Category Archives: PR Newswire

LightInTheBox Files 2019 Annual Report on Form 20-F

BEIJING, May 1, 2020 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a cross-border e-commerce platform that delivers products directly to consumers around the world, today announced that it filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2019 with the U.S. Securities and Exchange Commission. An electronic copy of the annual report on Form 20-F can be accessed on LightInTheBox’s investor relations website at http://ir.lightinthebox.com and on the SEC’s website at http://www.sec.gov. Shareholders may receive a hard copy of LightInTheBox’s audited financial statements for the fiscal year ended December 31, 2019 free of charge upon request. Requests should be submitted to ir@lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a cross-border e-commerce platform that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.com and other websites and mobile applications, which are available in 23 major languages and cover more than 140 countries.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com

OR

Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

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Source: LightInTheBox Holding Co., Ltd.

WeChat is Taking Museums to the Cloud

SAN FRANCISCO, May 1, 2020 /PRNewswire/ — Since the outbreak of the pandemic, major museums, galleries and expositions across the United States have been forced to cancel events and close their doors. This has put a lot of pressure on the industry as a whole. Within this environment, WeChat has teamed up with 11 museums in the U.S. to create an innovative “Museum in the Cloud” experience, allowing would-be museum-goers to digitally visit participating museums from their homes.

The partnership is wholeheartedly supported by the American Alliance of Museums (AAM).

“We are very happy to support WeChat’s initiative to help digitalize the museum experience, as it also connects to the American Alliance of Museum’s vision of building ‘A world informed and enriched by thriving museums,'” said Arthur Affleck, the Vice President of Development of AAM. “The museum Mini Programs will enable Chinese audiences to tour American museums remotely from across the ocean, and help in bringing the world closer together under this special timing.”

These 11 museums are among the first partners to join WeChat’s travel solutions initiative – WeChat go. The partner museums span the East and West Coasts of the U.S. and include the New York Museum of Modern Art (MoMA), Asian Art Museum of San Francisco, Autry Museum of American West, Guggenheim, Museum of the City of New York, Brooklyn Museum, Peabody Essex Museum, Walt Disney Family Museum, Telfair Museums, Aquarium of the Pacific and Lowell Observatory. From modern to ancient arts, aquariums to observatories, the participating museums run the gamut of curated collections.

Aimed at Chinese visitors, the Mini Programs being launched by the museums offer free public resources such as guided audio tours, video materials, introductions of pieces in the collections and interactive games. It is hoped that these resources will help Chinese museum-goers better understand the collections and offer them a more engaging experience, while allowing them to strengthen cross-cultural understanding even during social distancing.

MoMA Shows Users the Cream of the Collection

The MoMA Mini Program developed by the New York Museum of Modern Art, offers Chinese language explanations and audio guides for some of the museum’s finest pieces. Anna Temkin, MoMA’s Chief Curator of Painting and Sculpture, even takes it upon herself to relate precious works such as Van Gogh’s Starry Night, Picasso’s Les Demoiselles d’Avignon and Monet’s Water Lillies to digital visitors.

Aside from these more practical functions, the MoMA Mini Program has two other bonus functions – “Find Your Match” and “Rewards”. “Find Your Match” was developed taking inspiration from dating software. Works of art pop up and users can swipe left or right depending on whether they like the piece or not.

Screenshots of the MoMA Mini Program
Screenshots of the MoMA Mini Program

Meanwhile, “Awards” encourages user engagement by giving them tasks to complete, through which they can win prizes such as exclusive wallpapers, MoMA postcards and membership draws.

The Asian Art Museum of San Francisco Turns Users into Collectors

In order to offer users a more engaging experience, the Asian Art Museum of San Francisco equips three other functions, including introductions of the collections, museum guides and fun, interactive achievements for users to complete. After opening the Mini Program, users are led around the museum on a Private Tour by Dr. Jay Xu, Director and CEO of the Asian Art Museum of San Francisco. No matter how far users are from the museum geographically, they can feel like they’re right in the museum.

