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Global Times: Spring Festival shopping lists showcased in Xi’s pre-holiday visits highlight commitment to people’s well-being

BEIJING, Jan. 28, 2025 /PRNewswire/ — The Spring Festival holds a special place in the hearts of the Chinese people, embodying warmth and family joy. During this festive season, the celebrations of ordinary families resonate deeply with Chinese President Xi Jinping, who genuinely cares about whether the Chinese people can enjoy a prosperous New Year filled with abundance. 

“My biggest wish is that all of us will have a happy Lunar New Year. Party committees and governments at all levels should earnestly ensure the supply of electricity, gas, and heating during the festival, ensure that necessities such as ‘vegetable baskets,’ ‘rice bags,’ and ‘fruit plates’ are in ample supply, and strengthen supervision over food safety,” Xi said ahead of the 2023 Chinese New Year, the Xinhua News Agency reported.

“Letting the people of all ethnic groups have a good life,” is Xi’s aspiration, which is evident in his thoughtful consideration of New Year goods each year. Reflecting on Xi’s annual “Spring Festival footsteps,” it is evident that no matter where he goes, he always cares about how the people are living and whether they have prepared their festive goods. This “Spring Festival shopping list” reflects a profound commitment to the well-being of the Chinese people and embodies a beautiful vision for the high-quality development of their lives.

‘We were greatly inspired’

The Spring Festival is a wonderful moment to bid farewell to the old and welcome the new, always bringing new hope to the people. In China, it is not merely a celebration of the changing seasons and the passage of time; it is also a moment brimming with hope for the future.

In February 2015, shortly before the Spring Festival, a group of villagers gathered at the entrance of Liangjiahe village in Northwest China’s Shaanxi Province to welcome Xi. The cave dwellings of Liangjiahe were nestled among the mountains and scattered across the valleys of the Loess Plateau.

As Xi walked with the villagers from the entrance into the heart of the village, memories came rushing back. In 1969, Xi, just shy of turning 16, was sent to live in Liangjiahe as an “educated youth.” He would spend the next seven of his most formative years living in that rural hamlet. That area was where the Communist revolutionaries, including his father, rose to found New China, according to Xinhua.

During this visit, Xi brought gifts such as dumpling flour, rice, cooking oil, and meat products, as well as couplets and New Year paintings, ensuring that every household received a share. As they reminisced and exchanged pleasantries, his primary concern remained the villagers’ well-being, including their food, clothing, and living conditions.

“President Xi asked how we resolved our water issues and how we were living. His questions were so thoughtful; they warmed my heart,” recalled villager Liu Jinlian, as reported by Xinhua. Although the cave dwelling still bore the marks of the past, Liu’s life had undergone a remarkable transformation. “At that time, we had no worries about food or clothing; life was much better than before,” Liu said. “After his visit, the people in the village were greatly inspired to improve our lives.”

In pursuit of poverty alleviation, Liangjiahe established a rural cultural tourism company in 2015, merging tourism development with poverty alleviation efforts. Villagers sprang into action – some opened farm stays, while others became shuttle drivers, finding work right at their doorsteps and benefiting from the burgeoning tourism industry.

Since the 18th National Congress of the Communist Party of China (CPC), Liangjiahe has successfully lifted itself out of poverty by focusing on rural tourism, apple cultivation, and village-enterprise processing. The villagers have transitioned from poverty to prosperity. Per capita net yearly income for villagers soared from 7,917 yuan ($1,093) in 2012 to 18,120 yuan in 2021, Xinhua reported.

Villagers now reside in new homes, operate farm stays, and enjoy paved roads and cultural activity squares. With apple demonstration gardens and modern breeding bases, the people of Liangjiahe are steadily realizing their dreams of a better life through hard work.

In his heart, Xi carries the hopes of countless “Liangjiahes.” “The essence of governance is livelihood, and the right way to ensure people’s livelihoods is to understand the hardships in their lives.” – Xi once cited this ancient proverb to underscore the people-centered philosophy in governance, Xinhua reported.

