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Zimbabwe Government Honours its Commitment to Compensate Investors Under Bilateral Investment Protection and Promotion Agreements (BIPPAs)

The payments to farm owners under BIPPA-protection marks a historic milestone and a critical step in Zimbabwe’s Arrears Clearance and Debt Resolution Process


HARARE, ZIMBABWE – EQS Newswire – 8 February 2025 – The Government of the Republic of Zimbabwe is honouring its commitment to compensate investors protected by Bilateral Investment Protection and Promotion Agreements (BIPPAs), whose investments were affected by the Land Reform Programme in 2000. This follows the disbursement of funds from the US$20 million allocated for the compensation of BIPPA-protected farms in the 2024 National Budget.

The payments to farm owners under BIPPA-protection marks a historic milestone and a critical step in Zimbabwe’s Arrears Clearance and Debt Resolution Process.

Providing an update on the payments, the Minister of Finance, Economic Development, and Investment Promotion, Honourable Professor Mthuli Ncube stated, “I am pleased to announce that the compensation process has begun. We believe that this process is crucial for building trust, honouring our commitments, and ensuring consistency with our Constitution as we address Zimbabwe’s debt challenge.”

The payments towards the compensation of investors under BIPPA protection began in the second week of January 2025. Payments are being made to the claimants’ Bank accounts of choice.

Only claimants from countries with BIPPAs signed and ratified before the 2000 Land Reform Programme are eligible for compensation. 94 farms were approved for compensation. The claimants are from Denmark, Germany, the Netherlands, Switzerland and former Yugoslavia.

The Harare-based ambassadors of Germany, the Netherlands and Switzerland jointly welcomed the announcement: “The framework established by the Government of Zimbabwe leading to the full compensation of affected BIPPA farmers protected by Bilateral Investment Promotion and Protection Agreements, is indeed a historic achievement. We commend the Government’s allocation of funds in the National Budget as of 2024 to make the compensation a reality. Several affected investors have received initial payouts, and an emerging sense of closure exists. It marks a significant milestone, and we consider it a very encouraging step towards a comprehensive and fair settlement for farmers and investors in Zimbabwe, be it in terms of financial compensation or land tenure. Now, it is important for the Government to keep this positive momentum.”

The BIPPA farmers are being compensated for land and improvements on the farms in line with Section 295 (2) of the Constitution of Zimbabwe.

The President of the African Development Bank Group and the Champion of the Zimbabwe Arrears Clearance and Debt Resolution, Dr Akinwumi Adesina said, “The compensation demonstrates the Government’s goodwill and commitment to building trust in the process and improving investor confidence in the country. The progress Zimbabwe has made, the commitment and resilience it is showing, calls for support from development partners to facilitate the country’s effort in implementing on going reforms and to provide the much-needed cushion to particularly the vulnerable members of the population.”

The compensation of these investors is one of the key reforms under the Structured Dialogue Platform on the country’s Arrears Clearance and Debt Resolution Process. Zimbabwe aims to clear its arrears, resolve debt, and unlock new concessional external financing to achieve its development goals. The Government established in December 2022, a Structured Dialogue Platform (SDP) with all its creditors and development partners, to institutionalise engagement on economic and governance reforms to underpin the Arrears Clearance and Debt Resolution Process.

The Resolution of BIPPA-protected farms is under the auspices of one of the three Sector Working Groups (SWG) of the country’s Structured Dialogue Platform for Arrears Clearance and Debt Resolution Process. It falls under the Land Tenure Reforms, Compensation for Former Farm Owners, and the Resolution of BIPPAs SWG. This SWG is co-chaired by the Office of the President and Cabinet, Switzerland and the United Nations Development Programme. The other two SWGs are Economic Growth and Stability Reforms, and Governance Reforms.

At the last High-Level SDP Meeting held in Harare on 25 November 2024, His Excellency, Dr Emmerson Dambudzo Mnangagwa, the President of the Republic of Zimbabwe, reiterated the Government’s ownership of the Arrears Clearance and Debt Resolution Process, and his commitment to the implementation of reforms underpinning the Process, in line with the country’s National Development Strategy 1.

The resolution of BIPPAs is also part of the country’s engagement and re-engagement initiatives with the international community.

