 )
Total equity (15,923 ) (6,071 )
Non-current liabilities
Government grant advances, loans and other liabilities 7,908 3,256
Lease liabilities 1,120 1,645
Provisions 1,932 2,222
Deferred tax liabilities 263 264
Total non-current liabilities 11,223 7,387
Current liabilities
Trade payables 14,935 16,281
Interest-bearing receivables financing 6,204 9,544
Lease liabilities 1,301 1,471
Convertible debt 48,846 52,278
Convertible debt embedded derivative 3
Unsecured related party loan 25,897 8,922
Government grant advances and loans 7,380 4,606
Contract liabilities 10,954 5,852
Other current liabilities and provisions 11,432 8,899
Total current liabilities 126,949 107,856
Total equity and liabilities $ 122,249 $ 109,172
(1) Final results are subject to finalization of the allocation of the Qualcomm deal transaction proceeds

PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

Six months ended June 30,
(in thousands of US$) 2024 (1) 2023
Operating activities
Profit (Loss) before income taxes $ (12,388 ) $ (12,268 )
Non-cash adjustment to reconcile income before tax to net cash from (used in) operating activities
Depreciation and impairment of property, plant and equipment 1,670 1,953
Amortization and impairment of intangible assets 2,748 4,669
Share-based payment expense 2,964 3,559
Decrease in provisions (219 ) (1 )
Interest expense, net 14,124 5,311
Change in the fair value of convertible debt embedded derivative (3 ) (2,627 )
Convertible debt amendment (13,620 )
Foreign exchange loss (gain) 216 281
Working capital adjustments
Decrease (Increase) in trade receivables and other receivables 5,209 (5,163 )
Decrease (increase) in inventories 1,812 983
Increase in research tax credit receivable (987 ) (1,211 )
Increase (Decrease) in trade payables and other liabilities 792 1,040
Decrease in contract liabilities 5,102 (621 )
Decrease in government grant advances 3,112 (333 )
Income tax paid (560 ) (794 )
Net cash flow used in operating activities 9,972 (5,222 )
Investing activities
Purchase of intangible assets and property, plant and equipment (1,200 ) (2,118 )
Capitalized development expenditures (14,851 ) (11,931 )
Sale (Purchase) of financial assets 60 28
Decrease of short-term deposit
Interest received 27 99
Net cash flow used in investments activities (15,964 ) (13,922 )
Financing activities
Proceeds (Repayment of) from interest-bearing receivables financing 577 (910 )
Proceeds from loans 14,000
Proceeds from interest-bearing research project financing 934 545
Payment of lease liabilities (753 ) (657 )
Repayment of government loans (679 ) (782 )
Repayment of interest-bearing research project financing (266 ) (693 )
Interest paid (412 ) (694 )
Net cash flows from financing activities 13,401 16,364
Net increase (decrease) in cash and cash equivalents 7,409 (2,780 )
Net foreign exchange difference (6 ) 2
Cash and cash equivalents at January 1 5,705 5,671
Cash and cash equivalents at end of the period 13,108 2,893
(1) Final results are subject to finalization of the allocation of the Qualcomm deal transaction proceeds

SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS

(in thousands of US$, except share and per share amounts) Three months ended
June 30,
2024 (3)
March 31,
2024
June 30,
2023
Net IFRS gain (loss) as reported $ (911 ) $ (11,790 ) $ (9,117 )
Add back
Non-cash stock-based compensation expense according to IFRS 2 (1) 1,847 1,117 1,778
Non-cash change in the fair value of convertible debt embedded derivative (39 ) 36 (325 )
Non-cash interest on convertible debt and other financing (2) 6,972 1,833 1,706
Non-cash impact of convertible debt amendment (13,620 )
Non-IFRS gain (loss) adjusted $ (5,751 ) $ (8,804 ) $ (5,958 )
IFRS basic gain (loss) per ADS as reported ($0.01 ) ($0.19 ) ($0.16 )
Add back
Non-cash stock-based compensation expense according to IFRS 2 (1) $ 0.03 $ 0.02 $ 0.04
Non-cash change in the fair value of convertible debt embedded derivative $ 0.00 $ 0.00 ($0.01 )
Non-cash interest on convertible debt and other financing (2) $ 0.11 $ 0.02 $ 0.03
Non-IFRS basic gain (loss) per ADS ($0.09 ) ($0.14 ) ($0.10 )
IFRS diluted gain (loss) per ADS ($0.01 ) ($0.19 ) ($0.16 )
Add back
Non-cash stock-based compensation expense according to IFRS 2 (1) $ 0.03 $ 0.02 $ 0.04
Non-cash change in the fair value of convertible debt embedded derivative $ 0.00 $ 0.00 ($0.01 )
Non-cash interest on convertible debt and other financing (2) $ 0.10 $ 0.02 $ 0.03
Non-cash impact of convertible debt amendment ($0.22 ) $ 0.00 $ 0.00
Non-IFRS diluted gain (loss) per ADS ($0.09 ) ($0.14 ) ($0.10 )
(1) Included in the IFRS loss as follows:
Cost of product revenue $ 27 $ 17 $ 27
Research and development 509 318 488
Sales and marketing 435 243 361
General and administrative 876 539 902
(2) Related to the difference between contractual and effective interest rates
(3) Final results are subject to finalization of the allocation of the Qualcomm deal transaction proceeds

SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS

(in thousands of US$, except share and per share amounts) Six months ended June 30,
2024 (3) 2023
Net IFRS gain (loss) as reported $ (12,701 ) $ (14,157 )
Add back
Non-cash stock-based compensation expense according to IFRS 2 (1) 2,964 3,559
Non-cash change in the fair value of convertible debt embedded derivative (3 ) (2,627 )
Non-cash interest on convertible debt and other financing (2) 8,805 3,114
Non-cash impact of deferred tax income (loss)
Impact of debt reimbursement
Non-cash impact of convertible debt amendment (13,620 )
Non-IFRS gain (loss) adjusted $ (14,555 ) $ (10,111 )
IFRS basic gain (loss) per ADS as reported ($0.21 ) ($0.27 )
Add back
Non-cash stock-based compensation expense according to IFRS 2 (1) $ 0.05 $ 0.07
Non-cash change in the fair value of convertible debt embedded derivative $ 0.00 ($0.05 )
Non-cash interest on convertible debt and other financing (2) $ 0.14 $ 0.06
Non-cash impact of deferred tax income (loss) $ 0.00 $ 0.00
Impact of debt reimbursement $ 0.00 $ 0.00
Non-cash impact of convertible debt amendment ($0.22 ) $ 0.00
Non-IFRS basic gain (loss) per ADS ($0.24 ) ($0.19 )
IFRS diluted gain (loss) per ADS ($0.21 ) ($0.27 )
Add back
Non-cash stock-based compensation expense according to IFRS 2 (1) $ 0.05 $ 0.07
Non-cash change in the fair value of convertible debt embedded derivative $ 0.00 ($0.05 )
Non-cash interest on convertible debt and other financing (2) $ 0.14 $ 0.06
Non-cash impact of deferred tax income (loss) $ 0.00 $ 0.00
Impact of debt reimbursement $ 0.00 $ 0.00
Non-cash impact of convertible debt amendment ($0.22 ) $ 0.00
Non-IFRS diluted gain (loss) per ADS ($0.24 ) ($0.19 )
(1) Included in the IFRS loss as follows:
Cost of product revenue $ 44 $ 59
Research and development 827 958
Sales and marketing 678 708
General and administrative 1,415 1,834
(2) Related to the difference between contractual and effective interest rates
(3) Final results are subject to finalization of the allocation of the Qualcomm deal transaction proceeds

The issuer is solely responsible for the content of this announcement.

Qualcomm and Sequans Reach Agreement on Sale of 4G IoT Technology

  • Strengthens Qualcomm’s Industrial IoT portfolio, offering low-power solutions for reliable, optimized cellular connectivity for IoT applications
  • Expands and accelerates Qualcomm’s leadership position in digital transformation at the edge
  • Sequans retains license of the 4G IoT Technology for its ongoing use and will continue to serve its IoT markets with a strengthened balance sheet
  • Sequans maintains full ownership of its 5G technology

Paris, France and San Diego, California–(Newsfile Corp. – August 23, 2024) – Qualcomm Incorporated, (NASDAQ: QCOM), a global leader in high-performance at low-power solutions, through its subsidiary, Qualcomm Technologies, Inc. (“Qualcomm”), and Sequans Communications S.A. (NYSE: SQNS), a supplier of 4G and 5G semiconductor solutions for the Internet of Things (IoT), today announced that they have entered into a definitive agreement for Qualcomm to buy Sequans’ 4G IoT technologies. The acquisition includes certain employees, assets and licenses. The transaction is subject to customary closing conditions, including French regulatory approval.

