The Nam Theun 2 Development Fund (NT2DF) is set to expand its reach beyond Nakai’s resettled villages, bringing the transformative projects to the entire district and soon to neighboring Gnommalath and Mahaxay districts.
Nam Theun 2 Development Fund Expands to Benefit More Districts

Yoyo Laos Sauce Spices Up the World Stage with New Laos Production Hub
Yoyo Laos Sauce is making a significant leap onto the global stage. Originally produced in Yorkshire, UK, by Lao-British couple Frazer and Hatsadee “Yoyo” Rhodes, the sauce will now be manufactured in Laos thanks to a new partnership with Mai Savanh Laos, a local social enterprise.
It all began in 2020 when Yoyo served her homemade ginger chili sauce to friends during the Covid-19 pandemic. The response was overwhelmingly positive, she recalled.
“They dipped it non-stop with their sticky rice. They told me, ‘Yoyo, it’s so good. I can’t stop eating it,’” Yoyo said.
Inspired by their friends’ enthusiasm, Frazer saw the pandemic as an opportunity to launch a business. With supermarkets being one of the few places people could buy food, he proposed selling their sauce there.
“So we bought some bottles, made a really simple label, and started making the sauce. We took it to the market, and it all sold,” Frazer said, reflecting on how the couple began producing the sauce at home.
This initial success quickly led to further opportunities, allowing the Rhodes family to expand production to their own factory.
“Then we got into our first shop, then our first restaurant, and then we received our first international order. It just kept growing and growing. We developed more sauces and built a bigger range,” Frazer added.
Frazer emphasized that the sauce is made by hand by the couple and their team to ensure top-quality ingredients. They believe that this manual process, rather than using machines, achieves the best results.
Moving to Laos and Partnering with Local Businesses
As their business grew, the Rhodes family realized they needed to scale up production. They sought out manufacturers in the UK willing to hand-make the Lao-style sauce but found this effort futile.
Their luck changed when they visited Yoyo’s home country of Laos in January this year. In Laos, Frazer discovered a small bottle of sauce with a design similar to their own, sparking the idea of shifting production to Laos, where ingredients are “fresher.”
Noticing the label “Produced by Mai Savanh Laos,” he emailed them as Yoyo Laos Sauce from the UK to express interest. Frazer quickly met Schmidt Philippe, CEO of Mai Savanh Laos, who offered to help expand their brand, aligning with their mutual goal of promoting Lao products.
By November, the Rhodes family plans to ship 35,000 bottles back to the UK. The enhanced production process in Laos has also created jobs for locals. There are currently three production sites in Laos—Vientiane, Bolaven, and Sekong—employing 51 workers, including 61 percent women and 43 percent ethnic minorities, many of whom have been marginalized in Laos.
During their time in Laos, Yoyo Laos Sauce also partnered with The Mines Advisory Group (MAG), a UK-based charity, where they also donated their sauce.
“The production costs here are lower than in the UK, which means we can offer a better price to retailers, who can then make a better margin,” Frazer explained. “Now we’re starting to get interest from other places, like the Middle East, Dubai, and Japan.”
Some of their products are already available in Vientiane, and they plan to expand distribution to more shops nationwide starting in September.
Despite the progress, the transition has not been without challenges. Yoyo noted that achieving the same taste as the original UK recipe required numerous adjustments. “The team has done about 30 or 40 different tests. It’s taken many attempts, with slight changes each time,” she said.
Raising Awareness of Laos
In addition to business growth, the Rhodes family aims to increase awareness of Laos. “A lot of customers in the UK ask us, ‘What is Laos? Where is Laos?’” Yoyo said. To address this, the sauce labels include a QR code linking to information about Laos.
The family is also conducting research with locals to gather more information about the country. “We’d like to get some interviews with the staff and learn about their history and background,” Frazer added.
Yoyo Laos Sauce can be used as a dipping sauce, marinade, or added to stir-fries and salads to spice things up. As they say in Laos, “Sap lai lai,” which means very tasty.