If a certain piece of the collection catches users’ eyes during their tours, they can add it to “My Display Case” and take a brief quiz. If the user answers successufully, they can obtain a “Collection Certification” from the Asian Art Museum and become an “Expert Collector.”

Screenshots of the San Francisco Asian Art Museum Mini Program
Screenshots of the San Francisco Asian Art Museum Mini Program

“The world is changing,” notes Dr. Xu. “But one constant is the desire for connection. WeChat serves as one of the Asian Art Museum’s most important portals—24 hours a day, 7 days a week, across oceans and continents—for engaging our global communities to 6,000 years of art and culture. WeChat empowers us to creatively embrace change, inspire new audiences with new ideas, and share our most compelling stories from the past to the present, stories that spotlight our common humanity and connect art to life.”

The other 9 museum Mini Programs also being launched have incorporated museum introductions and basic visitor information like opening hours, pricing and reminders. The applets will also offer Chinese language explanations of key exhibit pieces and collection files, along with unique photo frames designed exclusively for the various museums. These digital portals will provide Chinese users and tourists real-time services and a rich “Museum in the Cloud” experience.

In addition to these Mini Programs, all-Mandarin arts and cultural platform Move the Mind (MTM) is also unveiling its own Mini Program to provide a one-stop outlet for the Chinese cultural tourist. MTM’s Mini Program will collate key information on arts and cultural institutions, and connect to other museum applets to encourage users to explore deeper and further. Accessible through MTM’s WeChat account, the Mini Program will add value to its readers’ viewing experience, encouraging them to actively engage with global arts and culture.

A Digital Escape to the Museums in the Cloud

Even though museums are temporarily unable to open and public gatherings have been restricted during the pandemic, WeChat is supporting the AAM to help 11 US museums bring a brilliant historical and cultural experience to users by opening the doors to the “Museum in the Cloud”. At the same time, it also helps to show other museums and cultural institutions how they can give themselves a “modern makeover” to create a more engaging and personalized experience that attracts new visitors, both digitally and offline.

Interested in collaborating with WeChat go? Send us emails at wechatgo@tencent.com 

Photo – https://photos.prnasia.com/prnh/20200430/2790992-1-a?lang=0
Photo – https://photos.prnasia.com/prnh/20200430/2790992-1-b?lang=0

51job, Inc. Schedules First Quarter 2020 Earnings Release and Conference Call on May 7, 2020

SHANGHAI, May 1, 2020 /PRNewswire/ — 51job, Inc. (Nasdaq: JOBS) (“51job” or the “Company”), a leading provider of integrated human resource services in China, announced today that it will release unaudited financial results for the first quarter ended March 31, 2020 after the market closes on Thursday, May 7, 2020.

The Company’s management will hold a conference call at 9:00 p.m. Eastern Time on May 7, 2020 (9:00 a.m. Beijing / Hong Kong time zone on May 8, 2020) to discuss its first quarter 2020 financial results, operating performance and business outlook. To dial in to the call, please use the following telephone numbers:

US:

+1-888-346-8982

International:

+1-412-902-4272

Hong Kong:

+852-3018-4992

Conference ID:

51job

The call will also be available live and on replay through 51job’s investor relations website, http://ir.51job.com.

About 51job

Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company’s main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, http://www.51jingying.com, http://www.lagou.com, and http://www.51mdd.com), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, campus recruitment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide network of sales and service locations spanning more than 30 cities across China.

Contact:

Linda Chien
Investor Relations
51job, Inc.
+86-21-6879-6250
ir@51job.com

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Source: 51job, Inc.

