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Autozi Internet Technology (Global) Ltd. Announces Fiscal Year 2024 Financial Results and Files Its Annual Report on Form 20-F

BEIJING, Jan. 28, 2025 /PRNewswire/ — Autozi Internet Technology (Global) Ltd. (“Autozi” or the “Company”) (Nasdaq: AZI), one of the leading and fast-growing lifecycle automotive service providers in China, today announced its financial results for the fiscal year ended September 30, 2024. The Company also filed its annual report on Form 20-F for the fiscal year ended September 30, 2024 with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, U.S. Eastern Time. The annual report can be accessed on the SEC’s website at www.sec.gov.

Management Commentary

Dr. Houqi Zhang, Founder, Chairman, and Chief Executive Officer of Autozi, commented. “As we conclude a successful fiscal year 2024, I am proud of Autozi’s continued progress in advancing our supply chain digitalization platform, which is a core driver of our strategic transformation toward a more intelligent and light-asset business model. Leveraging cutting-edge technologies such as artificial intelligence, big data, cloud computing, and the Internet of Things, we have significantly enhanced our end-to-end digital integration, enabling more efficient collaboration and streamlined processes across the entire supply chain. In addition, we completed our initial public offering on the NASDAQ Global Market in August, further expanding our access to capital, heightening our brand visibility, and marking our entrance to the global stage.”

Dr. Zhang continued, “Looking ahead, our focus remains on empowering participants across the entire supply chain ecosystem by creating a direct-to-consumer network for auto service shops and car owners, offering seamless, convenient, and reliable one-stop lifecycle services. We are actively exploring opportunities to expand our multi-business ecosystem, pursuing strategic acquisitions in key verticals to strengthen our leadership in the industry. Meanwhile, we remain focused on maintaining stable profitability through disciplined cost management and operational efficiencies. We are also committed to continuing the optimization of our capital structure, ensuring a stronger financial position to support our long-term strategic objectives and create sustainable value for our shareholders.”

Fiscal Year 2024 Financial Results

Revenues increased by 9.9% to $124.7 million in fiscal year 2024 from $113.5 million in the prior year. The Company’s revenues were recognized in RMB and reported in U.S. dollar, and the depreciation of the RMB against the U.S. dollar during the fiscal year negatively impacted the reported year-over-year growth rate. On a constant currency basis in RMB terms, the Company’s revenues grew by approximately 12.2% year over year. This growth was driven by the Company’s strategic shift towards focusing on its auto parts and auto accessories sales segment, which more than offset declines in other business lines. With a continued emphasis on this high-margin, growth-oriented segments, Autozi remains well-positioned for future expansion and sustained improvement in its margin profiles.

  • Revenues from auto parts and auto accessories sales increased significantly by 86.1% to $68.6 million in fiscal year 2024 from $36.8 million in the prior year as a result of successful market expansion and increased sales volume. The increase reflects the Company’s ongoing efforts to refine its auto parts and accessories portfolio, establish new partnerships with new customers, and strengthen relationships with existing customers.
  • Revenues from new car sales decreased by 24.3% to $55.8 million in fiscal year 2024 from $73.7 million in the prior year. During the fiscal year, the Company made a strategic decision to gradually scale back its focus on new car sales in response to increasing regulatory complexities, intensifying market competition, shrinking market demand, and decreasing margins in this segment. While the new car sales business continues to provide brand influence and market presence, supporting the broader auto parts and auto accessories operations, the Company does not expect significant future investment in this segment. This shift allows Autozi to prioritize its growth in higher-margin areas with stronger long-term potential.
  • Revenues from automotive insurance-related services decreased to $0.4 million in fiscal year 2024 from $3.0 million in the prior year. This decrease was due to industry-wide regulatory changes that introduced new requirements, which led the Company to discontinue its insurance-related services at the end of fiscal year 2023. While automotive insurance may remain a potential component of our broader ecosystem in the future, any re-engagement in this area will be contingent upon identifying suitable strategic partnerships or acquisition opportunities that align with the Company’s long-term growth objectives.

Cost of revenues increased by 9.2% to $123.5 million in fiscal year 2024 from $113.0 million in the prior year. This increase reflects changes in the cost structure across various business segments, which are directly aligned with the revenue performance.

