Category Archives: PR Newswire

PR Newswire

Pasternack Releases New Line of Waveguide Shorts and Shims in WR-430 to WR-10 Waveguide Sizes

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IRVINE, California, April 27, 2020 /PRNewswire/ — Pasternack, an Infinite Electronics brand and a leading provider of RF, microwave and millimeter wave products, has just released a new line of waveguide shorts and shims that are ideal for use in satellite communication, radar, wireless communication, and test and instrumentation applications.

Waveguide-Shorts-and-Shims-SQ
Waveguide-Shorts-and-Shims-SQ

Pasternack’s new line of waveguide shorts and shims consists of 36 models available in waveguide sizes ranging from WR-430 to WR-10. This new line provides superior RF performance and is ideal for use in RF test and measurement applications. Waveguide shims are mainly used to bridge gaps between waveguide components. Waveguide shims, shorts, or shorting plates are used in calibration applications and commonly included in calibration kits.

Pasternack’s waveguide shims and shorts are both available with square and round UG cover and CPR style flanges in both copper and aluminum versions.

“With this new, comprehensive line of waveguide shorts and shims we’re able to fulfill the engineer’s immediate needs by offering many high-quality options to address the wide range of waveguide applications. By providing quick turnaround with same-day shipping, we are able to support our customers without delay,” said Steven Pong, Product Line Manager at Pasternack.

Pasternack’s new waveguide shims and shorts are in-stock and available for immediate shipping with no minimum order quantity required. 

For inquiries, Pasternack can be contacted at +1-949-261-1920.

About Pasternack:
A leader in RF products since 1972, Pasternack is an ISO 9001:2015 certified manufacturer and supplier offering the industry’s largest selection of active and passive RF, microwave and millimeter wave products available for same-day shipping. Pasternack is an Infinite Electronics brand.

About Infinite Electronics:
Based in Irvine, Calif., Infinite Electronics offers a broad range of components, assemblies and wired/wireless connectivity solutions, serving the aerospace/defense, industrial, government, consumer electronics, instrumentation, medical and telecommunications markets. Infinite’s brands include Pasternack, Fairview Microwave, L-com, MilesTek, Aiconics, KP Performance Antennas, PolyPhaser, Transtector, RadioWaves, ShowMe Cables and Integra Optics. Infinite Electronics serves a global engineering customer base with deep technical expertise and support, with one of the broadest inventories of products available for immediate shipment.

Press Contact:
Peter McNeil 
Pasternack 
17792 Fitch 
Irvine, CA 92614 
(978) 682-6936

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PR Newswire

Pasternack Introduces New Double Ridge Waveguide Electromechanical Relay Switches

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IRVINE, California, April 27, 2020 /PRNewswire/ — Pasternack, an Infinite Electronics brand and a leading provider of RF, microwave and millimeter wave products, has just launched a new series of Double Ridge Waveguide Electromechanical Relay Switches which perform over broader frequency bands, making them ideal for applications involved with electronic warfare, electronic countermeasures, microwave radio, VSAT, radar, test instrumentation, and research and development. 

Double-Ridge-Waveguide-Electromechanical-Switches-SQ
Double-Ridge-Waveguide-Electromechanical-Switches-SQ

This comprehensive selection of 12 new double ridge waveguide electromechanical switch models are now available featuring broadband multi-octave frequency coverage spanning 6.5 GHz to 40 GHz in SPDT and optional DPDT configurations. Designs support WRD-650, WRD-750 and WRD-180 waveguide sizes. Impressive typical performance includes 2.5 dB insertion loss, 80 dB isolation and up to 8.5kW power handling capability. Desirable features include latching self-cut-off actuators, TTL logic, position indicators with manual override, and patented motor drive with arc suppression.  These fully weatherized rugged mil-grade packages are designed for 100% humidity exposure across a -40°C to +85°C operating temperatures and support an environmentally-sealed quick-connect DC-control connector with mate.

“Having a comprehensive selection of broader-band, double ridge waveguide electromechanical switch designs in-stock and ready for immediate shipment is critical for RF designers who need only one module for an urgent proof-of-concept or prototype application and can’t afford to wait for several months. Typically, other suppliers require a 16 -20+ week lead time and minimum order quantities (MOQs) for these types of products,” said Tim Galla, Product Line Manager.

Pasternack’s new double ridge waveguide electromechanical relay switches are in-stock and available to ship today.

For inquiries, Pasternack can be contacted at +1-949-261-1920.

About Pasternack:
A leader in RF products since 1972, Pasternack is an ISO 9001:2015 certified manufacturer and supplier offering the industry’s largest selection of active and passive RF, microwave and millimeter wave products available for same-day shipping. Pasternack is an Infinite Electronics brand.

About Infinite Electronics:
Based in Irvine, Calif., Infinite Electronics offers a broad range of components, assemblies and wired/wireless connectivity solutions, serving the aerospace/defense, industrial, government, consumer electronics, instrumentation, medical and telecommunications markets. Infinite’s brands include Pasternack, Fairview Microwave, L-com, MilesTek, Aiconics, KP Performance Antennas, PolyPhaser, Transtector, RadioWaves, ShowMe Cables, Integra Optics and INC Installs. Infinite Electronics serves a global engineering customer base with deep technical expertise and support, with one of the broadest inventories of products available for immediate shipment.

Press Contact:
Peter McNeil 
Pasternack 
17792 Fitch 
Irvine, CA 92614 
(978) 682-6936  

Photo – https://techent.tv/wp-content/uploads/2020/04/pasternack-introduces-new-double-ridge-waveguide-electromechanical-relay-switches-1.jpg
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PR Newswire

P&G innovate cooperation model in e-commerce livestream

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BEIJING and HANGZHOU, China, April 26, 2020 /PRNewswire/ — Procter & Gamble (P&G) presents exclusive livestream “VVIP2.0” with top e-commerce livestream KOL Viya. The livestream features interaction with P&G executives, guest appearances by celebrity Zhou Shen, and product demonstration by the P&G scientists that shows how new products could be developed, which successfully drive sales.

