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SU Group Holdings Reports 11% Revenue Growth For Fiscal Year 2024

  • 8.7% Increase in Net Income Year over Year
  • Strengthened Balance Sheet to Support Growth Initiatives

HONG KONG, Jan. 29, 2025 /PRNewswire/ — SU Group Holdings Limited (Nasdaq: SUGP) (“SU Group” or the “Company”), an integrated security-related engineering services company in Hong Kong, today announced financial results for the fiscal year ended September 30, 2024, led by strong growth in revenue and net income, as compared to the fiscal year ended September 30, 2023. All U.S. dollar figures cited in this press release are based on the exchange rate of HK$7.7733 against US$1.00 as of September 30, 2024.

Select Financial Highlights:

  • For the fiscal year ended September 30, 2024, SU Group reported an 11.3% increase in revenue on a year over year basis, led by growth in the security-related engineering services business, which increased 9.0% on a year over year basis.
  • Net income increased by 8.7% on a year over year basis to HK$10.7 million (US$1.4 million) for the fiscal year ended September 30, 2024, with net income per share (basic and diluted) increasing to HK$0.82 from HK$0.81 on a year over year basis.

SU Group’s Chairman and CEO, Dave Chan, commented, “We are driving consistent revenue growth and business expansion as we build on our strong competitive position. Our successful initial public offering on the Nasdaq market helped fortify our balance sheet and is allowing us to accelerate strategic investments that will ensure our long-term success, including hiring additional security experts and investing in advanced security technologies like our proven AI-aided security solutions. Our specialized focus and ability to closely support customers can be seen in several landmark wins we have announced, including our support of one Asia’s largest airlines and one of Hong Kong’s leading higher education institutions. These customers serve as high-profile references, showcasing our efficiency, reliability, and versatility. Overall, we are pleased with our progress but believe we are still in the very early stages of what we can achieve as we continue to execute on our business and build long-term value for shareholders.”

SU Group’s Chief Financial Officer, Calvin Kong, noted, “We drove a near 9% increase in net income for the fiscal year 2024, reflecting our strong revenue growth and execution on operational efficiency. We remain diligent in our operating expense management, focused on expanding cash flow and committed to investing in support of our customers. We have established a solid foundation for accelerated growth, with the financial strength to scale our business in both Hong Kong and previously untapped geographic markets as we look to build on our momentum and leadership position moving forward.”

SU Group Holdings Limited (Nasdaq: SUGP) provides security-related engineering services and security guarding and screening services:

  • Security-related engineering services: The Company offers security-related engineering services to customers, including providing (i) security systems and products, provision of installation, and related maintenance services; (ii) security systems and products only; or (iii) maintenance services only. In addition, SU Group provides equipment rental services to its customers with use of dedicated security-related systems and equipment for contractual periods.
  • Security guarding and screening services: The Company provides security guarding services, by dispatching security guards with corresponding abilities and qualifications on demand, to fulfill the customers’ needs such as securing and guarding physical properties by, among other things, conducting patrols, entrance guarding, access control and alarm monitoring and response such as fire and gas detection, burglary detection and emergency management such as first aid service and communication and evacuation. SU Group also offers security guarding services targeted at crowd coordination and management, and provides security screening services, where its certified screeners work to detect of explosives, incendiary devices in air cargo consignment and dangerous goods for safety purpose through the operation of threat detection systems. In addition, the Company provides a variety of related vocational training courses.

Financial Results for the Fiscal Year Ended September 30, 2024

Revenues increased by 11.3% to HK$182.2 million (US$23.4 million) for the fiscal year ended September 30, 2024 from HK$163.7 million (US$21.0 million) for the fiscal year ended September 30, 2023, primarily due to an increase in revenues from the security-related engineering services business. Revenues from the provision of security-related engineering services increased by 9.0% to HK$107.0 million (US$13.8 million) for the fiscal year ended September 30, 2024 from HK$98.1 million (US$12.5 million) for the fiscal year ended September 30, 2023.

Cost of revenues increased by 16.4% to HK$134.6 million (US$17.3 million) for the fiscal year ended September 30, 2024 from HK$115.6 million (US$14.9 million) for the fiscal year ended September 30, 2023. The increase was in line with the business growth of security-related engineering services and security guarding and screening, as the Company continues to focus on providing a comprehensive portfolio of security products and solutions, along with experienced, tenured employees.

Gross profit decreased slightly by 0.9% to HK$47.6 million (US$6.1 million) for the fiscal year ended September 30, 2024 from HK$48.0 million (US$6.2 million) for the fiscal year ended September 30, 2023, primarily due to the net impact of a decrease in the gross profit margin of security-related engineering services triggered by certain projects completed during the fiscal year ended September 30, 2024, combined with a lower gross profit margin of security guarding services contracts resulting from an increasing labor cost.