Gross profit was $1.3 million for fiscal year 2024, an increase of $0.8 million from $0.5 million in fiscal year 2023. This represents a gross profit margin of 1.0% for fiscal year 2024, compared to 0.4% in the prior year. This improvement was primarily driven by stronger profitability in the auto parts and auto accessories sales segment, which reflects the Company’s strategic focus on expanding this high-margin business. In fiscal year 2024, revenues from auto parts and auto accessories sales accounted for 55.0% of total revenues, up from 32.5% in fiscal year 2023. Furthermore, increased procurement efforts during the year allowed Autozi to leverage greater bargaining power with upstream suppliers, enhancing profitability in this segment. As a result, the gross profit margin for the auto parts and auto accessories sales segment improved from 1.0% in fiscal year 2023 to 1.8% in fiscal year 2024, underscoring the Company’s successful execution of its strategic initiatives in this area.

Operating expenses decreased by 14.3% to $6.7 million in fiscal year 2024 from $7.8 million in the prior year. This reduction was a direct result of the Company’s ongoing efforts to optimize its cost structure, implement stringent expense control initiatives, and improve operational efficiencies.

  • Sales and marketing expenses increased by 11.4% to $1.3 million in fiscal year 2024 from $1.1 million in the prior year. This increase was primarily attributable to higher market promotion expenses, as the Company strategically invested in business development initiatives to support the rapid growth of its auto parts and auto accessories sales segment. Additionally, the expansion of this segment required maintaining adequate inventory levels, leading to a corresponding rise in warehousing and logistics costs. However, these costs remained in line with revenue growth, underscoring the Company’s disciplined approach to balancing investment and operational efficiency while driving long-term growth in its core business.
  • General and administrative expenses decreased by 19.3% to $4.3 million in fiscal year 2024 from $5.4 million in the prior year. The reduction was primarily driven by a $1.6 million decrease in credit losses, which was a result of the full provision for expected losses related to amounts due from affiliated parties in fiscal year 2023. There was no such provisionin fiscal year 2024. This decrease was partially offset by a $0.6 million increase in staff costs, which were associated with bonuses paid to employees following the Company’s successful Initial Public Offering during the fiscal year, and a $0.1 million increase in additional consulting and professional service fees as a public company.
  • Research and development expenses decreased by 16.4% to $1.1 million in fiscal year 2024 from $1.3 million in the prior year. This decline was mainly the result of a $0.2 million reduction in staff costs, as the Company entered a more mature phase in the development of its service platform. With the initial R&D phase largely completed, the focus has shifted to platform maintenance and optimization, resulting in a stabilization of R&D expenses.

Operating loss narrowed by 25.6% to $5.4 million in fiscal year 2024 from $7.3 million in the prior year. This improvement was a testament to the Company’s continued efforts to optimize its cost structure, implement stringent expense control initiatives, improve operational efficiencies, and increase the revenue contribution from the higher-margin auto parts and auto accessories sales segment.

Net loss was $11.1 million in fiscal year 2024, compared to a net loss of $10.5 million in fiscal year 2023. The increase in the net loss was primarily due to a $1.5 million increase in litigation-related costs, which primarily consisted of accrued penalties for the repurchase of mezzanine equity. While the Company has taken a prudent approach in accounting for this charge, it does not anticipate any actual cash impact. Excluding this charge, the company’s net loss in fiscal year 2024 would have narrowed by 10.5% or $1.0 million to $8.1million.

Full Financial Disclosure

This press release provides a summary of Autozi’s financial results for the fiscal year ended September 30, 2024. It is intended for informational purposes only and does not represent a complete or comprehensive overview of the Company’s financial condition. For a detailed understanding of the Company’s financial performance, results, and related implications, please refer to the Company’s annual report on Form 20-F for fiscal year 2024, filed with the U.S. Securities and Exchange Commission. The Form 20-F contains the Company’s audited financial statements, management’s analysis, and other key disclosures necessary for a full evaluation of its financial position.