Qualcomm is revolutionizing industries, redefining business models, and enhancing user experiences through its cutting-edge IoT solutions. Qualcomm® IoT technologies and solutions utilize the real-world connected intelligent edge to offer end-to-end, ready-to-deploy solutions so customers can digitally transform their businesses to optimize their operations, monetize massive amounts of data, innovate in new ways, and drive cost savings.

Sequans is a designer, developer, and supplier of cellular semiconductor solutions for massive and critical IoT markets. The addition of Sequans’ 4G IoT technologies to Qualcomm’s advanced end-to-end IoT solutions will strengthen Qualcomm’s Industrial IoT portfolio and provides a unique opportunity to build a leadership position in this space.

“Digital transformation is being driven by high-performance processing and intelligence at the edge, positioning Qualcomm for growth in one of the largest addressable opportunities,” said Nakul Duggal, group general manager, automotive, industrial and embedded IoT, and cloud computing, Qualcomm Technologies, Inc. “This acquisition of Sequans’ 4G IoT technology adds to Qualcomm’s broad portfolio, further strengthening our offerings across enterprise customers of low-power solutions for reliable, optimized cellular connectivity for Industrial IoT applications.”

Sequans will retain full rights to continue to use the technology commercially, via a perpetual license agreement, supporting the company’s ability to expand its 4G business and develop its 5G portfolio.

“We are excited to announce this important transaction with Qualcomm. This agreement underscores the value of our 4G IoT technology and provides us with significant capital to continue to further invest in our IoT business ambitions,” said Georges Karam, CEO of Sequans. “We are dedicated to pushing the boundaries of innovation and providing cutting-edge 4G/5G semiconductor solutions that meet the advancing needs of AI-powered Internet of Things applications. This transaction is expected to provide us the resources and flexibility to enhance our product offerings and expand our market presence.”

About Qualcomm
Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Our proven solutions drive transformation across major industries, and our Snapdragon® branded platforms power extraordinary consumer experiences. Building on our nearly 40-year leadership in setting industry standards and creating era-defining technology breakthroughs, we deliver leading edge AI, high-performance, low-power computing, and unrivaled connectivity. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patented technologies are licensed by Qualcomm Incorporated.

About Sequans
Sequans Communications S.A. (NYSE: SQNS) is a leading semiconductor company specialized in wireless cellular technology for the Internet of Things (IoT). Our engineers design and develop innovative, secure, and scalable technologies that power the next generation of connected devices. We offer a wide range of solutions, including chips, modules, IP and services. Our Monarch ® (NB-IoT/LTE-M), Calliope (LTE Cat-1/Cat-1bis), and Taurus (5G NR) platforms are optimized for IoT, delivering breakthroughs in wireless connectivity, power efficiency, security, and performance.

Established in 2003, Sequans is headquartered in France and has a global presence with offices in the United States, United Kingdom, Israel, Hong Kong, Singapore, Finland, Taiwan, and China.

Qualcomm Contacts:
Clare Conley, Corporate Communications
Phone: 1-858-845-5959
Email: corpcomm@qualcomm.com

Mauricio Lopez-Hodoyan, Investor Relations
Phone: 1-858-658-4813
Email: ir@qualcomm.com

Sequans Contacts:
Linda Bouvet (France), Media Relations
Phone: +33 1 70 72 16 00
media@sequans.com

Kim Rogers (USA), Investor Relations
Phone: 1-385-831-7337
ir@sequans.com

Forward Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and/or business of Sequans and Qualcomm following completion of the transaction. These forward-looking statements include, but are not limited to, statements regarding the satisfaction of conditions to the completion of the proposed transaction and the expected completion of the proposed transaction, the timing and benefits thereof, as well as other statements that are not historical fact. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-looking statements also often use words such as “anticipate,” “target,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “could,” “project,” “should,” “will” or other words of similar meaning. These statements are based on assumptions and assessments made by Sequans or Qualcomm, as applicable, in light of its experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

Forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Such risks and uncertainties include, but are not limited to, the potential failure to satisfy conditions to the completion of the proposed transaction due to the failure to obtain necessary regulatory or other approvals; the outcome of legal proceedings that may be instituted against Sequans and/or others relating to the transaction; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; significant or unexpected costs, charges or expenses resulting from the proposed transaction; and negative effects of this announcement or the consummation of the proposed transaction on the market price of Sequans’ ADS and ordinary shares. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors. A more complete description of these and other material risks can be found in Sequans’ filings with the United States Securities and Exchange Commission (SEC), including its annual report on Form 20-F for the year ended December 31, 2023, subsequent filings on Form 6-K and other documents that may be filed from time to time with the SEC, and in Qualcomm’s filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent periodic reports on Form 10-Q and Form 8-K. Sequans’ and Qualcomm’s respective filings with the SEC are available at the SEC’s website at www.sec.gov. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Neither Sequans nor Qualcomm undertakes any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law

###

The issuer is solely responsible for the content of this announcement.

Hong Kong Council of Social Service (HKCSS) Marks Its Debut at the 8th China (Guangzhou) International Elderly Health Industry Expo: Pioneering Gerontechnology and Unlocking Silver Economy Potential in the Greater Bay Area


HONG KONG SAR – Media OutReach Newswire – 23 August 2024 – The Hong Kong Council of Social Service (HKCSS) is pleased to announce its inaugural participation in the 8th China (Guangzhou) International Elderly Health Industry Expo (EldExpo) from August 23 to 25 at the Canton Fair Complex in Guangzhou. This strategic engagement underscores HKCSS’s commitment to addressing the challenge of ageing population and advancing elderly care solutions through innovation and technology. Under the auspices of the Civil Affairs Bureau of Guangzhou Municipality and various industry stakeholders, this event serves as a premier platform for dialogue and collaboration. HKCSS’s participation, featuring a dedicated “Hong Kong Zone” highlights the collective efforts of local innovation and technology enterprises and showcases the robust growth of Hong Kong’s gerontechnology ecosystem.

Guest Group Photo at HKCSS Exhibition Booth
Guest Group Photo at HKCSS Exhibition Booth

Mr. Chua Hoi Wai, the Chief Executive of the Hong Kong Council of Social Service, remarked, “Our participation in this distinguished expo not only enhances our understanding of the elderly care and technologies industry on the mainland but also solidifies the foundation for future collaborations within the Greater Bay Area. We anticipate this initiative will catalyze further developments in the gerontechnology sector and unlock new economic opportunities within the silver economy.”

Hong Kong Council of Social Service (HKCSS) Marks Its Debut at the 8th China (Guangzhou) International Elderly Health Industry Expo
Hong Kong Council of Social Service (HKCSS) Marks Its Debut at the 8th China (Guangzhou) International Elderly Health Industry Expo

Key Exhibitions and Initiatives by HKCSS at the EldExpo include:

  • Gerontech and Innovation Expo cum Summit (GIES): Jointly organized with the Hong Kong SAR Government, this pivotal event is the largest of its kind in Hong Kong, aimed at educating the public on the benefits of gerontechnology. It also provides a platform drawing together stakeholders to engage in dialogue and collaboration for broader adoption of gerontech to address the challenges brought about by population ageing and disability. Scheduled from November 21 to 24, the GIES 2024 is set to host approximately 200 exhibitors and display close to 800 products from Hong Kong, Mainland China and around the globe, providing a comprehensive platform for technological exchange and innovation.
  • Jockey Club “age at home” Gerontech Education and Rental Service: Funded by The Hong Kong Jockey Club Charities Trust and organised by HKCSS, this programme offers a holistic service that includes education, rental, cleaning and maintenance of gerontechnology equipment, aiming to facilitate “Smart Ageing in Place” and community caregiving. It is designed to increasing public awareness and understanding on gerontechnology and its applications, thereby enhancing the quality of life of the elderly, disabled and their caregivers. The initiative also features Hong Kong’s largest Gerontech Cleaning and Maintenance Service Centre, a centralized hardware care centre for gerontech equipment, introducing a variety of cleaning facilities and machines to ensure optimal hygiene and safety of gerontech equipment and generate good user experience. The Centre, further supported by the China Merchants Foundation (CMF), together with the CMF eRent – Gerontech Rental System and Website, the first-of-its-kind in Hong Kong, are committed to promoting the gerontech rental service and culture of the sharing.
  • Care Food: HKCSS is dedicated to improving the nutritional care of individuals with swallowing difficulties. Through the establishment of the Guideline of Care Food Standard, the initiative aims to enhance the dignity and safety of affected individuals across the community. Besides, HKCSS strives to foster industry collaboration through organising seminars and workshops relating to Care Food and promote Care Food to the community by participating in related expos and public education activities.
  • Gerontechnology Platform: The Social Innovation and Entrepreneurship Development Fund (SIE Fund) has appointed a collaborative coalition of ten organisations led by HKCSS as an intermediary to design, develop and operate an inclusive one-stop Gerontechnology Platform. This Platform is designed to link up different stakeholders on the supply and demand sides and enhance synergy by way of engagement, with the aim of fostering the development and application of gerontechnology. It establishes a Gerontechnology Testing Ground, which completed the testing of 10 theme-based gerontechnology products in residential care homes, facilitating product testing and feedback integration, and ensuring that technological solutions are both effective and user-centric.

