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PR Newswire

Starbox Group Holdings Ltd. Announces First Half of Fiscal Year 2023 Financial Results

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Revenue and Net Profit Increased to $4.0 Million and $1.4 Million Respectively (Basic Earnings of $0.03 Per Share) with Technology-Driven Services Revenue Accounting for Approximately 43.8% of its Revenue

KUALA LUMPUR, Malaysia, Aug. 29, 2023 /PRNewswire/ — Starbox Group Holdings Ltd. (Nasdaq: STBX) (“Starbox” or the “Company”), a service provider of cash rebates, digital advertising, and payment solutions with a goal of becoming a comprehensive AI solutions provider within Southeast Asia, today announced its unaudited financial results for the six months ended March 31, 2023.

Mr. Lee Choon Wooi, Chairman and Chief Executive Officer of Starbox, commented, “We are excited about the results we have accomplished for the first half of fiscal year 2023, where we saw robust growth across almost every key financial metric. Our revenue and net income grew for the first half of fiscal year 2023, demonstrating the fruition of our earlier investments in technology and successful execution of our strategic initiatives, namely new technology-driven services revenue via licensing and/or sale of our technologies. Moving forward, we expect to channel our efforts into continuous technological innovation as we believe technology such as artificial intelligence will be one of our key drivers for revenue growth for the foreseeable future. We plan to keep investing in our artificial intelligence-generated content (AIGC) engine, which we believe will revolutionize how people visualize ideas and provide invaluable tools for businesses across industries. We aim to disrupt the industry with our applications of AI technologies, thereby solidifying our market position, and generating long-term value for our shareholders.”

First Half of Fiscal Year 2023 Financial Highlights

  • Total revenue was $4.0 million for the six months ended March 31, 2023, an increase of 36.1% from $2.9 million for the same period of last year.
  • Income from operations was $2.0 million for the six months ended March 31, 2023, an increase of 3.1% from $1.9 million for the same period of last year.
  • Net income was $1.4 million for the six months ended March 31, 2023, an increase of 8.6% from $1.3 million for the same period of last year.

First Half of Fiscal Year 2023 Operational Highlights

  • Number of advertisers was 22 during the six months ended March 31, 2023, compared to 42 during the six months ended March 31, 2022.
  • Number of members on the GETBATS website and mobile app was 2,518,023 as of March 31, 2023, compared to 2,513,658 as of September 30, 2022.
  • Number of merchants on the GETBATS website and mobile app was 832 as of March 31, 2023, compared to 820 as of September 30, 2022.
  • Number of transactions facilitated through GETBATS website and mobile app was 161,306 during the six months ended March 31, 2023, compared to 188,718 during the six months ended March 31, 2022.

First Half 2023 Financial Results

Revenue

Total revenue was $4.0 million for the six months ended March 31, 2023, an increase of 36.1% from $2.9 million for the same period of last year. The increase in revenue was primarily due to increases in the revenue from our newly established software licensing service segment.

  • Revenue from digital advertising service was $2.2 million for the six months ended March 31, 2023, which decreased by 23.7% from $2.9 million for the same period of last year. The decrease was due to decreases in the number of advertisers for our services in the six months ended March 31, 2023.
  • Revenue from software licensing was $1.7 million for the six months ended March 31, 2023. The Company did not have revenue from software licensing for the same period of last year. On March 24, 2023, the Company’s wholly owned subsidiary, Starbox Technologies Sdn. Bhd., entered into a software licensing agreement with Brandavision Sdn Bhd, a Malaysia company (“Brandavision”). The Company will develop a comprehensive data management system for Brandavision, grant them the access to its vast database, help train the staff of Brandavision with respect to its use and provide continuous technical support.
  • Revenue from cash rebate services was $10,621 for the six months ended March 31, 2023, which increased by 91.3% from $5,552 for the same period of last year. The increase was primarily due to an increase in the average cash rebate commission rate earned by the Company for the six months ended March 31, 2023 as compared to the six months ended March 31, 2022.
  • Revenue from payment solution services was $4,303 for the six months ended March 31, 2023, which decreased by 20.0% from $5,379 for the same period of last year.

Operating Cost

Operating costs were $2.0 million for the six months ended March 31, 2023, which increased by 99.0% from $1.0 million for the same period of last year. The increase was primarily due to the following reasons:

  • Salary and employee benefit expenses were $318,750 for the six months ended March 31, 2023, which increased by $122,846 from $195,904 for the same period of last year, primarily due to an increase in the number of employees from 17 for the six months ended March 31, 2022 to 25 for the six months ended March 31, 2023, in order to handle the increase in business activities associated with the Company’s digital advertising services, cash rebate services, and the newly expanded business in software licensing services.
  • Marketing and promotional expenses were $209,564 for the six months ended March 31, 2023, which increased by $104,756 from $104,808 for the same period of last year, as a result of our increased marketing efforts to develop new merchants and advertisers for our services.
  • License costs were $30,000 for the six months ended March 31, 2023, which increased by $4,941 from $25,059 for the same period of last year.
  • Website and facility maintenance expenses were $147,345 for the six months ended March 31, 2023, which increased by $97,620 from $49,725 for the same period of last year, primarily because the Company incurred more costs to optimize and upgrade its IT system related to rebate calculation and AI calculation engine.
  • Utility and office expenses were $251,563 million for the six months ended March 31, 2023, which increased by $194,784 from $56,779 for the same period of last year, primarily due to increased office insurance expenses and increased office supply expenses resulting from an increased number of staff.
  • Depreciation and amortization expenses were $193,662 for the six months ended March 31, 2023, which increased by $149,515, from $44,147 for the same period of last year, mainly due to increased amortization of intangible assets.
  • Business travel and entertainment expenses were $71,479 for the six months ended March 31, 2023, which increased by $53,957 from $17,522 for the same period of last year, due to the Company’s increased efforts to expand its business operations into local and neighboring countries.
  • Others were $344,633 for the six months ended March 31, 2023, which increased by $304,175 from $40,458 for the same period of last year, primally due to (i) increased trademark expenses by $69,990 and (ii) increased bonus by $176,635.