Recent Business Developments

Autozi’s continued focus on digital transformation and its industry integration strategy has significantly contributed to the Company’s strong performance and competitive advantage. These efforts have positioned Autozi as a leader in the automotive supply chain ecosystem, paving the way for consolidating this highly-fragmented market and long-term sustainable growth. The Company’s supply chain platform has gained widespread market recognition for its advanced capabilities, including cutting-edge data analytics tools, automated processes, and intelligent inventory management. These innovations have significantly improved the efficiency and responsiveness of the supply chain, enabling the Company to better meet customer demands and streamline operations.

In recent months, Autozi has forged partnerships with 12 provincial distributors, demonstrating its proactive approach to market expansion and its ability to deepen market penetration. These partnerships have broadened the Company’s sales channels and increased market share across diverse regions. Additionally, the establishment of logistics partnerships in eight provinces has strengthened the Company’s distribution network, enhancing its ability to provide faster and more reliable delivery services. The shared supply chain resources strategy has not only reduced operating costs but also improved service quality and customer satisfaction.

As of September 30, 2024, the participants registered in our platforms included 3,410 auto parts and auto accessories manufacturers, 17,964 auto parts and auto accessories dealers and resellers, 79,351 service stores and garages owners. These achievements underscore the Company’s ability to drive operational optimization and resource sharing through digitalization. The resulting expansion of its business scale and improvement in profitability reflect the success of these initiatives. With ongoing enhancements to its digital capabilities and an ever-growing network of partners, Autozi is well-positioned to continue delivering revenue and profit growth in the years to come.

About Autozi Internet Technology (Global) Ltd.

Autozi Internet Technology (Global) Ltd. is a leading, fast-growing provider of lifecycle automotive services in China. Founded in 2010, Autozi offers a comprehensive range of high-quality, affordable, and professional automotive products and services through both online and offline channels across the country. Leveraging its advanced online supply chain cloud platform and SaaS solutions, Autozi has built a dynamic ecosystem that connects key participants across the automotive industry. This interconnected network enables more efficient collaboration and streamlined processes throughout the entire supply chain, positioning Autozi as a key driver of innovation and growth in the automotive services sector.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements speak only as of the date of this announcement, and the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, as actual results may be impacted by a variety of factors, including without limitation, changes in macroeconomic conditions, industry dynamics, competitive landscape, regulatory requirements, the Company’s ability to successfully implement its growth strategies and effectively manage costs and operations, and unforeseen business challenges. The Company encourages investors to review other factors that may affect its future results in the Company’s registration statement, periodic reports, including its Annual Report on Form 20-F and Current Report on Form 6-K, and in its other filings with the SEC.

Contact Information
The Blueshirt Group
Jack Wang
Email: Jack@blueshirtgroup.co

AUTOZI INTERNET TECHNOLOGY (GLOBAL) LTD.

COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

INCOME/(LOSS) (In U.S. dollars in thousands, except for share and per share data, or otherwise noted)

For the years ended September 30,

2023

2024

Revenues

113,541

124,737

Cost of revenues

(113,045)

(123,484)

Gross profit

496

1,253

Operating expenses

Selling and marketing expenses

(1,137)

(1,267)

General and administrative expenses

(5,370)

(4,335)

Research and development expenses

(1,314)

(1,098)

Total operating expenses

(7,821)

(6,700)

Operating loss

(7,325)

(5,447)

Other income/(expense)

Litigation related expenses

(1,456)

(2,969)

Interest expenses, net

(2,060)

(2,707)

Other income, net

214

17

Investment income

78

Total other expenses, net

(3,224)

(5,659)

Loss before income tax expenses

(10,549)

(11,106)

Income tax expenses

Net loss

(10,549)

(11,106)

AUTOZI INTERNET TECHNOLOGY (GLOBAL) LTD.