Gross profit margin was 26.1% for the fiscal year ended September 30, 2024 compared to 29.3% in the fiscal year ended September 30, 2023. Gross profit margin of project and maintenance income under security-related engineering services decreased to 32.1% for the fiscal year ended September 30, 2024 from 36.4% for the fiscal year ended September 30, 2023. Gross profit margin of equipment leasing income under security-related engineering services decreased to 64.6% for the fiscal year ended September 30, 2024 from 73.9% for the fiscal year ended September 30, 2023. Gross profit margin of security guarding and screening services maintained at a stable level, which was 15.1% for the fiscal year ended September 30, 2024, and 15.2% for the fiscal year ended September 30, 2023.

Selling, general and administrative expenses decreased by 2.1% to HK$36.0 million (US$4.6 million) for the fiscal year ended September 30, 2024, from HK$36.8 million (US$4.7 million) for the fiscal year ended September 30, 2023. The Company achieved the decrease from a reversal of provision for credit loss, while offsetting higher legal and professional fees associated with its initial public offering and being a public company, while also increasing promotional activities and campaigns to penetrate the market.

Losses on the disposal of property and equipment were HK$0.6 million (US$0.1 million) for the fiscal year ended September 30, 2024, compared to HK$0.5 million (US$0.1 million) for the fiscal year ended September 30, 2023.

Our other income decreased by 15.6% to HK$1.2 million (US$0.2 million) for the fiscal year ended September 30, 2024, from HK$1.4 million (US$0.2 million) for the fiscal year ended September 30, 2023. The decrease was mainly due to the decrease in government grants received in relation to COVID-19 to nil for the fiscal year ended September 30, 2024, from HK$0.4 million (US$0.6 million) for the fiscal year ended September 30, 2023.

Income tax expenses decreased by 44.1% to HK$1.3 million (US$0.2 million) for the fiscal year ended September 30, 2024, from HK$2.3 million (US$0.3 million) for the fiscal year ended September 30, 2023. The decrease was mainly due to decrease in income before income tax.

Net income increased by 8.7% to HK$10.7 million (US$1.4 million) for the fiscal year ended September 30, 2024, from HK$9.8 million (US$1.3 million) for the fiscal year ended September 30, 2023, with a net income margin of 6.0% for the fiscal year ended September 30, 2023 and 5.9% for the fiscal year ended September 30, 2024.

Trade receivables, net decreased by 37.5%, to HK$21.9 million (US$2.8 million) as of September 30, 2024, from HK$35.0 million (US$4.5 million) as of September 30, 2023. The decrease of trade receivables was mainly attributable to a general reduction in gross amount of receivables triggered by improving credit collection activities during the fiscal year ended September 30, 2024.

Trade payables decreased by 46.4%, to HK$8.6 million (US$1.1 million) as of September 30, 2024, from HK$16.1 million (US$2.1 million) as of September 30, 2023. The decrease was due to more timely settlement of costs of revenues supported by operating cash inflow.

Inventories increased by 16.4% to HK$47.6 million (US$6.1 million) as of September 30, 2024, from HK$40.9 million (US$5.3 million) as of September 30, 2023. The increase of inventories was mainly due to an increase in work-in-progress since there are more ongoing projects and thus more project costs being incurred and transferred to work-in-progress. The increase is consistent with our business growth and the increase in revenues.

Capital expenditures were HK$3.2 million (US$0.4 million) the fiscal year ended September 30, 2024, compared to HK$1.4 million (US$0.2 million) for the fiscal year ended September 30, 2023, with the increase primarily related to the acquisition of equipment and computer software to meet expected business growth.

For the fiscal year ended September 30, 2024, net cash provided by operating activities was HK$14.1 million (US$1.8 million) with net cash provided by financing activities of HK$25.2 million (US$3.2 million), compared to net cash used in operating activities of HK$13.5 million (US$1.7 million) and net cash used in financing activities of HK$4.8 million (US$0.6 million) for the fiscal year ended September 30, 2023.

The Company had a balance of cash and cash equivalents of HK$52.3 million (US$6.7 million) with working capital of approximately HK$82.1 million (US$10.6 million), as of September 30, 2024.