Provision for Income Taxes

Provision for income taxes was $0.6 million for the six months ended March 31, 2023, which decreased by 5.4% from $0.7 million for the same period of last year.

Net Income

Net income was $1.4 million for the six months ended March 31, 2023, which increased by $0.1 million from $1.3 million for the same period of last year.

Basic Earnings per Share

Basic earnings per share was $0.03 for the six months ended March 31, 2023, compared to basic and diluted earnings per share of $0.03 for the same period of last year.

Balance Sheet

As of March 31, 2023, the Company had cash of $0.9 million, compared to $17.8 million as of September 30, 2022.

Cash Flow

Net cash used in operating activities was $12.1 million for the six months ended March 31, 2023, compared to net cash provided by operating activities of $1.5 million for the same period of last year.

Net cash used in investing activities was $17.9 million for the six months ended March 31, 2023, compared to $0.6 million for the same period of last year.

Net cash provided by financing activities was $11.8 million for the six months ended March 31, 2023, compared to net cash used in financing activities of $0.8 million for the same period of last year.

About Starbox Group Holdings Ltd.

Headquartered in Malaysia, Starbox Group Holdings Ltd. is a technology-driven, rapidly growing company with innovation as its focus. Starbox is aiming to be a comprehensive AI solutions provider within Southeast Asia and also engages in building a cash rebate, digital advertising, and payment solution business ecosystem targeting micro, small, and medium enterprises that lack the bandwidth to develop an in-house data management system for effective marketing. The Company connects retail merchants with retail shoppers to facilitate transactions through cash rebates offered by retail merchants on its GETBATS website and mobile app. The Company provides digital advertising services to advertisers through its SEEBATS website and mobile app, GETBATS website and mobile app and social media. The Company also provides payment solution services to merchants. For more information, please visit the Company’s website: https://ir.starboxholdings.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Starbox Group Holdings Ltd.

Investor Relations
Department Email:
ir@starboxholdings.com

Ascent Investors Relations LLC

Tina Xiao
Phone: +1 917-609-0333
Email: tina.xiao@ascent-ir.com

STARBOX GROUP HOLDINGS LTD AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of

March 31, 2023

As of

September 30,
2022

(Unaudited)

ASSETS

CURRENT ASSETS

Cash and equivalents

$

864,392

$

17,778,895

Accounts receivable, net

4,986,688

2,032,717

Prepaid income tax

552,094

–

Prepayments

14,448,012

4,269,611

Due from related parties

1,682

1,473

Total current assets

20,852,868

24,082,696

NON-CURRENT ASSETS

Property and equipment, net

21,941

13,380

Intangible assets, net

18,824,416

903,768

Right-of-use assets, net

36,511

42,574

Total non-current assets

18,882,868

959,722

TOTAL ASSETS

$

39,735,736

$

25,042,418

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Taxes payable

$

395,772

$

1,404,128

Deferred revenue

368,066

–

Accrued liabilities and other current liabilities

348,627

541,050

Operating lease liabilities, current

17,052

15,833

Due to related parties

1,409

7,361

Total current liabilities

1,130,926

1,968,372

NON-CURRENT LIABILITIES

Deferred tax liabilities, net

318,603

–

Operating lease liabilities, non-current

19,459

26,741

Total non-current liabilities

338,062

26,741

TOTAL LIABILITIES

1,468,988

1,995,113

COMMITMENT AND CONTINGENCY

SHAREHOLDERS’ EQUITY

Preferred shares, par value $0.001125, 5,000,000 shares
authorized, no shares issued and outstanding

–

–

Ordinary shares, par value $0.001125, 883,000,000 shares
authorized, 54,375,000 shares and 45,375,000 shares issued and
outstanding as of March 31, 2023 and September 30, 2022,
respectively

61,172

51,047

Additional paid in capital

30,674,988

18,918,303

Accumulated other comprehensive income (loss)

1,481,084

(607,052)

Retained earnings

6,049,504

4,685,007

Total shareholders’ equity

38,266,748

23,047,305

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

39,735,736

$

25,042,418

STARBOX GROUP HOLDINGS LTD AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

SIX MONTHS ENDED MARCH 31,

2023

2022

Operating revenue

Revenue from cash rebate services

$

10,621

$

5,552

Revenue from digital advertising services

2,220,794

2,911,482

Revenue from payment solution services

4,303

5,379

Revenue from software licensing

1,740,472

–

Total operating revenue

3,976,190

2,922,413

Operating expenses

Selling, general, and administrative expenses

1,996,892

1,003,373

Total operating expenses

1,996,892

1,003,373

Income from operations

1,979,298

1,919,040

Other income, net

Interest income

7,757

–

Other income, net

5,163

203

Total other income, net

12,920

203

Income before income tax

1,992,218

1,919,243

Income tax expenses

627,721

663,224

Net income

$

1,364,497

$

1,256,019

Other Comprehensive income

Foreign currency translation gain (loss)

2,088,136

(9,188)

