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VECTION TECHNOLOGIES AND EXPERT.AI TEAM UP TO DIGITIZE TECHNICAL MANUALS WITH AI


PERTH, Australia , March 28, 2023 /PRNewswire/ — Vection Technologies (ASX:VR1, OTC:VCTNY), the INTEGRATEDXR® company, and expert.ai (EXAI:IM), a leading company in artificial intelligence (AI) for language understanding and language operations, announce today a partnership to create an AI-powered solution for digitalizing technical manuals. This revolutionary solution is aimed at making technical manuals more accessible and easier to understand by using a combination of extended reality (XR) and AI technologies to deliver an immersive experience.

The two companies have already commenced working together on tenders and government grants to fund the development of this solution. One of the unique features of this solution will be the use of avatars for human-to-machine interaction. These avatars can provide users with step-by-step instructions and guide them through the troubleshooting process. Users can interact with avatars using natural language and receive accurate responses to their queries. The advanced natural language processing (NLP) and deep learning algorithms enable the avatars to understand natural language and provide accurate responses.

The solution will also be compatible with mixed reality (MR) devices such as HoloLens, enabling operators to identify issues using MR technology. The solution provides step-by-step instructions and visualizations to guide operators through the troubleshooting process, resulting in faster resolution times and reduced downtime.

For example, imagine a mechanic working on a car engine. Instead of flipping through a thick manual, the mechanic can use the AI-powered solution to access the relevant manual digitally. The mechanic can then use the solution’s chatbot functionality to ask questions in natural language and receive accurate responses. The solution’s advanced NLP and deep learning algorithms ensure that the chatbot can understand the mechanic’s queries and provide relevant and accurate answers. The mechanic can also use the solution’s XR component to visualize step-by-step instructions on how to troubleshoot the issue. This enables the mechanic to quickly and efficiently diagnose and repair the problem.

“We are excited to partner with expert.ai to develop this innovative solution,” said Gianmarco Biagi, Managing Director of Vection Technologies. “Our partnership demonstrates our commitment to driving innovation in the industry. We look forward to progressing the development of this solution and helping businesses increase efficiency and productivity.”

“Expert.ai commitment to integrate best-of-breed AI tools and visionary techniques that deliver value aligns completely to the Vection Technologies vision towards innovation as a key asset to bridge physical and digital worlds,” commented Walt Mayo, CEO of expert.ai. “We are pleased about this new partnership as it brings a disruptive solution to the market by combining XR avatars and AI-enabled natural language to push the boundaries of our digital experience.”

ABOUT VECTION TECHNOLOGIES:

Vection Technologies is a growing enterprise-focused company that helps businesses bridge the physical and digital worlds. We help organizations leverage their 3D data via powerful extended reality (XR) interfaces that foster collaboration and learning, grow sales and more.
Vection Technologies is listed on the Australian Securities Exchange (ASX) with ticker code VR1, and trades on the U.S. over-the-counter (OTC) markets under the symbol VCTNY.
For more information, please visit: www.vection-technologies.com

ABOUT EXPERT.AI:

Expert.ai (EXAI:IM) is a leading company in AI-based natural language software. Organizations in insurance, banking and finance, publishing, media and defense all rely on expert.ai to turn language into data, analyze and understand complex documents, accelerate intelligent process automation and improve decision making. Expert.ai’s purpose-built natural language platform pairs simple and powerful tools with a proven hybrid AI approach that combines symbolic and machine learning to solve real-world problems and enhance business operations at speed and scale. With offices in Europe and North America, expert.ai serves global businesses such as AXA XL, Zurich Insurance Group, Generali, The Associated Press, Bloomberg INDG, BNP Paribas, Rabobank, Gannett and EBSCO.
For more information, please visit: https://www.expert.ai

FORWARD LOOKING STATEMENTS:

Certain statements made in this release are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Vection Technologies’ current expectations, estimates and projections about the industry in which Vection Technologies operates, and beliefs and assumptions. Forward looking statements can generally be identified by the use of forward-looking words such as ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘likely’, ‘intend’, ‘should’, ‘will’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on future earnings, distributions or financial position or performance are also forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the control of Vection Technologies, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Vection Technologies only as of the date of this release. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Vection Technologies has no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this release except as required by law or by any appropriate regulatory authority.