Intertek Launches Protek – The World’s First Health, Safety and Wellbeing Assurance Programme for People, Workplaces and Public Spaces

LONDON, May 1, 2020 /PRNewswire/ — 

  • Health, Safety and Wellbeing in the workplace, in public transportation, public spaces and at home is now the number one concern for business leaders, employees and consumers*
  • Given its unrivalled expertise in Total Quality Assurance, operating in 100+ countries, with 1000+ labs and 46,000 Experts, Intertek is uniquely positioned to provide its clients with end-to-end Health, Safety and Wellbeing Assurance to protect their employees and their customers
  • Intertek Protek is the world’s first industry-agnostic, end-to-end Health, Safety and Wellbeing Assurance programme for people, workplaces and public spaces, and includes:
    – State of the art training and certification programmes for employees, reflecting learnings from the current pandemic
    – Audit of hygiene and sanitation processes and systems to ensure spaces, materials and surfaces are safe for employees and customers in the workplace and public spaces
    – Total Assurance for all types of facilities, from hotels, restaurants and retail outlets where consumers will look for visible signs of safety verification at the places in which they stay or pass through, to schools and education sites, transportation hubs and manufacturing plants 

Watch our video here: www.intertek.com/protek

Over the years and as part of its systemic approach to Total Quality Assurance (TQA), Intertek has been researching and developing innovative Health, Safety and Wellbeing solutions for its clients. Covid-19 has magnified the increased focus from all stakeholders on Health, Safety and Wellbeing in workplaces and in public spaces and, given the Company’s industry-leading subject-matter expertise, it is now launching the world’s first end-to-end solution in this category.

As the world adjusts to a ‘new normal’, many in-quarantine traits will become generally accepted standards as consumers and employees fundamentally re-think their approach to everyday health, safety and wellbeing. Whether at work, shopping, eating out or using public transport, people will look to corporations and brands for trust, assurance and peace of mind*

As companies prepare for a return to work, employees are concerned about their health and safety* and as consumers think about returning to visit public spaces, they are now increasingly looking to brands to provide trust and visible reassurance*.

Recent Intertek research shows that people do not feel safe returning to their workplace once restrictions have been lifted with over 70% not wanting to return unless authenticated health and safety practices are in place. Moreover, 91% of respondents agree that their employer should take extra measures to protect employees. Yet just over half (54%) of managers believe that they will struggle to provide an acceptable health and safety standard for employees when they do return to the workplace.

Across the consumer industries landscape, only 24% of respondents feel confident about visiting a bar or restaurant once restrictions are lifted and only 27% feel confident about visiting hotels. 56% do not trust cinema and theatre operators to have sufficient health and safety practices in place to prevent the spread of Covid-19, with this figure rising to 57% for airlines and 59% for public transport. At the same time, 84% of consumers now expect larger companies to contribute more to society and to have a social purpose.

Based on Intertek’s unique, systemic approach to quality assurance, Protek is a comprehensive service offering, providing audits, training and service solutions across People, Systems & Processes, Facilities, Materials & Surfaces and Products. A key part of this innovative new service offering is Protek People Assurance, which will provide an on-demand, e-Learning and certification programme that empowers companies to deliver essential employee training on key health and safety topics.  

Protek provides audits, training and occupational health & safety solutions for companies wishing to provide peace of mind for their employees. Specific learning and certification solutions range from Covid-19 related programmes to modules on how to use face masks, gloves and PPE, and courses on food safety, hygiene, cleaning and prevention of the spread of infection.

The programme provides systemic risk-based quality assurance and verification for all sectors, from food safety and hygiene control services to dedicated audit solutions for the prevention of the spread of infection in all facilities and all sectors. This includes hotels, restaurants and retail outlets where consumers will look for visible safety verification of the places in which they stay or pass through. Protek offers turnkey solutions, from facility health assessment, cleaning and disinfecting process oversight and post-cleaning verification, to compliance reporting and certification across schools and education sites, transportation hubs and manufacturing plants.  

Protek helps businesses obtain independent assurance that they are fulfilling their duty of care and provides their employees and customers with the confidence they need, everywhere, every day. 

With over 46,000 TQA experts in over one hundred countries, Intertek is uniquely placed to give businesses the reassurance of a global solution with unrivalled local knowledge and expertise. No other company has the network, tools and processes to deliver Total Health, Safety and Wellbeing solutions to help people feel safe to return to work, to travel, to eat out and to adjust to the new normal.

André Lacroix, CEO of Intertek, said:

“On behalf of everyone at Intertek, I salute healthcare and frontline workers around the world for their magnificent response to the challenge presented by the global pandemic we are witnessing.  At Intertek, it is our duty to help corporations to ensure the health, safety and wellbeing of their employees in the workplace and their consumers in public spaces.

