Average days receivable for most sectors increased compared to previous year
SINGAPORE – Media OutReach Newswire – 24 September 2024–Aon plc (NYSE: AON), a leading global professional services firm, today announced the release of its 2024 Working Capital and Performance Benchmarking Report for Asia Pacific. The study examines the working capital performance and practices of more than 900 companies across 21 industries and 12 countries/territories in the Asia Pacific region.
According to the report, the average days receivable for Asia Pacific companies for year ending 2023 was 71 days. Although a small increase from 2022, an increase in days receivable reflects a decrease in working capital availability and indicates slower collection of cash from customers.
The report also reveals significant variations in days receivable across industries and countries/territories, highlighting the need for regional and sector-specific solutions. In the financial year ending 2023, companies in Japan reduced their days receivable by five days to 42 days and now lead the region in days receivable performance. Conversely, companies’ days receivable increased considerably in Hong Kong at 65 days (+3.6), Thailand at 64 days (+2.6) and India (+2.7). While Hong Kong and Thailand remain below the regional average of 71 days, India fell further back to 100 days, emphasizing an opportunity for Indian corporates to optimize their working capital management.
Steve Taylor, head of credit solutions in Asia for Aon, said: “Working capital is crucial for any business, especially in times of uncertainty and volatility. When companies take longer to convert their working capital into cash, it can affect their liquidity and profitability. Businesses must identify areas for improving working capital availability and implement strategies such as using credit insurance to protect against the risk of non-payment, support revenue growth and secure financing. By applying data-driven insights companies can make better decisions to optimise their working capital management and generate significant value for their business.”
Benchmarking against industry competitors is crucial for identifying areas for improvement in the working capital cycle. Japanese corporates, for example, are the regional leader in days receivable across all sectors, however within the electrical products sector they fall behind the industry average and are 27 days slower than their Korean competitors in the same sector.
The report suggests that best-in-class companies can leverage working capital efficiencies to generate free cash flow and reduce debt levels demonstrating the strategic importance of effective working capital management.
Ankit Tambe, regional director, credit solutions in Asia for Aon, said: “Benchmarking an organisation’s days receivable against peers is an important step in assessing financial health and evaluating working capital performance. By reviewing credit solutions strategies to shorten the cash conversion cycle and unlock trapped capital, organisations can drive greater value creation and enable business growth.”
For more information about the Working Capital and Performance Benchmarking report, click here.
Hashtag: #Aon
The issuer is solely responsible for the content of this announcement.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 24 September 2024– JFOODO (Japan Food Product Overseas Promotion Center) proudly introduces the inaugural edition of its renowned “Seafood Loves Sake. 2024” campaign in Malaysia, bringing together 10 of the nation’s most celebrated culinary destinations, from reputable culinary havens to beloved neighborhood coffee shops, to captivate the senses with 20 exquisite pairings, masterfully crafted to elevate the remarkable affinity between the sea’s bounty and the celestial essence of Japanese sake.
Seafood Loves Sake. 2024 – Malaysia.
Unlike the previous campaigns held in Singapore and Hong Kong, this debut in Malaysia will commence on October 1st and run until October 21st, 2024, inviting discerning food enthusiasts to embark on a transformative palatal adventure. The participating establishments include 3 renowned restaurants from Johor Bahru and 7 acclaimed venues from Kuala Lumpur (view the complete list for more details), spanning a diverse range of cuisines, including French, Italian, Asian fusion, and Chinese, each poised to showcase the extraordinary versatility of Japanese sake alongside the global finest seafood specialties.
Sake and Seafood Pairings from Highlighted Malaysian Restaurants.
Amongst the 10 hotspots are the high-end Japanese restaurant Kampai KLCC, the Australian restaurant-to-retail brand CALIA PAVILION, and the pioneering Hanabi Robata Izakaya. Each epicurean locale has meticulously curated unique sake-infused creations prepared to transport diners on a sensory odyssey. Whether you’re a seasoned sake connoisseur or a curious foodie, enjoy a newfound appreciation for the heavenly union of seafood and sake.