Recon Technology Announces Closing of $8 million Registered Direct Offering

BEIJING, March 18, 2023 /PRNewswire/ — Recon Technology, Ltd. (NASDAQ: RCON) (“Recon” or the “Company”) announced today the closing of its previously announced registered direct offering with certain accredited investors to purchase approximately $8 million worth of its Class A ordinary shares (or pre-funded warrants to purchase Class A ordinary shares in lieu thereof) in a registered direct offering, and Class A ordinary shares warrants in a concurrent private placement, for proceeds of approximately $8 million. In addition, ordinary share purchase warrants to purchase an aggregate of 7,950,769 ordinary shares previously issued by the Company to certain institutional investors on June 16, 2021 had the exercise price reduced to $0.80 in connection with this offering.

After deducting the placement agent’s commission and other offering expenses payable by the Company, the net proceeds to the Company were approximately $7.1 million. The Company intends to use the net proceeds for general corporate purposes, including for the Company’s research and development needs for current and future products, expansion of marketing efforts, and possible acquisitions of complementary assets or businesses.

Maxim Group LLC (“Maxim”) acted as the sole placement agent in connection with this offering.

The securities described above were offered by the Company pursuant to a shelf registration statement on Form F-3 filed with the Securities and Exchange Commission (SEC) dated December 2, 2022, and declared effective on January 5, 2023. A prospectus supplement related to the offering were filed with the SEC on March 17, 2023 and is available on the SEC’s website at http://www.sec.gov. Copies of the prospectus supplements relating to the offering may be obtained, when available, by contacting: Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, by telephone: at (212) 895-3500.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About Recon Technology, Ltd.

Recon Technology, Ltd (NASDAQ: Recon) is China’s first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, Recon has taken leading positions on several segmented markets of the oil and gas filed service industry. Recon also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: www.recon.cn.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, whether we will sign any additional contracts with the North China Branch, the final revenue from providing services to the North China Branch, actual results of our solutions in the field, levels of spending in our industry as well as consumer confidence generally; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

For more information, please contact:
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5188
Email: info@recon.cn

Music Licensing, Inc.’s Subsidiary Pro Music Rights Renews Agreement with ByteDance and TikTok, Offering Innovative Music and AI Solutions

NAPLES, Fla., March 3, 2023 /PRNewswire/ — Music Licensing, Inc. (OTC:SONG) is thrilled to announce that its wholly-owned subsidiary Pro Music Rights, Inc. has renewed its licensing agreement with ByteDance and its subsidiary TikTok for another year. This milestone marks a significant achievement for Pro Music Rights and its continued efforts to provide high-quality music and innovative AI-generated music to users worldwide.

As part of the licensing agreement announced last year, Pro Music Rights has been providing TikTok with access to its vast music catalog, which includes some of the most popular songs and artists of all time, as well as AI-generated music from Pro Music Rights’ Music AI program. This partnership has enabled TikTok to offer its users a unique and engaging experience by incorporating a diverse range of music into their videos and content.

The renewal of this agreement is a testament to the success of Pro Music Rights and its commitment to delivering top-notch music and innovative AI-generated music to its partners. It further solidifies Pro Music Rights’ position as a leading provider of music licensing services in the industry. With this agreement, Pro Music Rights and TikTok will continue to work together to provide innovative and engaging experiences for users across the globe.

“We are thrilled to renew our agreement with ByteDance and TikTok for another year, and to continue to provide them with access to our vast music catalog and our innovative Music AI program,” said Jake P. Noch, CEO of Music Licensing, Inc. “Our team at Pro Music Rights is dedicated to delivering high-quality music and exceptional services to our partners, and we are proud to be working with such a forward-thinking company like ByteDance and TikTok.”

The renewal of this agreement highlights Music Licensing, Inc.’s commitment to providing innovative and cutting-edge music solutions to its partners. With Pro Music Rights’ vast music catalog, exceptional licensing services, and its innovative Music AI program, the company is well-positioned to continue to be a leader in the music industry.

About Pro Music Rights, Inc. (ProMusicRights.com)

Pro Music Rights is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBaggYo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Fall Out Boy, and countless others, as well as Artificial Intelligence (A.I.) Created Music.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

Source: Music Licensing, Inc.

Music Licensing, Inc. Takes the Lead in AI-Generated Content with Exciting New Advancements with the help of Chat GPT

NAPLES, Fla., Feb. 11, 2023 /PRNewswire/ — Music Licensing, Inc. (OTC: SONG) is proud to announce a major milestone in their ongoing commitment to cutting-edge technology and innovation. The company is expanding their efforts to include the creation of a variety of new and exciting AI-generated content, including books, audio books, movies, TV shows, news articles, news videos, and a never-ending news video live stream.