Total Comprehensive income

$

3,452,633

$

1,246,831

Net income per share – basic

$

0.03

$

0.03

Weighted average number of common shares outstanding – basic

53,089,286

40,000,000

STARBOX GROUP HOLDINGS LTD AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR SIX MONTHS ENDED MARCH
31,

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

1,364,497

$

1,256,019

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

Disposal of fixed assets

2,928

–

Depreciation and amortization

253,662

69,147

Amortization of right-of-use operating lease assets

9,111

42,974

Change in deferred tax

313,963

–

Changes in operating assets / liabilities:

Accounts receivable

(2,809,804)

(1,326,333)

Prepaid income tax

(544,054)

–

Prepaid expenses and other current assets

(9,621,687)

(63,935)

Deferred revenue

362,706

579,355

Taxes payable

(1,063,540)

834,895

Operating lease liabilities

(9,111)

(42,974)

Accrued expenses and other current liabilities

(407,590)

177,101

Net cash provided by (used in) operating activities

(12,148,919)

1,526,249

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of fixed assets

(13,183)

(5,011)

Purchase of intangible assets

(17,864,000)

(626,420)

Net cash used in investing activities

(17,877,183)

(631,431)

CASH FLOWS FROM FINANCING ACTIVITIES:

Deferred initial public offering costs

–

(423,994)

Proceeds from equity financing

11,766,810

–

Increase in due from related party

(134)

–

Repayment of related party borrowings

(6,232)

(398,422)

Net cash provided by (used in) financing activities

11,760,444

(822,416)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

1,351,155

(8,955)

NET INCREASE (DECREASE) IN CASH & EQUIVALENTS

(16,914,503)

63,447

CASH & EQUIVALENTS, BEGINNING OF PERIOD

17,778,895

2,295,277

CASH & EQUIVALENTS, END OF PERIOD

864,392

2,358,724

Supplemental Cash Flow Data:

Income tax paid

$

2,011,188

$

–

Interest paid

$

–

$

–

Source: Starbox Group Holdings Ltd.

PR Newswire

Tata Communications launches global, cloud-based 5G Roaming Lab

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Enables Mobile Network Operators (MNOs) to trial Proof of Concepts (PoCs) before migrating customers to 5G

MUMBAI, India, Aug. 23, 2023 /PRNewswire/ — Tata Communications, a global digital ecosystem enabler, today announces the launch of its global, cloud-based 5G Roaming Laboratory (Lab), enabling Mobile Network Operators (MNOs) to trial 5G standalone network use cases before introducing the service to their subscribers. With this, Tata Communications is harnessing the potential of 5G to help reimagine mobility experiences for mobile network operators benefitting their consumers, and enterprise customers.

Tata Communications cloud-based 5G Roaming Lab trials the international mobile roaming experience by closely monitoring traffic movement and network usage for giving the highest quality of experience to mobile phone users while roaming. Its tests get an objective performance assessment across networks, connected in the exchange process while a user is roaming. This also includes onboarding and internet trials on the high-speed, high-reliable and low-latency 5G standalone network.

The new Tata Communications 5G Roaming Lab is specially designed keeping safety at the heart of its operations. It is equipped with hi-tech server applications that provide high-speed and seamless 5G roaming connectivity along with network security. Agile and secure network is critical considering 5G adoption is accelerating globally with GSMA predicting 5 billion 5G connections by 2030 (Source: The Mobile Economy 2023 (gsma.com).

“Connectivity is a key ingredient in today’s fast-paced digital world. An internet that is fast, secure and available at all times is of paramount importance to customers, whether they are individuals or an enterprise. We are excited to introduce our newest capability in 5G roaming testing ensuring MNO customers are receiving proven services,” said Mysore Madhusudhan, Executive Vice President, Collaboration and Connected Solutions, Tata Communications. “By ensuring that the tests can take place across geographies, enhances the flexibility available to MNOs for delivering superior and agile services. Armed with fast and uninterrupted connectivity, this generation will accelerate a lot faster than its predecessors!”

Tata Communications is a global leader in Mobile Roaming Services, with proven track record of carrying 2G/ 3G/ 4G roaming signalling services in 200+ countries. Its worldwide relationship with 700+ MNOs gives it a natural edge to provide 5G roaming services. For more information, please visit www.tatacommunications.com.

About Tata Communications

A part of the Tata Group, Tata Communications (NSE: TATACOMM) (BSE: 500483) is a global digital ecosystem enabler powering today’s fast-growing digital economy in more than 190 countries and territories. Leading with trust, it enables digital transformation of enterprises globally with collaboration and connected solutions, core and next gen connectivity, cloud hosting and security solutions and media services. 300 of the Fortune 500 companies are its customers and the company connects businesses to 80% of the world’s cloud giants. For more information, please visit www.tatacommunications.com.

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Forward-looking and cautionary statements

Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications’ expected financial position, business strategy, the future development of Tata Communications’ operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications’ network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company’s communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications’ industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications’ control, include, but are not limited to, those risk factors discussed in Tata Communications Limited’s Annual Reports. 

The Annual Reports of Tata Communications Limited are available at www.tatacommunications.com. Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.

© 2023 Tata Communications Ltd. All rights reserved.

TATA COMMUNICATIONS and TATA are trademarks or registered trademarks of Tata Sons Private Limited in India and certain countries.

PR Newswire

Indonesia’s E-commerce Solution Platform, Plugo, Announces Expansion to Thailand Reflecting on Its 2023 Milestones

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JAKARTA, Indonesia, Aug. 23, 2023 /PRNewswire/ — In a rapidly evolving digital era, Plugo, an e-commerce trailblazer from Indonesia, has carved a significant niche within the direct-to-consumer (D2C) market space.

Kyungmin Bang, CEO of Plugo, expressed gratitude to attendees at Plugo Brand Appreciation Day 2023 and announced the platform's strategic expansion to Thailand.
Kyungmin Bang, CEO of Plugo, expressed gratitude to attendees at Plugo Brand Appreciation Day 2023 and announced the platform’s strategic expansion to Thailand.