“We are thrilled to introduce the bewitching dance of seafood and sake to the refined palates of Malaysia,” remarked Mr. Tetsuya Ito, Senior Director of JFOODO. “This inaugural campaign is a testament to our unwavering dedication to cultivating a profound reverence for the extraordinary versatility of Japan’s artisanal sake, demonstrating its remarkable synergy with diverse culinary creations.” Hashtag: #Japanesefood #Sake #FoodCampaign #Seafood
The issuer is solely responsible for the content of this announcement.
About JFOODO
The Japan Food Product Overseas Promotion Center (JFOODO) was established in 2017 by the Japanese government as part of the Japan External Trade Organization (JETRO). JFOODO collaborates with industry partners to showcase the quality, diversity, and authenticity of Japanese food and beverages through various campaigns and events. The mission is to enhance the export of Japanese agricultural, forestry, fishery, and food products and to brand and promote these products globally.
In Japanese, culture can be expressed as 「風土」(pronounced as “fudo”), which coincidentally rhymes with “JFOODO.” The name also reflects their aspiration to increase worldwide recognition and appreciation for Japanese food, akin to how other aspects of Japanese culture have gained international acclaim. In Japanese, the kanji character「道」(read as “dō”) symbolises “the way” or “the code.” JFOODO strives to embrace and promote “the way of food” alongside Japanese culture to captivate global audiences and cultivate a deep appreciation for Japanese food and its rich heritage.
SINGAPORE – Media OutReach Newswire – 24 September 2024 – Prepare to be enthralled by a mesmerizing symphony of flavours as JFOODO (Japan Food Product Overseas Promotion Center) proudly unveils the eagerly anticipated 5th edition of its renowned “Seafood Loves Sake. 2024” campaign, in collaboration with 20 of Singapore’s most esteemed and celebrated culinary havens. This enchanting culinary journey promises to captivate the senses with an extraordinary collection of 40 exquisite pairings, masterfully crafted to elevate the remarkable affinity between the sea’s bounty and the celestial essence of Japanese sake. Unlike previous iterations, this year’s campaign will commence on October 1st and run until October 21st, 2024, inviting discerning food enthusiasts to indulge in a transformative palatal adventure.
Seafood Loves Sake. 2024 – Singapore.
Amongst the 20 esteemed establishments participating in this year’s campaign are the Michelin-starred WHITEGRASS, the pioneering Eclipse by BDC, the acclaimed Morsels, and the celebrated Rhubarb. Each of these epicurean locales has meticulously curated unique sake-infused creations poised to transport diners on a sensory adventure like no other. Seafood Loves Sake. 2024 aims to bring together a diverse array of culinary styles, from Michelin-honoured establishments to beloved neighbourhood haunts, all united in their quest to showcase the remarkable versatility of Japanese sake. Whether you’re a seasoned sake connoisseur or a curious foodie, this event promises to ignite a newfound appreciation for the heavenly union of seafood and sake.
Headline-Worthy Hospitality: A Glimpse into the Four Iconic Dining Destinations
Sake and Seafood Pairings from Michelin-starred Restaurants.
WHITEGRASS is nestled within the historic Chijmes landmark, a remarkable dining hotspot that seamlessly blends the classic elegance of French cuisine with a distinct Japanese influence, creating an extraordinary gourmand experience. This exceptional restaurant is led by Chef Takuya Yamashita, hailing from the nature-rich Nara Prefecture. It showcases a deep appreciation for the environment and a gripping storytelling approach through thoughtfully crafted dishes. Their menu focuses on using the freshest seasonal produce to create dishes that are thoughtful and respectful of nature while remaining gastronomically refined.
WHITEGRASS’s exquisite pairings of sake and meticulously prepared dishes exemplify this amicable fusion. The Suigei Junmai Ginjo Koiku No.54, with its umami-rich taste and faint ginjo aroma, complements the natural sweetness and richness of the Kuro Maguro sashimi from Nagasaki, served sashimi-style with a Sauce Basquaise and a smoked pomme purée. The Ohmine 3 Grain Hiire Yamadanishiki sake, with its delicate muscat aroma and crisp finish, finds its perfect match in the roasted Japanese market fish, served with savoury chicken bouillon, a luxurious lobster sauce, Canadian lobster, and seasonal mushrooms.