The sauce’s popularity soared after winning Great Taste™ awards in 2021, 2022, 2023, and 2024, along with the winner of the UK National Chilli Awards in 2022.
“Some of the awards we’ve won have all been blind taste tests. The judges don’t see any packaging; they just get a little pot, taste it, and judge. Winning the UK National Chilli Awards, ranking 18th globally, getting an award for the European Hot Sauce Awards, and the Great Taste Awards—it’s all a big honor,” Frazer said.
Laos Weather Alert: Thunderstorms Expected as Storm Yagi Intensifies in South China Sea
As storm Yagi continues to intensify into a typhoon, it has yet to make a direct impact on Laos. However, heavy rainfalls and thunderstorms are expected across the country.
According to the government’s Department of Meteorology and Hydrology, the low-pressure currently traversing Laos is expected to persist, bringing moderate to heavy thunderstorms and gusty winds across the central and southern regions. Meanwhile, Storm Yagi, now classified as a tropical cyclone, is projected to enter the northern part of the South China Sea between 4 and 5 September. Although it has not yet affected Laos, its growing strength is likely to influence weather patterns in the country.
National Weather Forecasts:
– North-East (Phongsaly, Houaphanh, Xiengkhouang): Light thunderstorms are anticipated, with moderate to heavy rainfall in Phongsaly and Xiengkhouang with temperatures ranging from 19°C to 29°C.
– North-West (Luang Namtha, Bokeo, Oudomxay, Luang Prabang, Xayaboury): Thunderstorms, both light and moderate, will be prevalent, accompanied by heavy rainfall and strong winds in some areas. Rain is expected to cover 65% of the region, with temperatures between 22°C and 34°C.
– Vientiane Capital: The capital will experience thunderstorms with lightning and moderate rainfall. Temperatures are forecasted to range from 24°C to 34°C.
– Central Regions (Vientiane province, Bolikhamxay, Khammouan, Savannakhet): The regions will likely be affected by light thunderstorms, with moderate rainfall and strong winds. Rain will cover up to 50% of the region, with temperatures ranging from 23°C to 34°C.
– Xaysomboun Province: Light to moderate thunderstorms are expected. Temperatures will range between 20°C and 32°C.
– South (Salavanh, Champasak, Sekong, Attapeu): The southern provinces will see thunderstorms with lightning and moderate to heavy rainfall, particularly in the afternoon to evening. Rainfall will cover 60% of the region, with temperatures between 22°C and 35°C.
Residents are advised to stay updated on weather conditions and take necessary precautions, especially in areas prone to heavy rainfall and strong winds.
MDRT appoints first Singaporean as President of global organization’s leadership team


Kheng, a 26-year MDRT member, succeeds 25-year MDRT member Gregory B. Gagne, ChFC, who transitioned to Immediate Past President on September 1. Bringing a fresh perspective on refining the global member experience, Kheng is dedicated to building upon legacies set by past leadership, including Gagne’s impact. In her new role, she sees herself as a representative for all members of the global association and will concentrate on ensuring they have the resources that best meet their needs, while expanding previously established initiatives – including a continued focus on holding purposeful and engaging in-person meetings.
Under Kheng, MDRT will focus on tapping into its international network, allowing members to grow and learn at in-person events, promoting business growth and development. MDRT will continue to prioritize providing value to its global membership and pushing for increased connectivity and engagement.
“Since spearheading Prudential’s MDRT Club in 2005, I’ve witnessed the unparalleled growth members can gain through meaningful member interactions,” Kheng said. “During my presidency, MDRT will continue to hold spaces for members to network, engage with one another and learn unique, tailored techniques to propel their businesses further.”
With four Court of the Table and three Top of the Table qualifications, Kheng has served in multiple roles on the MDRT Executive Committee since 2022. She previously served as Divisional Vice President for Global Conference Program General Arrangements in 2019 and for MDRT’s Member Resources – Practice Management Division in 2009. Kheng also has served on the Board of Trustees of the MDRT Foundation, for which she is a Diamond Knight.
Hashtag: #MDRT
The issuer is solely responsible for the content of this announcement.
