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VISTA Eye Specialist Celebrates Breakthrough PX Ninety Collaboration with Shareef Mahdavi—Now Featured in Leading U.S. Medical Journal

PETALING JAYA, Malaysia, May 2, 2025 /PRNewswire/ — Just months after announcing its dynamic partnership with world-renowned patient experience expert Shareef Mahdavi and the PX Ninety program, VISTA Eye Specialist is thrilled to mark a major milestone: the story of its PX Ninety and Ikigai WowX transformation has been published in the prestigious April edition of Cataract & Refractive Surgery Today (CRST), a leading U.S. medical journal.

This global spotlight not only cements VISTA’s role as a pioneer in purpose-driven, innovative eye care—but also puts Malaysia proudly on the international stage.

“Being featured in CRST is not just a win for VISTA—it’s a win for every patient who believes in our vision of care with heart and purpose,” said Boon Siong Lim, Founder of VISTA Eye Specialist.

VISTA team in ASCRS 2025 at Los Angeles, US, accepting the PX90 Certificate of Achievement for Excellence in Patient Experience from Shareef Mahdavi, the Founder of PX Movement
VISTA team in ASCRS 2025 at Los Angeles, US, accepting the PX90 Certificate of Achievement for Excellence in Patient Experience from Shareef Mahdavi, the Founder of PX Movement

From Vision to Reality: PX Ninety Rollout and Results

Since kicking off the collaboration in November 2024, VISTA has rolled out game-changing initiatives across all 18 centers:

  • Rolled out PX Ninety’s 12-workout transformation journey to all centers
  • Trained a full force of Experience Champions to deliver emotionally intelligent, deeply personalized care
  • Introduced patient-centric tools like the Ikigai Journey Box, transforming milestones into unforgettable moments
  • Reengineered workflows to boost communication, shorten wait times, and raise transparency clinic-wide

The Impact: Tangible Wins for Patients and Teams

This cultural and operational leap has driven remarkable results:

  • Over 500 new 5-star reviews on Google and Facebook
  • Skyrocketing patient referrals and satisfaction scores
  • Energized team spirit and stronger staff engagement
  • Named one of Newsweek Asia’s Top Private Hospitals 2025

Why This Matters to Patients

“Being published in CRST means our patient experience isn’t just good by local standards—it’s recognized and celebrated by international experts,” said Carol Heng, Chief WowX Officer and Chief Experience Designer for PX Ninety.
 “Our patients are getting world-class care—with soul.”

The article showcases how VISTA fuses behavioral science and the Japanese philosophy of Ikigai to create a journey that’s not only medically sound—but emotionally rich. Every step—from first consult to post-op—has been thoughtfully reimagined and internationally validated.

“Imagine getting LASIK and walking away not just with clearer vision, but with an Ikigai Box—a personal time capsule that marks the day your life changed,” Carol added. “That’s what care with soul looks like.”

Real Patient Stories, Real WowX Moments

Nothing says success like the voices of our patients:

“After extensive research, I chose VISTA for my cataract surgery… The entire team made me feel at ease. The clinic was immaculate, the technology was top-notch—and after surgery, my vision became noticeably sharper. Watching TV now feels like HD!”

“The Doctor explained everything so clearly and made my daughter feel completely at ease—she even fell asleep during the exam! As parents, we felt truly reassured. Thank you for such a comfortable and heartwarming experience.”

A Global Benchmark in Modern Eye Care

“Getting published in CRST is a big deal,” said Shareef Mahdavi, author of Beyond Bedside Manner and creator of PX Ninety. “VISTA is showing the world what patient-first healthcare should truly look like.”

A Movement Gaining Momentum

VISTA’s transformation is just beginning. Upcoming initiatives include:

  • Empowering staff with deeper personal growth tools
  • Launching community-based WowX outreach programs
  • Expanding PX Ninety into new service areas across Malaysia

Regional Interest in VISTA’s WowX Model

VISTA’s success story is also turning heads across the region. In recent months, healthcare delegations from Medical Saigon Group (Vietnam), Bangkok Eye Hospital (Thailand), and EyeLink Group of Eye Care Centers (Indonesia) have visited VISTA to explore how they can implement similar wowX service principles and innovations in their own practices.

“It’s exciting to see other countries looking to VISTA as a model,” said Mr. Lim. “It validates the impact we’re making—not just locally, but regionally.”

About VISTA Eye Specialist

With 18 centers across Malaysia, VISTA Eye Specialist is a trusted leader in cataract, refractive, and myopia care. Renowned for clinical excellence, advanced technology, and a bold new approach to patient experience, VISTA is setting the standard for modern eye care.

We are a multiple award-winning and B Corp Certified organization—recognized not just for medical outcomes, but also for business innovation, customer service, and HR excellence.

Our awards include:

  • SOBA 2020 & 2021 – Best in Customer Service (Silver)
  • Reader’s Digest Trusted Brands – Gold/Platinum for five consecutive years
  • Newsweek Asia’s Top Private Hospitals 2025

These honors are a testament to VISTA’s unwavering commitment to delivering care that’s not only effective—but exceptional.

About PX Ninety and Shareef Mahdavi

PX Ninety is a behaviorally grounded program created by Shareef Mahdavi, focused on transforming healthcare through empathy, personalization, and structured change. Learn more at www.pxmovement.com.

KC Global Media Announces LIV Golf LIVE Broadcast Partnership, Reaching Over 94 Million Homes in More Than 19 Countries Across Asia

SINGAPORE, KUALA LUMPUR, Malaysia and TAIPEI, May 2, 2025 /PRNewswire/ — KC Global Media is excited to announce its LIVE broadcast partnership with LIV Golf, bringing the thrilling action of this season’s tournaments to sports fans in more than 94 million homes on its vast network of channels across Asia.