Eclipse by BDC sits in the heart of Singapore’s vibrant Chinatown district, a sophisticated Asian-European culinary gem that combines innovative culinary techniques with the finest locally sourced ingredients. Helmed by the talented and award-winning Chef Samuel Quan, this flagship restaurant of the Bespoke Dining Club embodies a culinary philosophy rooted in the pursuit of exceptional dining experiences. Atop the historic 70 Eu Tong Sen Street, Eclipse also commands a stunning rooftop setting. The venue’s design and atmosphere create an elegant and refined ambience, perfectly echoing the restaurant’s culinary excellence.
The pairing of the Chiyomusubi Junmai Daiginjo Gouriki 40 sake and the Hay Smoked Oyster Pumpkin Bread is a testament to Eclipse’s culinary artistry. The sake, brewed from the Gouriki rice varietal, exhibits a rich umami character with notes of chocolate-covered cherries and caramel, which beautifully highlights the smoky, savory flavors of the oyster pumpkin bread, topped with succulent Obsiblue prawn tartare, Avruga caviar, Ohba leaf, and bright yuzu aioli. Similarly, the Coral Trout dish, pan-seared to perfection and served with an anchovy emulsion, a luxurious beurre blanc sauce, and soft, pillowy gnocchi, is stressed by pairing with the Dassai 39. This sake’s luscious, nectar-like sweetness with aromas of cotton candy, banana, and Japanese pears creates a blissful balance with the delicate flavours of the coral trout.
Morsels, under the guidance of the award-winning chef-owner Petrina Loh, is an alluring dining hub that celebrates the aligned Asian fusion of innovative and comforting cuisine. Located in Singapore’s lush Dempsey Hill enclave, this modern restaurant has evolved from humble beginnings as a casual wine bar to a refined gourmet oasis, offering guests a culinary journey that perfectly mixes Asian influences with a touch of global flair. Chef Petrina Loh’s impressive culinary journey has shaped the distinctive identity of Morsels. The finest local and sustainable ingredients and her passion for creating unique homemade fermented sauces are the cornerstones of the restaurant’s innovative and progressively Asian-inspired menu.
The Kojimaya Untitled #01 sake exhibits a velvety texture and an intriguing balance of sweet nectarine, melon, and cherry flavours, improved by the refreshing notes of yuzu peel, finding its pleasing pairing in the Hamachi Kombujime, where the delicately cured yellowtail is elevated by a vibrant nectarine blood orange sauce and the topped luxurious addition of 8 Gems Caviar. Moreover, the Grilled River Prawn dish, served with house-made mushroom miso and paired with the Tengumai Junmai Daiginjo Yamahai sake, showcases the depth of flavours that Morsels is renowned for. The sake, with its rich rice flavors, buttery mouthfeel, and hints of walnut bread and honey, creates a harmonious balance with the succulent river prawn and the umami-forward mushroom miso, as well as the Akitakomachi risotto and maitake mushrooms that accompany the dish.
Rhubarb, located in the charming Duxton Hill enclave of Singapore, is a captivating contemporary French restaurant that has earned its place amongst the city’s finest dining establishments. Founded in 2014 by the talented trio of Chef Paul Longworth, Jerome Desfonds, and Alice Low-Ang, Rhubarb has consistently maintained its prestigious Michelin star since 2016, affirming its excellence in French gastronomy. The intimate dining space, with just eight tables and an open kitchen, allows guests to immerse themselves in the culinary experience while being cared for with special attention. Rhubarb focuses on sourcing the finest ingredients and curating a thoughtful wine list featuring regional French labels and fine digestifs.