MDRT
MDRT (The Million Dollar Round Table), the Premier Association of Financial Professionals®, is a global, independent association of the world’s leading life insurance and financial services professionals from more than 700 companies in 80 nations and territories. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business. For more information, please visit mdrt.org.
Luxshare Precision Reports 2024 Interim Results and Q3 Earnings Forecast: Half-Year Revenue Exceeding RMB100 Billion
Expanding Business Dimensions: Diversified Strategies Driving High-Quality Growth
Luxshare Precision ‘s strategic diversification in consumer electronics, automotive, and communication and data center sectors has fueled high-quality growth. In the first half of 2024, the company strengthened its consumer electronics business while also demonstrating robust growth in automotive, and communication and data center.
In its core consumer electronics segment, Luxshare Precision reported steady performance with a revenue of RMB85.55 billion, a year-on-year increase of 3.25%. The gross margin improved to 10.49%, up by 0.98% compared to 2023 1H. The company is expanding its client base and product development, actively participating in smartphone, smart wearable, and VR/AR glass supply chains of major clients including Apple, gaining significant recognition in acoustic products and smart devices.
According to market information, iPhone 16 models could be launched as early as September 10. Industry insiders believe that among Apple’s existing phones, only the iPhone 15 Pro series supports Apple’s AI, and the release of the iPhone 16 is expected to drive a wave of upgrades. As a key supplier in the iPhone supply chain, Luxshare Precision is likely to benefit from this upgrade cycle. Analyst Ming-Chi Kuo stated that Luxshare Precision has successfully secured the New Product Introduction (NPI) for the highest-end iPhone 16 model (Pro Max) for 2024, further increasing its value per unit.
According to the market research by Canalys, the global wearable brand market is projected to grow by 10% in 2024, with smartwatch shipments expected to increase by 17%. As demand for the Apple Watch rises, Luxshare Precision, as a major supplier, is poised to benefit from this trend. Since joining the AirPods supply chain in 2017, the company has significantly enhanced production efficiency and yield rates through smarter, automated processes, driving revenue growth. China International Capital Corporation (CICC) states that Luxshare Precision’s JDM, ODM, and OEM capabilities are key factors in its ongoing success in the expanding AI smartphone and wearable device markets.
In the VR/AR sector, Luxshare Precision has made strategic advances in both components and complete system assembly. In June 2024, Apple Vision Pro was officially launched in multiple regions around the world. As a major supplier, Luxshare Precision played a crucial role in the production and supply chain integration of the Vision Pro, which has further accelerated the company’s growth in the high-end smart device market.
In the automotive business, Luxshare Precision achieved revenues of RMB4.76 billion in the first half of 2024, representing a year-on-year increase of 48.3%. The company has developed a diverse product matrix covering automotive wiring harnesses, intelligent cabins, and intelligent driving, serving OEMs globally, which has driven growth in its automotive parts business. According to the research report by China Merchants Securities, Luxshare Precision’s expansion of clients and capacity in automotive wiring harness and connector is progressing well, with growth rates expected to exceed 50% in 2024. In addition, Luxshare Precision aims to become a Tier 1 leader in global automotive parts within the “three five-year” periods.
Ms. Wang Laichun (Grace Wang), Chairman of Luxshare Precision, said in a conference call after the release of the financial report that the communications business increased by 21.65% year-on-year in the first half of the year and the growth rate will continue to exceed expectations in the next 2-3 years. It is also worth mentioning that in June 2024, Intel invested in a subsidiary of Luxshare Precision, reaching a strategic partnership. Leveraging Intel’s technological advantages, Luxshare Precision can better serve global data centers and cloud providers, enhancing competitiveness in telecommunications and data centers.
Looking Ahead: Business Will Achieve Sustainable Growth
Driven by the recovery of the consumer electronics market, expansion in the communication and data center sector, and rapid development in the automotive business, Luxshare Precision is expected to maintain strong growth. The company projected a 20% to 25% increase in net profit attributable to ordinary shareholders of the company for the first three quarters of 2024. Over the past five years, revenue grew from RMB62.52 billion in 2019 to RMB231.91 billion in 2023, with net profit attributable rising from RMB4.71 billion to RMB10.95 billion, achieving compound annual growth rates (CAGR) of 38.78% and 23.46%, respectively.