Captain Jon Rahm of Legion XIII hits his shot from the first tee during the first round of LIV Golf Hong Kong 2025
Captain Jon Rahm of Legion XIII hits his shot from the first tee during the first round of LIV Golf Hong Kong 2025

The world’s first truly global golf league, LIV Golf has gained international acclaim for its unique format, elite roster of world-class golfers, and high-energy tournaments. After the premiere broadcast of LIV Golf Singapore in March, followed by the League’s Miami and Mexico City tournaments, the excitement continues this week in Asia with LIV Golf Korea presented by Coupang Play, taking place 2-4 May at the historic Jack Nicklaus Golf Club Korea in Incheon. All remaining LIV Golf events this season will be carried live on AXN Asia, giving viewers across the continent access to all the action as LIV Golf takes center stage with a new legion of fans.

LIV Golf has launched on AXN Sports, a premium programming block dedicated to sports content across KC Global Media’s expansive network in countries and regions including Malaysia, Singapore, Thailand, Philippines, Indonesia, Taiwan, Hong Kong, Macau, India, and more. As the first LIVE sports property to air under this initiative, LIV Golf, followed by TPBL, represents a significant milestone in the organization’s strategy to bring more premium sports content to the region.

From left to right: George Chien, Co-founder, CEO and President; Andy Kaplan, Co-founder and Chairman of KC Global Media
From left to right: George Chien, Co-founder, CEO and President; Andy Kaplan, Co-founder and Chairman of KC Global Media

George Chien, Co-founder, CEO, and President of KC Global Media expressed his enthusiasm for the partnership, stating, “We are honored to bring LIV Golf to sports fans in over 19 countries and 94 million homes across Asia through KC Global Media’s extensive network, starting with its debut on AXN Asia and extending to other platforms. This partnership aligns perfectly with the KC Global Media brand, which has always been known for premium, high-quality content. As one of the most talked-about leagues in global sport,  LIV Golf is a premium property that fits seamlessly into our content strategy. At KC Global Media, we are constantly innovating and pushing the boundaries to bring our audiences the best possible content, and the launch of AXN Sports as a dedicated programming block for more LIVE sports content marks a significant milestone for us.”

 “We’re thrilled to partner with KC Global Media to bring LIV Golf to their extensive network,” said Ron Wechsler,LIV Golf Senior Vice President, Broadcast Partnerships and Programming Strategy.” As the largest regional broadcast partner in Asia, KC Global Media has a deep understanding of local audiences and a proven track record of delivering premium content to millions of homes across Asia. Working in partnership with KC Global Media enables us to instantly expand our reach and showcase many of golf’s biggest stars to 19 Asian countries covering over 94 million households. I would like to thank the KC Global Media team for sharing our vision for the future of golf and helping us redefine how the sport is experienced through their expertise in entertainment. This is LIV Golf’s biggest season yet, we’re confident that this partnership will engage and excite golf fans throughout Asia.”

For more information on the airing details of LIV Golf, please visit AXN Facebook or Instagram page. Media may CLICK HERE to view and download images, footage and more from 2025 LIV Golf League events for editorial use. 

*************

About AXN Asia
AXN features exclusive top-rated drama series, blockbuster features, reality programs and ground-breaking original productions. The channel appeals to a discerning audience seeking content that is smart, intriguing and unexpected, and all delivered close to U.S telecasts. From CSI: Vegas, FBI franchise, The Rookie, NCIS: Hawai’i and The Amazing Race, AXN is defined not by a genre, but by an attitude that truly redefines action. In Asia, AXN reaches more than 18.6 million households in 18 territories.

Website: AXN-Asia.com  |  Facebook: @AXNAsia  |  Instagram: @AXNAsia  |
YouTube: AXN Asia  |  TikTok: @AXNAsia  |  X: @AXNAsia

About LIV Golf
The LIV Golf League is the world’s only global golf league featuring 13 teams, a 14-tournament schedule, and many of the world’s best golfers. Launched in 2022, the League was designed to expand the sport on a global level and create new value within the golfing ecosystem while enhancing the game’s societal impact. A landmark investment by LIV Golf also launched The International Series, a set of 10 enhanced events sanctioned by the Asian Tour, with elevated prize funds in world-class destinations, offering a pathway for leading professional and amateur golfers from around the world into the LIV Golf League. Only three years into operations and with tournaments across North and Latin Americas, Asia, Australia, the Middle East and Europe, LIV Golf remains committed to developing the sport at every level and exposing more people to the positive virtues of the game through its unique blend of intense competition and entertainment.

LIV Golf is owned and operated by LIV Golf Investments whose vision and mission are centered around making holistic and sustainable investments to enhance the global golf ecosystem and unlock the sport’s untapped worldwide potential. For more information, visit livgolf.com. 

About KC Global Media
KC Global Media Entertainment LLC is a global multi-media company based in the United States. The brainchild of former Sony executives Andy Kaplan and George Chien, KC Global Media Asia (KCGM Asia) is Asia’s leading entertainment hub through the production, distribution and programming of quality, ground-breaking content. Backed by more than two decades of industry experience, KCGM Asia boasts an impressive portfolio of premium pay-TV channels in Asia, including English-language general entertainment network AXN, Japanese anime content channel Animax, South Korea’s ONE, Japanese entertainment channel, GEM, our first English language general entertainment FAST (Fast Ad-Supported Streaming Television) channel, KCM, and AXN Sports block which features LIVE broadcast of LIV Golf and TPBL. By combining award-winning and well-loved entertainment formats with extensive knowledge and insight of the Asia Pacific market, KCGM Asia is paving the way for a new standard of entertainment in Asia and beyond.