In April 2019, with its diversified brand power, rich products and extraordinary product quality, P&G positioned itself ahead of the pack as the leading enterprise to enter a strategic partnership with top Taobao livestream KOL Viya, signing on her as P&G Global Hot Products Promoter. On the livestreaming day, Viya was awarded the “Social Marketing Special Contribution Award” by the China Advertising Association for her role model in the e-commerce livestreaming industry.

Livestream2.0 is not just about driving sales, but represents an upgrade in new product incubation and branding. Last year, P&G brands including Pantene and Whisper chose to launch key new products via livestreaming, with great success. This “VVIP2.0” exclusive livestream also features a number of new products launches, creating much excitement among viewers. As collaboration between brands and livestream KOLs push beyond driving sales into co-creation of content, significant new opportunities will open up outside the livestreaming room. 

This partnership between P&G and Viya is not just delighting consumers with compelling content, but breaks new ground for brand-influencer relationship in e-commerce livestreaming. Only by embracing new technologies while using data analysis and expanding social platforms, P&G could develop more innovative marketing and cooperation models.

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PR Newswire

Huntkey Develops Car Air Purifiers for Global Markets

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SHENZHEN, China, April 26, 2020 /PRNewswire/ — Huntkey, a leading global provider of power solutions, is developing and testing its car air purifiers for global markets after its successful launch in China. The car air purifier is portable and small as a water cup that is well-suited for cars, and most importantly, it features photocatalyst filters to efficiently enhance its purification ability.

Huntkey Car Air Purifiers:
https://en.huntkey.com/products/air-purifiers/

Photocatalyst is a catalyst that is can energized by ultraviolet (UV) light then to make it easier for a chemical reaction more likely to happen, in a photocatalytic air purifier, it is typically a substance called titanium dioxide. By this means, a photocatalyst air purifier is able to clean air by decomposing airborne hazards instead of absorbing them, and this is a key difference between photocatalyst air purifiers and the ordinary ones.

In the Huntkey’s car air purifier, the photocatalyst uniformly adheres to a substrate forming a film that lots of photocatalyst particulars are exposed to the surface and they can perform efficiently, which is called the photocatalyst filters. Activated by UV light, the photocatalyst filters will decompose at least 99% of the viruses, bacteria and volatile substances from smells into carbon dioxide and water, resulting in no secondary pollution that is usually caused by means of absorbing in many ordinary air purifiers.

However, photocatalyst can’t solve the problem of some particulates, like dust and smoke. To ensure high purifying effect, the car air purifier combines photocatalyst filters with a HEPA filter to form a comprehensive and strong system that is able to remove a whole range of air pollutants. It features two air inlets near the bottom, HEPA and photocatalyst filters, as well as an ultraviolet lamp in the middle, and one air outlet on the top. The polluted air firstly will be pre-filtrated by the HEPA filter to remove particles, and than sterilized by the photocatalyst filters to kill viruses and bacteria, finally fresh air will come out from the outlet.

In the car air purifier, the photocatalyst filters are built-in parts that don’t need to be replaced or renewed regularly since they are non-consumable, while the HEPA filter is detachable that it is packed independently. One car charger and micro USB cable are also included in the package. To meet different preferences, three color options – red, golden and grey for the air purifier will be available.

For more information, please visit: http://en.huntkey.com/  

About Huntkey

Huntkey Enterprise Group, founded in 1995 and headquartered in Shenzhen, is a member of The International Power Supply Manufacturer’s Association (PSMA) and a member of The China Power Supply Society (CPSS). With branch companies in the USA, Japan and other areas, and cooperating factories in Brazil, Argentina, India and other countries, Huntkey has specialized in the development, design, and manufacturing of PC power supplies, industrial power supplies, surge protectors, adapters and chargers for many years. With its own technologies and manufacturing strength, Huntkey has served Lenovo, Haier, DELL, Bestbuy and many other large enterprises for years, and has received unanimous recognition and trust from most of the customers.

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PR Newswire

Golden Bull Limited Extended The 2019 Annual Report Date, Appointed Directors and Executive, Received New Second Bid Price Compliance Period

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BEIJING, April 25, 2020 /PRNewswire/ — Golden Bull Limited (the “Company”) (Nasdaq: DNJR) is filing this Report on Form 6-K pursuant to an order under Section 36 of the Securities Exchange Act of 1934 modifying exemptions from the reporting and proxy delivery requirements for public companies (SEC Release No.34-88465 / March 25, 2020). The outbreak of the COVID-19 pandemic in mainland China greatly affected our operations and the preparation for and the actual audit of our financial statements for the year ended December 31, 2019. Commencing with the outbreak in December, it was difficult for our employees to resume work at our corporate office in Shanghai. All of our employees were asked to work from home. Some of our employees began to return to work in our office in early March. The preparation of audit materials was significantly delayed. Our auditors were initially scheduled to perform an 11-day field work starting on March 2, 2020. However, due to the delay of preparing audit materials and travel restrictions in Beijing and Shanghai, field work was delayed and rescheduled. The Company estimates that it will be able to file its Annual Report on Form 20-F on or before June 14, 2020.

Risk Factors

We are subject to various risks due to the coronavirus which have materially and adversely affected our operations and our business and financial condition.

We believe that our results of operations, business and financial condition have been and will continue to be adversely affected by the outbreak of COVID-19 in China. While the World Health Organization declared the outbreak a “Public Health Emergency of International Concern” on January 30, 2020, our operations were adversely affected since the outbreak in China in December 2019. Substantially all of our operations, including all of our employees and customers are in China. All of our employees were asked to work at home and did not begin to return to work until early March 2020.