In addition, Luxshare Precision has been included in the Fortune Global 500 list for two consecutive years, underscoring its global influence and market performance. This recognition not only affirms the company’s past achievements but also highlights the synergistic potential of its three major business sectors to drive sustainable development and create greater value in the future.
Hashtag: #LuxsharePrecision
The issuer is solely responsible for the content of this announcement.
Malaysian Ringgit in the Global Market: An Overview from Octa
Octa analysts explain why the Malaysian ringgit has strengthened substantially against the U.S. dollar and express their opinion on whether the trend can continue.
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 4 September 2024 – Over the past few months, the Malaysian ringgit (MYR) has appreciated by more than 9% against the U.S. Dollar (USD) from 4.770 in April to 4.345 today. Indeed, the decline in USDMYR seems to have accelerated lately, and the pair may now be targeting a major support area near 4.200. What is the reason behind such a massive appreciation? To answer this question, we need to look at the factors driving the country’s exchange rate.

Malaysia’s central bank, Bank Negara Malaysia (BNM), has adopted a flexible exchange rate regime for the ringgit, meaning that MYR’s exchange rate is determined primarily by the supply and demand for the currency. In turn, the supply and demand depend on a number of factors, both domestic and global. Below, we have listed the main factors impacting the country’s exchange rate, and we will describe each of them in relation to the Malaysian ringgit.
Domestic economy
Needless to say, a strong market economy is good for any currency. If gross domestic product (GDP) is expanding at a healthy rate, foreign direct investment (FDI) is likely to increase, driving the demand for the local currency higher. In addition, a booming economy is usually associated with increased consumer spending, which often spurs inflation. In turn, that may prompt the central bank to raise borrowing costs, which may potentially make the local currency more attractive vs its regional peers (at least in the short term).
Malaysia’s economy has been doing rather well lately. Thanks to strong household spending, exports, and investment, the country’s GDP expanded at an impressive 5.9% rate in Q2 2024, the fastest pace in 18 months. BNM is forecasting full-year growth near the upper end of its forecast range. In fact, Malaysia’s economy is likely to outperform its closest neighbours, including China, Singapore, Thailand, and Indonesia.
Current Account and Trade Balance
Current account is a country’s balance of payments. It records all the external economic transactions, the most important of which is international trade. If a country attracts solid capital inflows and exports more than imports, its current account would likely be in surplus. Conversely, a country would be running a current account deficit if more money is leaving the country either by means of imports or via direct capital flight.
According to the Department of Statistics of the Ministry of Economy, Malaysia has mostly enjoyed a positive current account balance (see the infographics below). The country remains a major foreign direct investment (FDI) destination, reaching RM9.1 billion in Q2. However, the balance of trade has been deteriorating lately. On an annual basis, imports have been growing faster than exports for almost a year now. As a result, Malaysia’s trade surplus has shrunk from around RM29 billion in June 2023 to just RM6.4 billion in July 2024 (see the chart below), which was below the RM12.3 billion that the market expected. Still, USDMYR has managed to appreciate against this ostensibly negative backdrop. And that is because two other factors played a much bigger role in driving USDMYR down.
Domestic monetary policy
BNM has been pursuing a cautious but prudent monetary policy. It hiked its base rate to 3.00% in May 2023 and has kept it steady ever since—even though the inflation rate has slowed to just 2.0%. Furthermore, Malaysia’s government and BNM have implemented coordinated measures to increase flows into the forex market to ensure the ringgit remains stable. Specifically, the authorities were working with state-linked companies to encourage them to repatriate and convert their foreign investment income more regularly. Their efforts also included stepping up engagements with international investors to minimise devaluation pressure on the ringgit. Their politics have certainly paid off.