During the Plugo Brand Appreciation Day 2023 held on August 22 at The Langham Jakarta, attended by industry leaders, brand representatives, and various stakeholders, Plugo announced its ambitious move into the Southeast Asian market.

Plugo’s remarkable achievements in 2023 speak to its rising prominence in the e-commerce sector:

  • Plugo’s highest GMV in a month reached 99.6 billion rupiah.
  • The total number of visitors to brands’ websites was a staggering 26 million.
  • The most products sold in a single day stood at 47,000.
  • The avg. conversion rate from a buyer’s visit to a purchase was an impressive 9%.

At the event, Izki Aldrin Iswarna, Plugo’s Country Director, shared, “Our 2023 milestones underscore Plugo’s commitment to serving brands and facilitating their growth. Our adaptability and innovative approach are key pillars in navigating this fast-paced digital market.”

But it’s not just about numbers and milestones. Understanding and addressing the needs of both brands and consumers lies at the heart of Plugo’s strategy. Plugo’s success was underpinned by the interplay between marketplaces and D2C platforms.

Thailand, with its vibrant e-commerce landscape, is the next destination on Plugo’s expansion map. Aiming for an official launch by the end of 2023, the move is set further to consolidate Plugo’s leadership in the D2C e-commerce sector.

Reflecting on this venture, Plugo’s CEO, Kyungmin Bang, commented, “Our expansion into Thailand isn’t just a business decision; it’s a commitment. We see Thailand as a land of immense growth opportunities and are eager to bring our D2C expertise to its dynamic brands.”

About Plugo

Founded in 2022 in Singapore, Plugo is an all-in-one e-commerce platform targeting direct-to-consumer (D2C) brands. The platform offers services ranging from customizable e-commerce websites to integrated payment systems, omnichannel, and advanced marketing tools.

The company secured $9 million in its Series A funding round in late 2022, with investments from firms like Altos Ventures and Access Ventures.

Plugo is entirely cloud-based and hosted, allowing users to access and manage their businesses from anywhere at any time while on the go.

In addition to its Singapore headquarters, the company has expanded its presence with offices in Jakarta and Seoul, with the latter housing a team of seasoned tech specialists.

PR Newswire

WiMi Developed Mask R-CNN-Based CSO, Reference Point, and Intelligent Extraction Technique

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BEIJING, Aug. 18, 2023 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced that it developed a Mask R-CNN-based technique for intelligently extracting CSOs (feature space objects) and its reference points brings a breakthrough in the field of high-resolution image processing and matching. The technique utilizes the latest advances in deep learning and computer vision to provide an efficient and accurate solution for automatic image matching and target localization.

High-resolution image processing and matching have been an important research direction in the field of computer vision, but automatic matching has been facing great challenges due to local deformations in images and differences in lighting conditions. Previous methods are often limited by computational complexity and dependence on local features, making it difficult to achieve accurate results. WiMi’s technique can be used to extract CSOs and their reference points on images. With this method, the CSOs can be acquired automatically and provide accurate localization information for the subsequent image matching process.

WiMi’s R&D team successfully solved this challenge by introducing the Mask R-CNN model, a model extension based on Faster R-CNN commonly used for target detection and instance segmentation. The model is unique in that it can simultaneously predict the bounding box, category, mask and key points of a target, providing comprehensive information for image processing tasks.

In this new technique, WiMi first utilizes a large amount of high-resolution remote sensing image data for training the Mask R-CNN model. Through training, the model is able to learn the features of different target instances in the image and accurately predict their bounding boxes, categories, masks and key points. Based on the trained Mask R-CNN model, the technical team further proposes the concept of CSO and the reference point method. CSO refers to target instances with distinctive features, which can be intelligently filtered out by setting thresholds or rules. Reference points, on the other hand, are extracted from CSOs by a mask predictor and a key point predictor, which are used to locate important feature points of target instances.

The technical implementation logic of it is as follows:

Data preparation: first, a dataset of high-resolution remote sensing images for training and evaluation needs to be prepared. The dataset should contain images with different target types and deformation levels.

Model training: the Mask R-CNN model is trained using the prepared dataset. The goal of training is to enable the model to accurately predict the bounding frame, categories, masks and key points of the targets.

CSO reference point extraction: on the trained Mask R-CNN model, intelligent extraction of CSOs and reference points can be achieved by inputting a high-resolution remote sensing image. Definition of CSO: CSO refers to feature space objects, i.e., target instances with distinctive features. Target instances with distinctive features can be filtered out as CSOs by setting some thresholds or rules. Reference point extraction: the mask predictor and key point predictor of the Mask R-CNN model are utilized to extract the mask and key point for each CSO. The Mask Predictor will generate a binary mask for each CSO, which is used to accurately segment the target instance. The key point predictor will predict the key point coordinates of the target instance for locating the important feature points of the target instance.

Application of CSOs and reference points: the extracted CSOs and reference points can be used for a variety of applications, such as high-resolution remote sensing image matching. Depending on the specific application scenario, image matching or other related tasks can be realized based on the location and features of CSOs.

The breakthrough of this technique is that it not only efficiently extracts CSOs and reference points, but also accurately describes the shape and location of target instances. This makes the automatic matching of high-resolution images more accurate and reliable, providing a reliable foundation for subsequent image processing tasks.

