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PR Newswire

Investor Communications firm Pedrosa Richardson will service global listed companies from London

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LONDON, Nov. 30, 2022 /PRNewswire/ — Investor Relations and Financial Communications firm Pedrosa Richardson started trading internationally from London today, with the purpose of supporting leading, global listed companies.

Company principals Max Richardson and Ramon Pedrosa-Lopez.
Company principals Max Richardson and Ramon Pedrosa-Lopez.

It has already secured half a dozen listed organizations as initial clients, and aims to build on its strong, established partnerships with key stock exchanges, including OTC Markets, where it is qualified as a Premium Provider in Investor Relations – as well as Euronext, Aquis in London, and BIVA in Mexico.

Its mission is to raise the profile and disseminate the financial narratives of public corporations before the investor community in the American, British, and European markets, hence driving growth and value.

Headquartered in London, Pedrosa Richardson is present in New York City (USA), Madrid (Spain) from where it oversees its EU operations, and Almaty (Kazakhstan) as it works to develop its services across Central Asia.

“We believe the key differentiator of publicly traded corporations, beyond a solid financial position, is having a strong public profile. Investor communications efforts clearly drive up market value in today’s capital markets “, said Max Richardson, the company’s principal. “And our growing client list speaks volumes.”

The management of Pedrosa Richardson has developed a proven blend of strategy and technology over the years, to advise senior management and boards of listed issuers and pre-IPO companies, envisaging a leap into the international capital markets.

Harnessing an agile, fast-moving, and digital model, the founders work upon the premise that investor communications and IR strategies demand AI, machine learning, and data analysis expertise.

The firm’s principals, Ramon Pedrosa-Lopez and Max Richardson are specialists in their respective fields, with over four decades of combined experience developing and executing campaigns for issuers listed on the LSE, OTC Markets, Euronext, and other capital markets.

Seen as a top strategist in the industry, Pedrosa’s insights have been featured in The New York Times and Forbes. He has advised private corporations in their public outreach and IR strategies and worked out of London, Hong Kong, Tokyo, Madrid, Valletta, Jakarta, Kuala Lumpur, and Mexico City. He holds the highest qualifications achievable in the IR industry.

Richardson firmly established himself in the communications industry, coordinating global profile raising efforts for NASDAQ issuers, award-winning European banks, infrastructure conglomerates, and international energy and mining corporations.

www.pedrosa-richardson.uk

PR Newswire

VECTION TECHNOLOGIES: INITIATION OF COVERAGE BY EQUITY RESEARCH COMPANY EDISON

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PERTH, Australia, Nov. 29, 2022 /PRNewswire/ — Vection Technologies Ltd (ASX:VR1, OTC:VCTNY), the INTEGRATEDXR® company,  announced today that equity research company, Edison, has initiated coverage on the company. The initiation note can be found here.

Vection Technologies has engaged Edison to produce in-depth and regular research on the company, which is available to everyone. It is hoped this research will raise the visibility of Vection Technologies and enable investors of all classes, in any country, to develop an improved understanding of the business.

Edison’s research is read on a free-to-access basis by individuals and institutions across the globe. It has been accessed by more than 5,000 professional investment institutions since MiFID II was introduced and many other market participants including private investors, sell side, advisors, and press. Edison only produces research that falls under the minor non-monetary benefit definition in MiFID II.

“The initiation of coverage of Vection Technologies by Edison is critical to increase our exposure and attractiveness to global investors and partners” commented Gianmarco Biagi, CEO & Managing Director of Vection Technologies. “We expect that Edison’s research coverage and global distribution will enhance the company’s name recognition globally, with the vision to become a worldwide recognised technology company.“

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

PR Newswire

ENTREPRENEUR UNIVERSE BRIGHT GROUP Announces 2022 Q3 Financial Results

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XI’AN, China, Nov. 15, 2022 /PRNewswire/ — ENTREPRENEUR UNIVERSE BRIGHT GROUP (“EUBG” or the “Company”) (OTCBB: EUBG), a digital marketing consulting company, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Mr. Guolin Tao, CEO of Entrepreneur Universe Bright Group commented, “During the third quarter, our business and operations continued to be materially and negatively impacted by the COVID-19 situation in China. The decrease of our business was mainly due to the drop of our consultancy services income, generated from clients who engaged in online courses business. These end customers became more patient and cautious in choosing online courses. We are continuing to seek out different business opportunities to stabilize our income streams.”

“As of September 30, 2022, the COVID-19 pandemic situation in China continues to be dynamic, and near-term challenges across the economy remain. Substantially all of our revenues and operations are concentrated in China and demand for our consulting services by small and medium-sized enterprises were adversely affected due to widespread economic disruptions during the COVID-19 outbreak. Specifically, as a result of government mandated closures of non-essential business in China, many of our customers’ business were suspended while others permanently closed their businesses,” Mr. Tao added.

Third Quarter 2022 Unaudited Financial Results

Three months ended
September 30,

2022

2021

Revenue

$

801,784

$

1,622,471

Cost of revenue

(140,009)

(870,967)

Gross profit

661,775

751,504

Selling expenses

(10,043)

(54,921)

General and administrative expenses

(423,931)

(326,090)

Total other (expenses) income, net

(124,016)

38,847

Income before income tax

103,785

409,340

Income tax expense

(135,784)

(201,789)

Net (loss) income

$

(31,999)

$

207,551
  • Revenue decreased by 50.6% to $801,784 due to the decrease our consultancy services and sourcing and marketing services income
  • Gross profit decreased by 11.9% to $661,775
  • Net income decreased by $239,550 to a net loss of $31,999

Revenue and cost of revenue: During the three months ended September 30, 2022, we generated revenue of $801,784 compared to $1,622,471 for the three months ended September 30, 2021, representing a decrease of $820,687 or 50.6% as compared with the prior period.

Cost of revenue was $140,009 for the three months ended September 30, 2022 compared to $870,967 for the three months ended September 30, 2021. The decrease of cost of revenue for the three months ended September 30, 2022 was mainly due to our senior management no longer directly involved in performing the services but focused on management work. Therefore, less direct senior management costs were incurred in the consultancy services and souring and marketing service.

Gross profit: We generated a gross profit of $661,775 and $751,504 for the three months ended September 30, 2022 and 2021, respectively.

Net (loss) income: As a result of the above, we resulted a net loss of $31,999 and generated a net income of $207,551 for the three months ended September 30, 2022 and 2021, respectively.

Cash and cash equivalents. As of September 30, 2022 and December 31, 2021, $6,330,431 and $7,649,129 of the Company’s cash and cash equivalents, respectively were held at financial institutions and online payment platforms located in the PRC and Hong Kong that management believes to be of high credit quality.

Nine months ended September 30, 2022 Financial Results

Nine months ended
September 30,

2022

2021

Revenue

$

2,851,656

$

4,479,415

Cost of revenue

(565,820)

(1,289,739)

Gross profit

2,285,836

3,189,676

Selling expenses

(34,957)

(224,935)

General and administrative expenses

(1,066,604)

(905,391)

Total other income, net

35,905

108,941

Income before income tax

1,220,180

2,168,291

Income tax expense

(595,156)

(872,063)

Net income

$

625,024

$

1,296,228
  • Revenue decreased by 36.3% to $2,851,656 due to the decrease in our consultancy services income
  • Gross profit decreased by 28.3% to $2,285,836
  • Net income decreased by $671,204 to $625,024

Revenue and cost of revenue: During the nine months ended September 30, 2022, we generated revenue of $2,851,656 compared to $4,479,415 for the nine months ended September 30, 2021, representing a decrease of $1,627,759 or 36.3% as compared with the prior period. The decrease was mainly due to our consultancy services income, generated from clients who engaged in online courses business, dropped by $2,405,874 as compared with last period.