U.S. monetary policy and market sentiment
Last but not least, as an emerging market currency, MYR is very sensitive to risk trends, changes in commodity prices, and the value of the U.S. Dollar, all of which are heavily influenced by the U.S. Federal Reserve’s (Fed) monetary policy. Over the past several months, investors have been getting more and more optimistic about the prospect of interest rate reductions in the U.S. As a result, the U.S. Dollar Index (DXY) has been trending lower, supporting both commodity prices and emerging markets’ currencies. The Malaysian ringgit has certainly benefited from this trend.
Outlook
“I believe Malaysian ringgit is poised for continuing appreciation, targeting the 4.250–4.200 level. BNM is worried that inflation may return if the government continues to pursue subsidy cuts, so it is likely to keep interest rates unchanged in the mid-term. At the same time, Jerome Powell has essentially confirmed that the U.S. central bank is embarking on a major rate-cutting cycle”, said Kar Yong Ang, Octa analyst. Meanwhile, looser monetary policy in the U.S. and other major economies may help prop up global demand and pull the prices for Malaysia’s key export items higher: specifically, on petroleum products, liquified natural gas (LNG), and palm oil. This, in turn, should improve the balance of trade and add to the current account surplus, supporting the Malaysian ringgit and pushing the USDMYR pair down.
Hashtag: #Octa
The issuer is solely responsible for the content of this announcement.
Octa
Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.
In the APAC region, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.
First Phosphate Announces Appointment of Peter Nicholson as Director of First Phosphate

Saguenay, Quebec – Newsfile Corp. – September 3, 2024 – First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company”) announces the appointment of Peter J.F. Nicholson to its board of directors effective September 1, 2024 to fill the vacancy created by the resignation of ex-director Marc Branson effective on the same day.
Mr. Nicholson is the Founder, President and controlling shareholder of Wealth Creation Preservation & Donation Inc. (WCPD), a recognized leader in Canadian tax-assisted investments, with a specialized focus on philanthropic tax planning and tax reduction in the mining industry.
Through his work with many donors, foundations, institutions, and boards, he has helped generate over $350 million for client donations. Nicholson is also a generous philanthropist in his own right and a tireless supporter of community initiatives.
Over the years, Peter has served as a dedicated champion and board member for many foundations across Canada, such as Winnipeg’s Canadian Museum of Human Rights, Children’s Hospital of Eastern Ontario, Ottawa Regional Cancer Foundation and founder of the Exuma Foundation of Canada. He is also a member of the Canadian Association of Gift Planners (CAGP), Association of Fundraising Professionals of Canada (AFP), the Clinton Global Initiative, and a ten-year veteran of the investment club Tiger 21.
“It is my pleasure to welcome Peter to our team,” says Company Chairman, Laurence W. Zeifman. “His mining and fundraising experience will serve the Company well as we progress further in the development of our projects.”
“I am excited to join the First Phosphate team as we advance our vision of creating the lithium iron phosphate battery valley of North American in the Saguenay-Lac-St-Jean region of Quebec, Canada,” added Mr. Nicholson. “Critical minerals and downstream processing at home represent mining practices of the future that First Phosphate is pioneering and represent the type of mining innovation that I wish to take forward.”
The Company has also granted 150,000 RSUs of the Company (“RSUs”) to Mr. Nicholson. The RSUs vest in 2 tranches (50% on November 30, 2024, and 50% on February 28, 2025).
About First Phosphate Corp.
First Phosphate (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the Lithium Iron Phosphate (“LFP”) battery industry. First Phosphate is committed to producing at high purity level, in responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of royalty-free district-scale land claims in the Saguenay-Lac-St-Jean Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of high concentrations of harmful elements.
For additional information, please contact:
Bennett Kurtz, CFO
bennett@firstphosphate.com
Tel: +1 (416) 200-0657
Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com
Follow First Phosphate:
Twitter: https://twitter.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate
Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things, the Company’s planned exploration and production activities, the properties and composition of any extracted phosphate, the Company’s plans for vertical integration into North American supply chains.