Website: https://kcglobalmedia.com/  |  Facebook: @KCGlobalMedia  |
Instagram: @KCGlobalMediaAsia  |  LinkedIn: @KCGlobalMediaAsia

 

Booking.com’s 2025 Sustainable Travel Research Reveals Growing Awareness of Tourism’s Impact on Communities

SYDNEY, May 2, 2025 /PRNewswire/ — Since first conducting research on consumer attitudes about travelling more sustainably in 2016, Booking.com has surveyed nearly 230,000 travellers in 35 markets. Today, Booking.com released the 10th edition of its annual research exploring consumer attitudes and intentions concerning the social and ecological impact of travel:

Booking.com’s new research takes a community-centric lens. Asking respondents not just how they travel but also how they experience inbound visitors where they live, this approach sheds light on the benefits and challenges of tourism from their perspective as both travellers and locals.

  • For the first time, more than half of Australian travellers (51%) are now conscious of tourism’s impact on local communities, as well as the environment.
  • In 2016, less than half (40%) of Aussie travellers believed they travelled sustainably. By 2025, almost all travellers (91%) said they want to make more sustainable travel choices.
  • While 62% of Australian travellers feel that tourism has a positive impact overall where they live, they also highlight challenges including traffic, littering, overcrowding and a rising cost of living.
  • Australians are increasingly committed to supporting the economies of the destinations they visit, with 77% wanting the money they spend to go back to the local community, and 73% wanting to leave places better than when they arrived.

“To ensure that destinations can continue to be enjoyed by both locals and visitors alike, tourism, infrastructure and innovation need to keep pace with travellers’ good intent,” says Todd Lacey, Regional Manager, Oceania at Booking.com.

“We ultimately want to make it easier for travellers to connect with a more diverse range of local communities across Australia, from far-flung regions to Indigenous tourism operators so we help spread the positive benefits of tourism more broadly.”

To download Booking.com’s full 2025 research, visit HERE

About Booking.com:

Part of Booking Holdings Inc. (NASDAQ: BKNG), Booking.com’s mission is to make it easier for everyone to experience the world. By investing in the technology that helps take the friction out of travel, Booking.com’s marketplace seamlessly connects millions of travelers with memorable experiences every day. For more information, follow @bookingcom on social media or visit globalnews.booking.com.

KuCoin CEO BC Wong Joins Industry Leaders at TOKEN2049 – Highlights Path Toward a Safer, Smarter Crypto Future

VICTORIA, Seychelles, May 2, 2025 /PRNewswire/ — As part of TOKEN2049, one of the most influential gatherings in the digital asset space, KuCoin CEO BC Wong joined a high-profile panel discussion titled “What’s Next for Crypto Markets: The Exchange Perspective.” On stage, he and fellow panelists discussed the evolving role of crypto exchanges as they reach a critical turning point—balancing rapid innovation with increasing regulatory scrutiny.

BC Wong emphasized that exchanges are no longer just trading platforms—they have become essential financial infrastructure. Over the past five years, KuCoin has made substantial investments in rebuilding its core systems, including a complete revamp of its wallet architecture, the development of a real-time data system, and enhanced security frameworks. With the majority of KuCoin’s 1,000+ global employees working in engineering roles, the company’s development strategy is deeply rooted in technical excellence and long-term scalability.

Beyond technology, BC Wong stressed the importance of proactive regulatory engagement. In many markets, regulators now expect to be involved from the earliest stages of product development. To support this shift, KuCoin has assembled a dedicated team of more than 20 scientists and analysts focused on compliance, proof-of-reserve systems, and transparent reporting.

“The role of exchanges has changed,” said BC Wong. “It’s no longer enough to launch fast and fix later. We must collaborate with regulators from day one—because trust isn’t just earned from users; it must be built with the entire financial ecosystem.”

BC Wong also reaffirmed KuCoin’s belief that regulation should not be seen as a constraint, but as a catalyst for long-term credibility. He reiterated that security remains KuCoin’s top priority—a lesson learned through the company’s own experience. As the industry matures into a more regulated environment, BC Wong emphasized that platforms willing to lead in transparency, risk management, and regulatory collaboration will be best positioned to shape the next chapter of crypto.

Looking ahead, BC previewed KuCoin’s plans to launch dedicated, compliant platforms in Europe and Australia in the second half of 2025, alongside continued expansion of the KCS ecosystem to bring more utility and value to global users.

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 exceptional user experience. With a connected user base exceeding 40 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. This recognition reflects its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence. Learn more: https://www.kucoin.com/.

Patriot Provides Permitting Progress Update on the Shaakichiuwaanaan Lithium Project

VANCOUVER, BC, May 2, 2025 /PRNewswire/ — May 2, 2025 – Sydney, Australia

Highlights

  • Permitting of the Shaakichiuwaanaan Project is on schedule and progressing well.
  • The Company has formally commenced the Federal permitting process for the Project, with the submission of its Initial Project Description to the Impact Assessment Agency of Canada (IAAC).
  • The IAAC and Cree Nation Government have confirmed that the submitted documentation meets the necessary requirements, allowing the Federal permitting process to formally commence.
  • This process will run in parallel with the Provincial permitting process already underway, to align the submission of the Provincial and Federal Environmental and Social Impact Assessments (“ESIA“) for late 2025.
  • The ESIA submissions will be supported by over three years of robust environmental base line data collection and extensive community consultations.
  • Alix Drapack – Executive Vice President ESG to retire from executive duties and act as an advisor to the Company on the project’s further development.

Ken Brinsden, Patriot CEO and President, comments: “We are really proud of the teams’ efforts to ensure both that the Project remains on track, but also that the quality and extensive work contributing to our upcoming ESIA submissions suits the community’s and regulator’s needs. It can’t be underestimated how much work has already been achieved by Patriot to ensure Shaakichiuwaanaan is well-placed in the global lithium raw material development pipeline. From discovery and establishing a globally significant resource, to moving the Project to the upcoming mine authorization process in less than 4 years, demonstrates both the quality in the Project and team delivering it.