After disbursing the US$20 million from the 2024 National Budget for BIPPA-protected farms, the remaining US$125.9 million will be paid over four years (2025 to 2028) through annual fiscal allocations. Additionally, the Government has allocated another US$20 million in the 2025 National Budget for this purpose.

Table 1: Approved BIPPA Farms for Compensation

Country Number of Farms Approved for Compensation Farmers Value (US$ millions)
Denmark 6 5 13.4
Germany 14 7 14.0
Netherlands 46 33 88.2
Switzerland 27 10 27.0
Former Yugoslavia 1 1 3.3
Total 94 56 145.9

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Caption for Images: Sixth High-Level Structured Dialogue Platform on Zimbabwe’s Arrears Clearance and Debt Resolution Process held in the country’s capital, Harare in November 2024

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Video Caption: Zimbabwe’s Minister of Finance, Economic Development and Investment Promotion, Honourable Professor Mthuli Ncube Speaks about Compensation of Investors under Bippa-protection

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

Keymed Biosciences Announces Approval of Stapokibart For the Treatment of Seasonal Allergic Rhinitis

CHENGDU, China, Feb. 8, 2025 /PRNewswire/ — KeyMed Biosciences (HKEX: 02162) today announced the National Medical Products Administration (the “NMPA“) of China has recently approved the supplemental New Drug Application (the “sNDA“) of Stapokibart (anti-IL-4Rα monoclonal antibody, trade name: Kangyueda (康悦达), for the treatment of seasonal allergic rhinitis.

The approval is based on a multi-center, randomized, double-blind, placebo-controlled phase III study to confirm the efficacy and safety of Stapokibart injection in treatment of adult patients with seasonal allergic rhinitis who are poorly controlled with nasal corticosteroids or other therapies. The study findings demonstrate that during the pollen season, in comparison with the standard treatment group, which consists of nasal spray hormones combined with antihistamine drugs, the administration of Stapokibart for two weeks effectively controls the typical nasal allergic symptoms of patients, including runny nose, nasal congestion, nasal itching, and sneezing. The least-squares mean (LSMean) of the inter-group difference is -1.3, and its 95% confidence interval (CI) is also -1.3, indicating a highly significant statistical difference (P = 0.0008). This difference far exceeds the minimal clinically important difference (MCID) of 0.23, clearly demonstrating substantial clinical benefits. Moreover, Stapokibart can effectively alleviate ocular allergic symptoms such as eye itching or burning, eye tearing or watering, and eye redness. It comprehensively enhances the quality of life of patients and exhibits excellent safety.

About Stapokibart

Stapokibart is a high-efficient, humanized antibody targeting the interleukin-4 receptor alpha subunit (IL-4Rα), and is the first domestically manufactured IL-4Rα antibody drug granted marketing approval by the NMPA. By targeting IL-4Rα, Stapokibart can block both interleukin-4 (IL-4) and interleukin-13 (IL-13) signaling. IL-4 and IL-13 are two key cytokines that trigger type II inflammation. Stapokibart has demonstrated good safety and encouraging efficacy in multiple previous clinical trials, and its treatment of the indication of moderate-to-severe atopic dermatitis in adults and the indication of chronic rhinosinusitis with nasal polyposis have been approved for marketing in September 2024 and December 2024, respectively.

About Keymed Biosciences

Keymed Biosciences Inc. (HKEX: 02162) focuses on the urgent unmet clinical needs, and is committed to providing high-quality, affordable, innovative therapies for patients in China and overseas. Keymed was founded by medical and scientific experts who have strong experience in the transformation of scientific and technological achievements to commercialization at home and abroad.

ZK International Postpones Shareholder Call

WENZHOU, China, Feb. 8, 2025 /PRNewswire/ — ZK International Group Co., Ltd. (Nasdaq: ZKIN) (“ZK International” or the “Company”), a leading engineering Company focused on high-performance steel products, announces that its previously scheduled shareholder conference call, originally planned for February 7, 2025, has been cancelled and the company will reschedule the event at a later date.

The Company remains committed to providing its shareholders and interested parties with the most comprehensive and up-to-date insights into its strategic initiatives, financial performance, and future growth plans. The postponement will allow the Company to incorporate additional significant developments into the discussion, ensuring a more valuable and informative experience for attendees.