The technique brings many important applications and advantages to the field of high-resolution image processing and matching. It can be widely used in the field of remote sensing image processing, such as urban planning, environmental monitoring and resource management, etc. It can help to automatically extract the features of urban buildings, road networks and natural environments, and provide accurate data support for urban planning and resource management. In addition, this technology can also be applied in the fields of security monitoring, traffic management and military reconnaissance, etc. It can help to automatically extract key targets in the monitoring screen and accurately locate them, so as to improve the efficiency and accuracy of security monitoring. In traffic management, the technology can help identify traffic signs, vehicles and pedestrians, providing reliable data support for traffic flow monitoring and intelligent transportation systems.

This technique has achieved remarkable results in related fields and has been widely noticed and recognized. Currently, the technology has been successfully applied to several practical projects with impressive results. For future development, WiMi will continue to strengthen its technology development and innovation, and continuously improve the performance and effect of Mask R-CNN-based CSO and its reference point and intelligent extraction technology. At the same time, the company will actively expand the application areas of the technology, and work with partners from various industries to promote the development of high-resolution image processing and matching technology, and contribute to the progress and development of society.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains “forward-looking statements” within the 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,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several 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 goals and strategies; the Company’s future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

Source: WiMi Hologram Cloud Inc.

PR Newswire

Gucci and JD.com Announce Digital Partnership and Launch of Official Gucci Flagship Store

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BEIJING, Aug. 17, 2023 /PRNewswire/ — Gucci and JD.com are delighted to announce a digital partnership and the highly anticipated launch of the official Gucci digital flagship store on the e-commerce leader’s platform. This marks the first time the Italian luxury brand will bring its unique fashion authority and 102-year-old legacy of Italian craftsmanship to the JD.com community.

Users searching for “Gucci” within the JD.com app will be invited to explore the House’s official flagship store and shop for their favorite items. This will also include a full range experience of Gucci brand services, all within a seamless and secure digital ecosystem. An exceptional customer experience is at the heart of this new collaboration, where customers can browse the store’s extensive range of timeless icons and new-season ready-to-wear, handbags, travel, shoes, jewelry, watches, and accessories for men and women. They will also have special access to Gucci’s online client advisor service before ordering their desired products.

The opening of the new digital flagship store marks a milestone in the partnership between Gucci and JD.com and underscores their commitments to digital innovation. In response to the evolving digital ecosystem, JD.com continuously delivers cutting-edge digital solutions to fulfill diverse needs. This includes the development of diversified models tailored for the luxury industry, leveraging its state-of-the-art supply chain capabilities and open ecosystem. With the launch of its new online environment on JD.com, Gucci will elevate shopping experiences that are tailored to the tastes of JD.com’s customer base and further explore the unique digital landscape of China using both brands’ respective technological strengths to set a new standard in online luxury shopping, expand their market reach, and pioneer original approaches to digital marketing.

In celebration of the upcoming Chinese Valentine’s Day on August 22, Gucci’s official flagship store on JD.com will offer a selection of gifts that showcase the House’s exquisite craftsmanship and romantic aesthetic. Featuring floral motifs symbolizing the blossoming of love and emotions, the collection will also present a purse designed exclusively for JD.com customers to celebrate this special occasion. To enhance the moment, customers will also be able to share their heartfelt sentiments with personalized greeting E-cards to accompany their purchase.

About Gucci

Founded in Florence, Italy, in 1921, Gucci is one of the world’s leading luxury brands. Following the House’s centenary, Gucci forges ahead continuing to redefine luxury while celebrating creativity, Italian craftsmanship, and innovation.
Gucci is part of the global luxury group Kering, which manages renowned Houses in fashion, leather goods, jewelry, and eyewear.
Discover more about Gucci at www.gucci.com

About JD.com

JD.com, also known as Jingdong, is a technology and service enterprise with supply chain at its core. A renowned leader in China’s e-commerce industry, the company has expanded across retail, technology, logistics, healthcare, insurance, property development, industrials, private label, and international business. Serving nearly 600 million customers, JD.com is one of China’s largest overall retailers and the premier online destination for luxury brands.

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Wiz Applauded by Frost & Sullivan for Helping Organizations Embrace New Cloud Operating Model and for Its Market-leading CNAPP

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Wiz expands its leadership in cloud security by developing an innovative CNAPP offering and by disrupting new markets to maintain its competitive advantage, making its platform extremely marketable.

SAN ANTONIO, Aug. 4, 2023 /PRNewswire/ — Frost & Sullivan assessed the cloud security industry and, based on its findings, recognizes Wiz with the 2023 Global Entrepreneurial Company of the Year Award. The company consolidates cloud security capabilities for better risk management and security protection of the cloud and cloud-native applications throughout their lifecycle. Wiz simplifies and automates the compliance and security checking process to reduce the reliance on error-prone human intervention and to make security outcomes more effective and impactful by allowing security teams to prioritize their efforts. The company provides full visibility into infrastructure requirements, security risks, and business priorities to enhance collaboration, and it operationalizes cloud security effectively for greater business value so that organizations can embrace a new cloud operating model.

Wiz Award Logo

The one-of-a-kind Wiz Security Graph provides a simple visualization that enables customers to focus on critical risks from different attack vectors and toxic combinations of multiple risk factors, proactively reducing their attack surface. Wiz is the first cloud security platform provider to leverage a security graph at the core of its product, enabling customers to triage and correlate critical attack paths and produce high-fidelity results that any security or development team can interpret and respond to immediately. The company strengthens organizations’ risk assessment and threat detection capabilities for better business decision making, differentiating Wiz in the market and allowing it to make a huge impact on the industry.

Anh Tien Vu, Industry Principal, Frost & Sullivan, noted, “Wiz has disrupted the traditional agent-based cloud security model with its agentless approach that focuses on cloud risk. Its cloud security platform scans every layer of cloud environments without agents, providing complete visibility into every cloud technology and risk without blind spots, differentiating Wiz in the market.”

