Tag Archives: FIN

Alpian Secures CHF 12.2m Series A Funding to Tap Into CHF 660bn Private Banking Opportunity

GENEVA, May 6, 2020 /PRNewswire/ — New digital financial services company, Alpian SA (“Alpian”), incubated by the Swiss banking group REYL & Cie Ltd (“REYL”), today announces a successful Series A funding round worth CHF 12.2 million. The funds will enable Alpian to accelerate growth plans and pursue ambitions to receive a full banking license from the Swiss Financial Market Supervisory Authority (FINMA), launching as a fully licensed digital affluent bank in 2021.

Alpian aims to create an innovative banking offering, tailored to the mass affluent population (with investible assets between CHF 100k – 1 million) in Switzerland, worth an estimated CHF 660 billion. Independent market research demonstrates how existing retail and private banking providers do not fully address the fundamental needs of this segment. Amongst this demographic, 40% are looking for a new bank and 70% would be open to using a bank with no branches at all.

Alpian’s offering will include tailored investment boutique products, digital face-to-face access to experienced financial advisors, and everyday banking services. Through a modernistic digital interface, Alpian will leverage proprietary and disruptive technology to develop scalable, personalised private banking.

Benefiting from REYL’s 40+ years of banking and wealth management experience, the company aims to compete on an equal footing with other established banks.

Schuyler Weiss, Alpian CEO, said:

“The genesis of Alpian comes from the clear vision of our experienced and well diversified team. This brings with it an ability to execute our vision, unimpeded, with technology and innovation underpinning everything we do. Securing the Series A funding is a testament to our business and our ability to execute. It is a big step towards reaching full technological and operational readiness over the coming months.”

REYL partner, Pasha Bakhtiar said:

“Alpian started as an incubation project at REYL but we soon realised the full potential of this unique, ground-breaking value proposition. The fact that Alpian has secured this impressive Series A round demonstrates the confidence investors also have in the blue ocean space we have identified. My Partners and I are immensely trusting in the quality of the Alpian team and we are excited to accompany them on the next stages of the journey.”

About Alpian

www.alpian.com 

Based in Carouge, Switzerland, Alpian is a new digital financial services brand, incorporated in October 2019.

Press enquiries: media@alpian.com, +447742954886

HotForex Offers Clients and Partners the Ultimate Performance Reward

Award winning broker of choice HotForex is celebrating its 10 years anniversary by offering all of its loyal clients and Partners generous withdrawable rewards every month from a prize pool of $2,000,000

PORT LOUIS, Mauritius, May 5, 2020 /PRNewswire/ — HotForex, the award-winning forex and commodities broker on CFDs, was founded in 2010 and is celebrating its ten years anniversary by offering both clients and Partners the chance to earn withdrawable monthly rewards funded directly to their accounts.

A HotForex spokesperson said: “We always keep our loyal clients and partners at the heart of everything we do to ensure we provide the best possible trading experience.  These new reward programs are an exciting part of our 10 years anniversary celebrations, and we hope each one of our valued clients and Partners will enjoy the opportunity to earn their part of the $2,000,000 available!”

From now until the end of 2020, the Return on Free Margin promotion will provide monthly withdrawable returns on investment to clients, while the HF Partners 10 Years Anniversary Bonus offers Partners a withdrawable bonus of up to $3,000 every month.

Find out more about these exclusive offers here.

Notes to Media:

About HotForex 

With its origins dating back to 2010, HotForex is the brand name of HF Markets Group which encompasses global and regulated entities which are operating as multi-asset brokers offering both retail and institutional trading services to clients from around the world. HotForex is continuously establishing its position as a market leader, a fact affirmed by:

  • Over 2,000,000 Live Accounts Opened
  • More than 35 International Awards
  • Client Support in 27+ Languages
  • Top Fund Security Measures

To learn more about HotForex, please visit our website by clicking here.

Risk warnings:

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital.

Logo: https://techent.tv/wp-content/uploads/2020/05/hotforex-offers-clients-and-partners-the-ultimate-performance-reward.jpg

Acorn International Announces US$2.5 Million Share Repurchase Plan

SHANGHAI, May 4, 2020 /PRNewswire/ — Acorn International, Inc. (NYSE: ATV) (“Acorn” or the “Company”), a leading marketing and branding company in China, today announced that the Company adopted a repurchase plan based upon a form approved by the Company’s Board of Directors in accordance with guidelines specified by Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended, as well as Acorn’s insider trading policy. The Company may repurchase up to US$2.5million worth of its American depositary shares (“ADSs”) over the next 12 months under the repurchase plan.

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and extent of any purchases will depend upon market conditions, the trading price of its ADSs and other factors, and are subject to the restrictions relating to volume, price and timing under applicable law. The Company’s Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. The Company plans to fund repurchases from its existing cash balance.

About Acorn International, Inc.