Stable, fresh supply guaranteed

People’s ability to joyfully celebrate the Chinese New Year largely depends on their access to goods in the market. This has been a concern for Xi, who has often reflected on it during pre-festival inspections at various consumer venues over the years, including community supermarkets, rural shops, and stores at highway service areas.

On February 4, 2021, he visited a supermarket called Heli Huimin Fresh in Guiyang, capital of Southwest China’s Guizhou Province. At the supermarket, he checked the supply of goods for the Spring Festival holidays and their prices, Xinhua reported.

“When President Xi visited, I was filled with excitement. His warm smile lit up our dining area as he inquired about each dish and its price. Learning that customers could enjoy a hearty meal for around 20 yuan, he praised our affordable pricing, clearly valuing the people’s needs,” Liu Bing, the technical guidance at the processing department of the supermarket, told the Global Times.

According to Li Dexiang, who works at the supermarket, the store offers 40 essential goods at government-guided prices, typically 10 to 30 percent lower than nearby markets. Items like radishes and cabbages have been staples in the “one-yuan sales area.”

“The affordability of produce stems from a decade of government rent subsidies, the establishment of supply bases, and direct sourcing, allowing us to pass savings on to consumers,” Li told the Global Times.

This is not the first time Xi has shown concern for the public’s festive shopping needs. In February 2024, he visited Tianjin, emphasizing the need for local governments to enhance the supply of essential goods during the holiday season, ensuring abundance, variety, and quality for a worry-free celebration, Xinhua reported.

With the holiday approaching this year, government departments at all levels across China are intensifying their efforts to stabilize prices and secure supplies. Measures include enhancing emergency response and timely monitoring of goods’ supply and price changes.

A snack brings smiles

In the vibrant village of Desheng in North China’s Hebei Province, villagers believe that a simple snack can bring smiles and prosperity. This festive cake, known as “kai kou xiao,” literally translates to “mouth-opening smile” – an apt name for its appearance as golden, fried dough balls with a cracked surface resembling a grinning mouth.

As the Spring Festival approaches, households like that of Liu Guirong, a 65-year-old villager in Desheng, are bustling with frying up these festive treats. For Liu, “kai kou xiao” has transformed from a traditional festive food into a symbol of her village’s remarkable journey toward rural revitalization and prosperity.

This transformation began in January 2017 when Xi inspected Desheng village, visiting and chatting with poor families, discussing how they could shake off poverty, Xinhua reported.

During this inspection, Xi sampled the “kai kou xiao” and praised its deliciousness. Liu was among those who prepared the snack that day, and also participated in the discussions in which where Xi helped a villager meticulously calculate household income and expenses. Xi called for more efforts to help the poor develop industries that could grow in a sustainable manner, set up sustainable mechanisms for poverty alleviation, and create ways for them to achieve prosperity, according to Xinhua.

The villagers later embarked on a transformation path. Following the path of “simultaneously focusing on industrial development and infrastructure improvement,” they gradually established a thriving rural tourism industry based on homestays, which contributed to the rural revitalization.

The village’s economic fortunes have blossomed since 2020. Ye Runbing, the Party secretary of Desheng village, told the Global Times that that the per capita net income of the villagers increased from 5,800 yuan in 2016 to 24,000 yuan in 2024.

The “kai kou xiao,” once a simple local delicacy, has blossomed into a village signature dish thanks to the remarkable economic transformation of Desheng village and the recognition it received from Xi. Liu also seized this opportunity and launched her own “kai kou xiao” business in her spare time.

As the Spring Festival approaches, Desheng village gears up for a series of cultural events, which has led to a booming “kai kou xiao” business for local villagers.

“Many tourists come to our village specifically to buy this snack as a New Year’s gift to take back home and share with their loved ones,” Liu said. With each 0.5-kilogram package selling for 25 yuan, she sells at least 10 kilograms daily.