Wiz supports accurate and comprehensive risk assessment while eliminating noise, leading to a lower total cost of ownership for customers. The company has earned the trust of over 35% of Fortune 100 companies since its inception, opened offices in Denver, and Washington DC in addition to its New York headquarters, and plans to increase its geographic footprint in the United States and worldwide. Wiz has hit several key milestones, becoming the fastest company to gain $100 million in annual recurring revenue (ARR) in 2022 and becoming the largest cybersecurity unicorn in 2023 after its latest fundraising round, Wiz is helping more organizations build their cloud applications faster and more securely and has its sights set on the public sector (Wiz announced FedRAMP “in process” status earlier this year).

“We’re thrilled to receive this recognition from Frost & Sullivan because the research highlights what we at Wiz prize most: customer value,” said Raaz Herzberg, VP Product Strategy, Wiz. “As Frost & Sullivan notes, companies worldwide are moving to the cloud as part of their digital transformation journey. Wiz has pioneered a new approach to cloud security that grants security teams the ability to harness the power of the cloud to drive their business forward.”

“Wiz stands out in the cloud security industry based on its true cloud-native approach and ability to provide a unified single pane of glass across various cloud security use cases, transforming cloud operating models and democratizing security,” added Vu. With its strong overall performance, Wiz earns Frost & Sullivan’s 2023 Global Entrepreneurial Company of the Year Award in the cloud security industry.

Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in devising and implementing a strong growth strategy. The recipient has shown strength in terms of innovation in products and technologies, leadership in customer value, and speed in response to market needs. The award looks at the emerging market participants in the industry and recognizes their best practices that are positioned for future growth excellence.

Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:
Ashley Weinkauf
P: 210-844-2505
E: ashley.weinkauf@frost.com

PR Newswire

Patsnap Fully Opens 140 Data Products to Meet Growing Data Service Demands

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LONDON, Aug. 3, 2023 /PRNewswire/ — On AUG 1st, Patsnap, a leading provider of innovation intelligence solutions, announced the full opening of 140 data types spanning three categories —Patent Data, Bio Chemical Data, and Innovation Data. Patsnap aims to cater to critical data service needs in key scenarios such as Company Innovation, Investment Intelligence, and Pharmaceuticals R&D. Users can access these invaluable data products through various delivery methods, including API and Datafeed. Interested individuals can now register for free on the Patsnap Data Open Platform (https://open.patsnap.com) and effortlessly experience these data products online.

This milestone marks a significant leap forward for Patsnap’s data services, unlocking the untapped value and application scenarios that data holds. Bian Fu, Chief Data Officer of Patsnap, emphasized the pivotal role of data in technological innovation, stating, “Data serves as the cornerstone and driving force behind innovation. Our objective is to empower more technology innovators, enabling them to harness the vast array of high-quality data offered by Patsnap to drive productivity, while ensuring data security. Through open data products, we strive to accelerate the development of innovation and business applications.”

Comprehensive Data Types and Extensive Coverage

Patsnap’s data products encompass over 140 data types across three categories, incorporating Patent Data, Bio Chemical Data, and Innovation Data. Notably, Patsnap offers specialized data products such as Patsnap Expanded Family, Patsnap Standardized Assignee, Patsnap Patent Value, Patsnap Classification System, as well as patent litigation, patent licensing data, and patent estimated expiration date data. Additionally, customized data portfolios can be tailored to meet specific enterprise requirements.

The Patent Data covers 178 million patent data entries from 170 global patent offices. It includes legal status data from 108 offices, estimated expiration date data from 138 offices, patent license data from 66 offices, and patent transfer data from 27 offices, among other valuable information.

Bio Chemical Data encompasses 790 million sequences and 490 million nucleotide and protein data points from 80 countries. It also incorporates 220 million chemical structures, featuring multinational chemical approval information and clinical trial data. The collection comprises 73,000 global new drugs, 44,000 targets, 16 million pharmaceutical-related patents, 62 million scientific literature sources, 810,000 clinical trials, and over 870,000 organization data entries.

Innovation Data encompasses 121 million enterprises worldwide, 2.75 million research fund data entries, 4.14 million government funding data entries, 956 thousand market reports, 808 thousand corporate merger data entries, and 22 million news sources, among other vital resources.

Leading Data Processing and Unmatched Quality

Over the years, Patsnap has conducted extensive mining and processing of both domestic and foreign patent raw data. This includes extracting structured fields, images, and PDF files, as well as standardizing key fields such as applicant, number, and address to ensure comprehensive data coverage and association accuracy. As a result, Patsnap has obtained several deeply processed data sets to cater to diverse needs.

The high-quality data products provided by Patsnap owe their excellence to the company’s industry-leading algorithm capabilities. Utilizing computer vision, machine learning, natural language processing, neural networks, OCR recognition, knowledge mapping, and large-scale modeling techniques, Patsnap processes and analyzes various data types. The data quality is thoroughly evaluated across seven dimensions, including accuracy, completeness, consistency, timeliness, compliance, comprehensiveness, and business professionalism. Additionally, Patsnap employs its self-developed Big Data monitoring and alert systems to gain insights, maintain control, and guarantee stability throughout the entire data production process.

Patsnap’s system capabilities ensure robust network security, data security, and personal information protection. The company has successfully obtained ISO27001 certifications in these areas.

Deep Cultivation of Key Scenarios: Investment Intelligence and Pharmaceuticals R&D

As global industries undergo digital transformation, the demand for high-quality data applications in critical scenarios such as Investment Intelligence, Pharmaceuticals R&D, and Cooperative Innovation has witnessed significant growth.