About SU Group Holdings Limited

SU Group (Nasdaq: SUGP) is an integrated security-related services company that primarily provides security-related engineering services, security guarding and screening services, and related vocational training services in Hong Kong. Through its subsidiaries, SU Group has been providing turnkey services to the existing infrastructure or planned development of its customers through the design, supply, installation, and maintenance of security systems for over two decades. The security systems that SU Group provides services include threat detection systems, traffic and pedestrian control systems, and extra-low voltage systems in private and public sectors, including commercial properties, public facilities, and residential properties in Hong Kong. For more information visit www.sugroup.com.hk.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “will,” “could” and similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to renew contracts with recurring customers; the Company’s ability to secure new contracts; the Company’s ability to accurately estimate risks and costs and perform contracts based on the Company’s estimates; the Company’s relationship with the Company’s suppliers and ability to manage quality issues of the systems; the Company’s ability to obtain or renew the Company’s registrations, licenses, and certificates; the Company’s ability to manage the Company’s subcontractors; the labor costs and the general condition of the labor market; the Company’s ability to compete effectively; the Company’s ability to successfully manage the Company’s capacity expansion and allocation in response to changing industry and market conditions; implementation of the Company’s expansion plans and the Company’s ability to obtain capital resources for planned growth; the Company’s ability to acquire sufficient products and obtain equipment and services from the Company’s suppliers in suitable quantity and quality; the Company’s dependence on key personnel; the Company’s ability to expand into new businesses, industries, or internationally and to undertake mergers, acquisitions, investments, or divestments; changes in technology and competing products; general economic and political conditions, including those related to the security-related engineering services industry; possible disruptions in commercial activities caused by events such as natural disasters, terrorist activities, political, economic, and social instability, and fluctuations in foreign currency exchange rates, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”), including the Company’s most recently filed Annual Report on Form 20-F and its subsequent filings. The Company undertakes no obligation to update or revise publicly any 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 other filings with the SEC.

(Financial Tables Follow)

SU GROUP HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

For the Years Ended September 30,

2023

2024

2024

HK$

HK$

US$

Revenues

163,690,966

182,164,539

23,434,647

Cost of revenues

(115,648,013)

(134,568,099)

(17,311,579)

Gross profit

48,042,953

47,596,440

6,123,068

Operating expenses

Selling, general and administrative expenses

(36,805,428)

(36,028,548)

(4,634,910)

Losses on disposal of property and equipment

(485,957)

(636,289)

(81,856)

Income from operations

10,751,568

10,931,603

1,406,302

Other income (expenses)

Other income

1,445,506

1,219,376

156,867

Finance expenses

(55,080)

(189,749)

(24,410)

Other expenses

Total other income, net

1,390,426

1,029,627

132,457

Income before income tax expenses

12,141,994

11,961,230

1,538,759

Income tax expenses

(2,338,850)

(1,307,742)

(168,235)

Net income

9,803,144

10,653,488

1,370,524

Less: Net income attributable to non-controlling interests

(105,775)

Net income attributable to SU Group Holdings Limited’s ordinary shareholders

9,697,369

10,653,488

1,370,524

Net income per share

Basic and diluted

0.81

0.82

0.11

Weighted average number of shares

Basic and diluted

12,000,000

13,027,752

13,027,752

 

SU GROUP HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

As of September 30,

2023

2024

2024

HK$

HK$

US$

Assets

Current assets

Cash and cash equivalents

16,400,123

52,338,132

6,733,065

Trade receivables, net

34,978,153

21,851,480

2,811,094

Inventories

40,919,214

47,613,381

6,125,247

Prepaid expenses and other current assets

1,590,259

5,013,876

645,011

Contract assets, net

3,187,403

6,443,947

828,985

Prepaid income tax

2,066,219

265,810

Total current assets

97,075,152

135,327,035

17,409,212

Non-current assets

Property and equipment, net

8,405,563

8,886,235

1,143,174

Intangible assets, net

144,879

268,500

34,541

Goodwill

1,271,160

1,271,160

163,529

Prepaid expenses and other non-current assets

4,462,823

574,122

Deferred offering expenses

3,853,500

Operating lease right-of-use assets, net

1,113,926

5,496,985

707,162

Investment in key management insurance policy

1,157,520

1,157,520

148,910

Deferred tax assets

1,418,419

207,702

26,720

Total non-current assets

17,364,967

21,750,925

2,798,158

TOTAL ASSETS

114,440,119

157,077,960

20,207,370

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Trade payables

16,104,581

8,625,685

1,109,655

Notes payables

3,503,768

2,355,023

302,963

Other payables

2,633,447

3,499,507

450,196

Accrued payroll and welfare

8,228,964

9,040,942

1,163,076

Operating lease liabilities – current

204,156

1,935,187

248,953

Income tax payable

1,058,040

Contract liabilities

22,748,443

27,801,257

3,576,506

Total current liabilities

54,481,399

53,257,601

6,851,349

Non-current liabilities

Operating lease liabilities – non-current

61,229

3,004,974

386,576

Other payables – non-current

996,069

1,340,016

172,387

Deferred tax liabilities

1,468,575

431,717

55,538

Other liabilities

1,008,306

1,321,956

170,064

Total non-current liabilities

3,534,179

6,098,663

784,565

Total liabilities

58,015,578

59,356,264

7,635,914

Commitments and contingencies

Shareholders’ Equity

Ordinary shares (par value of HK$0.01 per share; 750,000,000 ordinary shares authorized and 12,000,000 and 13,647,500 ordinary shares issued and outstanding as of September 30, 2023 and 2024, respectively.)