These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, expectations of the Company’s long term business outcomes given its short operating history; expectations regarding revenue, expenses and operations; the Company having sufficient working capital and ability to secure additional funding necessary for the exploration of the Company’s property interests; expectations regarding the potential mineralization, geological merit and economic feasibility of the Company’s projects; expectations regarding drill programs and the potential impacts successful drill programs could have on the life of the mine and the Company; mineral exploration and exploration program cost estimates; expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations; receipt and timing of exploration and exploitation permits and other third-party approvals; government regulation of mineral exploration and development operations; expectations regarding any social or local community issues that may affect planned or future exploration and development programs; expectations surrounding global economic trends and technological advancements; and key personnel continuing their employment with the Company.
There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include: limited operating history; high risk of business failure; no profits or significant revenues; limited resources; negative cash flow from operations and dependence on third-party financing; the uncertainty of additional funding; no dividends; risks related to possible fluctuations in revenues and results; insurance and uninsured risks; litigation; reliance on management and key personnel; conflicts of interest; access to supplies and materials; dangers of mineral exploration and related liability and damages; risks relating to health and safety; government regulation and legal uncertainties; the company’s exploration and development properties may not be successful and are highly speculative in nature; dependence on outside parties; title to some of the Company’s mineral properties may be challenged or defective; Aboriginal title and land claims; obtaining and renewing licenses and permits; environmental and other regulatory risks may adversely affect the company; risks relating to climate change; risks related to infrastructure; land reclamation requirements may be burdensome; current global financial conditions; fluctuation in commodity prices; dilution; future sales by existing shareholders could cause the Company’s share price to fall; fluctuation and volatility in stock exchange prices; and risks related to market demands. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant.
These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company’s other documents filed with the Canadian and United States securities authorities, including without limitation the “Risk Factors” section of the Company’s Annual Information Form dated November 29, 2023 and Annual Report on 20-F which are available on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The issuer is solely responsible for the content of this announcement.
Gorilla Supercharges Leadership with the Appointment of Bruce Bower as Interim CFO

London, United Kingdom – Newsfile Corp. – September 3, 2024 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”) is pleased to announce the appointment of Bruce Bower as Interim Chief Financial Officer (CFO). A seasoned finance executive, he brings over two decades of robust experience in strategic financial management, capital raising and corporate governance to Gorilla at a crucial juncture in the company’s growth trajectory.
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Bruce has a distinguished track record of driving financial excellence across diverse industries. His expertise extends to strategic financial planning, where he has consistently delivered results by refining financial models, optimising cash flow and guiding long-term budgeting strategies. Bruce has also been pivotal in managing complex financial operations, including performance monitoring, shareholder documentation and legal support for fundraising activities.
In his role as Interim CFO at Gorilla, Bruce will be responsible for overseeing all financial operations, including financial reporting, strategic planning, budgeting and investor relations. He will also lead efforts to optimise Gorilla’s capital structure, drive financial strategy and ensure rigorous financial governance as the company continues its aggressive expansion into global markets.
“We are absolutely elated to have Bruce Bower join the Gorilla leadership team,” said Jay Chandan, Chairman & CEO of Gorilla Technology Group. “Bruce’s exceptional financial expertise and his remarkable track record in securing substantial capital are exactly what we need as we enter this dynamic phase of growth. His strategic vision and leadership are set to propel our financial operations to new heights, enabling us to scale rapidly and deliver unprecedented value to our stakeholders. Bruce is the perfect fit to drive our ambitious goals forward with vigour and precision.”
Bruce Bower expressed his enthusiasm, saying, “I am absolutely thrilled to join Gorilla Technology Group’s executive team at this exhilarating stage of its journey. The company’s innovative vision and bold growth plans are nothing short of inspiring and I am overjoyed to join such a great executive team and board. Going forward, I will seek to align our financial strategy with our ambitious goals and help drive the operational excellence that will power Gorilla’s global expansion. The opportunities ahead are truly incredible and I’m eager to contribute to this remarkable success story.”
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.
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 future revenues, our ability to attract the attention of customers and investors alike, Gorilla’s largest projects and ability to win additional projects and execute definitive contracts related thereto, 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.
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.