CONSOLIDATED BALANCE SHEETS

(In U.S. dollars in thousands, except for share and per share data, or otherwise

noted)

As of September 30,

2023

2024

ASSETS

Current assets

Cash and cash equivalents

2,120

$

1,972

Restricted cash

501

Accounts receivable, net

132

417

Advance to suppliers, net

11,553

6,513

Inventories

889

3,270

Prepayments, receivables and other assets, net

1,803

8,120

Deferred offering cost

1,555

Amounts due from related parties, net

403

294

Total current assets

18,455

21,087

Non-current assets

Property, equipment and software, net

441

427

Operating lease right-of-use assets

139

343

Total non-current assets

580

770

TOTAL ASSETS

19,035

$

21,857

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities

Short-term borrowings

5,739

8,131

Convertible bonds

4,180

4,346

Accounts payable

1,389

2,868

Deferred revenues

8,913

6,545

Accrued expenses and other current liabilities

11,485

17,189

Payable to redeemable non-controlling interests

14,893

16,616

Lease liabilities, current

352

530

Amounts due to related parties

478

767

Total current liabilities

47,429

56,992

Non-current liabilities

Lease liabilities, non-current

17

42

Total non-current assets

17

42

TOTAL LIABILITIES

47,446

57,034

Mezzanine equity

Redeemable principal interests (US$0.000001 par value; 28,900,700 and nil shares issued and
outstanding as of September 30, 2023 and 2024, respectively)*

118,860

Total mezzanine equity

118,860

$

Shareholders’ deficit

Ordinary shares (US$0.000001 par value; 500,000,000,000 and 500,000,000,000 shares
authorized as of September 30, 2023 and 2024; 73,580,500 and nil shares issued and outstanding
as of September 30, 2023 and 2024, respectively)*

Class A ordinary shares (US$0.000001 par value; 480,000,000,000 and 480,000,000,000 shares
authorized as of September 30, 2023 and 2024; nil and 70,386,100 shares issued and outstanding
as of September 30, 2023 and 2024, respectively)*

Class B ordinary shares (US$0.000001 par value; 20,000,000,000 and 20,000,000,000 shares
authorized as of September 30, 2023 and 2024; nil and 34,595,100 shares issued and outstanding
as of September 30, 2023 and 2024, respectively)*

Subscription receivable

Additional paid-in capital

4,579

84,824

Accumulated deficit

(166,020)

(129,532)

Accumulated other comprehensive income

14,699

10,967

Total AUTOZI shareholders’ deficit

(146,742)

(33,741)

Non-controlling interests

(529)

(1,436)

Total shareholders’ deficit

(147,271)

(35,177)

TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

19,035

21,857

* The shares and per share information are presented on a retroactive basis to reflect the Company’s historic reorganization and share splits. For more information, please refer to the Notes To Combined And Consolidated Financial Statements in the Company’s annual report on Form 20-F for the fiscal year ended September 30, 2024.

Health In Tech to Attend the 2025 HCAA Executive Forum with Self-Funding Solutions

Leadership Team to Connect with Health Industry Leaders
to Discuss Quoting Efficiency and Customizable Coverage

STUART, Fla., Jan. 28, 2025 /PRNewswire/ — Health In Tech (Nasdaq: HIT), an Insurtech platform company backed by third-party AI technology, is attending the 2025 Health Care Administrators Association (“HCAA”) Executive Forum to promote an industry-leading quoting power of the company’s proprietary SaaS platform, the Enhanced Do It Yourself Benefits System (eDIYBS).

Hosted at the Bellagio in Las Vegas from February 10-12, 2025, the HCAA 2025 Executive Forum connects leaders, innovators, and entrepreneurs from hundreds of businesses across the healthcare, Insurtech insurance, and software industries.

“Heading into 2025, affordability and flexibility remain paramount for us and our clients,” said Health In Tech CEO Tim Johnson. “HCAA is a great opportunity for us to connect with industry leaders and potential partners to share how eDIYBS can provide those solutions for self-funded health plans.”

About eDIYBS: Streamlining Self-Funding and Customizing Ancillary Coverage

Health In Tech streamlines how brokers, groups, and TPAs approach self-funding with its eDIYBS platform. eDIYBS seeks to improve the quoting process for small and level-funded plans, and to make it more efficient and adaptable, focusing on flexibility in proposal generation efficiency. The SaaS platform allows users to quote 12 plans with four tiers while customizing their plan return options and selecting networks and plan designs, typically in just a few minutes.

A range of ancillary coverage options ManhattanLife provides are also accessible through the quoting platform. Options include Critical Illness and Cancer Voluntary Coverage, Accident Indemnity Plus, Dental, Vision, Term Life, and GAP Coverage. This diverse selection allows clients to tailor their plans according to their specific needs while helping to provide comprehensive coverage at an affordable cost.