Acorn International is a leading marketing and branding company in China, leveraging a twenty-year direct marketing history to monetize brand IP, content creation and distribution, and product sales, through digital media in China. For more information visit www.acorninternationalgroup.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements. 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 “anticipates,” “believes,” “estimates,” “expects,” “future,” “going forward,” “intends,” “outlook,” “plans,” “target,” “will,” “potential,” and similar statements. Such statements are based on 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 Acorn’s control, including the extent and duration of the adverse impact of COVID-19, which may cause actual results, performance, actions, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

Investor Contacts:

Contact:
Compass Investor Relations
Ms. Elaine Ketchmere, CFA 
Phone: +1-310-528-3031
Email: Eketchmere@compass-ir.com

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Source: Acorn International, Inc.

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.

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  

  

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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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)

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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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Shenzhen Daily: Innovation-driven growth marks 5th anniversary of Qianhai

SHENZHEN, China, April 30, 2020 /PRNewswire/ — A news report by Shenzhen Daily on the 5th anniversary of the inauguration of the Qianhai & Shekou Free Trade Area.

Qianhai-headquartered WeBank has grown into a top private bank in China over the past five years since its establishment, servicing over 200 million individual clients with its inclusive financial system.

Set up in December 2014 as one of the country’s first private banks and the first Internet-only bank, WeBank has become the world’s leading digital bank, as claimed by the Massachusetts-based Forrester Research, one of the most influential research and advisory firms.

An entrance to Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone (Qianhai FTZ).
An entrance to Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone (Qianhai FTZ).

Figures show that the digital-only bank had 220 billion yuan (US$31.03 billion) in assets by the end of 2018. Its net profit reached 2.47 billion yuan in 2018, surpassing the total profit of 1.98 billion yuan by the 16 other private banks set up at the same time as WeBank.

The digital bank would not have made it without the innovation-oriented business environment in Qianhai, part of the China (Guangdong) Pilot Free Trade Zone inaugurated April 27, 2015, said Wan Jun, chairman of the board of supervisors of WeBank.

WeBank is one of the enterprises that have gone through rapid development in Qianhai, which Shenzhen Special Zone Daily said has become the core engine for high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area, in the past five years.

Official statistics show that the added value of Qianhai-registered enterprises has grown 150 percent over the past several years, while its tax revenue has doubled. The fixed asset investment in Qianhai has gone up 90 percent, and it contributed 2.4 percent of the 2019 GDP of Guangdong Province. The 2019 Guangdong GDP topped the nation at 10.77 trillion yuan.

Qianhai has reported a 152 percent growth in foreign trade over the past five years. The total volume of imports and exports in its Qianhaiwan Bonded Free Trade Port Area reached 128.55 billion yuan last year, up 233 percent from 55.2 billion yuan in its inaugural year.

Liu Yuli, deputy general manager of YHGlobal based in Qianhaiwan port, said her company recorded over 200% year-on-year growth in the first quarter of the year despite the economic uncertainty caused by the COVID-19 pandemic.

The total volume of imports and exports of YHGlobal, a Hurun-listed unicorn engaged in the global supply chain, reached 59.4 billion yuan last year, topping Shenzhen’s supply-chain enterprises and ranked No. 13 nationally, according to Liu.

She attributed the eye-catching growth of YHGlobal to a series of innovative customs policies adopted to facilitate cross-border trade.

“Take the global central warehouse initiation as an example,” Liu said. “The global central warehouse allows the storage of different kinds of goods — including bonded and nonbonded goods, and imported and exported goods — in the same warehouse in the Qianhaiwan port, greatly reducing the operational costs and facilitating the flow of cross-border goods.”

Liu said Shekou Customs has created many other favorable policies to address the actual needs of importers and exporters within their business operations, which also helps them lure more new clients.

The high-quality economic development in Qianhai is due in large part to institutional innovations that the Qianhai authority has committed to since its establishment.

According to official statistics, Qianhai has rolled out 106 institutional innovations last year, bringing the total number to 520 in five years’ time. Of them, 50 have been promoted nationwide, five in the Greater Bay Area, 69 in Guangdong Province and 166 have been duplicated for use in Shenzhen.

Qianhai has topped the country for the past two consecutive years in the national innovation index compiled by the Guangzhou-based Sun Yat-sen University.

Efforts by the Qianhai authority to create a fair, transparent business environment has paid off. The actual use of foreign investment in the free trade area has grown 187 percent in five years, accounting for 21 percent of the total foreign investments made in Guangdong last year, up from the 8.3 percentage points in the first year of its establishment.

Nearly 1,400 new Hong Kong-funded enterprises were registered in Qianhai last year, bringing in 88 billion yuan in registered capital. By the end of 2019, Qianhai had become home to 12,102 Hong Kong-funded companies, up 420% from 2,313 at the end of 2015. The Hong Kong-funded companies have brought in a total of 1.3 trillion yuan in registered capital.

Qianhai was ranked 51st in the world business environment list by PricewaterhouseCoopers in 2017, then jumped to 31st in 2018 and 23rd last year.

Over the past five years, a total of 59 new roads, 36 kilometers in length, have been opened to traffic and 179 new office buildings have been put into use, offering companies 3.13 million square meters of office floor space in Qianhai.

http://szdaily.sznews.com/PC/layout/202004/27/node_02.html#content_851012

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