During the nine months ended September 30, 2022, we generated $267,874 from our new digital training related services and $911,733 from our consultancy services to a customer who engaged in live streaming business. However, these new income streams only compensated a part of the revenue reduction in current period. The digital training related services with Jade Bird remain suspended as of today. Therefore, we expected the new revenue will not be available to compensate the revenue reduction until further notice.

Cost of revenue was $565,820 for the nine months ended September 30, 2022 compared to $1,289,739 for the nine months ended September 30, 2021. For the nine months ended September 30, 2022, the cost of revenue mainly represented the staff costs for our consulting services and the agency fees for our digital training related services.

Gross profit: We generated a gross profit of $2,285,836 and $3,189,676 for the nine months ended September 30, 2022 and 2021, respectively. 

Net income: As a result of the above, we generated a net income of $625,024 and $1,296,228 for the nine months ended September 30, 2022 and 2021, respectively.

About ENTREPRENEUR UNIVERSE BRIGHT GROUP

ENTREPRENEUR UNIVERSE BRIGHT GROUP is a digital marketing consultation company with its main operation in China, providing marketing consulting services to Chinese start-up companies. The company provides consulting services, sourcing and marketing services in China through its PRC subsidiary with support from its HK subsidiary. Its PRC subsidiary provides services aimed at connecting businesses with e-commerce platforms.  The integrated service platform focuses on strategic marketing and consulting. The company’s mission is to help start-up companies and small-size companies and guide these companies’ founders in utilizing the company’s digital marketing consulting plan to reach their business goals. For more information about the Company, please visit: http://www.eubggroup.com/ . 

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Specifically, the Company’s statements regarding trading on the OTCBB market and closing the initial public offering are forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks 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; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

The Company:

Jianyong Li
Email: lijianyong@eubggroup.com
Phone: +86-(029) 86100263

Investor Relations:

Hana Yin
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1-949-416-8888 (from U.S.)
+86 185-0119-2929 (from China)

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In U.S. dollars except for number of shares)

September 30,
2022

December 31,
2021

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

6,330,431

$

7,649,129

Accounts receivable

287,436

67,940

Loan and interest receivables

983,699

–

Other receivables and prepayments

41,068

55,925

Total current assets

7,642,634

7,772,994

NON-CURRENT ASSETS

Plant and equipment, net

202,431

281,448

Operating lease right-of-use assets, net

93,387

146,698

Total non-current assets

295,818

428,146

TOTAL ASSETS

$

7,938,452

$

8,201,140

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

–

$

115,833

Other payables and accrued liabilities

225,119

402,158

Contract liabilities

–

216,142

Receipt in advance

–

5,161

Operating lease liabilities, current

51,119

59,370

Tax payables

133,931

39,545

Amount due to a director

167,935

171,443

Total current liabilities

578,104

1,009,652

NON-CURRENT LIABILITY

Deferred tax liabilities

297,200

342,546

Operating lease liabilities, non-current

42,269

87,328

Total non-current liabilities

339,469

429,874

TOTAL LIABILITIES

917,573

1,439,526

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY

Preferred stock, par value $0.0001 per share, 1,100,000 shares authorized, Nil (December 31, 2021: Nil)
shares issued and outstanding as of September 30, 2022 

–

–

Common stock, par value $0.0001 per share; 1,800,000,000 shares authorized, 1,701,181,423
(December 31, 2021: 1,701,181,423) shares issued and outstanding as of September 30, 2022

170,118

170,118

Additional paid-in capital

6,453,048

6,453,048

Statutory reserves

65,911

65,911

Retained earnings (accumulated deficit)

267,621

(357,403)

Accumulated other comprehensive income

64,181

429,940

Total stockholders’ equity

7,020,879

6,761,614

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

7,938,452

$

8,201,140

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

(In U.S. dollars except for number of shares)

For the three months ended
September 30,

For the nine months ended
September 30,

2022

2021

2022

2021

Revenue

801,784

1,622,471

$

2,851,656

$

4,479,415

Cost of revenue

(140,009

)

(870,967

)

(565,820

)

(1,289,739

)

Gross profit

661,775

751,504

2,285,836

3,189,676

Selling expenses

(10,043

)

(54,921

)

(34,957

)

(224,935

)

General and administrative expenses

(423,931

)

(326,090

)

(1,066,604

)

(905,391

)

Profit from operations

227,801

370,493

1,184,275

2,059,350

Other income (expenses):

Interest income

10,522

15,934

33,489

66,213

Exchange gain (loss)

(135,842

)

8,957

(107,920

)

(3,088

)

Sundry income

1,304

13,956

110,336

45,816

Total other income (expenses), net

(124,016

)

38,847

35,905

108,941

Income before income tax

103,785

409,340

1,220,180

2,168,291

Income tax expense

(135,784

)

(201,789

)

(595,156

)

(872,063

)

Net (loss) income

$

(31,999

)

207,551

$

625,024

$

1,296,228

Other comprehensive (loss) income

–

Foreign currency translation adjustment

(128,843

)

(2,946

)

(365,759

)

63,036

Total comprehensive (loss) income

$

(160,842

)

204,605

$

259,265

$

1,359,264

Net (loss) income per share – Basic and diluted

$

0.00

*

0.00

*

$

0.00

*

$

0.00

*

Weighted average number of common shares outstanding

– Basic and Diluted

1,701,181,423

1,701,181,423

1,701,181,423

1,701,181,423

*

Less than $0.01 per share

ENTREPRENEUR UNIVERSE BRIGHT GROUP

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

(In U.S. dollars)

Nine months ended
September 30,

2022

2021

Cash flows from operating activities

Net income

$

625,024

$

1,296,228

Adjustments to reconcile net income to cash used in operating activities:

Depreciation

62,516

62,222

Amortization of operating lease right-of-use assets

40,575

39,248

Deferred tax

(33,117)

(319,660)

Changes in operating assets and liabilities:

Other receivables and prepayments

11,128

(179,961)

Accounts receivable

(244,432)

95,800

Accounts payable

(111,527)

431,690

Other payables and accrued liabilities

(159,123)

(284,226)

Tax payables

106,699

(445,713)

Contract liabilities

(208,106)

4,158

Receipt in advance

(4,969)

(34,318)

Operating lease liabilities

(40,574)

(43,614)

Net cash generated from operating activities

44,094

621,854

Cash flows from investing activities

Purchase of property, plant and equipment

(9,746)

–

Acquisition of debt products

–

(2,781,482)

Redemption of debt products

–

5,872,017

Loan receivables to unrelated third parties

(1,060,394)

(499,554)

Loan to a related company

–

(123,621)

Repayment from a related company

–

312,401

Repayment from a unrelated third party

–

499,554

Net cash (used in) generated from investing activities

(1,070,140)

3,279,315

Cash flows from financing activities

Repayment of borrowings from a director

(3,490)

(128,751)

Advance from a director

–

67,882

Net cash used in financing activities

(3,490)

(60,869)

Effect of exchange rates on cash

(289,162)

37,171

Net (decrease) increase in cash and cash equivalents

(1,318,698)

3,877,471

Cash and cash equivalents at beginning of period

7,649,129

3,846,470

Cash and cash equivalents at end of period

$

6,330,431

$

7,723,941

Supplemental cash flow information

Cash paid during the period for:

Income taxes

$

369,878

$

1,115,659

Withholding tax paid

$

151,485

$

517,145

Cision View original content:https://www.prnewswire.com/news-releases/entrepreneur-universe-bright-group-announces-2022-q3-financial-results-301677368.html

PR Newswire

CBAK Energy Reports Third Quarter 2022 Unaudited Financial Results

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–Net Revenues up 504% year over year in the third quarter –

DALIAN, China, Nov. 14, 2022 /PRNewswire/ — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy,” or the “Company”) a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the third quarter of 2022 ended September 30, 2022.