HKCSS organised local innovation and technology enterprises staged at “Hong Kong Zone”:

The Hong Kong delegation also includes nine local enterprises debuting their innovative gerontechnology products, covering health monitoring systems, computer vision-assisted rehabilitation tools, neurological rehabilitation aids, innovative gaming platform, brain-computer interface, virtual reality-based sports training, and cognitive rehabilitation training.

Hashtag: #HKCSS #Gerontechnology #SocialService #Elderly





The issuer is solely responsible for the content of this announcement.

Hong Kong Council of Social Service (HKCSS)

The Hong Kong Council of Social Service (HKCSS) is a statutory body established in 1947. Together with our Agency Members, we uphold social justice and equality in our mission to advance the well-being of the Hong Kong community. The HKCSS is committed to building an impact-oriented, collaborative and innovative social service sector, and co-creating a better society with stakeholders across different sectors. The HKCSS has over 520 Agency Members, with service units throughout Hong Kong, providing high-quality social services to those in need.

Successful Completion of the Foundation Installation at the 640 MW Yunlin Offshore Wind Farm Project in Taiwan

  • All 80 foundations, including monopiles and transition pieces, successfully installed
  • Final installation phase has begun
  • Leading in localization and environmental responsibility

HAMBURG, GERMANY – EQS Newswire – 23 August 2024 – Yunneng Wind Power Co., Ltd. (Yunneng), the company responsible for the construction and operation of the 640 MW Yunlin Offshore Wind Farm project (Yunlin OWF) project in Taiwan, has achieved another major milestone by successfully completing the installation of all 80 foundations, which includes both the monopiles and transition pieces. The project team continues to collaborate closely with all partners to ensure the steady construction progress and remains on track for a full completion of the Yunlin OWF by the end of 2024. With 80 foundations and 68 wind turbine generators (WTG) installed, including 52 WTGs already feeding clean electricity into the grid, the Yunlin OWF is progressing rapidly. Additionally, 56 out of the 69 inner array grids and all 12 export cables are now in place. These significant milestones mark the commencement of the project’s final installation phase.

640 MW Yunlin Offshore Wind Farm

“Completing the foundation installation marks a crucial step towards finishing the Yunlin Offshore Wind Farm project,” stated Patrick Lammers, CEO of Skyborn Renewables. “This accomplishment is a testament to the hard work of our team and the collaborative spirit with our partners. We thank the Taiwanese government for their ongoing support. With the significant construction progress, successful financial restructuring, localization advancements, and a clear commitment to environmental responsibility, we demonstrate our commitment to Taiwan’s clean energy transition.”

The Yunlin OWF is the first offshore wind project to voluntarily exceed localization commitments and do more than required. As part of the key localization initiatives including 40 monopiles and 40 transition pieces, the project team has partnered with Taiwan’s leading manufacturers, Formosa Heavy Industries and CTCI Machinery. Moreover, Yunlin OWF has set several records, including the first successful localization of foundations, inclusive of transcontinental technical collaboration, whereby the project team has optimized the production process and reduced the manufacturing time for transition pieces to just five days. Also, the Yunlin OWF was the first project to commit to long-term charter locally build Crew Transfer Vessels (CTVs).