Our operations were adversely affected by the following risks, among others: travel restrictions on our employees, customers and vendors; shortage of automobiles to lease; assorted logistics delays; liquidity issues; business operations disruptions; and the general economic downturn in the economy as a result of quarantined persons.

While the Chinese economy is slowly recovering, the duration of any economic downturn resulting from COVID-19 is uncertain. The full extent to which COVID-19 will impact our financial results and business condition will depend on future developments which cannot be predicted.

Appointment of Officer and Directors

On April 19, 2020, the Board of Directors of the Company (the “Board”) appointed Mr. Hong Yu as an executive director and Chief Strategy Officer of the Company, effective immediately.

On April 19, 2020, the Board appointed Mr. Yan Xiong as an independent director of the Company, effective immediately.

From 1999 to 2001, Mr. Yu studied at Changzhou Technology and Normal College. In 2008, Mr. Yu founded Quyou Gaming which was one of the largest Web Gaming Platforms in China. For more than the last five years Mr. Yu has been involved in founding gaming and start-up companies. In 2013, Mr. Yu worked as Senior VP of 360 Group when Quyou Gaming was acquired by 360 Group, In 2015, Mr. Yu founded Beijing Qingyun Interactive Technology Limited. In 2018, Mr. Yu initiated KFUND a crypto fund focusing on investments opportunities in blockchain and innovation. At 3 am February 11, 2018, Mr. Yu initiated “3AM” community which is very influential in the Chinese blockchain community.

The Company and Mr. Hong Yu entered into an employment agreement (the “Yu Employment Agreement” on April 20, 2020, pursuant to which the Company agreed to pay Mr. Yu one hundred thousand dollars (US $100,000) annually for serving as the Chief Strategy Officer of the Company starting from the effective date of the Yu Employment Agreement. The Company shall also reimburse Mr. Yu for reasonable and approved expenses incurred by him in connection with the performance of his duties under the Yu Employment Agreement. The Yu Employment Agreement is for a two-year term, automatically renewable for one-year terms unless terminated by either party within three months of the end of the applicable term. The agreement is terminable for Cause (as defined) or without Cause or upon a Change of Control (as defined), provided certain severance payments are made. The Yu Employment Agreement provides for non-competition and non-solicitation periods of one-year from termination of employment for any reason.

The Company and Mr. Hong Yu also entered into a director agreement (the “Yu Director Agreement”) on April 20, 2020, pursuant to which the Company agreed to pay Mr. Yu one thousand dollars (US $1000) per quarter for serving on the Board for a one-year period ,subject to a one-year renewal, starting from the effective date of the Yu Director Agreement. The Company shall also reimburse Mr. Yu for reasonable and approved expenses incurred by him in connection with the performance of his duties under the Yu Director Agreement.

Mr. Yu has no family relationship with any of the executive officers or directors of the Company. There have been no transactions in the past two years to which the Company or any of its subsidiaries was or is to be a party, in which Mr. Yu had, or will have, a direct or indirect material interest.

On April 19, 2020, the Board of Directors of the Company (the “Board”) appointed Mr. Yan Xiong as an independent director, effective immediately.

From September 1983 to July 1987, Mr. Yan Xiong studied and graduated from Hunan University Business School with a bachelor’s degree in Industrial Accounting. From August 1987 to December 1996, Mr. Xiong worked at Import and Outport Company of Hunan Province. From 1997 to December 2000, Mr. Xiong worked as the General Manager at Zhuhai Dajiaweikang Wujin Mineral Import and Outport Company. From 2001 to October 2013, Mr. Xiong worked as chairman of the board of directors at Guangzhou Kangsheng Bio-tech Limited. From 2014 to present, Mr. Xiong works as chairman of the board of directors at Guangzhou Kangsheng Pharmaceutical Technology Limited

The Company and Mr. Yan Xiong entered into an director agreement (the ” Xiong Independent Director Agreement” on April 20, 2020, pursuant to which the Company agreed to pay Mr. Xiong one thousand dollars (US$ 1000) per quarter for serving on the Board for a one-year term , subject to a one-year renewal, starting from the effective date of the Xiong Independent Director Agreement. The Company shall also reimburse Mr. Xiong for reasonable and approved expenses incurred by him in connection with the performance of his duties under the Xiong Independent Director Agreement.

Nasdaq Tolling of Bid Price Compliance Period

The Company has been notified by Nasdaq that Nasdaq has extended until December 7, 2020 the second grace period for the Company to regain compliance with the minimum $1.00 per share bid price. As previously announced by the Company, it can regain compliance by effecting a reverse stock split , if necessary, to evidence compliance for a minimum of 10 consecutive trading days.

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PR Newswire

HelloTalk, the world’s largest language exchange app, releases over 70 free courses in six languages for COVID-19 education and language learning content for those in isolation

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SHENZHEN, China, April 24, 2020 /PRNewswire/ — HelloTalk, a global language learning app and community with 20 million users, is offering a series of free online courses for self-quarantined language learners to pick up a new language through the app without leaving their home.

More than 70 on-demand and large-scale live classes are now available for free in six languages (English, Chinese, Japanese, Korean, French, and Spanish), which are taught using HelloTalk’s e-learning platform. New courses have been added specifically for COVID-19 education, in an effort to help users communicate more clearly with doctors or seek assistance while studying, working, or traveling in a foreign country.

Non-medical related topics are discussed in a livestream format, such as how to maintain productivity while working from home. To date, these courses are available to those living in Mainland China, Japan, Korea, the United States and Europe.

HelloTalk also launched a number of community activities in response to the pandemic, including a shared moment of silence with more than 30,000 users across the globe for those affected by COVID-19.