Third Quarter of 2022 Financial Highlights

  • Net revenues were $57.7 million, an increase of 504% from $9.6 million for the same period of 2021.
  • Gross profit was $3.5 million, representing an increase of 206%, for the three months ended September 30, 2022, from gross profit of $1.1 million for the same period of 2021.
  • Net loss attributable to shareholders of CBAK Energy (after deducting change in fair value of warrants) was narrowed to $0.9 million from $3.0 million for the same period of 2021, reduced by 68.6%.

Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: “Our company managed to maintain a strong momentum in the growth of revenues in the third quarter of 2022. Our efforts to develop the electric vehicle (“EV”) & light electric vehicle(“LEV”) market have achieved noticeable progress. Our revenues contributed from the EV & LEV market in the third quarter grew by 413% compared to the same period in 2021. Our strategic partnership with JinPeng Group, one of China’s biggest LEV manufacturers, and its EV manufacturing unit, Jemmell, brings our battery products to an increasing number of electric vehicles. With our cooperation with more EV/LEV manufacturers, we anticipate to see our products be applied to more electric vehicles and revenues from this market segment grow at a faster pace.” 

Mr. Li continued: “We are also glad to see that there is an increasing global demand for green energy, which substantially boost our energy storage business. We believe that our clients with businesses all over the world will keep a strong demand for our battery products in the near future.” 

Xiangyu Pei, Interim Chief Financial Officer of the Company, noted: “In the first nine months of 2022, we managed to achieve a year-over-year increase of 681% in revenues to $194 million. During this period, revenues from our battery business grew by 168% to $66.6 million as compared to the same period of 2021, of which revenues from the LEV/EV sector have posted a strong increase of 341%. Given the strong demand for our battery products, we are very positive about our growth and development in the near term.”

Third Quarter of 2022 Business Highlights & Recent Developments

  • In August 2022, CBAK Energy announced a strategic partnership agreement with Welson Power, a China-based new energy company that has a broad sales network in India, to sell CBAK Energy’s model 32140 batteries in the Indian market.
  • In September 2022, CBAK Energy announced that it obtained a battery order worth of approximately EUR 28.4 million ($27.8 million) from a leading European provider of heating, cooling and renewable energy systems. This new order will bring the total order value that CBAK Energy has received from the Customer in 2022 to approximately EUR 59.6 million.

Third Quarter of 2022 Financial Results

Net revenues were $57.7 million, an increase of 504% from $9.6 million for the same period of 2021. This was driven mostly by strong sales of high-power lithium batteries as well as from sales of materials for use in manufacturing lithium battery, a new operating segment as a result of the acquisition of Zhejiang Hitrans Lithium Battery Technology Co., Ltd (“Hitrans”) in November 2021. The table below breaks down our net revenues by segment, and further breaks down the battery segment by end application and the materials segment by product type.

Net Revenues by End-product Applications
($ thousands)

2021

Third

Quarter

2022
Third

Quarter

% Change
YoY

Segment 1

High power lithium batteries used in:

    Uninterruptible supplies

$9,335

$24,680

164 %

    Light electric vehicles

227

1,146

404 %

    Electric vehicles

–

20

–

Trading of raw materials used in lithium batteries

–

–

–

9,562

25,846

170 %

Segment 2

Materials for use in manufacturing of lithium battery cell

 Precursor                                                      

     Cathode

 

 

 

–

–

 

 

 

20,681

11,195

 

 

 

–

–

–

31,876

–

Total

$9,562

$57,722

504 %

Cost of revenues was $54.3 million, an increase of 544% from $8.4 million for the same period of 2021. This was in line with the increased net revenues.

Gross profit was $3.5 million, representing an increase of 206% from $1.1 million in the same period of 2021. Gross Margin was 6%, a decrease of 6% from 12% in the same period of 2021. The decrease in gross profits was primarily due to the increase in raw material prices and the fact that our materials segment has a lower profit margin. 

Total operating expenses were $4.9 million, an increase of 14.8% from $4.3 million in the same period of 2021. Most of the increase in all expense categories was the revenue growth and was largely attributable to an increase in headcount as result of the acquisition of Hitrans and additional hires in our new facility in Nanjing.

  • Research and development expenses were $2.4 million, an increase of 31% from $1.8 million for the same period of 2021.
  • Sales and marketing expenses were $0.8 million, an increase of 64% from $0.5 million for the same period of 2021.
  • General and administrative expenses were $1.9 million, a decrease of 14% from $2.2 million for the same period of 2021. 
  • Recovery of doubtful accounts was $0.2 million, compared to $0.2 million for the same period of 2021.

Operating loss was $1.5 million, compared to $3.2 million for the same period of 2021, representing a decrease of 53.3%.

Finance income, net was $0.7 million, compared to $0.1 million for the same period of 2021, representing an increase of 433%.

Change in fair value of warrants was $0.9 million, compared to $23.0 million for the same period of 2021. The change in the fair value of the warrants liability is mainly due to share price movement.

Net loss attributable to shareholders of CBAK Energy was $290, compared to net income attributable to shareholders of CBAK Energy of $20.0 million for the same period of 2021.

Basic and diluted loss per share were both nil. In comparison, basic and diluted income per share for the same period of 2021 were both $0.23.

Conference Call

CBAK’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, November 14, 2022 (9:00 PM Beijing/Hong Kong Time on November 14, 2022).

For participants who wish to join our call online, please visit:
https://edge.media-server.com/mmc/p/jtk2vobi

Participants who plan to ask questions at the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal pin and an email with detailed instructions.

Participant Online Registration: 
https://register.vevent.com/register/BI1d48d566e44b4cc3b22602d7960df36c

Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.

A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website:

https://edge.media-server.com/mmc/p/jtk2vobi

About CBAK Energy

CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian.

For more information, please visit www.cbak.com.cn.

Safe Harbor Statement

This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.

Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks.  There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely for three consecutive years, the effects of the global Covid-19 pandemic, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China’s legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain market for the Company’s lithium battery cells and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

For investor and media inquiries, please contact:

CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
Phone: 86-18675423231
Email: ir@cbak.com.cn

CBAK Energy Technology, Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

(In $ except for number of shares)

 