Within the Pharmaceuticals R&D realm, the need for big data support is particularly pronounced in drug target identification and evaluation, as well as in the creation and decision-making processes of new drug R&D projects. By providing pharmaceutical companies with extensive, high-quality data encompassing targets, drug company R&D pipelines, biological sequences, and other pertinent information, Patsnap plays a pivotal role in facilitating breakthroughs in new drug R&D and shortening drug development cycles.

In the Cooperative Innovation domain, Patsnap not only supplies IP data for enterprise self-built big data information centers but also aids companies in achieving their goals of competition monitoring and patent operation through the comprehensive application of diverse data products.

For Investment Intelligence purposes, Patsnap provides data support to investment institutions in areas such as predictive research and signal finding, ESG theme investment, fundamental analysis, stock selection and portfolio building, as well as investment target screening and elimination.

To cater to the diverse data delivery requirements in different scenarios, Patsnap’s data products support multiple forms, including API and data packages. The API option is ideal for self-built system platforms, internal management system enhancements, and scenarios that demand continuous, real-time access to the latest data. Conversely, the data package option supports batch exports and periodic updates of historical data, catering to one-time scenarios such as self-built thematic libraries and subject research that require less frequent updates.

The Patsnap Data Open Platform (https://open.patsnap.com) is now open for free registration, enabling users to easily access and experience the service platform. Following thorough processing, the high-quality and scarce data provided by Patsnap will bridge the gap in the market for insufficiently abundant and high-quality open source data.

Additionally, 13 data products from three series, namely “Global Patent Data,” “Bio Chemical Data,” and “Innovation Data,” have been listed on the Shanghai Data Exchange, its International Board, and the Suzhou Bigdata Exchange, establishing them as integral components of the data element circulation market. Through the release of data products, Patsnap endeavors to unlock the value of data, offer insights, and provide decision support to an increasing number of science and technology innovators, thereby facilitating innovation breakthroughs in the fiercely competitive global market.

PR Newswire

The 40,000 m2 High-End Storage R&D Complex of Longsys’s Shanghai HQ Successfully Topped Out, Gathering Innovative Forces

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SHENZHEN, China, July 28, 2023 /PRNewswire/ — On July 28, 2023, the topping out ceremony for Longsys’s Shanghai HQ project was successfully held in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. Leaders from the Lin-gang Special Area Management Committee, Longsys team, and participating units such as project construction, supervision, and design jointly attended the ceremony.

Longsys’s Shanghai HQ is located at the core area of the Dishui Lake Science and Technology Innovation HQ Bay in the Lin-gang Special Area. The project was launched for construction in 2021, covering an area of about 2.3 acres, with a total construction area of about 43,000 m2, which can accommodate more than 800 R&D personnel. The project will build an R&D and office complex, focusing on high-end storage product innovation, storage industry chain delivery, offshore cross-border business, and corporate brand culture display. It is expected to be completed before the end of 2024, and will play a crucial role on carrying Longsys’s long-term development strategy.

According to the plan, Longsys’s Shanghai HQ will build a number of R&D areas and labs, introduce cutting-edge technical supporting facilities, and focus on the R&D of enterprise, industry and automotive storage products and the design of memory chips, which are widely used in various fields, such as data centers, smart cars, smart grids, security monitoring, and industrial Internet of Things.

In the high-end product R&D areas, enterprise SSD storage and storage system software for large-scale computing such as data centers, as well as large-capacity UFS memory chips that comply with the automotive and industry reliability standards will be developed to empower high-performance and high-reliability storage applications. In the memory chip design and R&D areas, focus will be on the NOR flash, SLC NAND flash, memory controller chips, memory peripheral chips, and the like to meet the market demand of miniaturized and precise storage. The high-end storage R&D complex will further enhance Longsys’s independent innovation capability and promote the development and application of storage technology in various fields.

Mr. Cai Huabo, Chairman and General Manager of Longsys, said that the construction of the Shanghai HQ Project has made a good start. As the first stop for Longsys’s expansion from the base in China to the global industrial field, with the favorable policy of talent introduction in the Lin-gang Special Area and the strong support for financial and trade innovation reform and industrial ecological construction from the government of the Lin-gang Special Area, the Shanghai HQ will become a paramount R&D center for Longsys’s innovation and development. It will also become a milestone for Longsys’s 24-year development to link the past with the future, expand production and increase capacity. In addition, it will also be regarded as a key measure for practicing the company philosophy of “being close to customers, close to talents, and close to the industrial chain.”

Salutes resounded, and ribbons fluttered in the air. At 11:18, the leaders and guests attending the meeting were excited and passionate to hold gold shovels in warm applause and blessings, and jointly completed the last concrete pouring for the main project. This moment marks that the company will enter another new chapter.

In the future, Longsys’s Shanghai HQ will gather high-end storage talents and R&D equipment, build the world’s top high-end storage R&D complex, comprehensively enhance the company’s all-around storage service capability, and continuously and steadily transform the company into an international semiconductor storage brand.

PR Newswire

SequenceShift Achieves Amazon Connect Ready Designation

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SYDNEY, July 27, 2023 /PRNewswire/ — SequenceShift, a leading provider of Payment Card Industry (PCI) Compliance for Contact Centers, announced today that it has achieved the Amazon Connect Ready designation from Amazon Web Services (AWS). This specialization verifies that SequenceShift’s Amazon Connect software solution adheres to architectural and operational best practices, is being actively utilized by customers in production environments, and customers are eagerly advocating for the solution.