Indeed, as a purpose-led company, Intertek’s mission is to make the world a better and safer place. Never has our core purpose been more relevant than now. This is the moment where our mission-critical role in society truly comes to life, across all sectors and all business lines as we bring solutions the world needs now, everywhere, every day.

It is clear that health, safety and wellbeing for employees returning to their workplaces through to consumers returning to public spaces – and the public transport used to get there – is now the greatest concern for the entire world.

Building on our leading Quality Assurance expertise across all sectors of the economy globally, Protek offers our clients the world’s first independent Health, Safety and Wellbeing Assurance programme for people, workplaces and public spaces.”

About the Research:

This research was conducted online by an independent research consultant company from 29 – 30 April 2020 with n=2,201 respondents, representative of the UK adult general population (aged 18+ years old). Respondents were weighted in terms of age, gender, location and voting behaviour to reflect the known UK general population.

Intertek is a leading Total Quality Assurance provider to industries worldwide.

Our network of more than 1,000 laboratories and offices and over 46,000 people in more than 100 countries, delivers innovative and bespoke Assurance, Testing, Inspection and Certification solutions for our customers’ operations and supply chains.

Intertek Total Quality Assurance expertise, delivered consistently, with precision, pace and passion, enabling our customers to power ahead safely.

intertek.com

*Intertek research April 2020

Contacts

For further information, please contact:

Denis Moreau, Investor Relations
Telephone: +44 (0) 20-7396-3415   
investor@intertek.com

Jonathon Brill, FTI Consulting
Telephone: +44 (0) 20-3727-1000   
SCintertek@fticonsulting.com  

  

The9 Limited Filed Annual Report on Form 20-F for Fiscal Year 2019

SHANGHAI, May 1, 2020 /PRNewswire/ — The9 Limited (Nasdaq: NCTY) (“The9” or the “Company”), an established Internet company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2019 with the U.S. Security and Exchange Commission (“SEC”) on April 30, 2020. The annual report, which contains its audited financial statements, can be accessed on the SEC’s website at http://www.sec.gov as well as on the Company’s investor relations website at http://www.the9.com/en/. Shareholders may receive a hard copy of the annual report free of charge upon request.

About The9 Limited

The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The9 aims to become a diversified high-tech Internet company.

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iClick Interactive Asia Group Limited Files 2019 Annual Report on Form 20-F

HONG KONG, May 1, 2020 /PRNewswire/ — iClick Interactive Asia Group Limited (“iClick” or the “Company”) (NASDAQ: ICLK), an independent online marketing and enterprise data solutions provider in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2019 with the U.S. Securities and Exchange Commission (the “SEC”) on April 30, 2020.

The Company’s annual report on Form 20-F, which contains its audited consolidated financial statements, can be accessed on the SEC’s website at www.sec.gov as well as on the Company’s investor relations website at http://ir.i-click.com.

About iClick Interactive Asia Group Limited

iClick Interactive Asia Group Limited (NASDAQ: ICLK) is an independent online marketing and enterprise data solutions provider that connects worldwide marketers with audiences in China. Built on cutting-edge technologies, our proprietary platform possesses omni-channel marketing capabilities and fulfils various marketing objectives in a data-driven and automated manner, helping both international and domestic marketers reach their target audiences in China. Headquartered in Hong Kong, iClick was established in 2009 and is currently operating in ten locations worldwide including Asia and Europe. For more information, please visit ir.i-click.com.