With the increasing demand for high-quality content, Music Licensing, Inc. is poised to become a leader in the creation of AI-generated media. By utilizing Chat GPT to enhance their already successful Pro Music Rights’ AI Music Program, the company is confident that this new venture will result in faster and more efficient content creation, providing a valuable benefit to consumers.

“We are thrilled to be exploring these new and exciting opportunities in AI technology,” says Jake P. Noch, CEO of Music Licensing, Inc. “Our company has a long history of innovation and dedication to delivering the best products and services to our customers. This new venture is a testament to our commitment to staying ahead of the curve in the rapidly evolving world of content creation.”

Music Licensing, Inc. is dedicated to providing the highest quality products and services to its customers, and the integration of AI technology is only set to further enhance its offerings. The company is eager to get started and is confident that this new venture will bring great benefits to both the company and the public, as well as its pre-existing expansion plans and business models.

About Pro Music Rights, Inc. (ProMusicRights.com)

Pro Music Rights is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBaggYo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Fall Out Boy, and countless others, as well as Artificial Intelligence (A.I.) Created Music.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

Source: Music Licensing, Inc.

WeTrade Group plans to access Baidu ChatGPT-Style product “ERNIE Bot” to improve the efficiency of community precision marketing

BEIJING, Feb. 9, 2023 /PRNewswire/ — WeTrade Group Inc. (“WeTrade” or the “Company”) (NASDAQ: WETG), a global diversified “software as a service” (“SaaS”) technology service provider committed to providing technical support and digital transformation tools for enterprises across multiple industries, today announced that the company plans to access Baidu ChatGPT-stlye product “ERNIE Bot” in the form of API, continue to improve the function of YCloud , and improve the efficiency of community marketing precision marketing. As the service provider of Baidu ,WeTrade Group completed the application of “Daren Xiaodian” mini program in Baidu App on October 2022.

On February 7, Baidu officially confirmed to launch the “ERNIE Bot”, a ChatGPT-style project, which will release for public access after its internal test in March. At present, the pace of development of “ERNIE Bot” increases for the final opening.

So far, the overall layout of “model layer + tool and platform layer + product and community layer” has been formed for the Wenxin Big Model. At the end of November 2022, it released eleven big models and two products based on the Wenxin Big Models, namely, the text to image creative tool “Wenxin Yige” and industry-level search system “Wenxin Baizhong”.

The ChatGPT-stlye industry-level search system can further improve the YCloud AI function of WeTrade Group. In the “product and community level”, it can quickly capture users’ purchase preferences through community user portraits, realize automatic product selection, active product distribution, real-time interactive feedback of users, and realize the full scene landing of precision marketing and promotion.

About WeTrade Group Inc.

WeTrade Group Inc. is a global diversified “software as a service” (“SaaS”) technology service provider which is committed to providing technical support and digital transformation tools for enterprises across different industries. The four business segments of WeTrade Group are YCloud, WTPay ,Y-Health and YG.

YCloud is a micro-business cloud intelligent system launched by WeTrade, serving global micro-business industry. YCloud strengthens users’ marketing relationship and CPS commission profit management through leading technology and big data analysis. It also helps increase the payment scenarios to increase customers’ revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system.

Independently developed by the Company, WTPay supports multiple methods of online payment and eight mainstream digital wallets in over 100 countries to help customers quickly realize global collection and payment business.

Y-Health is the sector focusing on public health business, which engages in developing global business for biological health and medical enterprises. Currently, Y-Health mainly focuses on detection and prevention of epidemic, daily healthcare, traditional Chinese medicines, and others.

YG is the new energy business segment which mainly provides tools and technical support for the digital new energy industry in the Middle East and Central Asia.

For more information, please visit https://ir.wetg.group.

Forward-Looking Statements

This press release contains information about the Company’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company’s encourages you to review other factors that may affect its future results in the Company’s annual reports and in its other filings with the Securities and Exchange Commission.

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Music Licensing, Inc. (OTC:SONG) to Enhance AI-Based Music with ChatGPT Technology

NAPLES, Fla., Feb. 4, 2023 /PRNewswire/ — Music Licensing, Inc. (OTC: SONG) is excited to announce its plans to explore using ChatGPT to enhance the already established artificial intelligence program that creates music for its wholly-owned subsidiary, Pro Music Rights, Inc.