Connect with Health In Tech at the HCAA Executive Forum

Health In Tech leaders Glen Hillyer, Chief Growth Officer; Del Lockett, Chief Operating Officer; and Chris Kurtenbach, Senior Vice President of Operations, will attend the HCAA 2025 Executive Forum to discuss further how eDIYBS can simplify self-funding for clients. 

Contact the team here to learn more about how Health In Tech and eDIYBS can enhance your health plan options.

About Health In Tech 

Health In Tech (Nasdaq: “HIT”) is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech’s possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “design,” “target,” “aim,” “hope,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “project,” “potential,” “goal,” or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech’s future financial performance, and involve known and unknown risks, uncertainties and other factors, including risks and uncertainties related to the adoption and performance of Health In Tech’s proprietary solutions, evolving market demands, and outcomes from industry engagements, that may cause Health In Tech’s actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech’s control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech’s operations, results of operations, growth strategy and liquidity.

Investor Contact

Investor Relations:
ir@healthintech.com

Intelligent Living Application Group Inc. Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

HONG KONG, Jan. 28, 2025 /PRNewswire/ — Intelligent Living Application Group Inc. (NASDAQ: ILAG) (“Intelligent Living” or the “Company”), a premium lockset manufacturer in Hong Kong, announced today that, on January 23, 2025, the Company received a letter from the Nasdaq Stock Market (“Nasdaq”) notifying the Company that, because the closing bid price for the Company’s ordinary shares listed on Nasdaq was below $1.00 for 30 consecutive trading days, the Company no longer meets the minimum bid price requirement for continued listing on Nasdaq under Nasdaq Marketplace Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”).

The notification has no immediate effect on the listing of the Company’s ordinary shares. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, until July 22, 2025 (the “Compliance Period”), to regain compliance with the Minimum Bid Price Requirement. If at any time before the expiration of the Compliance Period the bid price of the Company’s ordinary shares closes at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance. If the Company does not regain compliance by the end of the Compliance Period, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company’s securities will be subject to delisting.

The Company intends to continue actively monitoring the bid price for its ordinary shares between now and the expiration of the Compliance Period and will consider all available options to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement.

About Intelligent Living Application Group Inc.

Intelligent Living Application Group Inc. is a premium lockset manufacturer and distributor headquartered in Hong Kong. Intelligent Living manufactures and sells high quality mechanical locksets to customers mainly in the United States and Canada and has continued to diversify and refine its product offerings in the past 40 years to meet its customers’ needs. Intelligent Living obtained the ISO9001 quality assurance certificate and various accredited quality and safety certificates including American National Standards Institute (ANSI) Grade 2 and Grade 3 standards that are developed by the Builders Hardware Manufacturing Association (BHMA) for ANSI. Intelligent Living keeps investing in self-designed automated product lines, new craftsmanship and developing new products including smart locks. For more information, visit the Company’s website at http://www.i-l-a-g.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on 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, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov

Gamehaus Holdings Inc. Celebrates NASDAQ Listing and Shares Vision for Future Growth

SHANGHAI, Jan. 28, 2025 /PRNewswire/ — Gamehaus Holdings Inc. (“Gamehaus” or the “Company”) (Nasdaq: GMHS), a technology-driven mobile game publisher, today announced its official listing on the Nasdaq Capital Market (“NASDAQ”). The Company’s Class A ordinary shares began trading today under the stock symbol “GMHS,” marking a pivotal step in its continued expansion and commitment to shaping the future of the global gaming industry.

Mr. Feng “Brian” Xie, founder and Chairman of Gamehaus shared the following Letter to Employees with the Gamehaus team:

Dear Gamehaus Team,

Today marks an incredible milestone in our journey as we are officially listed on NASDAQ. This moment is a powerful testament to the hard work and dedication of every one of you. It is not just a celebration of what we’ve accomplished so far, but also the beginning of an exciting new chapter filled with limitless possibilities for our future.