120,000

136,475

17,557

Shares subscription receivables

(119,990)

(90)

(12)

Additional paid-in capital

14,642,029

46,260,499

5,951,205

Retained earnings

41,782,502

51,324,812

6,602,706

Total SU Group Holdings Limited shareholders’ equity and total shareholders’ equity

56,424,541

97,721,696

12,571,456

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

114,440,119

157,077,960

20,207,370

 

Stanford University Libraries assume stewardship of the California Historical Society Collection

PALO ALTO, Calif. and SAN FRANCISCO, Jan. 29, 2025 /PRNewswire/ — Stanford University Libraries (SUL) has assumed permanent stewardship of the California Historical Society Collection (CHS), a trove of over 600,000 items spanning the history of California and the West since the 18th century.

Photographer unknown, group of miners, ca. 1850s. Daguerreotype. California Historical Society
Photographer unknown, group of miners, ca. 1850s. Daguerreotype. California Historical Society

The collection, acquired in collaboration with the Bill Lane Center for the American West, will become known as the California Historical Society Collection at Stanford and will be made available to the public and academic community in the coming years.

The materials have all been moved to Stanford, following the signing of a transfer agreement last June. 

The collection will complement Stanford’s existing archival materials on California and the American West and will be a valuable resource for scholars, students, and the general public studying the region’s past, said Michael A. Keller, the Ida M. Green University Librarian at SUL.

“From its origins, the California Historical Society has focused on collecting and preserving the history of the West and has amassed a remarkably rich and diverse archive over the years,” Keller said. “Its collections of books, journals, letters and postcards, maps, photographs, newspapers, and more form an enormous, relatively untapped resource for historical research, for teaching, and for understanding the history of California and the western region.”

Items from the CHS Collection date back to the early eighteenth century. Spanning roughly 16,000 linear feet, the CHS Collection is renowned for its rare and diverse range of materials, making it one of the most significant collections of California state and local history.

Some items of historic importance include original material from significant events such as the Gold Rush, statehood, and the 1906 San Francisco Earthquake and Fire. It also features unique collections, including the records of the American Civil Liberties Union of Northern California, which date back to the early 1900s. 

Stanford historian Gordon H. Chang, the Olive H. Palmer Professor in Humanities, knows well the importance of having access to California’s rich history. “The Chinese Railroad Workers in North America Project at Stanford devoted considerable attention to mining the CHS archive and found material never used by previous railroad scholars,” said Chang. His research shows the depth of the CHS Collection and its synergy to SUL’s own holdings on the history of Asian Americans, African Americans, and Mexican Americans with the Chinese American Citizens Alliance Papers, the Mexican American Legal Defense and Educational Fund records, and the Huey P. Newton/Black Panther Party Papers.

Another Stanford scholar that has turned to the CHS Collection for his own research is Richard White, the Margaret Byrne Professor of American History, Emeritus at Stanford and author of Railroaded and California Exposures.

“For me the CHS Collection is one of the most valuable, and underutilized collections in California,” said White. “It will augment SUL’s holdings in the American West, helping to fill in gaps from the nineteenth and early twentieth-century California. This is an incredibly rare opportunity to bring an archive of this significance to Stanford.”

David M. Kennedy, the Donald J. McLachlan Professor of History, Emeritus at Stanford and founding Faculty Director of the Lane Center, said that the acquisition of this collection “will make Stanford the premier place for historical research about California and the broader North American West.”

The CHS Board considered several leading research and public institutions in California and ultimately decided that SUL was the best choice to manage and grow the CHS Collection. “SUL brings a strong infrastructure that spans a network of twenty libraries across Stanford’s campus and an expansive team with knowledge and expertise in collections development, digitization and preservation, and technologies development,” said CHS Interim CEO Jen Whitley. “Through SUL’s partnership with the Bill Lane Center for the American West, the CHS Collection will continue to increase our understanding of California and the Western region.

Richard Saller, Stanford’s twelfth President and the Kleinheinz Family Professor of European Studies, said the addition of the collection supports the university’s core mission of research and education. “At a time when historical perspective is so critical, the California Historical Society Collection will provide a treasure trove of information about long-term trajectories over the past two centuries.”

Read full Stanford University Libraries press release.

Contact: chscollection@stanford.edu 

California Flower Market annual stockholders meeting, 1933. Gelatin silver print. California Flower Market Records, California Historical Society
California Flower Market annual stockholders meeting, 1933. Gelatin silver print. California Flower Market Records, California Historical Society

 

 