December 31,

September 30,

2021

2022

Assets

Current assets

Cash and cash equivalents

$

7,357,875

4,045,329

Pledged deposits

18,996,749

37,591,281

Trade and bills receivable, net

49,907,129

21,902,180

Inventories

30,133,340

52,709,868

Prepayments and other receivables

12,746,990

5,457,532

Receivables from former subsidiary

2,263,955

6,341,988

Amount due from non-controlling interest, current

125,883

112,424

Amount due from related party

472,061

210,796

Income tax recoverable

47,189

56,251

Investment in sales-type lease, net

790,516

815,013

Total current assets

122,841,687

129,242,662

Property, plant and equipment, net

90,042,773

88,154,577

Construction in progress

27,343,092

15,839,191

Long-term investments, net

712,930

917,768

Prepaid land use right- non current

13,797,230

12,081,968

Intangible assets, net

1,961,739

1,383,789

Operating lease right-of-use assets, net

1,968,032

571,851

Investment in sales-type lease, net

838,528

317,279

Amount due from non-controlling interest, non-current

62,941

56,212

Deferred tax assets, net

1,403,813

1,175,624

Goodwill

1,645,232

1,470,904

Total assets

$

262,617,997

$

251,211,825

Liabilities

Current liabilities

Trade and bills payable

$

65,376,212

$

70,532,360

Short-term bank loans

8,811,820

17,573,866

Other short-term loans

4,679,122

3,482,583

Accrued expenses and other payables

22,963,700

19,602,212

Payables to former subsidiaries, net

326,507

368,772

Deferred government grants, current

3,834,481

1,613,838

Product warranty provisions

127,837

104,053

Operating lease liability, current

801,797

304,574

Finance lease liability, current

–

1,173,589

Warrants liability

5,846,000

1,147,000

Total current liabilities

112,767,476

115,902,847

Deferred government grants, non-current

6,189,196

5,809,485

Operating lease liability

876,323

120,101

Product warranty provision

1,900,429

1,776,912

Total liabilities

121,733,424

123,609,345

Commitments and contingencies

Shareholders’ equity

Common stock $0.001 par value; 500,000,000 authorized; 88,849,222
issued and 88,705,016 outstanding as of December 31, 2021, 89,135,064
issued and 88,990,858 outstanding as of September 30, 2022

88,849

89,135

Donated shares

14,101,689

14,101,689

Additional paid-in capital

241,946,362

243,053,288

Statutory reserves

1,230,511

1,230,511

Accumulated deficit

(122,498,259)

(121,248,906)

Accumulated other comprehensive income (loss)

2,489,017

(12,382,483)

137,358,169

124,843,234

Less: Treasury shares

(4,066,610)

(4,066,610)

Total shareholders’ equities

133,291,559

120,776,624

Non-controlling interests

7,593,014

6,825,856

Total of equities

140,884,573

127,602,480

Total liabilities and shareholders’ equity

262,617,997

251,211,825

  

CBAK Energy Technology, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In $ except for number of shares)

 

Three months ended

Nine months ended

September 30,

September 30,

2021

2022

2021

2022

Net revenues

$

9,562,190

57,721,692

$

24,867,393

$

194,267,650

Cost of revenues

(8,430,808)

(54,261,244)

(20,798,931)

(179,955,540)

Gross profit

1,131,382

3,460,448

4,068,462

14,312,110

Operating expenses:

Research and development expenses

(1,815,756)

(2,385,591)

(3,344,817)

(7,998,181)

Sales and marketing expenses

(510,386)

(834,501)

(1,262,999)

(2,361,839)

General and administrative expenses

(2,158,183)

(1,866,055)

(5,823,560)

(6,556,944)

Recovery of (provision for) doubtful accounts

178,897

142,966

437,475

(68,651)

Total operating expenses

(4,305,428)

(4,943,181)

(9,993,901)

(16,985,615)

Operating loss

(3,174,046)

(1,482,733)

(5,925,439)

(2,673,505)

Finance income, net

129,340

687,345

174,442

71,869

Other income (expenses), net

69,970

(991,352)

1,619,194

(1,165,094)

Impairment of non-marketable equity securities

(43)

–

(690,585)

–

Change in fair value of warrants

22,998,000

936,000

57,174,000

4,699,000

Income (loss) before income tax

20,023,221

(850,740)

52,351,612

932,270

Income tax credit (expenses)

–

2,012

–

(84,230)

Net income (loss)

20,023,221

(848,728)

52,351,612

848,040

Less: Net (income) loss attributable to non-
     controlling interests

(3,487)

848,438

(21,995)

401,313

Net income (loss) attributable to
     shareholders of CBAK Energy Technology, Inc.

$

20,019,734

(290)

$

52,329,617

$

1,249,353

Other comprehensive income (loss)

Net income (loss)

20,023,221

(848,728)

52,351,612

848,040

– Foreign currency translation adjustment

243,258

(8,925,745)

1,473,992

(15,620,472)

Comprehensive income (loss)

20,266,479

(9,774,473)

53,825,604

(14,772,432)

Less: Comprehensive loss (income)
     attributable to non-controlling interests

(3,404)

1,632,419

(16,024)

1,150,285

Comprehensive income (loss) attributable
      to CBAK Energy Technology, Inc.

$

20,263,075

(8,142,054)

$

53,809,580

$

(13,622,147)

Income (Loss) per share

– Basic

$

0.23

$

0.00

*

$

0.60

$

0.01

– Diluted

$

0.23

$

0.00

*

$

0.60

$

0.01

Weighted average number of shares of common stock:

– Basic

88,419,998

88,996,692

87,043,490

88,900,977

– Diluted

88,709,210

89,996,692

87,349,010

88,923,265

*

Less than $0.01 per share

Cision View original content:https://www.prnewswire.com/news-releases/cbak-energy-reports-third-quarter-2022-unaudited-financial-results-301676651.html

Source: CBAK Energy Technology, Inc.

PR Newswire

EQT sets target fund size for EQT Infrastructure VI at EUR 20 billion

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STOCKHOLM, Sept. 1, 2022 /PRNewswire/ — EQT has today set the target size for the EQT Infrastructure VI fund at EUR 20 billion. The actual fund size is dependent on the outcome of the fundraising process and may be higher or lower than the target size. The EQT Infrastructure VI fund’s investment strategy and commercial terms are expected to be materially in line with the predecessor fund EQT Infrastructure V.

To ensure continuity between two fund generations, EQT’s capital raisings usually follow a cycle with successor funds targeted to be in a position to commence investment activities when the predecessor fund is close to being fully invested. This means that the commitment period of the predecessor fund typically ends when approximately 80 to 90 percent of its total commitments are invested, with remaining commitments being available primarily for add-on acquisitions and strategic capital injections as well as for ongoing expenses. 

Management fees for the EQT Infrastructure VI fund will be charged from the earlier of (i) the date of signing of its first investment; or (ii) the date of termination of the commitment period of the EQT Infrastructure V fund. Management fees on the EQT Infrastructure V fund will thereafter be based on net invested capital.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

THIS IS INFORMATION THAT EQT AB (PUBL) IS OBLIGED TO MAKE PUBLIC PURSUANT TO THE EU MARKET ABUSE REGULATION. THE INFORMATION WAS SUBMITTED FOR PUBLICATION, THROUGH THE AGENCY OF THE CONTACT PERSON SET OUT BELOW AT 21:00 CET ON 31 AUGUST 2022.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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PR Newswire

Roan Holdings Group Co., Ltd. Reports 2021 Financial Year Results

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BEIJING and HANGZHOU, China, April 23, 2022 /PRNewswire/ — Roan Holdings Group Co., Ltd. (“Roan” or the “Company”) (OTC Pink Sheets: RAHGF and RONWF), a comprehensive solution provider for industrial operation and capital market services, today reported its financial results for the fiscal year ended December 31, 2021. All amounts are in U.S. dollars.

Fiscal year 2021 Highlights:

  • Net income increased to $0.76 million for the year ended December 31, 2021 from a net loss of $0.85 million for the year ended December 31, 2020.
  • Net earnings per share increased to $0.01 for the year ended December 31, 2021 from a net loss per share of $0.07 for the year ended December 31, 2020.
  • Net commission and fees on financial guarantee services was $0.40 million for the year ended December 31, 2021, as compared to $0.29 million for fiscal year 2020, reflecting an increase of 37.93% for business development.
  • Operating expenses in total decreased by $0.81 million, to $3.30 million for year ended December 31, 2021 compared to $4.11 million for the year ended December 31, 2020. The decreases were primarily the result of the Company’s cost control strategies.