Along with courses, HelloTalk enables individuals around the world to learn a new language while staying home by chatting with native speakers right from their phone during the quarantine. Each partner teaches the other their native language for free, which is referred to as a “language exchange.” This provides a unique opportunity to chat about the coronavirus situation with locals while learning a new language.

Users are able to engage with each other in multiple ways. One-on-one conversations can be conducted through text, voice, and video calls. Powerful language learning tools like instant translations, corrections, and transliterations help partners converse easily, even without having a firm grasp of their target language. Additionally, users can post and participate in public discussions, which is helpful for understanding the pandemic from a local’s perspective.

HelloTalk’s vision is to use their platform to build a community that strives for cultural understanding and inclusiveness. “Our hope is to spread positivity throughout the world, and in doing so, narrow down the gap between races and cultures. We believe fostering and improving communication among all humans can have an extraordinary impact on uniting us and reducing conflict in the world,” said HelloTalk founder and CEO, Zackery Ngai.

About HelloTalk, Ltd.

Launched in 2012 by Zackery Ngai, HelloTalk is one of the world’s largest language learning and cross-cultural exchange apps. The service is used by 20 million users in 200 countries to learn languages by communicating with each other. HelloTalk uses a proprietary algorithm to best match language partners who are studying each other’s native language, which is called a “language exchange.” AI assisted learning tools are built into the app to make conversing in a foreign language easier, including instant translations, transliterations, transcriptions, partner corrections, and more. HelloTalk also provides course content as both self-guided lessons and livestream classes with instructors. More than 150 languages are supported, such as Chinese, English, Japanese, French, Korean, German, Spanish, Italian, Arabic, Thai, and Hindi.  

HelloTalk introduction video: https://www.youtube.com/watch?v=h57FcWLEveE

For more information about the HelloTalk app, visit www.hellotalk.com. Join HelloTalk on Twitter at twitter.com/hellotalkapp, and Facebook at facebook.com/hellotalk.

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PR Newswire

Mindtree Closed FY20 With Highest Ever Deal Wins of $1.2B and Revenue Growth of 9.4% in CC Terms

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WARREN, New Jersey and BANGALORE, India, April 24, 2020 /PRNewswire/ — Mindtree, a global technology services and Digital transformation company, guiding its clients to achieve faster business outcomes, announced its consolidated results today for the fourth quarter ended March 31, 2020 as approved by its board of directors.

“Our relentless focus and client-first approach have resulted in robust Q4 performance on multiple dimensions – revenue growth of 1.9% in constant currency, expansion of operating margin by 150 basis points and record deal wins of $393M,” said Debashis Chatterjee, Chief Executive Officer and Managing Director. “Looking ahead to fiscal 2021, we anticipate softness in demand due to the unprecedented COVID-19 pandemic. However, we’re well equipped to handle the global crisis based on the business continuity plan we have successfully implemented to ensure the health and safety of our employees while fully supporting our clients worldwide. We remain confident that we will continue to create value for our clients, drive profitable growth, develop future-ready talent and maximize shareholder value.”

Key financial highlights:

Quarter ended March 31, 2020

  • In USD:
    • Revenue at $278.4 million (growth of 1.2% q-o-q / 6.3% y-o-y)
    • Net profit at $28.2 million (growth of 1.8% q-o-q/ on y-o-y basis flat)
  • In INR:
    • Revenue at ₹20,505 million (growth of 4.3% q-o-q / 11.5% y-o-y)
    • Net profit at ₹2,062 million (growth of 4.7% q-o-q / 3.9% y-o-y)

Year ended March 31, 2020

  • In USD terms:
    • Revenue at $1088.8 million (growth of 8.7%)
    • Net profit at $88.5 million (decline of 17.7%)
  • In Rupee terms:
    • Revenue at ₹ 77,643 million (growth of 10.6%)
    • Net profit at ₹ 6,309 million (decline of 16.3%)

Other highlights:

  • Clients:
    • 307 active clients as of March 31, 2020
    • $10 million clients grew by 1, total 23
  • People:
    • 21,991 Mindtree Minds as of March 31, 2020
    • Trailing 12 months attrition is 17.4%
  • BOTs*:
    • Automation is playing a significant role in modernizing our technology service delivery, enhancing both efficiency and speed-to-results for our clients. We are proud to report our BOTs strength that autonomously work along-side our Mindtree Minds, enabling our team to do more and accomplish larger goals
    • We have 764 BOTs employed as of March 31, 2020

*Software that acts autonomously, free from any interference, human or otherwise, to perform a significant task which will otherwise be performed by a human

  • Q4 deal wins with leading global clients:

New Clients:

    • For one of the leading providers of supplemental and life insurance products in North America, Mindtree has been chosen as a strategic partner in a multi-year deal to enhance client experience through digital transformation services for their clients
    • For a travel technology leader, Mindtree has been chosen to manage the outsourced product development covering the large portfolio of airlines, hotels, travel agencies and airports
    • For a leading manufacture in outdoor maintenance and gardening equipment, Mindtree has been awarded a multi-year application development and maintenance services contract as part of the DevOps Transformation Journey. As part of the deal, Mindtree would also help the client to migrate Data Center from a 3rd party provider to client’s own Date Center

Existing Clients:

    • Mindtree won the strategic annuity deal with an existing leading real estate services company to implement end to end digitally enabled technology services and help them embark on digital transformational journey. This deal is strategic not only from a size perspective but also encompasses multi service offerings cutting across IT life cycle. The same was announced as one of our recent press releases 
    • Mindtree to provide application development, testing and support services for a niche technology player that specializes in benefits administration
  • Recognition:
    • Mindtree has been recognized as a Market Leader in Digital Business Solutions in US by Information Services Group (ISG), a leading global technology research and advisory firm.
    • Mindtree has been recognized by ISG as an Archetype Leader in Digital Transformation for capabilities in Continuous Testing, AGILE Development, Digital Business dedication and vision and future investment.
    • Mindtree has been recognized for ‘Excellence in Learning Technology’ and ‘Excellence in Diversity & Inclusion’ by Business World HR excellence awards 2020
  • Announcements
    • The Board of Directors have recommended a final dividend of 100% (Rs 10 per equity share of par value Rs 10 each) for the financial year ended March 31, 2020 which is subject to the approval of shareholders at the Annual General Meeting