UNVEILING MIDDLE EAST & NORTH AFRICA’S 50 BEST RESTAURANTS FOR 2025 WITH ORFALI BROS BISTRO SECURING THE NO.1 SPOT

  • Orfali Bros Bistro in Dubai is named The Best Restaurant in the Middle East & North Africa 2025, sponsored by S.Pellegrino & Acqua Panna, and The Best Restaurant in the UAE
  • The list includes winners from 11 different cities across the MENA region, from Marrakech and Beirut to Riyadh and Manama
  • Omar Shihab of Boca wins the Icon Award and Boca is awarded the Sustainable Restaurant Award
  • Tala Bashmi is voted as the winner of the Estrella Damm N.A. Chefs’ Choice Award
  • Carmen Rueda Hernandez claims the Middle East & North Africa’s Best Pastry Chef Award, sponsored by Valrhona
  • Row on 45 in Dubai wins the Highest Climber Award, sponsored by Ceder’s, rising 24 spots to No.17
  • Dara Dining by Sara Aqel in Amman is the recipient of the Highest New Entry Award, sponsored by Lavazza, after landing at No.18

ABU DHABI, UAE, Jan. 29, 2025 /PRNewswire/ — The culinary stars of the restaurant world converged in the UAE capital of Abu Dhabi this evening for the fourth edition of the Middle East & North Africa’s 50 Best Restaurants awards, sponsored by S.Pellegrino & Acqua Panna. Hosted in partnership with the Department of Culture and Tourism – Abu Dhabi (DCT), the event honoured the region’s 50 best restaurants, with Orfali Bros Bistro crowned No.1 for the third consecutive year.

Middle East & North Africa’s 50 Best Restaurants 2025 unveiled with Orfali Bros Bistro reigning as the No.1 restaurant in the region
Middle East & North Africa’s 50 Best Restaurants 2025 unveiled with Orfali Bros Bistro reigning as the No.1 restaurant in the region

Founded in 2021 by Syrian-born brothers Mohammad, Wassim, and Omar Orfali, Orfali Bros Bistro seamlessly blends Aleppian heritage with Dubai’s dynamic dining scene. Following its ranking on The World’s 50 Best Restaurants 2023 list at No.46, this accolade cements the restaurant as a global culinary powerhouse.

Trèsind Studio in Dubai retains the No.2 spot and is followed by Dubai’s Kinoya at No.3 and Khufu’s in Cairo at No.4, which is also named The Best Restaurant in Egypt. The full 1-50 list is available here.

William Drew, Director of Content for MENA’s 50 Best Restaurants, says: “We are delighted to recognise Orfali Bros Bistro again as the No.1 restaurant in the MENA region. Its enduring success is a testament to the talent and passion of the Orfali brothers, whose dedication has earned them a loyal following both locally and internationally. We are also excited to see restaurants from 11 cities represented on this year’s list, showcasing the rich variety of cuisines across the region.”

Media centre:
https://mediacentre.theworlds50best.com/

PDF: https://mma.prnewswire.com/media/2603786/50_Best.pdf

Boom Supersonic Achieves Supersonic Flight

The first civil supersonic jet made in America breaks the sound barrier in historic Mojave airspace

XB-1 demonstrator provides the foundation for Boom’s supersonic airliner, Overture

MOJAVE, Calif. and DENVER, Jan. 29, 2025 /PRNewswire/ — Boom Supersonic, the company building the world’s fastest airliner, Overture, today announced the successful first supersonic flight of its XB-1 demonstrator aircraft at the Mojave Air & Space Port in California. Boom designed, built, and flew the world’s first independently developed supersonic jet—the first civil supersonic jet made in America.

Boom Supersonic makes aviation history as XB-1 breaks the sound barrier. XB-1 is the first civil supersonic jet made in America.
Boom Supersonic makes aviation history as XB-1 breaks the sound barrier. XB-1 is the first civil supersonic jet made in America.

Flown by Boom Chief Test Pilot Tristan “Geppetto” Brandenburg, XB-1 entered the supersonic corridor and reached an altitude of 35,290 feet before accelerating to Mach 1.122 (652 KTAS or 750 mph) – breaking the sound barrier for the first time. Historically, supersonic aircraft have been the work of nation states, developed by militaries and governments. XB-1’s supersonic flight marks the first time an independently developed jet has broken the sound barrier.

“XB-1’s supersonic flight demonstrates that the technology for passenger supersonic flight has arrived,” said Boom Supersonic founder and CEO Blake Scholl. “A small band of talented and dedicated engineers has accomplished what previously took governments and billions of dollars. Next, we are scaling up the technology on XB-1 for the Overture supersonic airliner. Our ultimate goal is to bring the benefits of supersonic flight to everyone.”

The first supersonic jet built from airliner technology, XB-1 incorporates many of the key features found on Overture, such as carbon fiber composites, digital stability augmentation, and an augmented reality vision system for landing visibility.

Following its inaugural flight in March 2024, XB-1 completed a rigorous series of 11 human-piloted test flights under increasingly challenging conditions to evaluate systems and aerodynamics. Over the course of the flight test campaign, the XB-1 team systematically expanded the flight envelope through subsonic, transonic, and supersonic speeds—while taking smart risks and maintaining safety as top priority.