Safe Harbor Statement

This announcement contains forward-looking statements, including those related to the Company’s business strategies, operations and financial performance. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s fluctuations in growth; its success in implementing its mobile and new retail strategies, including extending its solutions beyond its core online marketing business; its success in structuring a CRM & Marketing Cloud platform; relative percentage of its gross billing recognized as revenue under the gross and net models; its ability to retain existing clients or attract new ones; its ability to retain content distribution channels and negotiate favorable contractual terms; market competition, including from independent online marketing technology platforms as well as large and well-established internet companies; market acceptance of online marketing technology solutions and enterprise solutions; effectiveness of its algorithms and data engines; its ability to collect and use data from various sources; ability to integrate and realize synergies from acquisitions, investments or strategic partnership; the duration of the COVID-19 outbreak and its potential impact on the Company’s business and financial performance; fluctuations in foreign exchange rates; and general economic conditions in China and other jurisdictions where the Company operates; and the regulatory landscape in China and other jurisdictions where the Company operates. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

iClick Interactive Asia Group Limited

Lisa Li

Phone: +86-21-3230-3931 #892

E-mail: ir@i-click.com

In the United States:

Core IR

John Marco

Tel: +1-516-222-2560

E-mail: johnm@coreir.com

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FinVolution Group Files 2019 Annual Report on Form 20-F

SHANGHAI, May 1, 2020 /PRNewswire/ — FinVolution Group (“FinVolution”, or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2019 with the Securities and Exchange Commission (the “SEC”) on April 30, 2020. The annual report on Form 20-F, which contains the Company’s audited consolidated financial statements, can be accessed on the SEC’s website at http://www.sec.gov and on the Company’s investor relations website at http://ir.finvgroup.com.

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2019, the Company had over 105.9 million cumulative registered users.

For more information, please visit http://ir.finvgroup.com.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200- Ext 8601
E-mail: ir@ppdai.com

The Piacente Group, Inc. Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: paipaidai@tpg-ir.com

In the United States:
The Piacente Group, Inc. Brandi Piacente
Tel: +1-212-481-2050
E-mail: paipaidai@tpg-ir.com 

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Creality, a Global 3D Printer Manufacturer, Printed Medical Supplies for Hospitals Amid Supply Chain Challenge During COVID-19

SHENZHEN, China, May 1, 2020 /PRNewswire/ — Creality, a global 3D printer manufacturer based in Shenzhen, China, was providing 3D printed medical supplies for hospitals. According to Jack Chen, the CEO and co-founder of the company, Creality was utilizing 100 3D printers and TPU filaments to produce 3D printed face mask buckles, achieving a daily output of 1600 pieces. By March, the company donated 43,000 pieces of buckles to hospitals.

“The COVID-19 has taught us a lesson that 3D printing is so helpful to strategically address manufacturing risk by optimizing the agility of the supply chain. It carries out production at a lower economic scale and any point of need. We are glad that 3D printing is unleashing great potential during this crisis, and Creality is taking the lead to contribute more,” said Jack Chen. Creality has achieved a monthly shipment of over 50,000 pieces in March, which means that more makers are getting involved in making PPE on 3D printers.

The COVID-19 is becoming such a challenge for countries across the world as the situation is getting more severe. During the time, 3D printing has played an important role in mitigating personal protective equipment (PPE) shortage. Enterprises and civil communities are united to make 3D printed medical supplies for hospitals and clinics.

The Supply Chain Challenge During COVID-19

The rapid development of globalization enables developed countries to relocate production into other countries with lower labor costs or sufficient raw materials, which is so-called offshore manufacturing. However, the present global crisis is exposing the vulnerabilities concerning this-type supply chain. The lockdowns have multiplied the problems of the slowdown in production and suspensions in transportation. Therefore, countries that highly rely on offshore manufacturing are facing problems of improper resource allocation and incomplete manufacturing chain, and countries in less developed areas such as Africa are encountering plight of insufficient production capacity and technology limit.

Many manufacturers are finding temporary alternative solutions to ride out this worldwide challenge. Thanks to the advanced technologies such as IoT, AI, robotics, and Additive manufacturing, enterprises can effectively avoid negative effects caused by “black swan” events like COVID-19.

3D Printing is Making a Difference

Recently, positive reports about 3D printed PPE to help combat COVID-19 have unveiled great advantages of 3D printing.

During the pandemic, researchers made 3D printed COVID-19 infected lung model to perform studies, enterprises made 3D printed isolation wards to accommodate patients, and civil communities made 3D printed face shields to mitigate the PPE shortage.