About Mindtree

Mindtree (NSE: MINDTREE) is a global technology consulting and services company, helping enterprises marry scale with agility to achieve competitive advantage. “Born digital,” in 1999 and now a Larsen & Toubro Group Company, Mindtree applies its deep domain knowledge to 300+ enterprise client engagements to break down silos, make sense of digital complexity and bring new initiatives to market faster. We enable IT to move at the speed of business, leveraging emerging technologies and the efficiencies of Continuous Delivery to spur business innovation. Operating in more than 15 countries across the world, we’re consistently regarded as one of the best places to work, embodied every day by our winning culture made up of over 21,000 entrepreneurial, collaborative and dedicated “Mindtree Minds.”

To learn more about us, visit www.mindtree.com or follow us @Mindtree_Ltd

Safe harbour

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. The conditions caused by the COVID-19 pandemic could decrease customer’s technology spending,  affecting  demand for our  services, delaying prospective customers’ purchasing decisions, and impacting our ability to provide on-site consulting services; all of which could adversely affect our future revenue, margin and overall financial performance. Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

For more information, contact:
INDIA
Tanuja Singh
Mindtree
+91-9741000266
Tanuja.Singh@mindtree.com

UNITED STATES
Erik Arvidson
Matter Communications
+978-518-4542
earvidson@matternow.com

EUROPE                                                                                              
Edward Stevenson
Hotwire
+44-(0)-783-459-7877
Edward.Stevenson@hotwireglobal.com

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PR Newswire

Fang Announces Fourth Quarter and Fiscal Year 2019 Unaudited Financial Results

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BEIJING, April 24, 2020 /PRNewswire/ — Fang Holdings Limited (NYSE: SFUN) (“Fang” or the “Company”), a leading real estate Internet portal in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2019.

Fourth Quarter 2019 Highlights

  • Total revenues were $49.3 million, a decrease of 26.7% from $67.3 million in the corresponding period of 2018.
  • Operating loss from continuing operations was $21.0 million, compared to an operating income from continuing operations of $21.1 million in the corresponding period of 2018. 
  • Net loss was $26.2 million, compared to a net loss of $29.4 million in the corresponding period of 2018.

Fiscal Year 2019 Highlights

  • Total revenues were $219.7 million, a decrease of 8.5% from $240.0 million in 2018.
  • Operating income from continuing operations was $24.1 million, an increase of 145.7% from $9.8 million in 2018.
  • Net loss was $7.7 million, compared to a net loss of $114.9 million in 2018.

“In 2019, we had challenges but also achievements,” commented Mr. Jian Liu, CEO of Fang. “For the year of 2020, challenges and opportunities co-exist because of the potential effects of COVID-19. I believe our new initiatives, including online live broadcastings, online exhibitions and VR live, will be strong drivers of our business.”

Fourth Quarter 2019 Financial Results

Revenues

Fang reported total revenues of $49.3 million in the fourth quarter of 2019, a decrease of 26.7% from $67.3 million in the corresponding period of 2018.

  • Revenue from marketing services was $18.9 million in the fourth quarter of 2019, a decrease of 35.0% from $29.1 million in the corresponding period of 2018, mainly due to the decrease in aggregate market demand.
  • Revenue from listing services was $12.7 million in the fourth quarter of 2019, a decrease of 25.3% from $16.9 million in the corresponding period of 2018, mainly due to the decrease in the number of paying customers.
  • Revenue from leads generation services was $14.4 million in the fourth quarter of 2019, an increase of 16.2% from $12.4 million in the corresponding period of 2018.
  • Revenue from financial services was $1.4 million in the fourth quarter of 2019, a decrease of 69.2% from $4.6 million in the corresponding period of 2018, mainly due to the decrease in average loan receivable balance.

Cost of Revenue

Cost of revenue was $4.1 million in the fourth quarter of 2019, a decrease of 41.6% from $7.0 million in the corresponding period of 2018, primarily due to the decline in sales and the optimization in cost structure.

Operating Expenses

Operating expenses were $68.4 million in the fourth quarter of 2019, an increase of 74.3% from $39.2 million in the corresponding period of 2018.

  • Selling expenses were $26.3 million in the fourth quarter of 2019, an increase of 78.9% from $14.7 million in the corresponding period of 2018, mainly due to the increase in promotional expense.
  • General and administrative expenses were $42.1 million in the fourth quarter of 2019, an increase of 71.6% from $24.5 million in the corresponding period of 2018, mainly due to the increase in staff related costs.

Operating (Loss)/Income from Continuing Operations

Operating loss from continuing operations was $21.0 million in the fourth quarter of 2019, compared to operating income from continuing operations of $21.1 million in the corresponding period of 2018.

Change in Fair Value of Securities

Change in fair value of securities for the fourth quarter of 2019 was a loss of $3.5 million, compared to a loss of $31.4 million in the corresponding period of 2018, mainly due to the fluctuation in market price of investments in equity securities.

Income Tax Benefits/Expenses

Income tax benefits were $3.4 million in the fourth quarter of 2019, compared to an expense of $23.7 million in the corresponding period of 2018.

Net Loss

Net loss was $26.2 million in the fourth quarter of 2019, compared to a net loss of $29.4 million in the corresponding period of 2018.

Fiscal Year 2019 Financial Results

Revenues

Fang reported total revenues of $219.7 million for 2019, a decrease of 8.5% from $240.0 million in 2018.    