The synchronized pairing of the Kikkawa Afuri “Akatsuki” Mizumoto Wine Barrel sake and the Cold King Crab & Sago dish is set to tease your taste buds. The sake, aged for 120 days in Bordeaux wine barrels, exhibits a refreshing and modern expression with bright acidity and a hint of tannin, complementing the delicate flavors of the Japanese king crab salad, which features sago pearls, a buttermilk base, cucumber, lemon verbena jelly, and creamed avocado. The Foie Gras, Cured Kampachi, Radish And Bergamot dish, paired with the Yukawa 16th Kuroemon Yamahai Miyamanishiki 13 sake, showcases the depth of flavors Rhubarb is proud of. The sake, with its fresh fruitiness, underlying umami, refreshing acidity, and subtle herbaceous notes, creates a light and balanced profile that harmonizes with the seared duck liver, cured kampachi, bergamot puree, and fermented radish slaw.
“We are thrilled to once again bring the bewitching dance of seafood and sake to the discerning palates of Singapore,” remarked Mr. Tetsuya Ito, Senior Director of JFOODO. “This captivating campaign stands as a steadfast endorsement of our unyielding dedication to cultivating a profound reverence for the extraordinary versatility of Japan’s artisanal sake, proudly demonstrating its remarkable synergy not only with time-honored Japanese culinary traditions but also with a vibrant tapestry of global gastronomic delights.”
Appendix 1 – List of participating restaurants (*Alphabetical Order)
Restaurant Name
Address
Cask and Shells
36 Kim Keat Road, Singapore 328812
Cibo Italiano
428 River Valley Road, #01-01/2, Singapore 248327
Eclipse by BDC
70 Eu Tong Sen Street, #06-01, Yue Hwa Building, Singapore 059805
Hua Ting Restaurant
Orchard Hotel Singapore, Level 2, 442 Orchard Road, Singapore 238879
The issuer is solely responsible for the content of this announcement.
JFOODO
JFOODO, which stands for The Japan Food Product Overseas Promotion Center, was established in 2017 by the Japanese government as part of the Japan External Trade Organization (JETRO). JFOODO collaborates with industry partners to showcase the quality, diversity, and authenticity of Japanese food and beverages through various campaigns and events. The mission is to enhance the export of Japanese agricultural, forestry, fishery, and food products and to brand and promote these products globally.
In Japanese, culture can be expressed as 「風土」(pronounced as “fudo”), which coincidentally rhymes with “JFOODO.” The name also reflects their aspiration to increase worldwide recognition and appreciation for Japanese food, akin to how other aspects of Japanese culture have gained international acclaim. In Japanese, the kanji character「道」(read as “dō”) symbolises “the way” or “the code.” JFOODO strives to embrace and promote “the way of food” alongside Japanese culture to captivate global audiences and cultivate a deep appreciation for Japanese food and its rich heritage.
HONG KONG SAR – Media OutReach Newswire – 24 September 2024 – Qupital, Asia’s leading data-driven fintech platform specializing in supply chain financing solutions for e-commerce businesses, today announced it has received a significant investment from Lending Ark Asia Secured Private Debt Fund advised by CITIC Securities CLSA Capital Partners (HK) Limited (“Lending Ark“).
The investment, structured as a mezzanine tranche, will further enhance Qupital’s e-commerce receivables-backed securitization facility, which has already seen substantial backing since HSBC joined the Senior tranche alongside Citi in May 2024. The capital injection will fortify the securitization facility’s ability to support more cross-border e-commerce merchants with flexible and reasonably-priced supply chain financing solutions.
Andy Chan, Co-founder & President of Qupital, commented, “We are thrilled to be partnering with Lending Ark to bolster our funding capabilities. As seasoned experts of supply chain financing, we have established strong partnerships with major inventory, logistics and payment services such as Cainiao and Airwallex to facilitate trade on e-commerce platforms like Amazon, Tmall, Pinduoduo and JD.com. Having Lending Ark on board will allow us to deploy capital more efficiently, as well as fulfilling the strong demands for working capital from cross-border e-commerce merchants while daily online consumption continues to grow globally. We are grateful to have the team to support our vision and ambition.”
Lending Ark is a market leader in Asian asset-backed credit investments. Currently managing commitments of over USD 1 billion, Lending Ark has pioneered the design of unique asset-backed investments across Hong Kong, South Korea, Australia/New Zealand, Indonesia and Vietnam. Gregory Park, Lending Ark Fund Head, states, “Qupital, quintessentially, represents the explosive growth opportunities across the Asia Pacific region in e-commerce. Lending Ark is excited to partner with Winston Wong, Andy Chan and the entire Qupital team in shaping the future of cross-border e-commerce trade further contributing to the global digital economy.”