“It has been a privilege and a highlight of my career to be a part of the team that achieved this milestone—every single member of this team was critical to our success,” said Tristan “Geppetto” Brandenburg, Chief Test Pilot for Boom Supersonic. “Our discipline and methodical approach to this flight test program created the safety culture that made a safe and successful first supersonic flight possible. With the lessons learned from XB-1, we can continue to build the future of supersonic travel.”

XB-1 provides the foundation for Overture, validating key technologies while establishing a safety-first culture. Technologies proven through XB-1’s test program that will also apply to Overture include:

  • Augmented reality vision system: XB-1 and Overture both have a long nose and a high angle of attack for takeoff and landing, which makes it difficult for pilots to see the runway in front of them. Both aircraft leverage an augmented reality vision system to enable excellent runway visibility—without the weight and complexity of a moveable nose like Concorde’s.
  • Digitally-optimized aerodynamics: Engineers used computational fluid dynamics (CFD) simulations to explore thousands of designs for XB-1. The result is an optimized design that combines safe and stable operation at takeoff and landing with efficiency at supersonic speeds. CFD is also used extensively in the Overture program.
  • Carbon fiber composites: Both XB-1 and Overture are almost entirely made from carbon fiber composite materials, resulting in a sophisticated aerodynamic design with a strong, lightweight structure.
  • Supersonic intakes: XB-1’s engine intakes slow supersonic air to subsonic speeds, efficiently converting kinetic energy into pressure energy, allowing conventional jet engines to power XB-1 from takeoff through supersonic flight. Learnings from the development of XB-1’s specialized intakes are being applied to Overture and its purpose-built turbofan engine, Symphony.

XB-1’s supersonic flight took place in the same historic airspace where Chuck Yeager broke the sound barrier for the first time in 1947, among many other historic firsts. The first supersonic flight of XB-1 marks the first human-piloted civil supersonic flight since Concorde’s retirement over 20 years ago, paving the way for the return of commercial supersonic flight onboard Overture. Overture will carry 64-80 passengers at Mach 1.7, about twice the speed of today’s subsonic airliners, on over 600 global routes.

Overture has an order book of 130 orders and pre-orders from American Airlines, United Airlines, and Japan Airlines. In 2024, Boom completed construction on the Overture Superfactory in Greensboro, North Carolina, which will scale to produce 66 Overture aircraft per year. Optimized for speed, safety, and sustainability, Overture and its bespoke propulsion system, Symphony, are designed to run on up to 100% sustainable aviation fuel (SAF).

For more information about XB-1, please visit: https://boomsupersonic.com/xb-1

For more information about Overture, please visit: https://boomsupersonic.com/overture

About Boom Supersonic
Boom Supersonic’s mission is to make the world dramatically more accessible through flights that are faster, more affordable, more convenient, and more sustainable.

Boom is developing Overture, the world’s fastest airliner, optimized for speed, safety, and sustainability. Overture will fly at twice the speed of today’s airliners and is optimized to run on up to 100% sustainable aviation fuel (SAF). Overture’s order book stands at 130 aircraft, including orders and pre-orders from American Airlines, United Airlines, and Japan Airlines. Boom is working with Northrop Grumman for government and defense applications of Overture. Suppliers and partners collaborating with Boom on the Overture program include Aernnova, Aciturri, Collins Aerospace, Eaton, Honeywell, Latecoere, Leonardo, Safran Landing Systems, Universal Avionics, and the United States Air Force.

Symphony™ is the purpose-built turbofan engine that will enable supersonic flight. The Boom-developed engine is supported by world-class suppliers including Florida Turbine Technologies (FTT), a Kratos company, Colibrium Additive, and StandardAero.

XB-1 is Boom’s technology demonstrator aircraft and the world’s first independently developed supersonic jet. The aircraft first took flight in Mojave, CA in March 2024 and completed a series of flight tests, culminating in its first supersonic flight in January 2025. For more information, visit https://boomsupersonic.com

Photos and video available at https://boomsupersonic.com/newsroom/media-assets

Connect with Boom Supersonic on X, LinkedIn, Facebook, Instagram, YouTube

 

 

IE International Education and MetaAppply Sign Groundbreaking Strategic Partnership

LONDON, Jan. 29, 2025 /PRNewswire/ — IE International Education and MetaApply have signed a strategic partnership to group the brands under one company, forming what will quickly become a major player in the international higher education and language learning sectors.

The two organisations provide numerous support services for students looking to undertake study overseas.

IE International Education/MetaApply will be a one-stop-shop for all services across both brands, combining cutting-edge use of AI to streamline processes, along with physical presence to deliver world-leading results.

The company will implement a Co-CEO governance model, with Patrick Guimaraes appointed as the CEO for Latin America and Europe, and Prashant Sali appointed the CEO for the UK and the Rest of World.

CEO for Latin America and Europe, Patrick Guimaraes said the partnership is groundbreaking.

“Combining the services of these two organisations means students will now have an end-to-end service for all their study needs,” said Mr Guimaraes.