When we founded Gamehaus in October 2016, we set out with a bold vision – to build a truly global game publishing company. At the time, we were small, just a spark in a vast industry, but with our passion for gaming and unwavering determination, we steadily overcame challenges and carved out our place in an intensely competitive market. Over the years, we’ve witnessed transformative shifts in the gaming landscape, from the evolution of traditional gaming to the integration of cutting-edge technologies like artificial intelligence and virtual reality. Each transformation has presented us with new challenges, but also extraordinary opportunities. Through it all, we’ve remained dedicated to empowering small- and medium-sized game developers at every stage of their growth. By combining our strong reputation and industry-leading expertise with cutting-edge, data-driven technologies, we offer comprehensive support that spans the entire development and publishing cycle. This commitment not only enables us to deliver exceptional gaming experiences for players worldwide, but also raises the bar for the industry as a whole.

One of the key drivers of our success has been our team, a group bound by our passion for gaming and shared commitment to excellence. This teamwork has allowed us to achieve the impossible and overcome challenges that might have seemed insurmountable. It’s this sense of unity and collaboration that has allowed us to execute on our vision with precision and drive. But as we all know, the gaming industry is fast-moving and highly competitive. To stay ahead, we can’t simply rely on our past successes. This is why, as we look toward 2025, we’re embracing the theme of “Refresh.” “Refresh” is not about abandoning the past – it’s about reinvigorating our team, our culture, and our approach to innovation. It’s about recognizing that the next phase of growth will come from challenging ourselves to think differently, work more efficiently, and stay ahead of the curve.

We must constantly ask ourselves: What unique value does Gamehaus bring to the global gaming industry? How can we keep surprising and delighting our players? Our goal is not just to be part of the gaming industry but to shape its future. Our ambition is to create games that redefine entertainment and bring joy to millions worldwide. With the “Refresh” mindset, I am confident that Gamehaus will continue to rise as a global leader in the gaming industry – delivering exceptional experiences to our players, generating long-term value to our shareholders, and earning the respect of our peers. As we embark on this exciting new chapter, let’s move forward with renewed energy and determination. Together, let’s embrace the “Refresh” mindset and work toward building an even brighter future for Gamehaus.

Thank you for being part of this incredible journey. The best is yet to come!

Feng “Brian” Xie
Founder and Chairman of Gamehaus

About Gamehaus

Gamehaus Holdings Inc. is a technology-driven mobile game publisher dedicated to nurturing partnerships with small- and medium-sized game developers to amplify their success. “You make successful games. We make games successful” is the company’s mantra, encapsulating its commitment to transforming potential into prosperity through data-driven monetization support and optimizing game publishing solutions. For more information, please visit https://ir.gamehaus.com/

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s business plan and outlook. 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 may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

Investor Relations Contact

Gamehaus Holdings Inc.
Investor Relations
Email: IR@Gamehaus.com

The Blueshirt Group
Jack Wang
Email: Gamehaus@TheBlueshirtGroup.co

South Australia Named in World’s Most Welcoming Regions – Booking.com’s Traveller Review Awards

ADELAIDE, Australia, Jan. 28, 2025 /PRNewswire/ — Booking.com has announced the recipients of its 13th annual Traveller Review Awards, revealing South Australia as one of the ‘Top 10 Most Welcoming Regions on Earth’. Based on over 360 million verified customer reviews, the awards honour travel partners who consistently deliver outstanding hospitality and service across accommodations, activities, and transportation options, including flights, car rentals, and taxi services.

In 2025, a record 27,432 partners across Australia are being acknowledged with a Traveller Review Award. Holiday homes remain the most-awarded accommodation across Australia, with 9,894 winners.

Most Welcoming Regions on Earth
Determined by the share of accommodation partners receiving a Traveller Review Award, this year’s Most Welcoming Regions on Earth list showcases the world’s hospitality, inspiring unforgettable adventures for the year.

2025’s Most Welcoming Regions

Todd Lacey, Regional Manager, Oceania for Booking.com commented “Our Booking.com partners go above and beyond to help create memorable travel moments. The annual Traveller Review Awards are just one way that we can spotlight these dedicated hospitality heroes, saying thank you not just from Booking.com, but from the hundreds of millions of travellers who use Booking.com to experience the world.

We’re thrilled to see South Australia recognised on the global stage this year, and are looking forward to continuing to support our local partners as they welcome visitors to the state’s world-class events, wine regions and scenic landscapes.”