“Seeing the village come alive, with smiles brightening everyone’s faces, fills me with joy,” Liu shared. “Today, life in Desheng village is as cheerful as its namesake treat, flourishing more with each passing day,” she said.

The bustling scene surrounding the procurement of “kai kou xiao” epitomizes the vibrant atmosphere found in markets across China at this moment. Each small bundle of New Year goods carries with it the hopes and memories of the people, as well as a reflection of the nation’s prosperity. This year, as China celebrates the Spring Festival, the country stands confident and resilient, forging ahead on the path toward modernization and a brighter future.

https://www.globaltimes.cn/page/202501/1327552.shtml

KuCoin Announces Settlement with the DOJ, Ushering in a New Chapter of Compliance and Growth

VICTORIA, Seychelles, Jan. 28, 2025 /PRNewswire/ — KuCoin, a global cryptocurrency exchange, has reached settlements with the U.S. Department of Justice (DOJ), marking the start of a new chapter focused on compliance and strengthened global operations under its new CEO, BC Wong.

As part of the settlement, KuCoin has agreed to exit the U.S. market for a minimum of two years. This underscores KuCoin’s commitment to meeting regulatory standards and enhancing its compliance infrastructure to align with global expectations.

Resolutions have also been reached between DOJ and each of KuCoin’s founders, Chun Gan and Ke Tang, by which the DOJ has agreed to dismiss all charges against them upon their satisfaction of certain conditions. This outcome ensures a clean path forward for KuCoin and its new leadership.

A Renewed Commitment to Compliance

Over the past two years, KuCoin has made significant strides in compliance, implementing comprehensive Know Your Customer (KYC) requirements for all users and obtaining operating licenses in multiple jurisdictions. These actions reflect the company’s proactive efforts to establish itself as a compliant and accountable leader in the cryptocurrency industry.

The appointment of BC Wong as CEO reinforces this commitment. A Singaporean with a Juris Doctor degree, BC previously served as KuCoin’s Chief Legal Officer and played a pivotal role in shaping its compliance framework. His leadership underscores KuCoin’s focus on aligning its operations with the highest regulatory standards and strengthening its foundation for sustainable growth.

CEO’s Vision

BC Wong stated:

“This resolution signifies a new chapter for KuCoin, one that reaffirms our dedication to compliance, security, and innovation. While we are exiting the U.S. for the present, we are focusing on strengthening our global compliance practices and exploring opportunities to reenter the market with the necessary licenses.

KuCoin remains committed to supporting our global community, delivering innovative solutions, and driving the responsible adoption of cryptocurrency. Together, we will build a stronger, more secure future for all.”

Looking Ahead

With this resolution, KuCoin is poised to lead the cryptocurrency industry into a more compliant and innovative future. Under BC Wong’s leadership, the company will continue refining its operations and prioritizing cing compliance, ensuring it remains a reliable and secure platform for users worldwide.

About KuCoin

Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 38 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.

Revolutionizing Rice: How ALORA Achieved a 2555% Yield IncreaseUnder Extreme Heat

NORWICH, England and OVIEDO, Fla., Jan. 28, 2025 /PRNewswire/ — ALORA is thrilled to announce the groundbreaking success of its heat-tolerance trait, marking a transformative milestone in agricultural resilience against climate change. Under extreme heat conditions—daytime temperatures exceeding 40°C (104°F) and nighttime temperatures surpassing 32°C (89.6°F)—ALORA’s rice varieties achieved a staggering 2555% yield increase compared to controls, with an extrapolated yield of 11 tonnes per hectare.

Left: Control rice that has struggled to grow and produce in the high temperatures. Right: ALORA rice thriving under the high temperatures with abundance of rice grain.
Left: Control rice that has struggled to grow and produce in the high temperatures. Right: ALORA rice thriving under the high temperatures with abundance of rice grain.