For fiscal years ended December 31

($ millions, except per share data, differences
due to rounding)

2021

2020

% 
Change

Net revenues of services

$0.79

$2.13

(62.91%)

Net commission and fees on financial guarantee
services

$0.40

$0.29

37.93%

Total interest and fees income

$2.41

$2.48

(2.82%)

Operating income

$3.61

$4.90

(26.33%)

Net income

$0.76

($0.85)

N/A

Net earnings per share – Basic and Diluted

$0.01

($0.07)

N/A

Mr. Junfeng Wang, Chairman of the Board commented, “We are pleased to conclude fiscal year 2021 with sound financial performance. Although the external environment is full of challenges, through our service and extensive cooperation experience and resources accumulated over the past 10 years and with more than 500 customers and partners in various industries, the Company further optimized its strategic planning and business layout in 2021, and is in process of reforming operation structure, optimization of management team, integration of market resources, establishment of new business entities, and upgrading of our business services and products to meet Roan’s future development needs. As a result, the Company not only achieved substantial improvement in financial performance in 2021, but also turned from a net loss of $0.85 million in fiscal year 2020 to a net profit of $0.76 million in fiscal year 2021. At the same time, Roan has successfully expanded its business into the field of new energy, new materials, and semiconductor related industries, and we obtained our first $0.14 million industrial operation service fee income.”

“In the future, through our strategic business layout in industrial operation and capital market services, the Company plans to obtain long-term operation rights for new-generation technologies, products, and services in the fields of new energy, new materials, semiconductors, culture, tourism, and health so as to position ourselves to generate income from our services and products in order to share further the upward trend of these industries,” Mr Wang said.

Mr. Wenhao Wang, Chief Financial Officer of Roan, commented: “In 2021, in line with our expectations, we became profitable, turning around from last year’s losses. We grew our annual net income by $1.61 million to $0.76 million. We boosted our business development by upgrading our business ecosystem, and we applied cost-efficient strategies that helped us save $0.81 million in operating expenses for the past year. We also have a positive working capital balance of $51.94 million as of December 31, 2021, which makes us believe that the efforts we put in place and the strategic development we are taking will bring us significant improvements to profitability, creating long-term value for our shareholders.”

Fiscal Year 2021 Financial Results

Services Revenues

The following table sets forth a breakdown of our revenue by services offered for the years ended December 31, 2021 and 2020:

($ millions, differences due to rounding) 

For the years
ended December
31,

Variance

2021

2020

Amount

%

Management and assessment service

$

0.44

$

0.02

$

0.42

2100%

Consulting services relating to debt collection

0.21

2.11

(1.90)

(90.05)%

Industrial operation services

0.14

–

0.14

100.00%

Revenues from services

$

0.79

$

2.13

$

(1.34)

(62.91)%
  • Management and assessment services

Revenue from management and assessment services was $0.44 million ended December 31, 2021, which was increased 0.42 million or 2100% compared with $0.02 million for the year ended December 31, 2020. The increase was caused by the new contracts of management and assessment services brought significant revenue and cashflow to the Company.

  • Consulting services relating to debt collection

Revenue from consulting services relating to debt collection was $0.21 million for the year ended December 31, 2021, a decrease of $1.90 million, or 90.05%, as compared to $2.11 million for the year ended December 31, 2020, which was mainly due to the negative impact of the COVID pandemic. We had less contracts for debt collection service during the year ended December 31, 2021.

  • Industrial operation services

On December 31, 2021, Hangzhou Zeshi investment partnership (“Zeshi investment”), a wholly-owned subsidiary of the Company, entered into an agreement with ZhongTan Future New Energy Industry Development (Zhejiang) Co., Ltd. (“ZhongTan”). Revenue of $0.14 million was recognized during the year ended December 31, 2021 after the target customer was located, due diligence and initial negotiation was completed, and requirements of ZhongTan were met.

Revenue for commission and fees on financial guarantee services
Commission and fees on financial guarantee services was $0.46 million for the year ended December 31, 2021, an increase of $0.08 million, or 21.05% as compared to $0.38 million for fiscal year 2020, reflecting an increase for business development.
The provisions for financial guarantee services are related to financial guarantee service business as per the requirement of local government. Provisions for financial guarantee services was $0.06 million for the year ended December 31, 2021, as compared to $0.09 million for last fiscal year.

Interest and fee income
Interest and fee income primarily consisted of interest and fee income generated from loans due from third parties. Interest and fee income was $2.41 million, a decrease of $0.07 million, or 2.82% for the year ended December 31, 2021 as compared to $2.48 million for fiscal year 2020. The decrease was mainly due to a decrease of $0.02 million in interest income from loans due from third parties and a decrease of $0.05 million in interest income on provision deposits with banks.

Operating expenses
Operating expenses in total decreased by $0.81 million, or 19.70% to $3.30 million for year ended December 31, 2021 compared to $4.11 million for the year ended December 31, 2020. The decreases in these expenses were primarily the result of our cost control strategies.  

Net income
As a result of the foregoing, we had a net income of $0.76 million for the year ended December 31, 2021, as compared to a net loss of $0.85 million for the year ended December 31, 2020

Cash and cash equivalents
Cash and cash equivalents were $1.95 million as of December 31, 2021, reflecting a decrease of $2.98 million from $4.93 million as at December 31, 2020, primarily because of the repayment of bank loan of $2.94 million during the year ended December 31, 2021.

Working capital
Our working capital was $51.94 million as of December 31, 2021.

Recent developments

On February 28, 2022, the Company signed a five-year industrial operation cooperation agreement with Jiushang (Hangzhou) Semiconductor Technology Co., Ltd. (“Jiushang”). The Company will provide Jiushang with financing and operation services, and cooperate in the transformation and industrialization of Jiushang semiconductor’s new technological achievements in the Chinese market.

On December 16, 2021, Hangzhou Zeshi invested RMB 2 million (approximately $0.31 million) in Medium Carbon Future New Energy Industry Development (Zhejiang) Co., Ltd. (“Medium Carbon”), and held 2% its equity. Future New Energy invested RMB 20 million (approximately $3.10 million) and held 20% its equity. The registered capital of Medium Carbon is RMB 100 million (approximately $15.49 million).

On November 24, 2021, Hangzhou Zeshi, a wholly owned subsidiary of the Company invested RMB100,000 (approximately $0.02 million) in Hangzhou Future New Energy Enterprise Management Partnership (Limited Partnership) (“Future New Energy”) and held 1% of the equity of Future New Energy. The registered capital of Future New Energy is RMB 10 million (approximately $1.55 million).

About Roan Holdings Group Co., Ltd.