For more information about Booking.com’s 2025 Traveller Review Awards, please visit https://www.booking.com/traveller-review-awards/index.en-gb.html

Contact:
Booking Australia Press Office, 
Email: bookingau@havasred.com

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 news.booking.com.

U Power Announces Closing of $5.0 Million Registered Direct Offering and Concurrent Private Placement

SHANGHAI, Jan. 28, 2025 /PRNewswire/ — U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced the closing of its previously announced registered direct offering and concurrent private placement with certain institutional investors for the purchase and sale of i) 648,000 Class A ordinary shares  (the “Class A Ordinary Shares”) of the Company, par value $0.00001 per share (the “Shares”), ii) Pre-funded Warrants to purchase up to 393,668 Class A Ordinary Shares in the registered direct offering (the “Pre-funded Warrants”), and iii) warrants to purchase up to 1,562,502 Class A Ordinary Shares in the concurrent private placement (the “Common Warrants”) at a combined offering price for each Class A ordinary share and accompanying Common Warrant of $4.80. The Pre-funded Warrants are exercisable immediately and at any time until all of the Pre-funded Warrants are fully exercised, at an exercise price of $0.0001 per Class A Ordinary Share. The Common Warrants are immediately exercisable, have an exercise price of $4.80 per share, and will expire five years from the date of issuance.

The gross proceeds to the Company were approximately $5.0 million before deducting the placement agent’s fees and other offering expenses.

Additionally, certain existing Series A warrants to purchase up to an aggregate of approximately 100,000 Class A ordinary shares of the Company that were issued to such institutional investors in December 2023, at an exercise price of $120.00 per share, have been amended to have an exercise price of $4.80 per share.

Maxim Group LLC acted as the sole placement agent in connection with the offering.

The Shares, the Pre-funded Warrants and the Class A Ordinary Shares issuable upon exercise of the Pre-funded Warrants described above were offered pursuant to a shelf registration statement on Form F-3 (File No. 333-282901) that was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 8, 2024. The Common Warrants and the Class A Ordinary Shares issuable upon exercise of the Common Warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 (the “Act”), as amended, and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the sales of the Shares and the Pre-funded Warrants has been filed by the Company with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus may also be obtained from Maxim Group LLC at 300 Park Avenue, New York, NY 10022, by phone at (212) 895-3500 or e-mail at syndicate@maximgrp.com.

About U Power Limited

U Power Limited is a vehicle sourcing services provider, with a vision to becoming an EV market player primarily focused on its proprietary battery-swapping technology, or UOTTA technology, which is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. Since its operation in 2013, the Company has established a vehicle sourcing network in China’s lower-tier cities. The Company has developed two types of battery-swapping stations for compatible EVs and is operating one manufacturing factory in Zibo City, Shandong Province, China. For more information, please visit the Company’s website: http://ir.upincar.com/.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements reflect the Company’s current view about future events. 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,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or 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, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Contact

U Power Limited
Investor Relations Department
Email: ir@upincar.com

Robin Yang, Partner
ICR, LLC
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415

DeTect to Deliver MERLIN™ True3D™ Bird Detection Radar to Hanseo University’s Flight Education Center in South Korea

DeTect’s state-of-the-art MERLIN True3D bird radar is the most widely used system for commercial airport and military airfield bird-aircraft strike risk management.

PANAMA CITY, Fla., Jan. 27, 2025 /PRNewswire/ — DeTect, Inc. (DeTect) is shipping a MERLIN True3D Bird Detection Radar (BDR) to Hanseo University’s Flight Education Center in South Korea with the system to be installed and operational in mid-February. The system will be used to support flight safety for pilot training and for research, providing real-time bird and drone tracking and strike risk alerting to air traffic controllers and airfield management. DeTect and Hanseo entered into an agreement in June 2024 to deploy the MERLIN system at the training centre airstrip in Taean. “The system will be installed adjacent to the runway and will provide 24-7 real-time information on aircraft, bird and drone activity in support of flight safety” said Gary Andrews DeTect CEO. “The radar detects out to 11 kilometers around the airfield with live displays and risk alerts in the Air Traffic Control tower and other user locations.”