As Asia’s first fintech provider to securitize e-commerce receivables, Qupital has disbursed over US$2B since 2016 while maintaining a remarkably low default rate of below 0.1%, largely enabled by its robust proprietary credit model that is empowered by AI and big data analytics. The stellar track record has attracted a number of reputable institutional investors to participate in its funding. The addition of Lending Ark is a strategic push to enhance Qupital’s position in the trade finance sector.Hashtag: #Qupital #fundraising #fintech #tradefinance #ecommerce #business #technology
The issuer is solely responsible for the content of this announcement.
About Qupital
Qupital is a Hong Kong based FinTech company that specializes in data-driven financing, primarily serving US and Europe-facing merchants in China selling on platforms like Amazon, eBay, Shopee, Lazada, as well as domestic merchants in China on JD.com, Tmall and Pinduoduo etc. To date, it has disbursed over US$2B since 2016 with a notably low default rate of below 0.1%, demonstrating industry-leading performance. Some of its high profile investors include Alibaba, Greater Bay Area Homeland Development Fund and the Hong Kong Government.
BANGKOK, THAILAND – Newsfile Corp. – September 23, 2024 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”) and CS Energy Technology Co., Ltd., one of Asia’s leading energy infrastructure providers, have announced a strategic cooperation agreement. This collaboration marks a transformative step in developing innovative solutions for smart and green cities across Thailand and Southeast Asia to shape a sustainable future.
A Synergistic Vision for Smart Cities and Sustainability
This partnership will leverage the combined strengths of both companies: Gorilla Technology’s leading expertise in AI, cybersecurity, IoT and OT security, alongside CS Energy’s comprehensive infrastructure solutions in energy, communications and transportation. The goal is to create intelligent and sustainable urban environments that integrate smart energy management, green technology and enhanced security, all underpinned by AI and cutting-edge data analytics.
Together, Gorilla and CS Energy will deliver solutions that enhance energy efficiency through smart grid systems, microgrids and energy storage technologies, supporting Southeast Asia’s drive towards sustainable urbanisation. The collaboration will also extend to electric vehicle (EV) infrastructure and energy-efficient systems, ensuring that future smart cities are both secure and energy-resilient.
Driving Regional Impact
By integrating AI-powered platforms and energy solutions, the partnership aims to build smart cities that meet the growing energy demands of urban centres and support carbon reduction and the adoption of clean energy. With a focus on the scalability and adaptability of these technologies, the collaboration between Gorilla and CS Energy will serve as a model for other regions striving to meet their sustainability goals.
“This partnership is about creating lasting change in the way cities are powered and managed,” said Mike Wang, Director of Sales Thailand and Rest of Southeast Asia at Gorilla Technology. “With CS Energy’s world-class energy solutions and our AI-driven approach to smart city infrastructure, we are poised to transform Southeast Asia’s urban environments. Our vision is to create smart cities that are not only technologically advanced but also deeply sustainable, ensuring that future generations can thrive in cleaner, greener cities.”
A Global Vision, A Local Focus
“Looking to examples such as Singapore’s Smart Nation initiative, Dubai’s Clean Energy Strategy 2050 and Copenhagen’s efforts to become carbon neutral by 2025, this partnership draws on global best practices to apply them within the local context of Southeast Asia,” said Jay Chandan, CEO and Chairman of Gorilla Technology. “Creating green buildings, intelligent transportation systems and energy-efficient public spaces will be critical in this transformation. Together, we envision a future where smart cities will utilise AI to automate services, monitor energy consumption and enable real-time decision-making. This technology will make cities more sustainable, safer and efficient with reduced energy costs and a higher standard of living.”
CS Energy’s Co-Founder & VP, Ge Liang added, “We are thrilled to be working with Gorilla Technology on this forward-thinking initiative. Our combined expertise will deliver smarter, more efficient solutions that are scalable across the region, enabling Southeast Asia to meet its ambitious sustainability goals.”