Yunlin OWF is equally committed to environmental responsibility. Since 2021 Yunneng, with the support of Skyborn Renewables Taiwan (Skyborn Taiwan), has continuously implemented a four-year “Black-faced Spoonbill Tracking Program,” the endangered species (EN) in Asia Pacific. By utilizing advanced GPS technology, this initiative has yielded crucial data on the habitat and migration patterns. To date, the program has identified 10 new activity hotspots and recorded over 100 flight paths, creating “the world’s most comprehensive database” of first-hand flight trajectory data for Black-faced Spoonbills. This notable achievement earned Yunneng a Bronze Award in both the prestigious Asia-Pacific Sustainability Action Awards (APSAA) and the Taiwan Sustainable Action Award (TSAA) in the ‘Life on Land’ category.

The Yunlin OWF is located in the Taiwan Strait, between 8 and 17 km off the west coast of Taiwan, at water depths from 7 up to 35 m. The 82 km² project area will comprise 80 wind turbine generators, whose generated electricity will be fed into the Taiwanese power grid via two onshore substations near the townships of Taixi and Sihu in Yunlin County. Electricity from the project is provided to Taiwan Power Co. under two 20-year power purchase agreements. The project is backed by a strong financial consortium established in 2019, including Taiwanese and international banks alongside export credit agencies. Once completed, the 640 MW Yunlin OWF will be Taiwan’s second-largest offshore wind farm and produce enough clean energy to serve the energy needs of more than 600,000 Taiwanese households.

Shareholders of Yunneng Wind Power Co., Ltd.

Skyborn Renewables (Skyborn)

Skyborn is an accomplished offshore wind developer and operator with more than 20 years’ experience, headquartered in Germany. The company’s capabilities cover the entire offshore wind value chain, including greenfield development, project engineering and design, procurement, financing, corporate power purchase agreements, construction management and asset management. Skyborn is a portfolio company of Global Infrastructure Partners (GIP), a leading infrastructure investor headquartered in New York, USA. For more information, visit www.skybornrenewables.com

TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operation.

As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. At the end of 2023, TotalEnergies’ gross renewable electricity generation installed capacity is 22 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of net electricity production by 2030.

Electricity Generating Public Company Limited (EGCO Group)

EGCO Group is the first Independent Power Producer in Thailand. EGCO Group presently has a total equity capacity of 7,003 MWe in operation and under construction. Total equity capacity from renewable energy is 1,447 MWe (equivalent to 21% of the total portfolio). The RE portfolio includes biomass, hydropower, solar power, onshore and offshore wind power, fuel cells, and battery storage. EGCO Group’s facilities are located in 8 countries, namely Thailand, Lao PDR, the Philippines, Indonesia, Australia, South Korea, Taiwan and USA. In addition, EGCO Group has also 11 other energy-related businesses including the fuel and infrastructure business group and the customer solution and startup business group. EGCO Group has been listed in the Dow Jones Sustainability Index (DJSI) for four consecutive years (2020-2023) and aims to achieve Net Zero goal by 2050. Learn more about EGCO Group through our website at www.egco.com

Sojitz Corporation (Sojitz)

Sojitz is a major investment and trading firm in Japan developing wide range of businesses globally, including manufacturing, selling, importing, and exporting a variety of products, in addition to providing services and investing in approximately 50 countries around the world through approximately 440 consolidated subsidiaries and affiliated companies located in Japan and overseas. Sojitz was formed out the union of Nichimen and Nissho Iwai Corp. both with long world-wide investment histories of more than 160 years, Sojitz is a publicly listed company on the Tokyo Stock Exchange.

Hashtag: #skyborn

The issuer is solely responsible for the content of this announcement.

About Skyborn Renewables

Skyborn is an accomplished offshore wind developer and operator with more than 20 years’ experience, headquartered in Germany. Our capabilities cover the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing, commercialization / corporate power purchase agreements, construction management, as well as operations and asset management. Skyborn is a portfolio company of Global Infrastructure Partners (GIP), a world-leading independent global infrastructure investor with headquarters in New York, USA.

For more information, visit www.skybornrenewables.com

SUSS and WiseNet Asia Launch Success Academy in Malaysia to Foster Entrepreneurship, Innovation & Regional Social Impact

The Academy will offer programmes with cross-cultural industry experiences to empower students and executives for success in the global business arena


KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 23 August 2024 – The Singapore University of Social Sciences (SUSS) and WiseNet Asia, a talent solutions and consultant company, today launched the SUSS Success Academy in Kuala Lumpur, unlocking new learning and training opportunities for students in Singapore and Malaysia.