David Sims, the BBC news reported 3D printing enthusiast in Wales, UK, worked on making 3D printed face shields on Creality Ender-3 together with local volunteers to protect local NHS doctors fighting at the epidemic frontline. The team has donated thousand pieces of face shields to the local NHS.

It is proven that 3D printing is an extremely helpful stopgap in rapid design and manufacturing tools for both organizations and individuals, making it possible to produce large batches of equipment in a short period. During the COVID-19, 3D printing has unleashed great power in providing self-made daily supplies such as door handles, toys, or gifts.

Long-run Benefits of 3D Printing

Expect for the known-to-all advantages like cost-saving, time-saving, rapid-prototyping, 3D printing also accelerates digitalizing the traditional mass manufacturing and infrastructure construction. 3D printing breaks the limits of time and space to improve production capacity and reduce risks to fluctuations in demand. With the advantages of distributive manufacturing, 3D printing can realize customizable production and ensure production safety at the same time. As an additive in mass manufacturing, it will greatly improve business flexibility, allowing manufacturers to increase their ability to quickly respond to the possible crises. 

In April, Creality announced to make a big investment to Wuhan to build the world’s largest 3D printer production facility in recent years, aiming to achieve a total output of 2 million pieces of 3D printers within the next three years. Now the company is holding a Kickstarter campaign for its latest product CR-6 SE featuring an innovative leveling-free tech, which will be priced lower than 300$ at its super early bird price. Bearing the spirit of 3D printing industry evangelist, Creality has always devoted to spreading the convenience of 3D printing technology with the most affordable and accessible 3D printing solutions.

About Creality

Creality has accumulated more than 5 years of experience in 3D printing industry since its establishment in 2014. The company dedicates to providing customers the most affordable 3D printing solutions in high quality. Creality achieves an annual shipment of 800,000 units, and exports the products to over 100 countries.

For more information, please access to CRAELITY official website: http://www.creality.com

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GigaMedia Announces First-Quarter 2020 Financial Results

TAIPEI, April 30, 2020 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its first-quarter 2020 unaudited financial results.

Comments from Management

For the first quarter of 2020, GigaMedia reported revenues of $1.60 million, with a gross profit of $0.93 million, an operating loss of $0.64 million and the net loss of $0.29 million. Total revenues increased by 6.6% if compared to the previous quarter, and net loss was similar.

“The pandemic of COVID-19 only mildly affected our operations in Taiwan and Hong Kong,” said GigaMedia CEO James Huang. “While it has indeed caused disruptions to our offline marketing and operating activities, we managed to mitigate its impact, and continued improving the productivity in our existing products and making progress in developing new offerings.”

First Quarter Overview

  • Operating revenue increased by $0.10 million or 6.6% in quarter-on-quarter comparison, and increased by 8.2% in year-over-year comparison.
  • Loss from operations amounted to approximately $0.64 million and net loss approximately $0.29 million, comparable to the fourth quarter of 2019 and slightly improved when compared with the same quarter last year.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.

For the First Quarter

GIGAMEDIA 1Q20 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, in US$ thousands, except for percentages and per
share
amounts)

1Q20

4Q19

Change

(%)

1Q20

1Q19

Change

(%)

Revenues

$

1,604

$

1,504

6.6

%

$

1,604

$

1,483

8.2

%

Gross Profit

927

1,025

(9.6)

%

927

738

25.6

%

Loss from Operations

(640)

(399)

NM

(640)

(949)

NM

Net Loss Attributable to GigaMedia

(286)

(271)

NM

(286)

(532)

NM

Loss Per Share Attributable to GigaMedia,
Diluted

(0.03)

(0.02)

NM

(0.03)

(0.05)

NM

EBITDA(A)

(536)

(574)

NM

(536)

(876)

NM

Cash, Cash Equivalents and Restricted Cash

57,311

58,274

(1.7)

%

57,311

58,494

(2.0)

%

NM= Not Meaningful

(A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in
accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.)