Pro Music Rights, founded in 2018 by Jake P. Noch, has been working on AI-based music since as early as 2017 and currently has a catalog of AI production-based music with human input that has been registered with the US Copyright Office. With the use of ChatGPT, the company hopes to improve the quality of its works and increase the speed of Pro Music Rights’ expansion into other product lines such as Master Rights, mechanical rights, synchronization rights, and other subscription-based licensing audio services, and add to Pro Music Rights public performance rights repertoire.

Jake P. Noch, a pioneer in the use of AI in music, sees this as a pivotal moment for the industry. “I have always been an early adopter of AI in music, and with the rise of ChatGPT, I believe we have a unique opportunity to take AI-based music to the next level,” he stated.

Music Licensing, Inc. and Pro Music Rights, Inc. are committed to delivering high-quality AI-based music to its shareholders and customers. With the use of ChatGPT, the company is confident that it can take its AI-based music to new heights and continue its growth trajectory in the industry as well as it’s pre-existing expansion plans and business models

About Pro Music Rights, Inc. (ProMusicRights.com)

Pro Music Rights the 5th public performance rights organization (PRO) ever formed in the United States. Its licensees include notable companies like TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and hundreds of others. Pro Music Rights controls an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBaggYo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Fall Out Boy, and countless others. For more information, please visit promusicrights.com.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

Source: Music Licensing, Inc.

Sims Limited Announces Retirement of Heather Ridout from Board of Directors


NEW YORK, Jan. 14, 2023 /PRNewswire/ — Sims Limited (ASX: SGM), a global leader in sustainability and an enabler of the circular economy, announced today that Heather Ridout AO will retire from the Sims Limited Board of Directors in 2023. Changes to the Board of Directors, the board committees and structure will be determined at a later date.

Ridout, the former chief executive of the Australian Industry Group from 2004 through 2012, joined the Sims Limited Board of Directors in September 2011. She is the chairperson of the Remuneration Committee, and she is also a member of the Safety, Health, Environment, Community and Sustainability Committee, the Risk Committee, and the Nomination/Governance Committee.

Geoffrey Brunsdon, chairman and independent non-executive director for Sims Limited’s Board of Directors, said, “On behalf of the Board of Directors, I would like to thank Heather for her outstanding service to the Sims Limited Board, our employees and our shareholders. Heather’s leadership, guidance and wisdom throughout her 11 years of service have been a major factor in the company successfully navigating a demanding international growth strategy, as well as significant change. Both the Board of Directors and the executive leadership team will miss Heather’s counsel, and we wish her every success in her new role.”

Ridout was appointed as Australia’s next Consul-General in New York on 20 December 2022. With an outstanding career spanning four decades, she is well-equipped to promote Australia’s world-class and diverse creative industries, education and the arts in the United States.

“Sims Limited is a company I have known and admired for more than 25 years, and I was delighted for it to be a member of AI Group,” Ridout said. “I look back on my tenure at Sims Limited with great pride in serving as a non-executive director. I am extremely confident the company will continue to grow, prosper and positively impact society,” she concluded.

The precise date of Ridout’s retirement will be determined by the commencement date for her new role. 

About Sims Limited 
Founded in 1917, Sims Limited is a global leader in sustainability and an enabler of the circular economy that employs 4,400 employees who operate from more than 200 facilities across 15 countries. The company’s ordinary shares are listed on the Australian Securities Exchange (ASX: SGM), and its American Depositary Shares are quoted on the Over-the-Counter market in the United States (USOTC: SMSMY). The company’s purpose, create a world without waste to preserve our planet, is what drives them to constantly innovate and offer new solutions in the circular economy for consumers, businesses, governments and communities around the world. For more information, visit www.simsltd.com.

BaiJiaYun Limited Announces Completion of Merger and New Board and Management

BEIJING, Dec. 24, 2022 /PRNewswire/ — BaiJiaYun Limited (“BaiJiaYun”) today announced the successful completion of the transaction (the “Transaction”) previously announced on July 19, 2022 between BaiJiaYun and Fuwei Films (Holdings) Co., Ltd. (“Fuwei Films” or the “Company”). As announced on September 26, 2022, the Transaction and certain additional Transaction-related proposals were approved by Fuwei Films’ shareholders at an extraordinary general meeting held on September 24, 2022 (the “EGM”). Among such proposals, the Company’s name will be changed from “Fuwei Films (Holdings) Co., Ltd.” to “ Baijiayun Group Ltd“. The Company continues to be listed on Nasdaq and its ticker is expected to be changed from “FFHL” to “RTC”.