We also note with interest recent comments in the public domain in respect of federal approvals, minimizing duplication and greater provincial approval cooperation. We intend to maintain close-contact with all the key Government agencies and the Cree, to ensure a diligent and timely approval process for the Project,” added Mr. Brinsden.

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide a progress update on the permitting process of the Company’s wholly owned Shaakichiuwaanaan Property (the “Property” or “Project”), located in the Eeyou Istchee James Bay region of Quebec. The Shaakichiuwaanaan Property hosts a consolidated Mineral Resource Estimate1 (“MRE”) of 80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred. The CV5 Spodumene Pegmatite, which forms the bulk of the MRE, is accessible year-round by all-season road and is situated approximately 14 km from a major hydroelectric powerline corridor. The CV13 Pegmatite is located <3 km along geological trend from the CV5 Pegmatite, which hosts additional lithium and tantalum resources as well as a recently discovered zone of cesium mineralisation (see news release dated March 2, 2025).

Federal Project Approval Submissions and ESIA Studies

In February 2025, Patriot submitted its Initial Project Description for the Shaakichiuwaanaan Lithium Project (CV5 Pegmatite) to IAAC, in order to formally initiate the Federal elements to the Project permitting process. The document is available at the following link (Shaakichiuwaanaan Mining Project Initial Project Description).

The Federal Joint Assessment Committee, consisting of representatives of IAAC and the Cree Nation Government, has determined that the Initial Project Description meets the necessary requirements. As such, IAAC has begun its formal planning and comment period, and undertook two public information sessions in February 2025.

A summary of questions was compiled and Patriot has now formally responded, after which IAAC will provide tailored Impact Statement Guidelines for the Project, paving the way for the Federal ESIA submission later this year.

The Federal impact assessment process will run in parallel with the Provincial permitting process for the Project which commenced in 2023, and will leverage the existing provincial process to streamline the federal requirements to the extent possible.

The Company also notes with interest recent comments in the public domain in respect of federal approvals, minimizing duplication and the potential in greater provincial approval cooperation. The Company intends to maintain close-contact with all the key Government agencies and the Cree, to ensure a diligent and timely approval process for the Project.

Provincial Project Approval Submissions and ESIA Studies

In November 2023, Patriot filed a Preliminary Information Statement with the Québec Government (Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs or “MELCCFP“) (see news release dated November 30, 2023). Subsequently, Patriot received the formal guidelines for the Project’s ESIA submission (see news dated April 17, 2024).

An amendment was filed with MELCCFP in January 2025 to reflect the change of Project name to Shaakichiuwaanaan and to clarify the hybrid mining approach (using both open pit and underground mining methods) being evaluated in the Feasibility Study for the Project.

Collectively, these inputs now form the basis for the final ESIA documentation and the formal commencement of the Mine Authorisation process later this year.

__________________________________________

1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.

Overall Project Approval Summary Position

Over approximately a 3-year period, extensive environmental baseline data collection field programs and community consultations have been completed as planned to underpin the Company’s ESIA (supporting both Federal and Provincial processes), for the development of the CV5 Pegmatite.

As a result of the above, the provincial and federal ESIA submissions remain on-track for presentation in the second half of 2025.

Alix Drapack – Executive Vice President ESG has confirmed her desire to retire from executive duties with the Company. The Company wishes Alix all the best for her retirement and is very pleased that she has agreed to provide advisory support to the team for the foreseeable future. This assists in maintaining continuity in the progress of both project approvals and community engagement, while recruitment continues for additional resources in support of the Company’s objectives.

Figure 1: Environmental data collection at Shaakichiuwaanaan.
Figure 1: Environmental data collection at Shaakichiuwaanaan.

Qualified Person

The technical information in this news release that relates to the Shaakichiuwaanaan Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is an Executive and Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares and options in the Company.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan Mineral Resource1, which includes the CV5 & CV13 spodumene pegmatites, totals 80.1 Mt at 1.44% Li2O Indicated, and 62.5 Mt at 1.31% Li2O Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8th largest lithium pegmatite resource in the world.

A Preliminary Economic Assessment (“PEA”) was announced for the CV5 Pegmatite August 21, 2024, and highlights it as a potential North American lithium raw materials powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation (“DMS”) only process flowsheet.

1 Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.

For further information, please contact us at info@patriotbatterymetals.com or by calling +1 (604) 279-8709, or visit www.patriotbatterymetals.com. Please also refer to the Company’s continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.

This news release has been approved by the Board of Directors.

KEN BRINSDEN”                                          

Kenneth Brinsden, President, CEO, & Managing Director

Disclaimer for Forward-looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations and plans that allow investors and others to have a better understanding of the Company’s business plans and financial performance and condition.

All statements other than statements of historical fact are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as  “on schedule”, progressing”, “will”, “underway”, “on-track”, “development pipeline”, “intend”,  and similar words or expressions. Forward-looking statements in this release include, but are not limited to, statements on the permitting progress and Project schedule.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, that proposed exploration and mineral resource estimate work on the Property will continue as expected, the accuracy of reserve and resource estimates, the classification of resources between inferred and the assumptions on which the reserve and resource estimates are based, long-term demand for spodumene supply, and that exploration and development results continue to support management’s current plans for Property development and expectations for the Project.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company’s Project, including the timing thereof. In addition, readers are directed to carefully review the detailed risk discussion in the Company’s most recent Annual Information Form filed on SEDAR+, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

Competent Person Statement (ASX Listing Rule 5.23)

The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on August 5, 2024. The Company confirms that, as of the date of this announcement, it is not aware of any new information or data verified by the competent person that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person’s findings are presented have not been materially modified from the original market announcement. 

The production target referred to in this release was reported by the Company in accordance with ASX Listing Rule 5.16 on August 21, 2024. The Company confirms that, as of the date of this announcement, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed.