  • Revenue from marketing services was $94.6 million for 2019, a decrease of 3.8% from $98.4 million in 2018.
  • Revenue from listing services was $63.5 million for 2019, a decrease of 22.4% from $81.7 million in 2018, mainly due to the decreased number of paying members in listing services.
  • Revenue from leads generation services was $43.3 million for 2019, an increase of 103.3% from $21.3 million in 2018, driven by the increase in effectiveness of services and customer acceptance.
  • Revenue from financial services was $9.6 million for 2019, a decrease of 47.1% from $18.1 million in 2018.

Cost of Revenue

Cost of revenue was $26.5 million for 2019, a decrease of 42.9% from $46.4 million in 2018, primarily due to cost savings from optimizing our core business.

Operating Expenses

Operating expenses were $174.6 million for 2019, a decrease of 7.2% from $188.3 million in 2018.

  • Selling expenses were $73.6 million for 2019, an increase of 24.6% from $59.1 million in 2018.
  • General and administrative expenses were $101.1 million for 2019, a decrease of 21.8% from $129.2 million in 2018, mainly due to the decrease in bad debt.

Operating Income from Continuing Operations

Operating income from continuing operations increased from $9.8 million in 2018 to $24.1 million for 2019.

Change in Fair Value of Securities

Change in fair value of securities for 2019 was a loss of $46.1 million, compared to a loss of $167.4 million in 2018, mainly due to the fluctuation in market price of investments in equity securities.

Income Tax Benefits

Income tax benefits were $12.5 million for 2019, a decrease of 34.2% from $19.0 million in 2018, primarily due to the effect of change in fair value of equity securities and the reversal of previously recorded ASC 740 (FIN 48) income tax and interest liability.

Net Loss

Net loss was $7.7 million for 2019, compared to a net loss of $114.9 million in 2018.

Business Outlook

Based on current operations and market conditions, Fang’s management predicts a positive net income for the year of 2020, which represents management’s current and preliminary view and is subject to change.

Conference Call Information

Fang’s management team will host a conference call on the same day at 8:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong time). The dial-in details for the live conference call are:

International Toll:

+65 67135600

Toll-Free/Local Toll:

United States

+1 877-440-9253 / +1 631-460-7472

Hong Kong

+852 800-906-603 / +852 3018-6773

Mainland China

+86 800-870-0075 / +86 400-120-0948

Direct Event Passcode

1578624#

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1578624#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1578624#), and your unique Registrant ID, followed by the pound or hash (#) sign to get into the call.

Direct Event online registration: http://apac.directeventreg.com/registration/event/8819045

A telephone replay of the call will be available after the conclusion of the conference call from 11:00 AM ET on April 24, 2020 through 9:59 AM ET May 2, 2020. The dial-in details for the telephone replay are:

International Toll:

+61 2-8199-0299

Toll-Free/Local Toll:

United States

+1 855-452-5696 / +1 646-254-3697

Hong Kong

+852 800-963-117 / +852 3051-2780

Mainland China

+86 400-602-2065 / +86 800-870-0206

Conference ID:

8819045

A live and archived webcast of the conference call will be available on Fang’s website at http://ir.fang.com.

About Fang

Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China’s fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in China. For more information about Fang, please visit http://ir.fang.com.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding Fang’s future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. 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 Fang’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, without limitation, the impact of Fang’s transformation back to a technology-driven Internet platform and the impact of current and future government policies affecting China’s real estate market. Further information regarding these and other risks, uncertainties or factors is included in Fang’s filings with the U.S. Securities and Exchange Commission. Fang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Fang Holdings Limited

Unaudited Condensed Consolidated Balance Sheets[1]

(in thousands of U.S. dollars, except share data and per share data)

ASSETS

December 31,

December 31,

2019

2018

Current assets:

Cash and cash equivalents

181,702

171,183

Restricted cash, current

218,112

245,474

Short-term investments

118,979

16,043

Accounts receivable, net

67,369

58,687

Funds receivable

8,372

5,474

Prepayments and other current assets

32,954

27,894

Commitment deposits

188

191

Loans receivable, current

60,490

117,602

Amounts due from related parties

369

–

Current assets of discontinued operations

–

26,289

Total current assets 

688,535

668,837

Non-current assets:

Property and equipment, net

695,457

727,739

Land use rights

–

33,153

Loans receivable, non-current

–

6,249

Deferred tax assets

6,362

2,202

Deposits for non-current assets

618

902

Restricted cash, non-current portion

42,452

6,990

Long-term investments

341,946

373,233

Other non-current assets

39,400

4,558

Non-current assets of discontinued operations

–

573

Total non-current assets

1,126,235

1,155,599

Total assets

1,814,770

1,824,436

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term loans

267,029

297,811

Short term bond payable

102,779

–

Deferred revenue

136,859

142,473

Accrued expenses and other liabilities

118,977

118,924

Customers’ refundable fees

5,538

3,976

Income tax payable

3,834

2,383

Amounts due to related parties

9,227

19

Current liabilities of discontinued operations

–

35,327

Total current liabilities

644,243

600,913

Non-current liabilities:

Long-term loans

182,321

123,215

Convertible senior notes

169,146

254,435

Deferred tax liabilities

84,964

97,578

Other non-current liabilities

138,001

150,837

Non-current liabilities of discontinued operations

–

2,258

Total non-current liabilities

574,432

628,323

Total Liabilities  

1,218,675

1,229,236

Equity:

Class A ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share,
600,000,000 shares authorized for Class A and Class B in aggregate, issued
shares as of December 31, 2018 and December 31, 2019: 72,069,645 and

71,775,686; outstanding shares as of December 31, 2018 and December 31,
2019: 65,004,587 and 65,403,005