Completion of Transaction

Pursuant to the Agreement and Plan of Merger, dated July 18, 2022, by and between Fuwei Films and BaiJiaYun (the “Merger Agreement”), at the closing of the Transaction (the “Closing”), the then shareholders of BaiJiaYun exchanged all of the issued and outstanding share capital of BaiJiaYun for newly issued shares of the Company on the terms and conditions set forth in the Merger Agreement. As a result of the Transaction, BaiJiaYun has become a wholly-owned subsidiary of the Company. Immediately prior to the Closing, the third amended and restated memorandum of association and the second amended and restated articles of association of the Company, as approved at the EGM, became effective. Immediately after the Closing, the securities issued and outstanding of the Company will be: (i) 29,201,849 class A ordinary shares, (ii) 54,583,957 class B ordinary shares, and (iii) warrants to subscribe for 17,964,879 class A ordinary shares.

In connection with the Transaction, Linklaters served as legal counsel to BaiJiaYun.

Name and Ticker

As approved at the EGM, the Company’s name will be changed from “Fuwei Films (Holdings) Co., Ltd.” to “Baijiayun Group Ltd ” effective from the date of entry of the new name in place of the existing name of the Company on the register of companies maintained by the Registrar of Companies in the Cayman Islands. The ticker of the Company is expected to be changed from “FFHL” to “RTC”.

New Board and Management

The Company’s board of directors (the “Board”) and management currently consist of the following members, effective upon the Closing in accordance with the Merger Agreement:

  • Mr. Gangjiang Li, the founder of BaiJiaYun, has been appointed the chairman of the Board, the Company’s chief executive officer, and the chairperson of the compensation committee of the Board.
  • Mr. Yi Ma, previously a director of BaiJiaYun, has been appointed a director and the president of the Company and the chairperson of the nominating and corporate governance committee of the Board.
  • Mr. Chun Liu has been appointed an independent director of the Company, a member of the audit committee of the Company and a member of the compensation committee of the Board.
  • Mr. Erlu Lin has been appointed an independent director of the Company, the chairperson of the audit committee of the Board and a member of the nominating and corporate governance committee of the Board.
  • Mr. Lei Yan, previously the chief executive officer and chairman of the Board of Fuwei Films, has been appointed a director of the Company.
  • Mr. Yong Fang has been appointed the chief financial officer of the Company.

Ms. Jingjing Cheng, previously the chief financial officer and a director of Fuwei Films, Mr. Tee Chuang Khoo, Mr. Junying Liu, and Mr. Lihang Geng, each previously an independent director of Fuwei Films, have all resigned from their respective roles.

About Baijiayun Group Ltd 

Baijiayun Group Ltd and its subsidiaries (“Baijiayun Group”) is a video-centric technology solution provider with core expertise in SaaS/PaaS solutions. Baijiayun Group is committed to delivering reliable, high-quality video experiences across devices and localities and have grown rapidly since the inception in 2017. Premised on its industry-leading video-centric technologies, Baijiayun Group offers a wealth of video-centric technology solutions including Video SaaS/PaaS, Video Cloud and Software, Video AI and System Solutions. Baijiayun Group is catered to the evolving communications and collaboration needs of enterprises of all sizes and industry, which makes Baijiayun Group a one-stop video technology solution provider.

Safe Harbor Statement

This press release contains certain “forward-looking statements.” These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the parties’ perspectives and expectations, are forward-looking statements. The words “will,” “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements.

Such forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from the expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which are hard to predict or control, that may cause the actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. The forward-looking information provided herein represents the Company’s estimates as of the date of this press release, and subsequent events and developments may cause the Company’s estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company’s estimates of its future financial performance as of any date subsequent to the date of this press release.

A further list and description of risks and uncertainties can be found in the proxy statement filed as exhibit 99.2 to the Form 6-K on August 22, 2022, and other documents that the parties have filed or furnished, or may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and the Company, BaiJiaYun and their subsidiaries and affiliates undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Cision View original content:https://www.prnewswire.com/news-releases/baijiayun-limited-announces-completion-of-merger-and-new-board-and-management-301709753.html

Fuwei Films (Holdings) Co., Ltd. Announces Proposed New Executive Officer

BEIJING, Dec. 16, 2022 /PRNewswire/ — Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) (“Fuwei Films” or the “Company”), a manufacturer and distributor of high-quality BOPET plastic films in China, announced that immediately upon the completion of the merger transaction previously announced on July 19, 2022 contemplated by the agreement and plan of merger between Fuwei Films and BaiJiaYun Limited, Mr. Yong Fang will be appointed as the chief financial officer of the Company and Ms. Jingjing Cheng, the current chief financial officer of the Company, is expected to resign from such role.