CONTACT: Olivier Caza-Lapointe, Head, Investor Relations – North America, T: +1 (514) 913-5264, E: ocazalapointe@patriotbatterymetals.com

Photo – https://laotiantimes.com/wp-content/uploads/2025/05/patriot_battery_metals_inc__patriot_provides_permitting_progress.jpg 

Cboe Global Markets Appoints Craig Donohue as New CEO

CHICAGO, May 2, 2025 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), the world’s leading derivatives and securities exchange network, today announced that its Board of Directors has appointed longtime global financial markets executive Craig S. Donohue as the company’s new Chief Executive Officer and a member of the Board, effective May 7, 2025. Mr. Donohue succeeds Fredric Tomczyk who, as previously announced, will step down as CEO and remain on the Board.

Mr. Donohue is a seasoned global derivatives market executive with more than 30 years of experience, including two decades at CME Group where he spent eight years as CEO before departing in 2012. Over the last decade, Mr. Donohue has served as Chairman of the Board at OCC, the world’s largest equity derivatives clearing organization, where he also spent three years as CEO from 2016 until 2019.

“We are thrilled to welcome Craig to Cboe. His visionary leadership, deep experience, industry relationships, and proven track record in global financial markets make him an excellent individual to take the helm as CEO at Cboe,” said William M. Farrow III, Chairman of the Board of Cboe Global Markets. “The Board looks forward to working closely with Craig. We believe his strategic vision and leadership will drive the company towards continued growth and increased value for shareholders.”

On his appointment, Mr. Donohue commented, “Cboe is an institution I have long admired, and I am honored to be their next CEO. I am excited to work with the strong team to drive forward our strategic initiatives, enhance our market leadership and build upon the remarkable reputation that Cboe has established over the last five decades as a leading global derivatives market player. Cboe’s commitment to innovation, excellence and teamwork aligns with my values and vision and I am thrilled to guide Cboe into its next chapter.”  

“Craig is a highly accomplished and respected leader in the global derivatives industry, and will no doubt lead Cboe to new heights. He shares Cboe’s values and passion for creating a strong corporate culture, delivering best-in-class service to clients and a relentless focus on strategy and execution,” said Fredric Tomczyk, Chief Executive Officer at Cboe Global Markets. “I look forward to working closely with him on a seamless transition and going back to my role as a director of the Board.”

Mr. Farrow added, “I want to thank Fred for stepping into this position and his leadership as CEO over the last year and a half. I know that he will work closely with Craig to help ensure a smooth and orderly transition.”

Upon the effective date of Mr. Donohue’s appointment as CEO, Mr. Tomczyk will transition into an advisory role through the end of June 2025.

About Craig S. Donohue

Prior to joining Cboe, Mr. Donohue was Chairman of the Board of Directors at OCC, the world’s largest equity derivatives clearing organization. Mr. Donohue joined OCC as Executive Chairman in January 2014 to help lead change across the organization after OCC’s designation as a Systemically Important Financial Market Utility by the Financial Stability Oversight Council.

In 2016, he remained at OCC as Executive Chairman and took on the role of Chief Executive Officer for three years. In 2019, Mr. Donohue returned to the role of Executive Chairman. Mr. Donohue transitioned to Chairman of the Board of Directors in January 2024.

Prior to joining OCC, Mr. Donohue spent more than two decades in global financial markets, most recently as CEO of CME Group from January 2004 until May 2012. During that time, Mr. Donohue led the successful completion of more than $20 billion in mergers and acquisitions, including CME’s historic merger with the Chicago Board of Trade in 2007 and the acquisition of both the New York Mercantile Exchange and the Commodity Exchange Inc. in 2008.

Mr. Donohue is an active leader in national and local civic and philanthropic efforts. He is a past board member and chairman of the Council for Economic Education. He is also a past board member and chairman of the Executives’ Club of Chicago and previously served as a director of the Chicago Council on Global Affairs.

Mr. Donohue holds a Master of Management from Northwestern University’s Kellogg Graduate School of Management, a Master of Law in Financial Services Regulation from IIT Chicago-Kent College of Law, a Juris Doctor from The John Marshall Law School, and a Bachelor of Arts in political science and history from Drake University.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

Media Contacts

Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA 

+1-917-985-1496

+44 (0) 7593-506-719

+1-312-786-7559 

atu@cboe.com  

tcave@cboe.com

khill@cboe.com  

Cboe® and Cboe Global Markets® are registered trademarks of Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty investment, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

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Wing Yip Food Holdings Group Limited Announces Fiscal Year 2024 Financial Results

ZHONGSHAN, China, May 2, 2025 /PRNewswire/ — Wing Yip Food Holdings Group Limited (the “Company” or “Wing Yip”) (Nasdaq: WYHG), a meat product processing company operating through its subsidiaries in mainland China, today announced its financial results for the fiscal year ended December 31, 2024.

Ms. Tingfeng Wang, Chief Executive Officer of Wing Yip, remarked, “We are pleased to share our performance for fiscal year 2024, during which we achieved a 7.88% year-over-year increase in net revenue. This growth was primarily driven by an increase in sales of snack products and frozen meat, fueled by stronger promotion efforts across our direct stores and e-commerce platforms. We believe this performance reflects our success in meeting the growing consumer demand for delicious, convenient, and diverse snack options, a segment we are committed to expanding. In 2024, we introduced 81 new products, including 35 snack items aimed at younger consumers, which enhanced our product range and deepened market engagement. Our research and development expenses increased by 17.01% in fiscal year 2024, driven by our efforts in accelerating product development and deepening our presence in the health food sector. We are focusing on the development of products for fitness-conscious consumers, alongside ongoing innovation in plant-based meat alternatives. In addition, food safety and product quality remain central to us. In April 2024, we established our own quality testing center, to improve risk detection for our own products. In the future, we plan to open the quality testing center to other market participants for quality testing, as well.”