First-Quarter Financial Results

  • Consolidated revenues for the first quarter of 2020 increased by 6.6% quarter-on-quarter to $1.60 million, from $1.50 million in the fourth quarter of 2019, or by 8.2% year-over-year from $1.48 million in the first quarter of 2019.
  • Consolidated gross profit decreased to $0.93 million from $1.03 million in last quarter but increased by 25.6% from $0.74 million in the same quarter last year.
  • Consolidated operating expenses were $1.57 million in the first quarter of 2020, representing an increase by $0.14 million quarter-on-quarter, or a decrease by $0.12 million from $1.69 million year-over-year.
  • Loss from operation for the first quarter of 2020 was approximately $0.64 million, comparable to a loss of $0.40 million last quarter and approximately a loss of $0.95 million in the first quarter of 2019.
  • Net loss for the first quarter of 2020 was $0.29 million, approximately comparable to such amount in the fourth quarter of 2019, and improved by $0.25 million when compared with the net loss of $0.53 million in the same quarter last year.
  • Cash, cash equivalents and restricted cash at the first quarter-end of 2020 accounted for $57.31 million, which decreased by $0.96 million from the end of 2019.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounting to $57.31 million, or approximately $5.19 per share as of March 31, 2020.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of April 30, 2020. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In following quarters, we will continue developing new offerings to enhance the variety of our product lines, while our marketing strategies will adjust swiftly, as in the current coronavirus situation, stay-home requirement may boost sales of online business on the one hand, but prevailing economic uncertainties and weakened consumer confidence may discourage spending on entertainment on the other hand.

“In this time of uncertainty, we don’t just wait out the storm. We practice frugality and adapt proactively while focusing on sharpening our core competence,” stated CEO James Huang, “so that we will get well prepared when the storm is over.”

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “We will also continue reviewing potential targets that have strategic capacity to accelerate our growth and enhance shareholders’ value,” said CEO James Huang.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the first quarter 2020 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2020 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Operating revenues

Digital entertainment service revenues

$

1,603,904

$

1,503,848

$

1,483,233

Operating costs

Cost of digital entertainment service revenues

677,194

479,341

744,901

Gross profit

926,710

1,024,507

738,332

Operating expenses

Product development and engineering expenses

328,815

213,241

320,494

Selling and marketing expenses

410,475

427,090

526,003

General and administrative expenses

824,442

571,562

835,987

Impairment losses

208,921

Other

2,984

2,957

5,214

1,566,716

1,423,771

1,687,698

Loss from operations

(640,006)

(399,264)

(949,366)

Non-operating income (expense)

Interest income

255,719

322,587

381,799

Foreign exchange (loss) gain – net

98,887

(84,774)

(11,402)

Other – net

(298)

(110,020)

46,912

354,308

127,793

417,309

Loss before income taxes

(285,698)

(271,471)

(532,057)

Income tax benefit (expense)

Net loss attributable to shareholders of GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Loss per share attributable to GigaMedia

Basic and Diluted:

$

(0.03)

$

(0.02)

$

(0.05)

Weighted average shares outstanding:

Basic

11,052,235

11,052,235

11,052,235

Diluted

11,052,235

11,052,235

11,052,235

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEETS

3/31/2020

12/31/2019

3/31/2019

unaudited

audited

unaudited

USD

USD

USD

Assets

Current assets

Cash and cash equivalents

$

56,777,472

$

57,742,696

$

57,976,503

Accounts receivable – net

355,225

368,445

589,520

Prepaid expenses

276,010

112,243

208,919

Restricted cash

533,436

530,984

517,815

Other receivables

238,396

261

375,192

Other current assets

148,757

138,601

127,377

Total current assets

58,329,296

58,893,230

59,795,326

Property, plant & equipment – net

8,117

100,148

Intangible assets – net

17,965

32,492

Prepaid licensing and royalty fees

210,530

43,915

383,681

Other assets

285,319

285,071

1,034,278

Total assets

$

58,851,227

$

59,222,216

$

61,345,925

Liabilities and equity

Short-term borrowings

$

$

$

Accounts payable

60,405

64,337

98,921

Accrued compensation

156,948

200,455

134,243

Accrued expenses

1,449,553

1,079,234

1,228,483

Unearned revenue

1,285,399

1,364,749

1,290,792

Other current liabilities

715,877

874,434

177,073

Total current liabilities

3,668,182

3,583,209

2,929,512

Other liabilities

7,337

94,385

779,919

Total liabilities

3,675,519

3,677,594

3,709,431

Total equity

55,175,708

55,544,622

57,636,494

Total liabilities and equity

$

58,851,227

$

59,222,216

$

61,345,925

GIGAMEDIA LIMITED

Reconciliations of Non-GAAP Results of Operations

Three months ended

3/31/2020

12/31/2019

3/31/2019

unaudited

unaudited

unaudited

USD

USD

USD

Reconciliation of Net Income (Loss) to EBITDA

Net loss attributable to GigaMedia

$

(285,698)

$

(271,471)

$

(532,057)

Depreciation

354

10,888

25,388

Amortization

4,657

9,669

12,899

Interest income

(255,719)

(322,587)

(381,799)

Interest expense

Income tax (benefit) expense

EBITDA

$

(536,406)

$

(573,501)

$

(875,569)

Cision View original content:http://www.prnewswire.com/news-releases/gigamedia-announces-first-quarter-2020-financial-results-301050152.html

Planful Welcomes Shane Hansen as Chief Financial Officer

Hansen Brings Significant Go-to-Market, Analytics, and Business Performance Expertise to New Role

REDWOOD CITY, California, April 30, 2020 /PRNewswire/ — Planful, Inc. (formerly Host Analytics), a leading financial planning and analysis (FP&A) cloud platform provider, today announced that Shane Hansen has joined the company as Chief Financial Officer (CFO). 

With 15+ years of finance and technology experience, Hansen has seen firsthand why legacy approaches to planning, forecasting, reporting, and analytics are difficult to optimize and scale in a world rapidly moving to cloud technologies. Hansen will focus on long-term growth for the company to meet the needs of the underserved mid-to-enterprise-sized companies looking to modernize their back-office technologies.

“We’re excited to welcome a brilliant, experienced executive like Shane to the Planful team,” said Grant Halloran, Chief Executive Officer, Planful. “Shane is an excellent fit from a team culture perspective. His approach embodies the savvy financial planning professionals we serve, and he thoroughly understands the software market’s growth levers and how companies can capitalize on opportunities and achieve success.”

Prior to joining Planful, Hansen served as Divisional CFO for Vivint Smart Home, where he had previously served as Vice President (VP) of Finance, Strategy, Innovation & Business Development. Before that role, Hansen held several key financial analytics, go-to-market, and value creation leadership positions with security software leader Symantec, steadily rising through the ranks to become the VP of Finance, Enterprise Security.

Earlier in his career, Hansen served as a financial analyst, law clerk, and consultant/developer for various organizations after completing a Fulbright fellowship. Hansen’s impressive academic credentials include an MBA from the Wharton School, a JD from the University of Pennsylvania, and a BA in Russian and international development from Brigham Young University. 

“I’m thrilled to be joining the team at Planful because of the strong growth trajectory of the FP&A cloud software market, the power of Planful’s world-class product offering, and experienced industry leadership,” Hansen said. “As we help customers weather uncertain business conditions with a Continuous Planning approach, we’re also positioning Planful for phenomenal success within the cloud FP&A solutions market with our unique platform.”

About Planful
Planful is a leading financial planning and analysis (FP&A) cloud platform. Planful delivers a vision of Continuous Planning by accelerating the end-to-end FP&A process and fostering business-wide participation in agile planning and decision-making. More than 800 customers including Bose, Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe rely on Planful for financial planning and budgeting, dynamic operational planning, financial consolidations, reporting, and visual analytics. Planful is a private company backed by Vector Capital, a leading global private equity firm specializing in transformational investments in established technology businesses. Learn more at www.planful.com.

Additional Resources
Join the FP&A Community on Slack
Join the FP&A Live Roundtable on Zoom
View FP&A Resources to Navigate an Uncertain World
Join the conversation on social media: LinkedIn, Twitter, or Facebook.

Contact
press@planful.com

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