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.
CS Energy Technology Co., Ltd. is a leading provider of innovative energy solutions, specialising in the development of EV charging infrastructure and energy storage systems. With over 15 years of experience in the energy sector, the company has established itself as a pioneer in green energy technologies. Their solutions range from highly efficient solar panels to large-scale energy storage and microgrid systems, all designed to promote energy efficiency and reduce carbon emissions. With an extensive network of more than 8,000 EV charging stations and a portfolio of renewable energy projects, CS Energy is committed to driving the transition to a sustainable energy future across Southeast Asia.
Forward-Looking Statements
This press release contains forward-looking statements, which are based on estimates, assumptions, and expectations. Actual results and performance could differ materially and adversely from those expressed or implied in forward-looking statements. Gorilla does not undertake any obligation to update any forward-looking statements, except as required by law.
Investor Relations Contact: Dave Gentry RedChip Companies, Inc. 1-407-644-4256 GRRR@redchip.com
The issuer is solely responsible for the content of this announcement.
HINGGAN LEAGUE, CHINA – Media OutReach Newswire – 23 September 2024 -On September 20, with the theme of “Singing and Touring Inner Mongolia · ‘Acer Monoes’ from the Grasslands”, a series branded event officially kicked off for the acer mono cultural tourism season in Horqin Right Wing Middle Banner at the southern foot of the Greater Khingan Mountains and the northern tip of the Horqin Sandy Land in Hinggan League, Inner Mongolia. This region boasts numerous accolades, including the National Practice and Innovation Base for “Lucid Waters and Lush Mountains Are Invaluable Assets”, Integrated Tourism Demonstration Zone of the Inner Mongolia Autonomous Region, and One Banner with Nine Townships and Five Intangible Cultural Heritage Items.
Landscape of acer mono forests in Hinggan League
Horqin Right Wing Middle Banner in autumn is a canvas dyed in vibrant hues, with acer mono forests bathed in a cascade of colors, the Menggehan Mountain stretching out like a splendid brocade, and the crystal-clear Hangali Lake mirroring the sky. The unparallel beautiful natural landscape forms a unique picture of “autumnal romance” in Hinggan League.
Landscape of acer mono forests in Hinggan League
The event will last until October 27, during which diverse activities will be held to showcase the abundant tourism resources of Horqin Right Wing Middle Banner and the profound cultural connotations of north China’s Inner Mongolia, attracting more visitors to a meeting with beauty in Horqin Right Wing Middle Banner of Hinggan League.
In recent years, Horqin Right Wing Middle Banner has been continuously deepening the development strategy of “fostering culture and tourism” and making all efforts to “revitalize the Banner through culture and tourism”. Fully focusing on upgrading and integrating the culture industry and tourism, Horqin Right Wing Middle Banner continues to extend the “One Area, Three Routes” premium tourism routes, passionately develops the “Acer Monoes from the Grasslands” cultural tourism brand, makes efforts to foster a diversified and multi-faceted tourism landscape, and keeps driving the trans-regional and cross-border leapfrog development of tourism, with the goal to make the national tourism resort become a destination of choice, which is preferred and on the must-visit list of visitors from home and abroad.
The issuer is solely responsible for the content of this announcement.
BOCA RATON, Florida – Newsfile Corp. – September 23, 2024 – Atlas Lithium Corporation (NASDAQ: ATLX) (“Atlas Lithium” or “Company”), a leading lithium exploration and development company, is pleased to announce that the technical management group of the state of Minas Gerais Environmental Foundation, the governmental agency regulating operational licensing within the state of Minas Gerais (the “Agency”), issued a 161-page technical report which recommends approval of Atlas Lithium’s permit application for its Neves Project. This is a critical step for the Company’s ability to receive the permit to assemble and operate its lithium processing plant and to process the mined ore at the facility.
Atlas Lithium filed its operational permit application on September 1, 2023. Since then, the Company’s Neves Project has been inspected by the Agency’s technical team, an essential step in the permitting process. During the last twelve months, Atlas Lithium received multiple sets of technical questions from the Agency’s staff which the Company addressed timely, leading up to the issuance of the Agency’s comprehensive report with the favorable recommendation for the approval of the Company’s permit application.