For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on TwitterFacebookYouTube, and Weibo. For further information on the Company’s SEC filings please visit www.sec.gov.

About ZK International Group Co., Ltd.:

ZK International Group Co., Ltd. is a China-based engineering company building and investing in innovative technologies for the modern world. With a focus on designing and implementing next-generation solutions through industrial, environmental and software engineering, ZKIN owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards.  

ZKIN’s core business is to engineer and manufacture patented high-performance stainless steel and carbon steel pipe products that effectively deliver high quality, highly-sustainable and environmentally sound drinkable water to the Chinese, Asia and European markets.  ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee.  It has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the “Water Cube” and “Bird’s Nest”, which were venues for the 2008 Beijing Olympics.  ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which has been stated to be 70% unfit for human contact.  

Safe Harbor Statement 

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International.  Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company’s filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized.  In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

 

EPWK HOLDINGS LTD. Announces Closing of Initial Public Offering

XIAMEN, China, Feb. 8, 2025 /PRNewswire/ — EPWK HOLDINGS LTD. (the “Company”) (NasdaqGM: EPWK), a company that connects businesses with great talents through innovative and efficient cloud-sourcing platforms, today announced the closing of its initial public offering (the “Offering”) of 2,750,000 Class A ordinary shares at a public offering price of $4.10 per share. The Class A ordinary shares commenced trading on Nasdaq Global Market under the ticker symbol “EPWK” on February 6, 2025.

The Company received aggregate gross proceeds of $11.275 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters an option, exercisable within 30 days after the closing of the Offering, to purchase up to an additional 412,500 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering was conducted on a firm commitment basis.

Proceeds from the Offering will be used for business development and marketing, research and development, exploration of new product and service offerings and the creation of an online global design center, and general corporate purposes and working capital.

Cathay Securities, Inc. acted as the representative of the underwriters, with Revere Securities LLC acting as co-underwriter (collectively, the “Underwriters”) for the Offering. VCL Law LLP served as counsel to the Company. Winston & Strawn LLP served as counsel to the Underwriters.

The Offering was conducted pursuant to the Company’s Registration Statement on Form F-1, as amended (File No. 333-269657) (the “Registration Statement”), previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on February 3, 2025. The Offering was made only by means of a prospectus, forming a part of the Registration Statement. A final prospectus relating to the Offering was filed with the SEC and is available on the SEC’s website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About EPWK HOLDINGS LTD.

The Company connects businesses with outstanding talent through an innovative and efficient integrated crowdsourcing platform, providing creative transaction services for small and medium-sized enterprises and suppliers. The Company was founded by Huang Guohua, former chief reporter of Fujian Daily Press Group, and conducts its operations through its subsidiaries and contractual arrangements with the variable interest entity in China. For more information, please visit the Company’s website: www.epwk.com

Forward-Looking Statements

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

For more information, please contact:

Investor Relations
EPWK HOLDINGS LTD.
Phone: +86 0592-5978725
Email: chenyanjun@epwk.com

Join Gorilla Technology’s Exclusive Live Investor Webinar and Q&A Session on February 18


LONDON, UNITED KINGDOM – Newsfile Corp. – 7 February 2025 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”) is pleased to invite investors to a webinar on February 18, 2025, at 4:15 p.m. ET.

The exclusive event, hosted by RedChip Companies, will feature Gorilla Technology’s Chairman and CEO, Jay Chandan, and interim-CFO, Bruce Bower. Attendees will gain valuable insights into the Company’s role as a global leader in AI-driven nternet of Things (IIOT) solutions, security convergence, and big data analytics. With a rapidly expanding global footprint, Gorilla Technology is at the forefront of smart cities and critical infrastructure transformation. The Company entered 2025 with a $93 million backlog and a $2 billion pipeline of multi-year opportunities, driving projected revenues of $90 million to $100 million for the year. Gorilla’s innovative edge AI and cybersecurity solutions are gaining traction across US, LATAM, Europe, APAC, and MENA, securing strategic projects such as AI-powered smart city initiatives and critical security deployments. Backed by record-setting financial performance, a veteran leadership team, and an expanding market presence, Gorilla Technology is well-positioned for continued revenue growth and long-term value creation. A live question and answer session will follow the presentation by Chandan and Bower.