9,244

9,286

Class B ordinary shares, par value HK$1 per share, 600,000,000 shares
authorized for Class A and Class B in aggregate, and 24,336,650 shares and
24,336,650 shares issued and outstanding as at December 31, 2018 and
December 31, 2019, respectively

3,124

3,124

Less: Treasury stock

(123,226)

(136,615)

Additional paid-in capital

528,357

517,802

Accumulated other comprehensive loss

(93,070)

(75,837)

Retained earnings

270,973

276,746

Total Fang Holdings Limited shareholders’ equity

595,402

594,506

Noncontrolling interests

693

694

Total equity

596,095

595,200

TOTAL LIABILITIES AND EQUITY

1,814,770

1,824,436

Unaudited Condensed Consolidated Statements of Comprehensive Loss[1]

(in thousands of U.S. dollars, except share data and per share data)

Three months ended

Year ended

December 31,

December 31,

December 31,

December 31,

2019

2018

2019

2018

Revenues:

Marketing services

18,919

29,117

94,639

98,377

Leads generation services

14,414

12,407

43,300

21,303

Listing services

12,662

16,948

63,471

81,741

Value-added services

1,712

1,381

5,893

5,182

Financial services

1,426

4,637

9,561

18,060

E-commerce services

191

2,787

2,847

15,384

Total revenues

49,324

67,277

219,711

240,047

Cost of revenues:

Cost of services

(4,086)

(6,995)

(26,472)

(46,392)

Total Cost of Revenues

(4,086)

(6,995)

(26,472)

(46,392)

Gross Profit

45,238

60,282

193,239

193,655

Operating (expenses) income:

Selling expenses

(26,290)

(14,692)

(73,568)

(59,064)

General and administrative expenses

(42,099)

(24,539)

(101,080)

(129,224)

Other income

2,197

5

5,477

4,427

Operating (loss) / Income from continuing
operations

(20,954)

21,056

24,068

9,794

Foreign exchange gain/loss

(46)

(606)

153

(598)

Interest income

4,319

1,910

9,200

10,202

Interest expense

(9,006)

(5,217)

(25,932)

(21,174)

Investment income, net

86

1,011

2,644

6,816

Realized gain on sale of available-for-sale
securities

(721)

148

861

761

Change in fair value of securities

(3,450)

(31,361)

(46,062)

(167,402)

Government grants

184

584

927

1,224

Other non-operating loss

–

(7)

–

(30)

Loss before income taxes and noncontrolling
interests from continuing operations

(29,588)

(12,482)

(34,141)

(160,407)

Income tax benefits(expenses)

Income tax benefits

3,370

(23,697)

12,495

18,989

Net (loss) income from continuing operations,
net of income taxes

(26,218)

(36,179)

(21,646)

(141,418)

Income from discontinued operations, net of income
taxes

–

6,777

13,937

26,509

Net loss

(26,218)

(29,402)

(7,709)

(114,909)

Net loss attributable to noncontrolling interests

(1)

2

(1)

2

Net loss attributable to Fang Holdings Limited
shareholders

(26,217)

(29,404)

(7,708)

(114,911)

Earnings per share for Class A and Class B ordinary shares and per ADS:

Basic

(0.29)

(0.33)

(0.09)

(1.29)

Diluted

(0.29)

(0.33)

(0.09)

(1.29)

Earnings from continuing operations per share for Class A and Class B ordinary shares and per ADS:

Basic

(0.29)

(0.41)

(0.24)

(1.59)

Diluted

(0.29)

(0.41)

(0.24)

(1.59)

Earnings from discontinued operations per share for Class A and Class B ordinary shares and per ADS:

Basic

–

0.08

0.16

0.30

Diluted

–

0.07

0.15

0.29

Weighted average number of Class A and Class B ordinary shares outstanding and ADSs outstanding:

Basic

89,739,655

89,180,170

89,510,533

88,749,432

Diluted

89,739,655

90,473,173

90,073,715

91,994,057

[1] Impact of the Separation of China Index Holdings Ltd (NASDAQ: CIH) (“CIH”) on the Company’s Financial Statements: The separation of CIH represents a strategic shift of Fang and has a major effect on Fang’s results of operations, the business operated by CIH has been reclassified as discontinued operations. For the periods presented in this press release, the assets and liabilities of the discontinued operations are presented separately on the consolidated balance sheets, and the results of the discontinued operations, less applicable income taxes, are reported as a separate component of income, which is income from discontinued operations, on the consolidated statements of comprehensive income (loss).

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PR Newswire

TCL Communication Wins both the 2020 IF and Red Dot Design Awards

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HONG KONG, April 24, 2020 /PRNewswire/ — TCL Communication is proud to accept the recent recognition from both the 2020 IF Design Award and the 2020 Red Dot Design Award for the TCL Pro 10 Smartphone. The company also was awarded another 2020 Red Dot Design Award for the TCL AC1200 Wifi Router, and a 2020 IF Design Award for the TCL PLEX Smartphone.

TCL 10 Pro and TCL LINKHUB Wi-Fi Router AC1200
TCL 10 Pro and TCL LINKHUB Wi-Fi Router AC1200

These industry awards coincide with their global unveiling of the TCL 10-Series smartphone lineup this month. The awards are from two world-renowned international competitions with over 6,000 entries this year. The criteria are based on a comprehensive evaluation of design, innovativeness, and functionality. As of today, TCL accounts for 13% of the global market and is growing the brand value beyond Asia into North America, European Union, United Kingdom and APAC. TCL is using its reputation as a world-leading TV brand and manufacturer to support their branded smartphone product line. TCL is also excited in creating a vibrant and wide-ranging C-IOT Portfolio of products to support connected home ecosystems. So beyond smartphones, TCL is also offering products such as the 5G CPE Home Station, Mesh Routers, Wi-Fi Routers, and Smart Watches. All of these new products will carry the dependability and reliability that TCL is known for. TCL intends to enter the mid-range market and deliver the best product for the money while ensuring a premium experience for the user.