Ms. Wang continued, “By strengthening our product offerings and enhancing quality assurance, we believe we are set to capture emerging opportunities and reinforce our leadership in China’s meat processing industry. As we move forward, we expect to continue leveraging our expertise, resources, and strategic investments to deliver long-term value for our shareholders, partners, and customers.”

Fiscal Year 2024 Financial Summary

  • Net revenues were $144.63 million in fiscal year 2024, an increase of 7.88% from $134.07 million in fiscal year 2023.
  • Gross profit was $44.80 million in fiscal year 2024, compared to $47.10 million in fiscal year 2023.
  • Gross profit margin was 30.97% in fiscal year 2024, compared to 35.13% in fiscal year 2023.
  • Net income was $11.25 million in fiscal year 2024, compared to $14.01 million in fiscal year 2023.
  • Basic and diluted earnings per share were $0.23 in fiscal year 2024, compared to $0.29 in fiscal year 2023.

Fiscal Year 2024 Financial Results 

Net Revenues

Net revenues were $144.63 million in fiscal year 2024, an increase of 7.88% from $134.07 million in fiscal year 2023, which was primarily attributable to a $2.74 million decrease in sales of cured meat products, a $6.91 million increase in sales of snack products, and a $0.91 million increase in sales of frozen meat products, mainly due to increased promotion of snack products by direct stores and e-commerce.

  • Revenue from sales of cured meat products was $86.02 million in fiscal year 2024, an increase from $83.28 million in fiscal year 2023. The sales volume of cured meat products increased from 10,956 tons in fiscal year 2023 to 12,873 tons in fiscal year 2024. The increase in sales volume resulted in an increase of $14.57 million in revenue. The increase was partially offset by the decrease in the currency exchange rates applied to statements of operations from RMB7.0809 to $1.00 for the fiscal year in 2023 to RMB7.1957 to $1.00 for fiscal year in 2024, which caused a decrease of $1.39 million in revenue. In addition, the increase was partially offset by the decrease in the average unit sales price from $8.00 per kilogram for fiscal year 2023 to $6.79 per kilogram for fiscal year 2024, which resulted in a decrease of $10.44 million in revenue.
  • Revenue from sales of snack products was $50.54 million in fiscal year 2024, an increase of 15.83% from $43.64 million in fiscal year 2023. The sales volume of snack products increased from 5,785 tons for fiscal year 2023 to 6,864 tons for fiscal year 2024. The increase in sales volume resulted in an increase of $8.13 million in revenue. The increase was partially offset by the decrease in the currency exchange rates applied to statements of operations from RMB7.0809 to $1.00 for fiscal year 2023 to RMB7.1957 to $1.00 for fiscal year 2024, which caused a decrease of $0.81 million in revenue. In addition, the increase was partially offset by the decrease in the average unit sales price from $7.94 per kilogram for fiscal year 2023 to $7.48 per kilogram for fiscal year 2024, which resulted in a decrease of $0.41 million in revenue.
  • Revenue from sales of frozen meat products was $8.07 million in fiscal year 2024, an increase of 12.78% from $7.16 million in fiscal year 2023. The sales volume of frozen meat products increased from 1,520 tons for fiscal year 2023 to 1,836 tons for fiscal year 2024. The increase in sales volume resulted in an increase of $1.48 million in revenue. The increase was partially offset by the decrease in the currency exchange rates applied to statements of operations from RMB7.0809 to $1.00 for fiscal year 2023 to RMB7.1957 to $1.00 for fiscal year 2024, which caused a decrease of $0.13 million in revenue. In addition, the increase was partially offset by the decrease in the average unit sales price from $4.95 per kilogram for fiscal year 2023 to $4.47 per kilogram for fiscal year 2024, which resulted in a decrease of $0.44 million in revenue.

Cost of Revenues

Cost of revenues were $99.83 million in fiscal year 2024, an increase of 14.79% from $86.97 million in fiscal year 2023. The increase was primarily attributable to an increase in sales volume resulting in an increase of costs, accordingly.

Gross Profit and Gross Profit Margin

Gross profit was $44.80 million in fiscal year 2024, a decrease of 4.89% from $47.10 million in fiscal year 2023. 

Gross profit margin was 30.97% in fiscal year 2024, which decreased from 35.13% in fiscal year 2023. The decrease was mainly due to a $2.17 million decrease in gross profit for sales of cured meat products, a $0.31 million decrease in gross profit for sales of snack products, and a $0.18 million increase in gross profit for sales of frozen meat products.

Operating Expenses

Total operating expenses were $29.03 million in fiscal year 2024, an increase of 4.12% from $27.88 million in fiscal year 2023.

  • Selling expenses were $19.67 million in fiscal year 2024, an increase of 0.62% from $19.55 million in fiscal year 2023. The increase was mainly due to an increase in advertising costs of $0.11 million.
  • General and administrative expenses were $4.38 million in fiscal year 2024, an increase of 7.45% from $4.08 million in fiscal year 2023. The increase was primarily attributable to expense in connection with the initial public offering.
  • Research and development expenses were $4.97 million in fiscal year 2024, an increase of 17.01% from $4.25 million in fiscal year 2023. The increase was primarily attributable to the new research and development cooperation project of $0.69 million.

Net Income

Net income was $11.25 million in fiscal year 2024, compared to $14.01 million in fiscal year 2023.

Basic and Diluted Earnings per Share

Basic and diluted earnings per share were $0.23 in fiscal year 2024, compared to $0.29 in fiscal year 2023.

Financial Condition

As of December 31, 2024, the Company had cash and cash equivalents of $87.93 million, compared to $90.96 million as of December 31, 2023.

Net cash provided by operating activities was $12.48 million in fiscal year 2024, compared to $17.65 million in fiscal year 2023.  