Founded in 2009, Roan Holdings Group Co., Ltd. (OTC Pink: RAHGF and RONWF) is a comprehensive solution provider for industrial operation and capital market services. Adhering to the platform strategy of “cross collaboration, technology empowerment, sustainability and stability, and combination of operation and finance resources”, the Company’s services focus on the  new energy, new materials, and semiconductor industries. At the same time, the Company focuses on the application of innovative technologies in the consumer industry with respect to financial consumption, cultural and tourism consumption, and great health ecosysystem. Roan aims to provide comprehensive solutions and supporting services for diversified institutuional and local government clients across the entire industry chain. Roan has offices in Hangzhou and Beijing and subsidiaries in Hangzhou, Ningbo, Shaoxing and Tianjin. For more information, please visit: www.roanholdingsgroup.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among others, the consummation of the proposed transaction, and can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations of the consummation of the proposed transaction, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Further information regarding these and other risks, uncertainties or factors are included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

IR Contact:
At the Company:
Katrina Wu
Email: xiaoqing.wu@roanholdingsgroup.com
Phone: +86-571-8662 1775

Investor Relations Firm:
Janice Wang
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from U.S.)
+86 13811768559 (from China)

ROAN HOLDINGS GROUP CO., LTD.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2021 and 2020

(Expressed in U.S. dollar, except for the number of shares)

December 31,
2021

December 31,
2020

  ASSETS

Cash and cash equivalents

$

1,947,142

$

4,932,048

Restricted cash

29,693,689

25,875,556

Accounts receivable, net

6,929,529

6,939,352

Inventories

33,598

30,348

Loan receivables due from third parties, net

23,751,471

17,670,652

Due from related parties

5,941

94,023

Other current assets

70,910

3,502,550

Other receivables, net

656,835

3,545,753

   Total current assets

63,089,115

62,590,282

Pledged deposits

48,752

462,835

Property and equipment, net

77,073

65,073

Intangible assets, net

3,123,394

3,977,867

Right of use assets

37,313

346,017

Goodwill

267,331

261,087

   Total non-current assets

3,553,863

5,112,879

   Total Assets

$

66,642,978

$

67,703,161

LIABILITIES

Customer pledged deposits

$

7,846

$

7,664

Unearned income

72,523

130,772

Reserve for financial guarantee losses

651,341

579,364

Dividends payable

480,000

480,000

Tax payable

2,614,257

1,767,214

Due to related parties

123,117

281,369

Warrant liabilities

16,998

13,977

Operating lease liabilities, current portion

65,498

191,643

Accrued expenses and other liabilities

1,155,903

1,642,060

Bank loans

5,961,460

8,826,054

Total current liabilities

11,148,943

13,920,117

Operating lease liabilities, noncurrent portion

–

102,767

Deferred tax liabilities

544,355

793,848

Total non-current Liabilities

544,355

896,615

Total Liabilities

$

11,693,298

$

14,816,732

Commitments and Contingencies

–

–

Shareholders’ Equity

Ordinary Share, no par value, unlimited shares authorized; 25,287,851 and
   25,287,851 shares issued and outstanding as of December 31, 2021 and December 
   31, 2020, respectively

–

–

Class A convertible preferred shares, no par value, unlimited shares authorized; 
   715,000 and 715,000 shares issued and outstanding as of December 31, 2021 and
   December 31, 2020, respectively

$

11,711,727

$

11,025,327

Class B convertible preferred shares, no par value, unlimited shares authorized; 
   291,795,150 and 291,795,150 shares issued and outstanding as of December 31, 2021 and 
   December 31, 2020, respectively

31,087,732

31,087,732

Additional paid-in capital

3,312,189

3,312,189

Statutory reserve

362,797

202,592

Accumulated deficit

(14,805,802)

(14,330,288)

Accumulated other comprehensive income

3,128,086

2,310,369

Total Roan Holdings Group Co., Ltd.’s Shareholders’ Equity

$

34,796,729

$

33,607,921

Noncontrolling interests

20,152,951

19,278,508

Total Equity

54,949,680

52,886,429

Total Liabilities and Equity

$

66,642,978

$

67,703,161

ROAN HOLDINGS GROUP CO., LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Years Ended December 31, 2021, 2020 and 2019

(Expressed in U.S. dollar, except for the number of shares)

For the Years Ended
December 31,

2021

2020

2019

Revenues from services

$

793,291

$

2,128,153

$

639,220

Revenues from healthcare service packages

–

55,301

–

Cost of revenues

–

(50,774)

(8,080)

Net revenues of services

793,291

2,132,680

631,140

Commissions and fees on financial guarantee services

456,944

375,471

8,797

Provision for financial guarantee services

(57,417)

(89,865)

(5,008)

Commission and fee income on guarantee services, net

399,527

285,606

3,789

Interest and fees income

Interest and fees on direct loans

–

–

1,153

Interest income on loans due from third parties

2,113,918

2,131,447

34,707

Interest income from factoring business

–

–

2,782,332

Interest income on deposits with banks

300,749

348,389

64,636

Total interest and fee income

2,414,667

2,479,836

2,882,828

Interest expense

Interest expenses and fees on secured loans

–

–

(2,218,815)

Net interest income

2,414,667

2,479,836

664,013

Provision for loan losses

–

–

(2,244,601)

Net interest income (loss) after provision for loan losses

2,414,667

2,479,836

(1,580,588)

Operating income (loss)

3,607,485

4,898,122

(945,659)

Total operating expenses

Salaries and employee surcharges

(1,054,509)

(1,116,482)

(512,314)

Other operating expenses

(2,241,069)

(2,995,098)

(1,385,259)

Changes in fair value of warrant liabilities

(3,021)

5,961

530,863

Total operating expenses

(3,298,599)

(4,105,619)

(1,366,710)

Other income (expenses)

Deconsolidation gain (loss)

490,283

(1,953,248)

–

Interest income (expenses), net

(267,184)

–

–

Other income (expense), net

554,167

76,406

–

Total other income (expenses)

777,266

(1,876,842)

–

Income (Loss) before income taxes

1,086,152

(1,084,339)

(2,312,369)

Income tax (expenses) recovery

(328,851)

229,733

(244,741)

Net income (loss) from continuing operations

757,301

(854,606)

(2,557,110)

Net income from discontinued operations, net of income tax

–

–

26,846,018

Net income (loss)

757,301

(854,606)

24,288,908

Dividend – convertible redeemable Class A preferred share

–

–

(686,400)

Net income attributable to noncontrolling interests

(386,210)

(838,048)

(76,108)

Net income (loss) attributable to Roan Holding Group Co., Ltd.’s
shareholders

$

371,091

$

(1,692,654)

$

23,526,400

Other comprehensive (loss) income

Foreign currency translation adjustment

1,308,444

3,461,980

1,435,262

Reclassified to net gain from discontinued operations

–

–

2,691,969

1,308,444

3,461,980

4,127,231

Comprehensive income

2,065,745

2,607,374

28,416,139

Other comprehensive income attributable to noncontrolling interests

(488,233)

(1,334,101)

(97,733)

Dividend – convertible redeemable Class A preferred share

–

–

(686,400)

Net income attributable to noncontrolling interests

(386,210)

(838,048)

(76,108)

Total comprehensive income attributable to Roan Holdings Group 
    Co., Ltd.’s shareholders

$

1,191,302

$

435,226

$

27,555,898

Weighted average number of ordinary share outstanding

Basic and Diluted*

25,287,887

25,287,887

25,287,887

Earnings (Loss) per share

Net earnings (loss) per share – Basic and Diluted

$

0.01

$

(0.07)

$

0.93

Net earnings (loss) per share from continuing operations – Basic and
Diluted

$

0.01

$

(0.07)

$

(0.13)

Net earnings per share from discontinued operations – Basic and Diluted

$

–

$

–

$

1.06

ROAN HOLDINGS GROUP CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2021, 2020 and 2019

(Expressed in U.S. dollar, except for the number of shares)

For the Years Ended
December 31,

2021

2020

2019

Cash Flows from Operating Activities:

Net income (loss)

$

757,301

$

(854,606)

$

24,288,908

Less: Net loss from discontinued operations

–

–

26,846,018

Net loss from continuing operations

757,301

(854,606)

(2,557,110)

Adjustments to reconcile net income to net cash used in operating
activities:

Depreciation and amortization expenses

1,134,738

1,102,298

55,498

Provision for credit losses

48,518

316,014

–

Provision for loan losses

–

–

2,244,601

Provision for financial guarantee losses

57,417

89,865

5,008

Deferred tax expenses

(265,421)

(1,001,372)