This pioneering development addresses a global crisis as rising temperatures threaten food security. With rice yields typically declining by up to 10% for every 1°C above optimal, and regions experiencing yield losses as high as 90%, ALORA’s innovation offers a beacon of hope. Importantly, this non-GMO solution uses ALORA’s proprietary editing technique to not only preserve yield but also maintains grain quality, achieving optimal amylose content and increased milling efficiency.

Discover more: www.heatproofharvest.com

The ALORA Mission: Innovation for a Changing World

ALORA was founded in 2019 with a singular vision: to create a world free from hunger. Co-founder and CEO Luke Young, set out to reimagine agriculture from the ground up by designing the world’s first truly sustainable food system. Together with co-founder Rory Hornby they launched a bold plan to create ocean agriculture – salt-tolerant crops on floating oceanic farms, no freshwater, no chemicals. Building on its salt-tolerance breakthroughs, ALORA has recently expanded to tackle the multifaceted threats of climate change, including heat stress in traditional crops.

“Our mission is simple yet ambitious: end world hunger, safeguard agriculture from climate change, and create a truly sustainable food system—ocean agriculture,” says Luke Young. “Our new heat-tolerance trait is a testament to our belief that innovation can outpace crisis.”

Why Heat-Tolerance Matters

The past decade has been the hottest on record, with catastrophic heatwaves in Japan, USA, and Australia decimating crops. As temperatures above 28°C (82.4°F) damage rice quality and yields, ALORA’s systems offer a lifeline for farmers worldwide.

Driving Global Impact

ALORA’s heat-tolerant rice, including market-ready lines VENUS-4 and VENUS-5, is set to redefine agricultural sustainability. Future developments like VENUS-2 and VENUS-3, part of the 2025 Climate Ready pipeline, promise even greater yields while maintaining quality.

About ALORA

Founded in 2019, ALORA is a leader in sustainable agriculture, innovating climate-resilient crop traits and the world-first ocean agriculture system. Ideated in the UK and launched in San Francisco, ALORA operates internationally, with innovation hubs in Norwich, UK, and Oviedo, Florida.

ALORA Press Kit

For partnerships or inquiries: wave@alora.world

Sushui Tech to Launch New DMFC Products at Smart Energy Week, Tokyo 2025

SHANGHAI, Jan. 28, 2025 /PRNewswire/ — Sushui Energy Technology (hereinafter “Sushui Tech”), is to launch new stationary DMFC generator products at Smart Energy Week 2025 to be held at Tokyo Big Sight from 19th Feb. to 21st Feb. 2025. Following Sushui Tech’s successful debut in Japanese market in 2024, the company decided to diversify its “Independent Power Solutions for IoT and Critical Missions” with products covering 50 to 200W output power so as to meet the market’s demand. The enriched product portfolio will better serve different market sectors including environmental monitoring, critical communication, crisis area recovery, private security, etc.

DMFC-KH-130R in Japan
DMFC-KH-130R in Japan

The company’s methanol fuel cell technology is featured with strong environmental adaptability and reliability as proven in harsh winters in Tibet and also in the wind measurement sector in Japan during the past year. In December 2024, Sushui Tech’s DMFC-KH-130R was successfully installed and commissioned in Ishikawa, Japan, to work as the only power source to support client’s wind LiDAR uninterruptedly up to six months throughout the entire winter. To facilitate the installation in remote mountain areas, the company also provided an entire solution with protection cabinet and power management system along with its fuel cell product. The solution enables the users to deploy and get power ready onsite within only a few hours, so as to minimize the risks of remote human operation.

“Japanese market has a strong demand for distributed emergency independent power supply, and methanol fuel cell technology became the most suitable choice with its unique advantages such as easy installation and extra-long durability,” says Daniel Lou, Global Marketing Director of Sushui Tech, “with the company’s first projects commissioned in Japan, Sushui’s fuel cell generators series products are gradually winning Japanese clients’ recognition. In 2025, our team will continue to commit to providing high-quality products to Japanese clients, and release methanol fuel cell independent power solutions per various power demands for disaster monitoring, critical communications, environmental monitoring and other application scenarios.