Net cash used in investing activities was $10.10 million in fiscal year 2024, compared to $0.22 million in fiscal year 2023.

Net cash provided by financing activities was $4.41 million in fiscal year 2024, compared to $6.13 million in fiscal year 2023.

Recent Development

On November 27, 2024, the Company completed its initial public offering (the “Offering”) of 2,050,000 American Depositary Shares (“ADSs”) at a public offering price of US$4.00 per ADS. Each ADS represents one ordinary share of the Company. On January 14, 2025, the underwriters exercised the over-allotment option in full to purchase an additional 307,500 ADSs at the public offering price of US$4.00 per ADS. The gross proceeds were approximately $9.43 million, before deducting underwriting discounts and other related expenses. The ADSs commenced trading on the Nasdaq Capital Market on November 26, 2024 under the ticker symbol “WYHG.”

About Wing Yip Food Holdings Group Limited

Wing Yip, is a meat product processing company operating through its subsidiaries in mainland China. The Company, through its operating subsidiaries, sells and markets products under its flagship brand, “Wing Yip,” which can trace its history back to 1915, and has also developed two snack product brands, “Jiangwang” and “Kuangke.” The Company’s products are sold through its self-operated stores, distributors, and e-commerce platforms in over 18 provinces across mainland China. The Company offers cured meat products, snack products, and frozen meat products, processing them through its own dedicated production lines. The Company focuses on product development and is committed to improving product quality and expanding product offerings to cater to evolving consumer preferences. The Company’s ordinary shares have been listed on the Korea Securities Dealers Automated Quotations of the Korea Exchange since 2018.

For more information, please visit the Company’s website: http://ir.wingyip-food.com/. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement and other filings of the Company filed with the U.S. Securities and Exchange Commission (“SEC”). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.

For more information, please contact:

Wing Yip Food Holdings Group Limited
Investor Relations Department
Email:ir@wingyip-food.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. Dollars, except for the number of shares)

As of
December 31,
2024

As of
December 31,
2023

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

87,927,726

$

90,963,594

Restricted cash

880,358

Accounts receivable, net

7,768,381

7,347,892

Inventories

8,456,295

6,576,151

Prepaid expenses and other current assets

7,779,378

3,922,368

TOTAL CURRENT ASSETS

$

112,812,138

$

108,810,005

NON-CURRENT ASSETS:

Property, plant and equipment, net

$

79,568,773

$

70,510,340

Intangible assets, net

47,094

56,069

Land-use rights, net

605,343

650,187

Right-of-use assets

300,664

215,392

Deferred offering costs

605,866

Other non-current assets

157,076

174,317

TOTAL NON-CURRENT ASSETS

$

80,678,950

$

72,212,171

TOTAL ASSETS

$

193,491,088

$

181,022,176

LIABILITIES

CURRENT LIABILITIES:

Short-term loans

$

6,712,972

$

6,478,964

Long-term loans

10,506,144

781,701

Accounts payable

8,095,509

7,786,391

Notes payable

2,934,527

Deferred income

46,874

65,495

Accrued expenses and other payables

3,195,138

3,433,862

Taxes payable

3,603

857,512

Lease liabilities

87,648

41,985

TOTAL CURRENT LIABILITIES

$

31,582,415

$

19,445,910

NON-CURRENT LIABILITIES:

Long-term loans

$

4,335,336

$

16,726,570

Lease liabilities

278,282

212,615

Deferred tax liabilities

1,550,063

1,580,428

TOTAL NON-CURRENT LIABILITIES

$

6,163,681

$

18,519,613

TOTAL LIABILITIES

$

37,746,096

$

37,965,523

COMMITMENTS AND CONTINGENCIES (NOTE 19)

SHAREHOLDERS’ EQUITY

Ordinary shares (No par value; 50,023,428 and 47,973,428 shares issued and
outstanding as of December 31, 2024 and 2023)

$

$

Additional paid-in capital

42,997,303

37,370,297

Statutory reserve

12,087,066

10,435,949

Accumulated other comprehensive loss

(9,307,406)

(5,119,036)

Retained earnings

109,968,029

100,369,443

TOTAL SHAREHOLDERS’ EQUITY

$

155,744,992

$

143,056,653

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

193,491,088

$

181,022,176

 

 

WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Expressed in U.S. Dollars, except for the number of shares)

Years ended December 31,

2024

2023

2022

Revenues

144,629,055

134,068,317

130,789,405

Cost of revenues

(99,833,630)

(86,972,132)

(86,444,589)

Gross profit

44,795,425

47,096,185

44,344,816

Operating expenses:

Selling expenses

(19,672,532)

(19,550,604)

(19,691,729)

General and administrative expenses

(4,379,642)

(4,075,896)

(4,006,282)

Research and development expenses

(4,973,452)

(4,250,451)

(4,105,172)

Total operating expenses

(29,025,626)

(27,876,951)

(27,803,183)

Other income (expenses):

Interest income

179,412

178,758

244,416

Interest expenses

(1,064,745)

(995,345)

(83,516)

Other income, net

58,766

208,908

122,240

Other expense, net

(2,839,598)

(2,111,109)

(1,762,251)

Exchange loss

(3,298)

(11,651)

(55,654)

Total other expenses, net

(3,669,463)

(2,730,439)

(1,534,765)

Income before income tax

12,100,336

16,488,795

15,006,868

Income tax expenses

(850,633)

(2,478,882)

(3,812,884)

Net income

11,249,703

14,009,913

11,193,984

Comprehensive income

Net income

Foreign currency translation adjustments, net of tax           

4,188,370

3,831,082

10,312,615

Comprehensive income

15,438,073

17,840,995

21,506,599

Earnings per share, basic and diluted

0.23

0.29

0.23

Weighted average number of shares

48,175,620

47,973,428

47,973,428

 

 

WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. Dollars, except for the number of shares)