Marc Fogassa, CEO of the Company, commented, “This milestone announcement is one of the most significant developments in Atlas Lithium’s history. We extend our gratitude to the numerous experts from the environmental agency of the state of Minas Gerais who thoroughly analyzed our project and concluded with their recommendation for approval of our permit. We are continuing our steady progress towards becoming a producer.”
In other news, preparations continue as planned for the shipment of the Company’s lithium processing plant to Brazil. The plant’s components, manufactured in South Africa, will be assembled in Brazil to process ore from the Company’s Neves Project and produce lithium concentrate, a crucial commercial product in the global lithium supply chain and essential for EV battery production.
“The Atlas Lithium processing plant represents an advancement over traditional designs as it is compact and modular. We are making continued progress in finalizing all necessary pre-shipment steps”, said James Schloffer, a lithium processing expert and member of the Company’s Operations Committee.
The Company’s compact, modular plant design is expected to streamline transportation, installation, and commissioning. Compared to other processing facilities in the lithium industry today, this dense media separation plant will have reduced height, weight, and overall physical footprint. These features will contribute to an environmentally sustainable design that minimizes water usage by maximizing water recycling. Furthermore, Atlas Lithium’s project will employ dry stacking of tailings without the use of dams.
About Atlas Lithium Corporation
Atlas Lithium Corporation (NASDAQ: ATLX) is focused on advancing and developing its 100%-owned hard-rock lithium project in the state of Minas Gerais. In addition, Atlas Lithium has 100% ownership of mineral rights for other battery and critical metals including nickel, rare earths, titanium, graphite, and copper. The Company also owns equity stakes in Apollo Resources Corp. (private company; iron) and Jupiter Gold Corp. (OTCQB: JUPGF) (gold and quartzite).
Safe Harbor Statement
This press 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. Forward-looking statements are based upon the current plans, estimates and projections of Atlas Lithium and its subsidiaries and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward-looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of projects; business conditions in Brazil; general economic conditions, geopolitical events, and regulatory changes; availability of capital; Atlas Lithium’s ability to maintain its competitive position; manipulative attempts by short sellers to drive down our stock price; and dependence on key management.
Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled “Risk Factors” in the Company’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 27, 2024. Please also refer to the Company’s other filings with the SEC, all of which are available at www.sec.gov. In addition, any forward-looking statements represent the Company’s views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.
HONG KONG SAR – Media OutReach Newswire – 23 September 2024 – The first baijiu company listed on the Hong Kong Stock Exchange and the second Chinese sauce-aroma baijiu stock being publicly listed, ZJLD Group Inc. (“ZJLD” or the “Company”, SEHK stock code: 06979. HK), has been awarded the prestigious “Outstanding Social Sustainable Awards” and “Outstanding Green Sustainable Awards” by the Metro Finance’s “GBA ESG Achievement Awards 2024”. This high-profile recognition greatly acknowledges the group’s initiatives in responsible consumption and production, as well as its climate action efforts.
The “GBA ESG Achievement Awards” is hosted by Metro Finance and supported by ten institutions and organizations, including the Hong Kong Quality Assurance Agency, the Hang Seng University of Hong Kong, and the CFA Society Hong Kong. Since 2020, the award has been commending outstanding enterprises in social sustainable development, green sustainable development and corporate governance for five consecutive years. In recent years, ZJLD has boldly innovated its approach in production and distribution in addressing climate change. The Group has persistently reinforced its governance foundation and steadily implemented its sustainability practices, which have led to this recognition and accolade.