The customer experience (CX) and contact center space are undergoing continuous evolution. To keep up with increasing expectations, businesses are investing in modern technology to automate and optimize processes, delivering increasingly personalized experiences while staying ahead of customer demands. This often necessitates an enhanced approach to contact center technology stacks to meet evolving requirements. With Amazon Connect at the core of these current and future contact center technology investments, Amazon Connect Ready Partners specialize in offering vetted solutions in analytics and reporting, omnichannel customer experience, customer relationship management, outbound communications, and workforce engagement. Current and prospective Amazon Connect customers can turn to SequenceShift with a high degree of confidence in the interoperability of their solutions.

The Amazon Connect Ready designation serves to distinguish AWS Partners that have invested in their solutions, demonstrating the capacity to deploy and operationalize these solutions repeatedly, at scale. Lastly, and most importantly, they have a roster of customers that have successfully deployed the solution on AWS.

“Our solution offers enhanced speed and efficiency,” says the SequenceShift spokesperson. “SequenceShift is proud to achieve the Amazon Connect Ready designation. Our work with AWS allows us to deliver contact center PCI compliance in the most effective way, leveraging the agility, range of services, and pace of innovation that they offer.”

AWS is enabling scalable, flexible, and cost-effective solutions from startups to global enterprises. To assist the seamless integration and deployment of these solutions, AWS established the AWS Service Ready Program to aid customers in identifying AWS Partners with deep industry experience and expertise.

The Globe and Mail, Canada’s leading news media company, and Collinson, an international leader in customer loyalty and benefits programs, were both able to enhance their customer experiences, streamline operations and optimise their data security by integrating SequenceShift’s solution.

For Chris Barrow, Solution Architect at Collinson, it was “The seamless integration with Amazon Connect and easy integration into Salesforce” that really made the difference.

From Susan Kelly, Vice President Information Technology at The Globe and Mail “SequenceShift fit well into our overall digital transformation plans; cloud based, nimble and fit for purpose. A model of an excellent partnership with an external vendor!”

In both cases, SequenceShift provided an array of impressive benefits, including zero-cost setup, a pay-as-you-go pricing model, successful integration with Amazon Connect in under an hour, and a massive improvement in their PCI compliance status.

The Amazon Connect Ready designation is the latest in a line of successes for SequenceShift, the company’s technology is enhanced in its ability to provide AWS-aligned, pay-as-you-go, self-service, and self-setup PCI compliance. The availability of these capabilities in AWS Marketplace makes it easier for customers to follow safe and familiar procurement models.

About SequenceShift – SequenceShift, a global leader in providing robust PCI compliance solutions for contact centers, is trusted by industry giants such as The Globe and Mail, Collinson, and Global Touring. Its unique product offerings, marked by swift setup, AWS alignment, and PAYG models, make it a preferred choice in the industry.

For more information, contact:

SequenceShift 
communications@sequenceshift.com 
+61 2 9163 3917
LinkedIn
YouTube
Twitter
Website

PR Newswire

Fluxx Announces Availability of Grantelligence™, First of its Kind Grantmaking Intelligence Platform

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SAN FRANCISCO, July 25, 2023 /PRNewswire/ — Fluxx, the world’s number one cloud-based grants management software solution, is excited to announce the general availability of Grantelligence, a new business intelligence and analytics platform specifically designed for grantmaking. Holistic and self-serviceable, Grantelligence delivers insights to all stakeholders, enabling them to collaborate to grant faster, with more accuracy, using powerful storytelling.

Grantelligence Analytics Solution for Grants Management
Grantelligence Analytics Solution for Grants Management

“We are thrilled to announce Grantelligence to the philanthropic and publicly funded grantmaking communities,” said Kristy Gannon, CEO of Fluxx. “We set out to provide a solution that enables our users to take their data and build stunning visualizations of grant programs, allowing them to easily measure impact, generate accurate, compelling board presentations, and build dashboards that are trusted by all levels in the organization. Grantelligence represents a new way of leveraging data, one that hasn’t been seen in our world before.”

“We developed Grantelligence because grantmakers today generally do not have the proper tools and resources to present their data effectively,” said Fintan Kelly, VP of Product at Fluxx. “Philanthropists and government organizations alike often struggle. It regularly falls to a single person in the organization to act as a gatekeeper – managing time-consuming requests across multiple audiences. Usually, manual efforts are required to consolidate, cleanse, and update various data sources, forcing the organization to rely upon static spreadsheets or cumbersome external tools to deliver insights about the organization, programs, processes, and outcomes.

“And it’s not just this data preparation that is painful,” Kelly said. “Grantmakers today struggle to convey impact effectively. They utilize these static tables – fine for general reporting but not well suited to present data to their boards, governing bodies, and larger communities. The net result – stakeholders often don’t get the facts they need in an easy-to-consume, engaging way. Decisions can be impacted as meaningful insights get missed. And the heroes can go unsung.”

“We chose the name Grantelligence because our tool is specifically designed for grantmaking,” added Gannon. “We employed best-of-breed technology to create a product that works for our customers. This new offering enables grantmakers to make intelligent decisions so they can take action, increase impact, and tell their stories.”

Grantelligence is available worldwide for purchase as a complement to Grantmaker, Fluxx’s industry-leading grants management solution. More information about Grantellience is available at https://www.fluxx.io/grantelligence-grants-management. 

About Fluxx:
Fluxx is the industry-leading cloud-first grantmaking solution. Purpose-built by grantmakers for grantmaking, Fluxx is women-led, a DEI champion, and a Pledge 1% member organization.

More than 400 world-class foundations and government organizations use Fluxx, including 10 of the top 20 foundations, granting more than $15 billion annually and impacting more than 150,000 non-profits. To learn more about Fluxx, please visit https://www.fluxx.io/.

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