“As one of the world’s leading consumer electronic brands, expanding the TCL base into the mobile business ensures that we are the only Chinese end-to-end manufacturer that offers a fully integrated smart ecosystem encompassing all aspects of life,” said Kevin Wang, CEO of TCL Industrial Holdings. “This capacity for a single company to produce all the products related to the connected devices from phones to routers will allow for the consumer to have an entire system that is intentionally designed to work seamlessly along with being affordable. This is an exciting and worthwhile venture for both the brand and consumer.”

The strategy of TCL to support the C-IOT fully and offer consumers a complete seamless product line is an efficient endeavor and long overdue for the current state of digital ecosystems. When all the components can be supplied from the same manufacturer and engineering teams, the system will work better. This strategy is meant for both commercial and private usage and supports the networking of both for work and study from home, and leisure activities.

TCL 10 Pro: NXTVISION is the cutting edge offering the first curved AMOLED Display.

The award-winning TCL 10 Pro comes in Ember Gray and Forest Mist Green color options. Featuring a sleek, TCL-made 6.47-inch FHD+ curved AMOLED display, TCL 10 Pro uses a sophisticated curved design boasts perfectly symmetrical details, a matte finish on the back for a smooth in-hand feel and an anti-glare screen with a unified, sleek profile. Its curved design allows the screen to “fall” off the edge with minimal bezels to achieve a high screen-to-body ratio and includes Edge Bar shortcuts to quickly access apps one-handed. An array of quad-cameras lens is embedded in a stylish stripe on the rear of the phone, consisting of a 64MP high-res camera, 2.9μm big pixel low-light video cam, 123-degree super wide-angle camera and macro camera.

By leveraging NXTVISION technology to produce nearly accurate colors and enhanced image and video quality, the TCL 10 Pro joins a select group of smartphones on which Netflix is available in HDR10 unlocking a wide range of HDR content with increased contrast and enhanced colors at an affordable price point. The display has also passed TÜV Rheinland Low Blue Light Certification, which protects the user’s eye from harmful blue light without distorting colors.

TCL LINKHUB Wi-Fi Router AC1200 – The data center of your connected home

The award- winning TCL LINKHUB Wi-Fi Router AC1200 is capable of covering up to 120 square meters and supporting up to 64 devices. Powered by the same MU-MIMO and Beamforming technology, it can communicate with multiple wireless devices simultaneously while ensuring a fast and stable connection for each device.

Moreover, the LINKHUB Wi-Fi Router AC1200 brings incredible and robust Wi-Fi coverage to users’ homes. It comes with 6dBi high-gain antennas that greatly expand the wireless coverage to every corner of large homes or offices. Additionally, the AC1200 dual-band Gigabit Ethernet speeds allow users to enjoy ultra-fast and reliable multiple HD video streaming and lag-free, multi-player gaming with a speed of up to 1200Mbps. There are also four Gigabit Ethernet ports, which allow users to connect wired devices directly for internet access. Simple multiple configuration is available for users to set up and control devices, including Web UI, Dedicated APP and All-in-One APP.

ABOUT TCL

TCL is one of the world’s fastest-growing consumer electronics companies, and a global leading television and mobile device brand. Incorporated in Hong Kong, China. TCL operates its own manufacturing and R&D centers worldwide with products sold in more than 160 countries throughout North America, Latin America, Europe, the Middle East, Africa and Asia Pacific. TCL specializes in the research, development and manufacturing of consumer electronics ranging from TVs (TCL Electronics: 1070.HK), mobile phones, audio devices and smart home products.

TCL is a registered trademark of TCL Technology Group Corporation (000100.SZ). All other trademarks are the property of their respective owners. For more information, please visit http://www.tcl.com/global/en.html.

PRESS CONTACT
yijing.zhao@yyoungpr.com

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PR Newswire

Educational Platform Toolshero Offers Global Support in Self-development During Quarantine

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ROTTERDAM, Netherlands, April 24, 2020 /PRNewswire/ — The Coronavirus has surprised us worldwide and forced many people to stay indoors. In trying to make the best of the situation, students and professionals are finding ways to study and work from home. And as the usual day-to-day activities become less or no longer possible, the daily hustle and bustle is replaced with quiet time. This creates new opportunities. For those who want to use this valuable time to educate, develop and empower themselves, Toolshero offers immediate support.

Toolshero ambassador Sheryl Lynn
Toolshero ambassador Sheryl Lynn

Toolshero is an educational platform that makes personal and professional development attainable for everyone by making access to knowledge easy and affordable. During quarantine, toolshero will provide our global community with free access to its online platform for a full month. This gives visitors access to 750+ practical scientific articles on a wide range of topics such as leadership, communication, creativity, marketing, psychology and personal development. These high-quality articles are enriched with templates, worksheets and images, making learning easier and faster.

More than 10 million people in over 100 countries already use the toolshero platform and with its continuous expansion, toolshero is realizing its vision of contributing to a more empowered world. “I’m very proud to be a toolshero ambassador,” says international DJ and former beauty queen Sheryl Lynn Baas. “Especially during these challenging times, I think it’s amazing that toolshero is offering global support. Ever since I competed at Miss World in 2006 and founded the Sheryl Lynn Foundation, education and empowerment have been my advocacy, so I’m excited to help spread the good news!”

More information

Toolshero supports people worldwide to empower themselves through an easily accessible and high- quality educational platform for personal and professional development. The goal is to provide students, professionals, scientists and interested people everywhere with the opportunity for growth by offering them educational tools for further self-development. This valuable know-how can be used in daily practices and the gained expertise of our platform users can be shared with the people around them. This is how we empower our world together.

Kindly visit www.toolshero.com/subscribe for more information.

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