To register for the free webinar, please visit:

https://redchip.zoom.us/webinar/register/WN_RCEHpBZmRbm_bAUAkaqpwg#/registration

Questions can be pre-submitted to GRRR@redchip.com or online during the live event.

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

About Gorilla Technology Group Inc.

Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

For more information, please visit our website: .

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about our ability to execute definitive agreements related to this smart education project, attract the attention of customers and win additional projects, along with those other risks described under the heading “Risk Factors” in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024 and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Singapore’s Tolaram Welcomes IFC Investment in Lagos Free Zone to Boost Industrial Growth and Economic Diversification in Nigeria


LAGOS, NIGERIA – Media OutReach Newswire – 8 February 2025 – Tolaram, the Singapore-headquartered owners and operators of Lagos Free Zone are proud to announce that the International Finance Corporation (IFC) has committed an equity investment of up to $50 million to support the development of Lagos Free Zone.

The investment, aimed at closing key infrastructure gaps to enhance Nigeria’s global competitiveness, will help accelerate the first phase development of the 860-hectare Lagos Free Zone through expanding land development, industrial facilities, and logistics infrastructure. Directly integrated with the Lekki Deep Sea Port, Lagos Free Zone is uniquely positioned to offer an efficient, unified industrial ecosystem that facilitates seamless import and export operations, positioning Nigeria as a critical player in global value chains.

By addressing critical infrastructure bottlenecks and improving connectivity, this investment is expected to open new business opportunities, strengthen Nigeria’s position as a leading regional economic hub, and contribute to the long-term prosperity of the nation.

“Tolaram’s businesses have a long-standing history in Nigeria and are deeply committed to unlocking the country’s economic potential. With the critical investments made in Lagos Free Zone, we are not only tackling infrastructure challenges but also creating a conducive environment for local and international businesses to thrive,” said Navin Nahata, Managing Director for Fintech and Infrastructure at Tolaram.

Adesuwa Ladoja, Managing Director/CEO of Lagos Free Zone Company, added, “IFC’s support represents a significant and positive recognition of our vision to establish Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria. Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria’s drive for economic diversification and infrastructure development. We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC.”

Lagos Free Zone is already home to several manufacturing brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International as well as Lekki Port – Nigeria’s deepest and most advanced port.

30,000 direct, indirect, and induced jobs are expected to be created when the Lagos Free Zone is fully occupied, delivering long-term economic benefits to Nigeria. With the Nigerian economy projected to grow by 3.7% in 2026, investments of this nature are vital to ensuring the country’s sustained growth and economic resilience.

Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa, noted, “This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets. We are proud to partner with Lagos Free Zone in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential.”

The investment in Lagos Free Zone also reflects IFC’s commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)- certified buildings and climate-resilient infrastructure.

This investment aligns with Nigeria’s ongoing economic reforms and supports IFC’s broader strategic frameworks, including the World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action Plan, both prioritising economic diversification, the development of competitive business clusters, and investments in climate-resilient infrastructure.

Hashtag: #Tolaram #LagosFreeZone #LekkiPort #IFC

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

About Tolaram

Tolaram is a family-owned business, headquartered in Singapore, focused on investing in emerging market opportunities and building brands that drive economic growth. Since its founding in 1948, Tolaram has evolved from a single retail shop into a diversified global business with interests spanning consumer goods, fintech, infrastructure, and industrial sectors in Africa, Asia, and Europe.

Across Africa, Tolaram has established a significant presence through its consumer business. Through partnerships with global corporations such as Indofood, Arla Foods, Kellanova, Colgate-Palmolive, and Diageo, Tolaram manufactures and distributes a wide range of products, making it one of the continent’s largest consumer goods enterprises. Tolaram also owns and operates Nigeria’s first wholly owned private free trade zone with a deep seaport.

Tolaram also owns and operates a digital bank and an insurtech business in Indonesia as well as an integrated paper mill in Estonia.

DuelNow Launches $DNOW Token Delivering Membership Rewards for Users

LISBON, Portugal, Feb. 7, 2025 /PRNewswire/ — DuelNow – the trailblazing sports prediction market – is thrilled to announce the launch of its platform’s native token, $DNOW.

Introducing the $DNOW token icon.
Introducing the $DNOW token icon.