About Sushui Energy Technology

Sushui Tech was founded in 2017. The company is a renewable energy company providing independent clean energy solutions for critical IoT applications, basing on its proprietary methanol fuel cell technology. Years of R&D and customer service afford its team with rich industrial know-hows to cope with any power supply problems in IoT applications, be these applications in harsh environmental conditions like rainforests, deserts, mountains, tundra, etc.

‘I’M GOING TO SCOTLAND’: HARRISON FORD BECOMES THE FACE OF GLENMORANGIE SINGLE MALT WHISKY

‘Unconventional’ campaign sees Hollywood icon star alongside distillery team 

EDINBURGH, Scotland, Jan. 28, 2025 /PRNewswire/ — Glenmorangie Highland single malt Scotch whisky has today revealed a new global campaign starring cinematic icon, Harrison Ford. Legendary for his countless iconic movie roles, the Hollywood actor brings his trademark wry humour to the fore in a series of episodic films directed by actor and film-maker Joel Edgerton.

Once Upon a Time in Scotland takes us behind-the-scenes as Harrison Ford journeys to Glenmorangie’s Highland home, to discover the skill and craftmanship that goes into making each bottle of its complex and elegant whisky. It sees the actor enjoy the authentic Scottish experience — from getting to grips with the nuances of Scottish pronunciation and kilt etiquette, to bonding with locals over a dram of single malt — all shot in an unconventional, deliberately ‘off-script’ style.

Filmed in the picturesque north-east Highlands of Scotland, the campaign captures the natural beauty of the local area: from the historic distillery in Tain where Glenmorangie has been created for over 180 years, to the storied 19th century Ardross Castle, and the dramatic landscapes surrounding Loch Glass. Appearing alongside Ford are the real Glenmorangie distillery team — who embraced their first experience of acting under the guidance of a global cinematic legend — while the brand’s flagship whiskies, Glenmorangie Original 12 Years Old and Glenmorangie Infinita 18 Years Old also take on a starring role.

Edgerton’s 12 episodes and hero film are complemented by still images shot by acclaimed fashion photographer Lachlan Bailey. They feature Ford as he’s never been seen before: donning a stylish Scottish kilt designed by streetwear brand Palace.

Caspar MacRae, President & CEO of The Glenmorangie Company, said:

Harrison Ford is the real deal: a true global icon, and a genuine whisky lover. It was a dream come true to collaborate on this campaign, and welcome him to our home in the Highlands to discover more about Glenmorangie. He is someone who has honed his craft over decades, which gives him a real appreciation for the dedication and skill of our distillery team. Like us, he’s not afraid to laugh at himself — and I think Joel has perfectly captured his authentic warmth, alongside his roguish sense of humour.

“We hope whisky lovers around the world will enjoy exploring the episodes, and learning more about the real people and places behind our whiskies, through Harrison’s eyes.”

Harrison Ford, star of Once Upon a Time in Scotland, said:

“I loved working with the team at the Distillery — they were all great. The whole process of filming was full of unanticipated joys: little unexpected moments. It’s a tribute to Glenmorangie’s sensibilities that they let us be less than totally serious. I think what Joel has produced has a certain charm to it, because it’s unpretentious and just amusing.”

Joel Edgerton, Director, Once Upon a Time in Scotland, said:

“I’ve spent my whole life watching commercials that follow an expected format and so I really like it when things are a little disruptive, fun, and irreverent. It was nice that we got a chance within the very traditional industry of whisky to get behind the scenes, to subvert the seriousness that often goes into an advertising campaign and have fun with that. I hope that people get to see the short film and the full-length episodes — and enjoy them and share them around.”

Once Upon a Time in Scotland will roll out globally from 28 January 2025 spanning online video, connected TV, out-of-home formats, experiential, PR and social media. Six full-length episodes and an array of behind-the-scenes content will initially be available to view on glenmorangie.com, with the rest released throughout 2025.