In terms of social responsibility, the Group is committed to becoming a pioneer and leader in ESG initiatives in the baijiu industry, advocating for “sustainable distilling and responsible marketing”. From responsible procurement and green production to rational drinking, the Group has actively incorporated advanced sustainability measures across the entire industry value chain of baijiu production and promotion. Since 2022, the Group has introduced a comprehensive ESG assessment mechanism for suppliers, with an additional scoring system for outstanding suppliers to promote energy conservation and emission reduction. The Group mainly promotes outer-packaging-free baijiu, emphasizing high quality and simplifying the packaging to embrace minimalist aesthetics, allowing the essence of the baijiu to shine. Furthermore, the Group encourages consumers to recycle empty baijiu bottles. It has already collected nearly 30,000 bottles from 2023 to the first half of 2024, setting a target of not less than 47,000 bottles for 2024.
Regarding environmental protection, the Group has actively taken proactive climate action through a series of energy conservation and emission reduction initiatives, setting and adhering to its sustainable development goals. The Group conducts climate scenario analyses annually to identify climate-related risks and opportunities and has formulated corresponding countermeasures. To enhance energy efficiency, the Group has replaced all coal-fired boilers with natural gas boilers and achieved the interim target of utilizing 50% renewable electricity in the first half of 2024 by installing rooftop distributed photovoltaic systems. As of 2023, the Group has successfully reduced its Scope 1 and Scope 2 carbon emission intensity by 20.7%, achieving its 2025 target ahead of schedule. While we celebrate our achievements, as a responsible company who actively support the national “dual carbon” strategic goals and strive to support the 1.5℃ temperature control target of the Paris Agreement, the Group have decided to further enhance our ambition in responding to climate change, committing to peaking carbon emissions by 2028 and achieving carbon neutrality by 2050 in our own operations. The “2850 dual carbon” dedication has been carefully elaborated into annual targets as well as detailed action plans and approved by the Board of the Group in the third quarter of 2024.
Through our enduring efforts, we have made great progress in implementing a series of ESG improvement projects with encouraging results in the first half of 2024. The water consumption intensity, electricity consumption intensity and natural gas consumption intensity decreased considerably compared to 1H2023. Our ESG efforts have also been recognized by reputable public organizations and institutions. In June 2024, we received ESG rating of “AA” from Wind, ranking top 1 among 60 listed companies in the beverage sector. In addition, Zhen Jiu was among one of the five baijiu enterprises to be awarded as “National Green Factory”.
Mr. Ng Paul, the Executive Director and Head of International Operation of ZJLD Group, stated, “It is an honor to be recognized by the “GBA ESG Achievement Awards 2024” and to win the two key awards of “Outstanding Social Sustainable Awards” and “Outstanding Green Sustainable Awards”, which fully affirms the comprehensive strength of ZJLD Group. Looking ahead, we will actively respond to national strategies and overall social needs, implement sustainable development concepts and make all-out efforts to stabilize growth, create brand value, prevent risks, and fulfill our responsibilities. We aim to contribute to enhancing the vitality, competitiveness, and influence power of the baijiu industry, and demonstrate the social responsibility that should be shouldered by an outstanding enterprise in the Greater Bay Area.”
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About ZJLD Group Inc.
Zhen Jiu was established in 1975 in Zunyi, Guizhou, China’s primary production area of sauce-aroma baijiu. In 1988, it was honored with the National Quality Award at the 5th National Wine Appreciation Conference. It is one of the “Three Representative Sauce Flavor Brands in Guizhou”, along with Moutai and Xijiu. In the same year, it was announced by the Protocol Department of the Ministry of Foreign Affairs, the Communication Department of the Ministry of Economy and Trade, and the Great Hall of the People Management Bureau to become one of the two sauce-aroma baijiu served at state banquets.
ZJLD Group Inc. is a leading baijiu group in China that is devoted to offering baijiu products, including sauce-aroma, mixed-aroma, and strong-aroma, with sauce-aroma being its core. In terms of revenue in 2023, the Company was the third-largest private baijiu company in China, according to Frost & Sullivan statistics. The Company operates four baijiu brands in China, including Zhen Jiu, Li Du, and two leading regional names, Xiangjiao and Kaikouxiao. ZJLD prides itself on inheriting the time-honored baijiu-brewing techniques and reinvigorating them to develop iconic products. It strives to create a wide variety of aromatic and mellow baijiu products to meet the diverse preferences of consumers, seize broader market opportunities, and promote traditional Chinese baijiu culture.