The $DNOW token empowers DuelNow users by enabling access to a dynamic tiered membership system that unlocks exclusive benefits. By holding $DNOW, users can enjoy  reduced platform fees and increased referral earnings.

Every time one of your referees joins or creates a prediction, you earn!

Membership Tiers: Rewarding Engagement and Loyalty

New and existing users will be invited to progress through DuelNow’s six-tier membership system, ranging from Rookie to Legendary. Each tier increases the potential referral rewards and reduces platform fees, providing users with more opportunities to maximize their earnings.

The level of referral incentives is determined by your membership tier at the time of referee action, rewarding you based on your current $DNOW holdings. By maintaining or increasing the $DNOW in your connected wallet, you can ensure your membership tier and its benefits remain at their highest level.

Simon Yu, CEO of DuelNow, said, “The $DNOW token and membership tiers reward users for holding tokens, increasing engagement, boosting referral earnings, and reducing fees based on membership level. This launch gives users more value as they participate.” He added that he believes, “$DNOW and Membership Tiers build a platform focused on community and rewarding long-term users.”

Recent Platform Enhancement

DuelNow has recently upgraded its user interface to enhance user experience significantly. The new design simplifies the process of creating and joining predictions, features a more intuitive layout, and includes a prediction slip for quicker transactions. These updates were designed to further integrate user engagement with the sports prediction market.

Airdrop for Early Participants

To reward early participants, DuelNow will offer an exclusive $DNOW token airdrop in 2025 to users who take part in the ongoing Quests & Points program. Participants can earn points by creating predictions or joining those of others.

Additional details about the airdrop will be shared in early 2025. New users can still join the program and start earning points by signing up today.

Users can sign up for DuelNow today to earn their first 1,000 points..

About DuelNow

DuelNow is an innovative sports prediction market where users take full control. This peer-to-peer platform enables custom odds and direct competition, removing traditional intermediaries. By eliminating the house and any house advantage, DuelNow ensures a transparent and user-focused experience. Profit with your sports predictions.

 

DuelNow's membership tiers offer benefits such as reduced platform fees and increased referral commissions.
DuelNow’s membership tiers offer benefits such as reduced platform fees and increased referral commissions.

 

The recently updated DuelNow user interface simplifies the process of joining and creating sports predictions.
The recently updated DuelNow user interface simplifies the process of joining and creating sports predictions.

 

 

SunCar Technology Group Announces Share Repurchase Program

NEW YORK, Feb. 7, 2025 /PRNewswire/ — SunCar Technology Group Inc. (“SunCar” or the “Company”) (Nasdaq: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, today announced that its board of directors has authorized a share repurchase program to buy back up to $30 million of its outstanding Class A ordinary shares. This program reflects the Company’s confidence in its long-term growth prospects.

The share repurchase program is expected for the next 12 months. The Company intends to fund the repurchases through a combination of cash on hand and cash generated from operations.

Mr. Zaichang Ye, Chairman and Chief Executive Officer of SunCar commented, “this stock repurchase program demonstrates the management’s confidence in the outlook for our business. The board of directors and management team believe that the Company’s continued effort to keep our position as a leading cloud-based provider of digitalized enterprise auto services and auto eInsurance service in China in the market will deliver the best value to our shareholders.”

The Company may repurchase shares of its Class A ordinary shares from time to time on the open market or in privately negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to minimize the impact of the purchases on the market for the stock.

About SunCar Technology Group Inc.

Founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto services market and the auto eInsurance market for electric vehicles. SunCar’s intelligent cloud platform empowers its enterprise clients to access and manage their customer database and offerings optimally, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding SunCar’s expectations regarding the consummation of the offering, the anticipated use of the net proceeds of the offering and the satisfaction of customary closing conditions with respect to the offering. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking.

Forward-looking statements are based on current expectations and assumptions that, while considered reasonable by SunCar and its management, as the case may be, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risk that the offering will not be consummated; the impact of general economic, health, industrial or political conditions in the United States or internationally; and other risks and uncertainties identified in SunCar’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023, as well as other filings and reports that are filed by SunCar from time to time with the SEC.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. SunCar does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or in the events, conditions or circumstances on which any such statement is based.

Contact Information:

SunCar:

Investor Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com

U.S. Investor Relations:

Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com