Instagram: @glenmorangie #glenmorangie
glenmorangie.com

ABOUT GLENMORANGIE

Glenmorangie’s whisky makers use endless imagination and five key ingredients — wood, water, barley, yeast and time — to dream up delicious single malt whiskies. They’ve been honing their craft for more than 180 years. They create a delicate and fruity spirit in Scotland’s tallest stills to allow for more taste and aroma. Led by Director of Whisky Creation Dr Bill Lumsden, this pioneering crew are on a mission to bring new flavours and possibilities to the world of single malt.

ABOUT ONCE UPON A TIME IN SCOTLAND

With Once Upon a Time in Scotland, Glenmorangie focuses on the significance of its home, its craftsmanship and the people that make its award-winning whiskies, offering a playful yet authentic view of the place that fuels Glenmorangie’s endless imagination.

Harrison Ford becomes the face of Glenmorangie Single Malt Whisky
Harrison Ford becomes the face of Glenmorangie Single Malt Whisky

 

 

6D Technologies Wins Landmark Deal to Revolutionize Payments for MMG Guyana with Aureus Platform

BANGALORE, India, Jan. 28, 2025 /PRNewswire/ — 6D Technologies is proud to announce its partnership with Mobile Money Guyana (MMG) to transform the payment ecosystem in Guyana using the cutting-edge Aureus platform. This collaboration marks a significant milestone in their mission to deliver innovative solutions that redefine customer engagement and financial services.

Aureus is designed to revolutionize how customers interact with mobile money by integrating loyalty and gamification at its core. Through this partnership, MMG will offer its users a dynamic and engaging experience that goes beyond transactions. With features such as cashback rewards, point-based incentives, and exclusive offers, every transaction becomes an opportunity for customers to reap tangible benefits.

“With Aureus, we will redefine the mobile money experience for our customers,” said Mark Singh, CEO of MMG. “By combining loyalty and gamification, we will not just provide financial services—we will create meaningful interactions that reward trust, build engagement, and deliver exceptional value.”

Aureus also introduces gamification elements like challenges, milestones, and leaderboards, making the payment journey more interactive and rewarding. These features are aimed at boosting user engagement, fostering customer loyalty, and driving increased adoption of mobile money services across Guyana.

“We are thrilled to collaborate with MMG to revolutionize mobile payments in Guyana,” said Abhilash Sadanandan, CEO and Co-Founder of 6D Technologies. “At 6D Technologies, our mission is to empower businesses with solutions that combine cutting-edge technology and customer-centric innovation. Aureus is a testament to this vision, and we are excited to see how it will transform customer experiences and foster financial inclusion in Guyana.”

The deal underscores 6D Technologies’ commitment to empowering telecom operators and financial service providers with transformative digital solutions. By leveraging Aureus, MMG is set to achieve operational excellence, enhance customer satisfaction, and strengthen its leadership in the mobile financial services space.

About MMG Guyana

Mobile Money Guyana (MMG) is Guyana’s leading mobile financial service provider, offering secure, convenient, and innovative solutions for individuals and businesses. Committed to fostering financial inclusion, MMG delivers accessible services that empower communities and drive economic growth.

About 6D Technologies

6D Technologies is a leading provider of innovative digital transformation solutions for telecom operators and financial service providers worldwide. With cutting-edge solutions, 6D Technologies empowers businesses to deliver seamless experiences, drive engagement, and achieve operational excellence in an ever-evolving digital ecosystem. For more information, visit https://www.6dtechnologies.com/

 

 

Russell Reynolds Associates Expands APAC Financial Services Team with Appointment of Frazer Wilson as Managing Director

SYDNEY, Jan. 28, 2025 /PRNewswire/ — Global leadership advisory firm Russell Reynolds Associates (RRA) is pleased to announce the appointment of Frazer Wilson as a managing director. Wilson’s appointment highlights RRA’s dedication to enhancing its presence in the financial services sector in Oceania, aiming to expand this vital area of business. Based in Sydney, Wilson has over 20 years of experience advising Boards and C-suite leaders across the financial services sector, including consumer, commercial, and investment banking, wealth management, and financial disruptors.