Mr. Yong Fang has served as the chief financial officer of BaiJiaYun Limited and its subsidiaries since June 2021. Mr. Fang is experienced in finance and accounting. From July 2018 to May 2021, he served as the assistant controller of Sangraf International Inc., a company focuses on manufacturing and distribution of premium graphite electrodes globally. From January 2018 to July 2018, Mr. Fang served as the technical accounting manager at SOA Projects, Inc., a company providing clients ranging from high-tech startups to fortune 100 companies with professional service including technical accounting, financial reporting and internal audit. From January 2015 to January 2018, Mr. Fang served as the senior auditor at the San Francisco office of Marcum LLP, an independent public accounting & advisory services firms. From January 2014 and January 2015, Mr. Fang worked as financial consultant at Murdock and Martel, which provides accounting, finance and human resources services to established and emerging growth companies in Silicon Valley, California. Mr. Fang received his MBA degree in 2013 from Thomas Jefferson University/Philadelphia University. He received his master’s degree in Accounting and Financial Management in 2008 from Temple University. He earned his bachelor’s degree in Accounting in 2002 from Hunan University. He holds a Certified Public Accountant designation from the State of New York and a Certified Fraud Examiner (inactive) from ACFE.

About Fuwei Films

Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. (“Fuwei Shandong”). Fuwei Shandong develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei’s BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.

Safe Harbor

This press release contains certain “forward-looking statements.” These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the pending transaction described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the equity values, the benefits of the proposed transaction, expected revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transaction. The words “will,” “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements.

Such forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from the expectations as a result of a variety of factors. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which are hard to predict or control, that may cause the actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission which, among other things, include the significant oversupply of BOPET films resulting from the rapid growth of the Chinese BOPET industry capacity, changes in the international market and trade barriers, especially the uncertainty of the antidumping investigation and imposition of an anti-dumping duty on imports of the BOPET films originating from the People’s Republic of China (“China“) conducted by certain countries; uncertainty around coronavirus (COVID-19) outbreak and the effects of government and other measures seeking to contain its spread, uncertainty around U.S.-China trade war and its effect on the Company’s operation, fluctuations of the RMB exchange rate, and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years; the effect of the announcement of the transaction with BJY on the ability of the Company to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom the Company or BJY do business, or on the Company’s or BJY’s operating results and business generally; risks that the transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the transaction; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, at all or in a timely manner; risks that the proposed transaction may not close due to prohibition by a governmental entity; the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction documents; any material adverse change with respect to the financial position, performance, operations or prospects of the Company or BJY; changes in applicable laws and regulations; risks relating to the combined company’s ability to enhance its services and products, execute its business strategy, expand its customer base and maintain stable relationship with its business partners; and business disruption following the transaction. The forward-looking information provided herein represents the Company’s estimates as of the date of the press release, and subsequent events and developments may cause the Company’s estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company’s estimates of its future financial performance as of any date subsequent to the date of this press release.

A further list and description of risks and uncertainties can be found in the documents that the parties have filed or furnished, or may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and BJY, the Company and their subsidiaries and affiliates undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Cision View original content:https://www.prnewswire.com/news-releases/fuwei-films-holdings-co-ltd-announces-proposed-new-executive-officer-301705256.html

Changes to Ericsson’s Nomination Committee

STOCKHOLM, Dec. 10, 2022 /PRNewswire/ — Effective December 9, 2022, Niko Pakalén will replace Jonas Synnergren as representative for Cevian Capital Partners Limited in Ericsson’s (NASDAQ: ERIC) Nomination Committee.

The Nomination Committee now consists of:   

  • Johan Forssell, Investor AB;
  • Karl Åberg, AB Industrivärden;
  • Anders Oscarsson, AMF – Tjänstepension och Fonder;
  • Niko Pakalén, Cevian Capital Partners Limited; and
  • Ronnie Leten, the Chair of the Board of Directors

Johan Forssell is the Chair of the Nomination Committee.

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