57,674

Changes in fair value of warrant liabilities

3,021

(5,961)

(530,863)

Net gain from disposal of fixed assets

(33,246)

(136,682)

–

Gain from lease modification

(603)

22,257

–

Accretion of finance leases

7,605

14,757

–

Gain (loss) from deconsolidation of subsidiaries

(490,283)

1,953,248

–

Changes in operating assets and liabilities:

Accounts receivable

(7,495)

(3,116,533)

(206,442)

Inventory

(3,250)

(30,348)

–

Interest and fees receivable

–

–

(149,013)

Other current assets

3,431,640

(3,215,702)

(289,694)

Other receivables

2,425,003

(3,268,571)

–

Pledged deposits and other non-current assets

414,265

359,202

–

Advances from customers

(58,249)

7,915

(6,702)

Tax payable

847,043

1,029,919

273,589

Accrued expenses and other liabilities

449,971

(727,211)

28,875

Net Cash Provided by (Used in) Operating Activities from 
Continuing Operations

8,717,975

(7,461,511)

(1,074,579)

Net Cash Used in Operating Activities from Discontinued 
Operations

–

–

(26,564)

Net Cash Provided by (Used in) Operating Activities

8,717,975

(7,461,511)

(1,101,143)

Cash Flows from Investing Activities:

Repayment of loans from factoring customers

–

–

107,833,488

Proceeds of loans from third parties

20,499,442

–

–

Loans disbursement to third parties

(26,100,286)

(3,467,607)

–

Loans disbursement to factoring customers

–

–

(43,422,881)

Purchases of property and equipment

(54,569)

–

(833)

Acquisition of a subsidiary

–

–

(427,318)

Acquisition of cash from acquired subsidiary

–

–

21,442,122

Proceeds from disposal of discontinued operations

–

–

504,713

Net inflow related to deconsolidation of subsidiaries

788

61,121

–

Redemption of short-term investment

–

8,690,374

–

Due to (from) related party

(70,169)

210,774

–

Proceeds from sale of property and equipment

40,305

837,969

–

Net Cash (Used in) Provided by Investing Activities from Continuing 
Operations

(5,684,489)

6,332,631

85,929,291

Net Cash Provided by Investing Activities from Discontinued

Operations

–

–

35,765

Net Cash (Used in) Provided by Investing Activities

(5,684,489)

6,332,631

85,965,056

Cash Flows from Financing Activities:

Borrowing from a related party

–

–

279,020

Proceeds from bank loans

5,889,179

8,341,311

–

Repayment of bank loans

(8,927,555)

–

–

Proceeds from secured loans

–

–

43,422,881

Repayment of secured loans

–

–

(107,833,488)

Repayment of third-party loans

–

(280,268)

–

Repayment of lease liabilities

(76,102)

(207,891)

–

Net Cash (Used in) Provided by Financing Activities from 
Continuing Operations

(3,114,478)

7,853,152

(64,131,587)

Net Cash Used in Financing Activities from Discontinued
Operations

–

–

(7,251)

Net Cash (Used in) Provided by Financing Activities

(3,114,478)

7,853,152

(64,138,838)

Effect of exchange rate changes on cash, cash equivalents, and restricted
   cash in banks

914,219

1,937,807

119,326

Net increase in cash, cash equivalents, and restricted cash in banks

833,227

8,662,079

20,844,401

Cash, cash equivalents, and restricted cash in banks at beginning of year

30,807,604

22,145,525

1,301,124

Cash, cash equivalents, and restricted cash in banks at end of year

$

31,640,831

$

30,807,604

$

22,145,525

Supplemental Cash Flow Information

Cash paid for interest expense

$

269,400

$

–

$

–

Cash paid for income tax

$

–

$

–

$

–

Noncash investing activities

Acquisition of a subsidiary by issuance of Class B Preferred Shares

$

–

$

–

$

31,087,732

Receivable from disposal of discontinued operations

$

–

$

–

$

940,829

Right of use assets obtained in exchange for operating lease obligations

$

–

$

–

$

615,000

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the
statement of financial position that sum to the total of the same amounts shown in the consolidated statements of cash
flows:

December 31,
2021

December 31,
2020

Cash and cash equivalents

$

1,947,142

$

4,932,048

Restricted cash in banks

29,693,689

25,875,556

Total cash, cash equivalents and restricted cash

$

31,640,831

$

30,807,604

Cision View original content:https://www.prnewswire.com/news-releases/roan-holdings-group-co-ltd-reports-2021-financial-year-results-301531269.html

Source: Roan Holdings Group Co., Ltd.

PR Newswire

Sharing Economy International in joint venture with naked-eye 3D high-tech company Su Xin Rui Shi to lay out the underlying architecture of Metaverse technology

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HONG KONG, April 4, 2022 /PRNewswire/ — SHARING ECONOMY INTERNATIONAL INC (stock code: SEI”, hereinafter referred to as “SEII”) announced that its wholly-owned subsidiary 3D Discovery Co., Ltd (“3D Discovery”) has entered into a strategic partnership with Suzhou Su Xin Rui Shi Technology Co., Ltd. (“Su Xin Rui Shi“) to jointly expand the international naked-eye 3D ecosystem and industry chain business, build a “Metaverse” underlying hardware support ecosystem, create a global leading platform for naked eye 3D technology, and develop and optimize the metaverse experience technology platform.

SEII aims to promote the development of the global sharing economy through the development of online platforms and cooperation in leasing business around technology and the global sharing economy market. SEII already has a number of technology and service platforms in key markets such as Asia, Europe and the US.

Su Xin Rui Shi is a leading global naked-eye 3D display technology research and development company, dedicated to the development and industrialisation of international top 3D light field real-time rendering engine technology. The team has three core innovative technologies: a light field reconstruction algorithm based on backlight matching technology, a programmable real-time 3D Light Field rendering engine based on human eye bio-stereoscopic vision, and a fusion algorithm between stereoscopic image source and virtual scene, making Su Xin Rui Shi a leading company in the industry to achieve real-time light field rendering. It is also one of the very few teams in China that can provide customised naked eye 3D solutions, and has successfully transformed ordinary 2D sources to 3D light field sources in real time, solving the current situation of content scarcity in the industry.

It is reported that 3D Discovery and Su Xin Rui Shi will jointly establish a joint venture in Hong Kong, in which 3D Discovery and Su Xin Rui Shi will hold 60% and 40% of the joint venture respectively (the “Joint Venture”). Through the joint venture, 3D Discovery and Su Xin Rui Shi plan to focus on developing and promoting naked eye 3D applications and services in key areas such as 8K/16K resolution real-time rendering, screenless suspended 3D displays and other technologies, expanding hardware sales around key regions such as Southeast Asia and Europe, represented by Hong Kong and Singapore, and providing high-definition digital modelling and hardware facilities upgrades to key customers.

The metaverse technology application platform, which is deeply laid out by the Joint Venture, will become a strategic engine and a new growth point for SEII’s sharing economy business. On the one hand, it will help the technical iteration of the public ECrent sharing and leasing business platform, providing a more realistic interactive experience of leasing scenarios for global users and enhancing transaction efficiency and service profits; on the other hand, it can provide more advanced technical services and marketing solutions for the company’s customers, effectively expanding and adding new customers’ scale and revenue.

With SEII’s extensive global presence and business resources in the sharing economy, as well as its international leadership in clarity, customizability, observer points, real-time rendering and other technical parameters, and its complete patent layout internationally, SEII will be able to “surge” in the capital market and further promote the development and transformation of new economic forms in the metaverse era.