The occasion was marked by an opening ceremony at The Gardens – A St Giles Signature Hotel in Kuala Lumpur and attended by over 100 guests from both countries, including representatives from institutions of higher learning, as well as industry partners and community partners. The ceremony was presided over by Mr. Vanu Gopala Menon, High Commissioner, Singapore High Commission in Kuala Lumpur, and Dr Ong Kian-Ming, Pro Vice-Chancellor, Taylor’s University.

Grounded on SUSS’ commitment to learning for life and creating social impact, the Academy will serve as a key nexus for academic and industry partners from both countries.

Through the Academy’s two distinct tracks – Personal Success and Professional Success – SUSS will offer opportunities for students from SUSS and other Singapore pre-tertiary and tertiary to co-learn and co-innovate with students from Malaysia. This will include various comprehensive programmes such as interdisciplinary global learning courses and student exchanges. Additionally, SUSS students will have the chance to gain professional experience in the region through work attachments and internships.

Key initiatives include:

  • Student Leadership Development in Social Sustainability: In partnership Belum Eco Resort, SUSS will leverage the resort’s facilities to develop a place-based education programme and experiential site, known as Camp R.A.I.S.E. Students can engage in hands-on activities and projects that emphasise practical applications of sustainability concepts.
  • Overseas Sports Excellence Programme: To deepen sporting and cultural relationships, over 80 SUSS student-athletes will conduct friendlies and training sessions with Malaysian athletes across different sporting groups. Beyond its student focus, the Academy, anchored on SUSS’ expertise in adult and workplace learning, will also serve its dual purpose of creating professional training and development solutions for industry partners, organisations, and institutions.
  • Impact Start-Up Challenge (ISC): The ISC is a credit-bearing course that offers a platform for students from Singapore and Malaysia to learn together and experience the startup ecosystem and work collaboratively to generate ideas, test and pivot their proposal in a real-world setting. The first of such partnerships is with Universiti Kebangsaan Malaysia, enabling both Singapore and Malaysian students to learn and explore business ideas focused on sustainability.
  • Ecopreneur Innovation Programme (EIP): In collaboration with Belum Eco Resort, study trips to Orang Asli villages are being organised, where participants gain insights into the community’s needs, brainstorm innovative business solutions, and develop prototypes aimed at improving their quality of life.

To further promote knowledge exchange and innovation, internship opportunities, and co-design and co-delivery of experiential programmes in Perak, SUSS signed a Memorandum of Understanding yesterday with Bonanza Educare and Perak Academy.

Professor Tan Tai Yong, President of SUSS, said, “The launch of the SUSS Success Academy in Kuala Lumpur embodies our collaborative spirit and dedication to creating meaningful opportunities for our students and enterprises. As part of our vision to be a university that inspires learning for life and impacts lives, our partnership with WiseNet Asia will offer a multitude of opportunities for students in both countries to further develop their mindsets and skill sets. We are excited about the positive impact this will bring to both nations.”

Mr. Wesley Hui, Founder of WiseNet Asia Pte Ltd, said, “We are excited to join forces with SUSS to establish this representative centre in Malaysia. This collaboration is a pivotal step towards shaping the future of young talents, providing them with opportunities for early-stage development. It will allow us to cultivate and mentor young executives, equipping them to thrive in a dynamic world driven by innovation, cutting-edge technologies, and groundbreaking discoveries.”

The launch of the Success Academy in Kuala Lumpur marks the latest in a series of academy openings as SUSS continues to expand its educational footprint across Asia. Last year, SUSS established three academies in Ho Chi Minh City, Beijing, and Shenzhen. Three days ago, SUSS launched an academy in Bangkok in collaboration with Orange Cap Innovative (OCI) and other partners in establishing an experiential education site for student leadership development focused on Social Sustainability. In the next three months, the University will inaugurate four more academies in Jakarta, Manila, and Mumbai, bringing the total to eight regional academies.

For the full media release: https://suss.to/media-release-kl.

For more information, visit www.suss.edu.sg/success-academy.

SUSS: www.suss.edu.sg
WiseNet Asia: https://wisenetasia.comHashtag: #SUSS #WiseNet

The issuer is solely responsible for the content of this announcement.