For the years ended
December 31,

2024

2023

2022

Cash flows from operating activities:

Net income

$

11,249,703

$

14,009,913

$

11,193,984

Adjustments to reconcile net income (loss) to net cash used in
operating activities:

Depreciation of property, plant and equipment

4,418,774

3,016,946

1,347,274

Written off property, plant and equipment

614,527

2,007,477

1,668,442

Allowance for credit losses

(43,797)

18,630

(8,374)

Amortization of intangible assets

9,003

7,402

6,995

Amortization of land use right

27,472

22,933

16,863

Amortization of right-of-use asset

91,368

134,971

649,362

Deferred income taxes

(30,365)

(43,378)

(27,160)

Changes in operating assets and liabilities:

Accounts receivable

(376,692)

(3,310,188)

(2,233,756)

Inventories

(1,880,144)

1,152,696

(1,813,479)

Prepaid expenses and other current assets

(3,857,006)

1,139,213

(724,326)

Other non-current assets

17,241

30,893

16,045

Accounts payable

309,118

671,155

(6,041,247)

Notes Payable

2,934,530

Deferred revenue

(18,621)

(19,737)

(26,296)

Taxes payable

(853,909)

(859,792)

(1,422,488)

Lease liabilities

111,330

(124,456)

(678,659)

Accrued expenses and other payables

(238,724)

(203,052)

(312,809)

Net cash provided by operating activities

12,483,808

17,651,626

8,922,859

Cash flows from investing activities:

Purchase of property, plant and equipment

(10,102,478)

(217,053)

(18,056,679)

Purchase of intangible assets

(548)

(5,113)

Net cash used in investing activities

(10,103,026)

(222,166)

(18,056,679)

Cash flows from financing activities:

Issuance of ordinary shares, net of offering costs

6,232,872

Proceeds from short-term loans

7,123,971

6,478,964

9,961,845

Proceeds from long-term loans

650,747

4,647,953

11,598,910

Repayment of short-term loans

(6,712,972)

(3,802,870)

(15,727,397)

Repayment of long-term loans

(2,880,120)

(591,558)

Deferred offering costs

(605,866)

Net cash provided by financing activities

4,414,498

6,126,623

5,833,358

Effect of exchange rate changes

(8,950,790)

13,817

(6,070,232)

Net increase (decrease) in cash

(2,155,510)

23,569,900

(9,370,694)

Cash and cash equivalents at beginning of the year

90,963,594

67,393,694

76,764,388

Cash and cash equivalents at end of the year

88,808,084

90,963,594

67,393,694

Supplemental disclosures of cash flows information:

Cash paid for income taxes

2,352,255

5,310,182

2,044,224

Cash paid for interest expense

992,556

923,699

576,097

Supplemental disclosures of non-cash information:

Lease liabilities arising from obtaining right-of-use assets

183,839

15,225

39,947

 

Asian Hall of Fame Unveils Sensational Class of 2025

2025 Induction Ceremony Set for November 1 at Iconic Biltmore Los Angeles

LOS ANGELES, May 2, 2025 /PRNewswire/ — Asian Hall of Fame unveiled an expansive Class of 2025 whose profound impact as pillars of vision and resilience epitomize ideals of leadership and optimism inspiring generations to come.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/asian-hall-of-fame/9333051-en-asian-hall-of-fame-unveils-sensational-class-of-2025

The Official Announcement kicks-off Asian Heritage Month on May 1 at the California Icons Gala and highlights the highest honor for Asian and Indigenous luminaries.

The 2025 Induction Ceremony on November 1 at The Biltmore Los Angeles, California will also stream live on Roku.

15 Inductees and 3 Goodwill Ambassadors were screened from 613 nominations. Inductees must trace, or be married to an Inductee who can trace 25% of their heritage to one of 33 countries. Indigenous Asian, Native American and Eskimo tribes are also eligible.

“As Asian Hall of Fame enshrines Class of 2025, we honor the lasting legacy of their achievements, heritage and families who continue to advance progress and prosperity in America and around the world,” states Maki Hsieh, Asian Hall of Fame President & CEO.

Tickets are not available for public sale. Asian Hall of Fame Inductees and donors receive exclusive Induction ticket opportunities. Press can access images and bios at asianhalloffame.org/pressroom. Media credential applications are open.

CLASS OF 2025
Bui & Herbie Simon, Philanthropists & Indiana Pacers Owner
Cindy Y. Huang, Founder, Green Rock Investment Fund
Fiona Ma, CPA, 34th Treasurer of California
Il Yeon Kwon, Founder, H Mart
Jensen Huang, Co-Founder, President & CEO, Nvidia
Michelle Kwan, Olympic Medalist & Former U.S. Ambassador to Belize
Rika and Manu ShahRaj Shah, Rup Shah, Philanthropists & Founders, MSI International
Roman Gabriel Jr., Legendary NFL Quarterback
Sooman Lee, K-Pop Trailblazer
Stephen and Lynn Valbuena, Rich Valbuena, Sabrina Castaneda, Yuhaaviatam of San Manuel Nation
Studio Ghibli, Animation Studio
William Wang, Founder & CEO, Vizio
Yao Ming, Basketball Hall of Famer
Yi So-yeon, First Korean Astronaut
Yoshiki, Cultural Icon

GOODWILL AMBASSADORS
John Paris (Earth, Wind & Fire)
Kevin Olusola (Pentatonix)
Sebu Simonian (Capital Cities)

NATIONAL MERIT PRIZES
Champion for Change Prize – Emmanuel Coquia

ABOUT ASIAN HALL OF FAME
Established in 2004, Asian Hall of Fame honors national and international luminaries, Indigenous leaders, and cross-cultural ambassadors. Its intergenerational work advances scholarships, trauma aid and heritage preservation.

Contact: press@asianhalloffame.org, (626) 600-9418, www.asianhalloffame.org.