Russell Reynolds Associates welcomes Frazer Wilson
Russell Reynolds Associates welcomes Frazer Wilson

“James and I are thrilled to welcome Frazer to the firm. His extensive experience and expertise in financial services will be invaluable in helping our global and regional clients enhance their talent strategies,” said Alistair Macrae, Managing Director and Australia Country Manager for Russell Reynolds Associates. “In the current complex business environment, his deep understanding of the sector and proven track record in advising Boards and C-suite leaders will ensure that we continue to deliver exceptional leadership solutions tailored to our clients’ needs.”

Prior to joining Russell Reynolds Associates, Wilson was a partner in another leading global executive search organization. During his tenure there, Wilson worked across Australia, New Zealand, and for five years led the Asia-Pacific and Middle East Financial Services practice based in Singapore. For over 10 years, he led one of the firm’s major financial services client relationships. His track record has encompassed Board, Chief Executive Officers, Chief Financial Officers, Chief Risk Officers, P&L, Digital & Technology, and Human Resources appointments.

Wilson began his executive recruitment career in London in 1995.

Wilson holds a Bachelor of Commerce from the University of Auckland.

About Russell Reynolds Associates

Russell Reynolds Associates is a global leadership advisory firm. Our 500+ consultants in 47 offices work with public, private, and nonprofit organizations across all industries and regions. We help our clients build teams of transformational leaders who can meet today’s challenges and anticipate the digital, economic, sustainability, and political trends that are reshaping the global business environment. From helping boards with their structure, culture, and effectiveness to identifying, assessing and defining the best leadership for organizations, our teams bring their decades of expertise to help clients address their most complex leadership issues. We exist to improve the way the world is led. www.russellreynolds.com

Telix Completes Acquisition of RLS (USA) Inc.

MELBOURNE, Australia and INDIANAPOLIS, Jan. 28, 2025 /PRNewswire/ — Telix Pharmaceuticals Limited (ASX: TLX, Nasdaq: TLX, Telix, the Company) today announces it has completed the acquisition of RLS (USA) Inc. (RLS; RLS Radiopharmacies), America’s only Joint Commission-accredited radiopharmacy network distributing PET[1], SPECT[2] and therapeutic radiopharmaceuticals. 

The acquisition immediately enhances Telix’s presence in the United States (U.S.), with a network of over 30 radiopharmacies[3] dispensing radiopharmaceuticals manufactured by Telix and other companies, while bringing a team of highly-skilled and multi-disciplinary radiopharmaceutical professionals into the Company.  

The acquisition is part of Telix’s strategy to establish an integrated radiopharmaceutical ecosystem, enhancing its ability to deliver novel therapeutic and diagnostic radiopharmaceuticals to patients. The RLS footprint of over 100,000 square ft of appropriately licensed expansion space provides the opportunity to build a next-generation radiometal production network to benefit Telix, select commercial partners, and patients. 

RLS will continue to operate under the same name and as a standalone business within Telix Manufacturing Solutions (TMS), which includes other key Telix brands with multi-vendor and third-party relationships such as ARTMS, IsoTherapeutics and Optimal Tracers.

The addition of RLS’s operations will significantly strengthen Telix’s commercial infrastructure and distribution capabilities in its largest market, including the capacity to undertake in-house cyclotron manufacturing powered by Telix’s ARTMS QUANTM Irradiation System™ (QIS™) cyclotron technology, enabling standardized, high-efficiency and cost-effective production of radiometals.

Dr. Christian Behrenbruch, Telix Managing Director and Group Chief Executive Officer, said, “We are pleased to officially welcome the RLS team to Telix. The completion of this acquisition marks a milestone in our journey to become the leader in radiopharmaceuticals, as the RLS network significantly boosts our existing in-house and partner capabilities. With RLS’s distribution and operational expertise, Telix is strongly positioned to bring our growing portfolio of innovative products to more patients across the U.S.”