ABOUT DETECT INC:

DeTect is a fully integrated radar company with research, engineering and manufacturing facilities in Florida, Canada and Poland, and offices in North Dakota, California, Hawaii, London, Poland and South Korea. The company’s MERLIN BDR is the most proven and widely used system for aircraft-bird strike risk management. Other DeTect products include HARRIER™ Security and Surveillance Radars, the DroneWatcher™ counter-UAS system, MERLIN bird protection systems for wind farms, and the HARRIER Aircraft Detection Lighting System.  Since 2003, DeTect has manufactured and delivered over 1100 systems in the US, Canada, the UK, Europe, Africa, and Asia.

 

MERLIN True3D bird and drone detection radar system installation (USA)
MERLIN True3D bird and drone detection radar system installation (USA)

 

Xiao-I (AIXI) Responds to “DeepSeek” Developments, Showcases Cost-Effective RL Breakthroughs in Hua Zang LLM, and Announces U.S. Expansion

PISCATAWAY, N.J., Jan. 28, 2025 /PRNewswire/ — Xiao-I Corporation (NASDAQ: AIXI), a leading artificial intelligence company (“Xiao-I”), today commented on recent developments surrounding “DeepSeek,” emphasizing the company’s longstanding expertise in reinforcement learning (RL) technology. The company highlighted how the firm has seamlessly integrated these advanced RL capabilities into its proprietary Hua Zang Large Language Model (LLM), offering a highly efficient solution that reduces both licensing and hardware costs.

Xiao-I’s Hua Zang LLM leverages cutting-edge RL algorithms that the company has been refining for years—capabilities that have enabled the model to be deployed with minimal infrastructure outlay. The company underscored that the latest headlines around “DeepSeek” are unsurprising, given the company’s ongoing research and innovation in advanced AI.

“As attention grows around new AI developments like DeepSeek, we want our investors and clients to know that Xiao-I has been quietly but diligently pushing the boundaries of reinforcement learning,” said a company spokesperson. “Our Hua Zang LLM incorporates proprietary RL techniques, which deliver high performance and scalability, yet maintain a cost structure that sets us apart from other large language models. This efficiency has already proven itself in applications such as our recent HR digitization project for a Hong Kong government entity.”

Hua Zang LLM’s Advantages

  • Reinforcement Learning (RL) Core: Years of in-house R&D have culminated in a more efficient RL framework, optimizing training times and deployment costs.
  • Scalable Infrastructure: Achieves top-tier performance industry-specific model without requiring extensive, high-cost GPU clusters, lowering total cost of ownership for enterprise clients.
  • Competitive Licensing Model: Offers flexible, cost-effective licensing, making enterprise-scale LLM adoption accessible to organizations of all sizes.

Following success in Asia, Xiao-I now plans to expand its enterprise LLM solutions into the United States, tailoring its offerings to meet the dynamic needs of U.S. corporations seeking robust and budget-friendly AI services.

“We are excited to bring our cost-effective solutions to U.S. enterprises,” continued the company spokesperson. “Our RL-optimized Hua Zang LLM addresses rising concerns about excessive hardware and licensing expenses, giving clients the freedom to scale AI initiatives without compromising on quality or performance.”

About Xiao-I Corporation

Xiao-I Corporation is a leading cognitive intelligence enterprise in China that offers a diverse range of business solutions and services in artificial intelligence, covering natural language processing, voice and image recognition, machine learning, and affective computing. Since its inception in 2001, the Company has developed an extensive portfolio of cognitive intelligence technologies that are highly suitable and have been applied to a wide variety of business cases. Xiao-I powers its cognitive intelligence products and services with its cutting-edge, proprietary AI technologies to enable and promote industrial digitization, intelligent upgrading, and transformation. For more information, please visit: www.xiaoi.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to achieve its goals and strategies, the Company’s future business development and plans for future business development, including its financial conditions and results of operations, product and service demand and acceptance, reputation and brand, the impact of competition and pricing, changes in technology, government regulations, fluctuations in general economic and business conditions in China, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission (“SEC”). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including under the section entitled “Risk Factors” in its annual report on Form 20-F filed with the SEC on April 30, 2024, as well as its current reports on Form 6-K and other filings, all of which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.