“This will be a unique service that connects people at different stages of their lives with a global network of educational institutions and work opportunities.

“The partnership is critical to widening participation, enabling social mobility and ultimately creating a better future for as many students around the world as possible.”

CEO for the UK and the Rest of World, Prashant Sali said the deal will be real game changer in the international education sector.

“Our new organisation means students can be directly connected with a university of their choice, while also having their travel, accommodation and work needs sorted, all by the same service,” said Mr Sali.

“We combine the use of AI technology, bolstered by a physical presence in multiple international locations, meaning our services are always available when needed.

“The focus of this strategic partnership is to streamline services and make international study a reality for far more people, and we look forward to making people’s educational and career goals a reality.”

For more information on MetaApply, click here.

For more information on IE International Education, click here.

Coway Redefines Custom Comfort: Discover the Bidetmega 400S and 500S with Tailored Cleaning Options

Experience Fully Adjustable Features, Personalized Hygiene, and Advanced Technology for the Perfect Bathroom Upgrade

LOS ANGELES, Jan. 29, 2025 /PRNewswire/ — Today, Coway, a leading wellness tech company, introduced the Bidetmega 400S and 500S to its award-winning lineup, offering a modern solution for enhancing bathroom hygiene and comfort. Designed to bring a new level of personalization and innovation to everyday routines, these bidets combine advanced cleaning technology, user-friendly features, and contemporary design to elevate the bathroom experience.

 

Both the Bidetmega 400S and 500S feature Coway’s i-wave cleaning technology, a multi-stage wash care system that customizes water pressure, motion, and spray patterns to suit each user’s preferences. Different modes further personalize the cleaning experience, including a thorough 3-stage wash and a consistent 1-stage wash for targeted Rear and Front settings. Additional modes enhance the wash experience with customizable options, including a Move button, which adjusts the nozzle for a comprehensive and soothing clean, an Air+ button to boost cleaning power with bubbles, and a Wide button for a gentle clean, ideal for sensitive skin.

With hygiene as a cornerstone of its design, the Bidetmega 400S and 500S come equipped with Triple Hygiene Care, which combines Coway’s WaterShield™ misting (an automatic spray that prevents the buildup of contaminants in the toilet bowl) with an auto-cleaning nozzle and a UV light cleaning nozzle for unparalleled cleanliness. The Bidetmega 500S also includes an auto-close lid that helps contain air particles and an integrated deodorizer to neutralize odors, further ensuring a fresh and hygienic bathroom environment.

Designed with user comfort and ease in mind, the Bidetmega 400S and 500S combine innovative features with intuitive functionality. A sleek, wireless remote control offers easy operation and can be mounted on a stand or wall for accessibility. Both models feature a tankless design that delivers instantly heated, adjustable water for uninterrupted warmth while offering exceptional energy efficiency. Additional comforts include a heated seat with customizable temperature options, memory profiles for up to two users, a built-in air dryer with four temperature settings, and an eco-mode for further energy savings when not in use. For nighttime convenience, a built-in nightlight ensures easy navigation in the dark.

Coway has sold millions of top-rated air purifiers, earning a reputation for excellence through three decades of dedicated research, engineering, and cutting-edge tech developed at the Coway R&D Center in Korea. The brand also recently celebrated 15 consecutive years of recognition at the IDEA Design Awards.

The Bidetmega 400S is priced at $599 and the Bidetmega 500S at $699, and will begin shipping to customers in February. To learn more about the Bidetmega 400S and 500S or purchase it in the U.S., visit Cowaymega.com or Amazon.

About Coway

Coway (S.Korea: KRX 021240) is the leading wellness tech company behind award-winning product lines including Airmega air purifiers, Bidetmega for bathrooms, and Aquamega water purifiers. Coway was founded in Korea in 1989 and has maintained an obsession with home health for over three decades. The company has grown into a global leader in intensive research, engineering and innovation, amassing more than 6,800 intellectual property rights for its proprietary technology.

The Coway R&D Center, the company’s environmental technology research institute, is Asia’s largest lab dedicated to air, water and sleep technologies. A team of over 400 researchers collaborate there to design, develop and test cutting-edge products that help people live healthier. Coway’s U.S. headquarters is located in Los Angeles, California. For more information, visit https://cowaymega.com or http://newsroom.coway.com.

CONTACT: Rebecca Lew  | Coway US PR Lead | press@cowaymega.com 

Lichen China Limited Announces $3.4 Million Registered Direct Offering

XIAMEN, China, Jan. 29, 2025 /PRNewswire/ — Lichen China Limited (Nasdaq: LICN) (“Lichen China” or the “Company”), a dedicated financial and taxation service provider in China today announced that it has entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 42,500,000 of the Company’s Class A ordinary share, par value $0.00004 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.08 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

The aggregate gross proceeds to the Company of this offering are expected to be approximately $3.4 million. The transaction is expected to close on or about January 29, 2025, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the sole placement agent.

The registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-277230) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus will be filed by the Company and, upon filing, can be obtained at the SEC’s website at www.sec.gov.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

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

For more information, please contact:

Tian Sun
Phone: +86-0592-5586999
Email: ir@lichenzx.com

FOLEY ENTERTAINMENT GROUP APPOINTS WORLD-RENOWNED HOTELIER AND CUSTOMER EXPERIENCE EXPERT, SHANE GREEN, AS CHIEF EXECUTIVE OFFICER

SANTA ROSA, Calif., Jan. 28, 2025 /PRNewswire/ — Foley Entertainment Group Chairman Bill Foley announced today the appointment of Shane Green as Chief Executive Officer of Foley Entertainment Group (FEG). In this role, Green will oversee business operations for FEG’s global portfolio of sports and hospitality entities, including FEG’s luxury hotel collection boasting the acclaimed MacArthur Place and Farmhouse Inn in Sonoma County, Hotel Les Mars in nearby Healdsburg, and the iconic Hotel Californian in Santa Barbara, alongside an array of other distinguished sports teams, resorts, restaurants, and vineyards across the globe.  Green will direct the overall business strategy for FEG, which, under his leadership, will undergo a brand transformation during the 2025 calendar year.

FOLEY ENTERTAINMENT GROUP APPOINTS WORLD-RENOWNED HOTELIER AND CUSTOMER EXPERIENCE EXPERT, SHANE GREEN, AS CHIEF EXECUTIVE OFFICER
FOLEY ENTERTAINMENT GROUP APPOINTS WORLD-RENOWNED HOTELIER AND CUSTOMER EXPERIENCE EXPERT, SHANE GREEN, AS CHIEF EXECUTIVE OFFICER

“Bringing Shane in to lead Foley Entertainment Group is a massive acquisition for our organization,” said Foley Entertainment Group Chairman Bill Foley. “His energy and passion will help us elevate the guest experience across our entire portfolio, whether at one of our hotels, winery tasting rooms, or live events. Shane’s background and leadership will be invaluable in advancing FEG’s aspirational mission of becoming the preeminent sports, hospitality, and experience entity in the world.”

Originally from New Zealand, Green brings a wealth of experience from his work with renowned brands like The Ritz-Carlton Hotel Company, the NBA, MGM Resorts, United Airlines, Westfield, and BMW, among many others. He has played an integral role in an impressive roster of travel and hospitality efforts including opening both the Cosmopolitan and the Fontainebleau in Las Vegas, helping AREV Collection open its first property in St. Tropez, and supporting the Robertson Lodges in New Zealand and EVT hotels in Australia. 

This extensive background has shaped Green’s unique approach to hospitality and business success, evident in his global training and consulting company, SGEi, and his book Culture Hacker. Both have inspired significant customer experience transformations that are emulated worldwide.

“Working with Bill to build a world-class hospitality organization is an endeavor I’ve been preparing for throughout my career,” said Foley Entertainment Group’s new CEO Shane Green. “At FEG, I’m looking forward to elevating our unique blend of luxury, authenticity, and deep connection to place that defines each property in FEG’s expanding portfolio, while cementing FEG’s position at the intersection of luxury hospitality, world-class sporting events, wine & spirits, tasting rooms and experiences. My goal is to create even more unforgettable moments for discerning travelers around the world, while delivering a superior level of service to each guest.”

Renowned for his ability to transform workplace culture, Green will apply his expertise to elevate the guest experience across the Foley portfolio. From hotels and wineries to restaurants and sporting events, he will ensure each entity delivers a unique and memorable experience rooted in a strong sense of place and service excellence.

Images can be found here.

ABOUT FOLEY ENTERTAINMENT GROUP
Established by Bill Foley in 2021, Foley Entertainment Group operates the Foley Family’s growing portfolio of entertainment properties, highlighted by the Vegas Golden Knights of the National Hockey League; AFC Bournemouth of the Premier League; the Henderson Silver Knights of the American Hockey League; the Vegas Knight Hawks of the Indoor Football League; Auckland FC of the A-Leagues; two community hockey facilities in the Las Vegas Valley; Lee’s Family Forum sports and entertainment venue in Henderson, NV; the Folded Flag Foundation; the Vegas Golden Knights Foundation; Hotel Les Mars, Arandas Restaurant and Goodnight’s restaurant in Healdsburg, CA; Farmhouse Inn and Farmhouse Restaurant in Forestville, CA; Hotel Californian and Blackbird restaurant in Santa Barbara, CA; MacArthur Place in Sonoma, CA; Whitefish Mountain in Whitefish, MT; Black Walnut Inn & Vineyard in Dundee, OR; and a number of other assets. The Foley Entertainment Group is committed to providing five-star service and experiences to its fans, guests, customers, and clients. For more information on the Foley Entertainment Group, visit foleyentertainmentgroup.com.

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