Cision View original content:https://www.prnewswire.com/news-releases/sharing-economy-international-in-joint-venture-with-naked-eye-3d-high-tech-company-su-xin-rui-shi-to-lay-out-the-underlying-architecture-of-metaverse-technology-301516857.html

Source: Sharing Economy International Inc.

PR Newswire

GemForex Enhances Asset Lists, Adds Twelve New Instruments

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HO CHI MINH CITY, Vietnam, Feb. 26, 2022 — 2022 is so far characterized by increased volatility across several markets, mainly due to geopolitical tensions and the ongoing effects of the COVID-19 pandemic. For that reason, a reliable trading service provider must equip its clients with a diverse asset list, enabling flexibility as market conditions change. Leading global online GemForex has taken that into consideration, recently announcing an immediate enhancement to its asset offering, adding a dozen new instruments, mainly but not limited to the forex sector.

"Opportunity is the name of the game here, and we want our traders to be open to as many of those as possible," explained Jieren Marrody, spokesperson for GemForex. "While many other trading brands just copy from each other, we want to bring something new to the table here, giving our customers as much exposure as we can – but doing it responsibly, for their sake. Our motto has always been that our success as a trading brand must stem from our clients’ success. We don’t see any reason to change that."

Diversity – the key to healthy progress

Among the new assets which are now on GemForex’s list, traders can find exotic forex pairs such as EURMX, MXNJPY, and SGDJPY, alongside minors with great potential such as EURSEK, USDPLN, and USDNOK. This is an addition to the already-rich list of tradable forex pairs offered by the brand, including the EURUSD, USDJPY, and many more. Moreover, users can now trade on CFDs of the popular platinum metal, alongside others such as gold and silver, with attractive spreads.

"Our loyal clients know that each and every asset added to our list is a result of careful analysis and research," added Marrody. "Our team of experts works tirelessly to bring nothing but the best assets to the palms of our traders, while minimizing risk."

About GemForex

Established in 2010, GemForex today is a leading name in the industry and an award winning broker, mainly thanks to its client-centric approach and the state of the art technology implemented. Especially popular is the brand’s ‘No Spread Account‘ for forex traders, granting high leverage alongside zero spreads and transaction fees. Both the MetaTrader 4 and the MetaTrader 5 are accessible with GemForex, granting extra diversification possibilities. Furthermore, service is granted in multiple languages by a team of skilled representatives, easily reachable through the brand’s website.

PR Newswire

ReTo Eco-Solutions, Inc. Subsidiary Receives Approval to Build Internet of Vehicle R&D Center and Recognition as a “Specialized and Innovative” Small and Medium-Sized Enterprise of Haikou City

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BEIJING, Feb. 17, 2022 — ReTo Eco-Solutions, Inc. (NASDAQ: RETO) ("ReTo" or the "Company"), a provider of technology solutions and operation services for intelligent ecological environments, announced today that ReTo’s subsidiary, Hainan Yile IoT Technology Co., Ltd. ("Yile IoT") and its subsidiary Hainan Yile IoV Technology Research Institute Co., have been approved by the Haikou Science and Industry Information Bureau to establish the "Haikou IoV Digital Applied Engineering Technology Research and Development Center" ("IoV Technology R&D Center"). Yile IoT was also recognized as a 2021 "Specialized and Innovative" Small and Medium-sized Enterprise in Haikou.

In response to Hainan Province’s science and technology innovation action plan, the IoV Technology R&D Center aims to further the future development of science and technology innovation in Hainan. As the first IoV science and technology innovation platform in the province, this center will be instrumental in consolidating the national resources of the IoV industry, continuing the research and development of key industrial technologies, accelerating the commercialization of technological achievements and developing technical services, business incubation, and innovative entrepreneurship.

The designation of a "Specialized and Innovative" Small and Medium-Sized Enterprise is awarded by Haikou City to enterprises operating in Haikou that are "professional, refined, specialized, and innovative." Following the issuance of the Implementation Plan for Promoting the Development of "Specialized and Innovative" Small and Medium-Sized Enterprises in Hainan Province by Hainan Provincial Industry and Information Technology Department in June 2021, the municipality of Haikou recognized Yile IoT in the first batch of "Specialized and Innovative" Small and Medium-sized Enterprises for its focus on market segments, emphasis on its core business, its strength in innovation, and its positive growth record.

Mr. Hengfang Li, Chairman and CEO of ReTo, commented: "Congratulations to Yile IoT for being recognized as a ‘Specialized and Innovative’ enterprise. This acknowledgement reflects recognition of Yile IoT’s business model and achievements in its field. Receiving the approval and beginning preparation work for the IoV Technology R&D Center mark an important milestone in the implementation of Yile IoT’s IoV business strategies，as Yile IoT focuses on the research, development, application and commercialization of IoV technologies, while providing customers with competitive, safe, and reliable products and solutions in the fields of IoV cloud services, intelligent terminals, and communication. The establishment of this center marks Yile IoT’s continued commitment to developing IoV technologies for residents and businesses in Hainan."

About ReTo Eco-Solutions, Inc.

Founded in 1999, ReTo Eco-Solutions, Inc., through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. Through its subsidiary Yile IoT Technology Co., Ltd., a high-tech enterprise in Hainan Province and focusing on the research, development and application of IoT technologies, the Company provides products and scenario-based solutions and products for clients primarily in the automobile rental, ride sharing and logistic sectors in China. For more information, please visit: http://en.retoeco.com

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, forward looking statements include the establishment of the IoV Technology R&D Center, the furtherance of Yile IoT’s business strategies , the ability to realize the anticipated goals and benefits from the establishment of the IoV Technology R&D Center and the designation of Yile IoT as "Specialized and Innovative" Small and Medium-size Enterprise , the Company’s plans, objects, goals, and strategies and assumptions underlying such statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties including those discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. These risks and uncertainties may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. Investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

ReTo Eco-Solutions, Inc.
Giorgio Zhao
Beijing Phone: +86-10-64827328
ir@retoeco.com or 310@reit.cc

 

PR Newswire

Last Chance to Register for NFTs of the digital Kiss by Gustav Klimt for Valentine’s Day

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VIENNA, Feb. 9, 2022 — The Belvedere museum in Vienna and the NFT investment fund artèQ are in the process of launching an exceptional NFT drop: Whitelisting ends on Thursday, 10 February, midnight (Central European Time), Gustav Klimt’s masterpiece The Kiss will be available for sale in a limited number of 10,000 digital excerpts.

A high-resolution digital copy of the most famous depiction of a pair of lovers has been divided into a 100 x 100 grid, resulting in 10,000 inimitable individual pieces that are currently offered as non-fungible tokens, or NFTs. The "whitelisting" phase, when interested parties can register to purchase on the thekiss.art platform, started 26 January 2022 and will close this Thursday night, 10 February, at midnight or 00.00 am, Central European Time. If the sale is oversubscribed, allocation of the 10,000 NFTs will be decided by lottery. From 11 February, whitelisted buyers can complete the transaction within 24 hours. If any pieces are left after the whitelisting phase, they may be purchased from 12 February at thekiss.art. Each NFT can be purchased at an retail price of 1,850 euros (incl. minting costs and VAT), respectively 0.65 Ethereum (excl. minting costs, incl. VAT). The drop, or official release of the NFTs, will take place on Valentine’s Day, 14 February. The NFT may be dedicated to a loved one on the official site – a most romantic digital declaration of love!

The press kit is available here for download.

For more information please contact: presse@belvedere.at.

Picture is available at AP Images (http://www.apimages.com)

Contact
Belvedere Press
T: +43 (01) 795 57-185
M: presse@belvedere.at
www.belvedere.at