Stephen Belcher, RLS Chief Executive Officer, added, “The RLS team is delighted to be joining Telix, as we combine our 40-year history in radiopharmaceuticals with Telix’s growing investment in its North American footprint. Together we can accelerate the availability of transformative radiopharmaceuticals and build on our respective commitments to innovative patient care. We are excited to be part of the Telix story going forward.”

Acquisition Details

Under the previously disclosed terms of the transaction[4], Telix has acquired 100% ownership of RLS (USA) Inc. The purchase price comprised of upfront cash consideration of US$230 million before adjustments for cash and cash equivalents (net of restricted cash); debt and debt equivalents; transaction expenses; and working capital, and deferred cash consideration up to a maximum of US$20 million, contingent on achievement of certain milestones related to demonstration of accretive financial and operational performance during the four-quarters following closing. The acquisition and related transaction costs were funded from existing cash reserves.

About Telix Pharmaceuticals Limited

Telix is a biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals and associated medical technologies. Telix is headquartered in Melbourne, Australia, with international operations in the United States, Canada, Europe (Belgium and Switzerland), and Japan. Telix is developing a portfolio of clinical and commercial stage products that aims to address significant unmet medical needs in oncology and rare diseases. ARTMS, IsoTherapeutics, Lightpoint, Optimal Tracers and RLS are Telix Group companies. Telix is listed on the Australian Securities Exchange (ASX: TLX) and the Nasdaq Global Select Market (Nasdaq: TLX).

Telix’s lead prostate imaging product, gallium-68 (68Ga) gozetotide injection (also known as 68Ga PSMA-11 and marketed under the brand name Illuccix®), has been approved by the U.S. Food and Drug Administration (FDA)[5], by the Australian Therapeutic Goods Administration (TGA)[6], and by Health Canada[7]. Telix has received a positive decision on its Marketing Authorization Application (MAA) for Illuccix submitted in Europe[8].

Telix’s osteomyelitis (bone infection) imaging agent, technetium-99m (99mTc) besilesomab, marketed under the brand name Scintimun®, is approved in 32 European countries and Mexico. Telix’s miniaturized surgical gamma probe, SENSEI®, for minimally invasive and robotic-assisted surgery, is approved in the U.S., having been registered with the FDA and has attained a Conformité Européenne (CE) Mark for use in the European Economic Area for the intra-operative detection of sentinel lymph nodes (SLNs). No other Telix product has received a marketing authorization in any jurisdiction.

Visit www.telixpharma.com for further information about Telix, including details of the latest share price, ASX and SEC filings, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on LinkedInX and Facebook.

Telix Investor Relations

Ms. Kyahn Williamson
Telix Pharmaceuticals Limited
SVP Investor Relations and Corporate Communications
Email: kyahn.williamson@telixpharma.com

This announcement has been authorised for release by the Telix Pharmaceuticals Limited Disclosure Committee on behalf of the Board.

Legal Notices

You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), including our registration statement on Form 20-F filed with the SEC, or on our website.

The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to securities of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States. The information and opinions contained in this announcement are subject to change without notification.  To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to update or revise any information or opinions contained in this announcement, including any forward-looking statements (as referred to below), whether as a result of new information, future developments, a change in expectations or assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in the course of this announcement.

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[1] Positron emission tomography.

[2] Single-photon emission computed tomography.

[3] In January 2025, RLS completed the acquisition of Advanced Isotopes of Nevada, a Las Vegas-based radiopharmacy, now operating under Las Vegas Radiopharmacy Inc., a wholly-owned subsidiary of RLS.

[4] Telix ASX disclosure 23 September 2024.

[5] Telix ASX disclosure 20 December 2021.

[6] Telix ASX disclosure 2 November 2021.

[7] Telix ASX disclosure 14 October 2022.

[8] Telix ASX disclosure 17 January 2025.