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– TotalRevenue of $41.4 million, up 53.8% from the previous year, reflecting record high annual revenue in the Company’s history.
– Gross Profit of $20.8 million and net income of $12.1 million, both reaching historical high, with a robust 50.3% gross margin.

BEIJING, Jan. 07, 2025 (GLOBE NEWSWIRE) — Global Mofy AI Limited (the “Company” or “Global Mofy”) (Nasdaq: GMM), a generative AI-driven technology solutions provider engaged in virtual content production and the development of 3D digital assets for use in the broader digital content industry, today reported financial results for the fiscal year ended September 30, 2024, with revenue, gross profit, and net income achieving significant year-over-year growth.

The growth trajectory was driven by the continued demand for high-quality digital assets and AI-driven solutions in industries such as film, gaming, advertising, and digital tourism. Additionally, the Company’s investments in technology, innovation, and global expansion have rendered us well-positioned to capitalize on the significant opportunities ahead.

“We are proud to report exceptional financial performance for fiscal year 2024, a year in which we achieved significant milestones that strengthen our position in the global digital content industry,” said Haogang Yang, Founder and CEO of Global Mofy. “Our strategic shift towards generative AI driven solutions and the continuous development of high-precision 3D digital assets has allowed us to meet the growing demand for digital content, while driving profitability and positioning the Company for long-term growth. As we look ahead, we are confident in our ability to sustain this momentum and deliver more value to our shareholders.”

Financial Results for Fiscal Year Ended September 30, 2024

Total Assets: As of September 30, 2024, Global Mofy’s total assets reached $59.2 million, an increase of 118.3% compared to $27.1 million as of September 30, 2023. This growth reflects the Company’s strong capital utilization, strategic investments in technology and infrastructure, and the successful expansion of its asset base.

Revenue: Revenue for the fiscal year 2024 totaled $41.4 million, an increase of 53.8% from $26.9 million in fiscal year 2023. The revenue growth was primarily driven by the prosperity of the movie and TV industries boomed in China in recent two years and sustained demand for high-quality virtual content, 3D digital assets, and AI-driven solutions across multiple sectors, including entertainment, on-line game industry, and digital tourism.

Gross Profit: Gross profit for the fiscal year 2024 increased by 43.2% to $20.8 million, up from $14.5 million in fiscal year 2023. Gross margin remained strong at 50.3%, reflecting effective cost control measures and a shift toward higher-margin digital asset development services.

Net Income: Net income for fiscal year 2024 was $12.1 million, resulting in a net margin of 29.4%, compared to $6.6 million in fiscal year 2023, also representing an increase by 89%. The increase in net income was driven by higher revenues, improved operational efficiency, and effective cost control.

Earnings Per Share (EPS): Basic and diluted earnings per share for fiscal year 2024 were $6.37, reflecting a significant 61.2% year-over-year increase from $3.93 in fiscal year 2023. This figure has been adjusted for the effect of the reverse stock split on November 26, 2024.

Research and Development (R&D) Expenses: R&D expenditures for fiscal year 2024 totaled $7.5 million, reflecting a 109.8% increase from $3.6 million in fiscal year 2023. These investments primarily focused on expanding the Company’s 3D digital asset library, which encompassed over 100,000 assets by the end of fiscal year 2024, as well as advancing its generative AI solutions. Notably, the development of the Gausspeed platform has made significant progress, positioning the Company to further enhance its capabilities in AI-driven content creation. These technological advancements are crucial for sustaining long-term growth, driving innovation, and maintaining a competitive edge in the rapidly evolving digital content sector.

Recent Developments

Expansion of 3D Digital Asset Library: By the end of fiscal year 2024, Global Mofy’s 3D digital asset library encompassed over 100,000 assets. These assets, characterized by high precision and reusability, are now supporting a diverse range of applications in industries such as film, television, advertising, on-line game industry, and digital tourism.

Generative AI Advancements: On April 30, 2024, Global Mofy announced the development of Gausspeed, a generative AI platform for film production and digital content creation. In collaboration with Heartdub and powered by NVIDIA Omniverse and NVIDIA RTX GPUs, Gausspeed integrates with the NVIDIA Omniverse Cloud API, enhancing collaboration, improving production efficiency, and enabling real-time scene generation. This platform allows creators to visualize and adjust scenes early in the production process, streamlining workflows and reducing complexity, positioning Global Mofy at the forefront of innovation in the digital entertainment industry.

North American Expansion: On May 22, 2024, Global Mofy expanded its global footprint with the establishment of GMM DISCOVERY LLC in North America. This move strengthens the Company’s presence in one of the world’s largest markets for AI-driven content and 3D asset development and positions the Company to better serve a growing client base in the U.S., while capitalizing on new business opportunities across North America.

Launch of $69 Million Fund with Strategic Partners: On July 2, 2024, Global Mofy announced the launch of a US$69 million investment fund aimed at fostering growth in the AI, digital economy, and entertainment sectors. The fund is being launched in partnership with Yi Zheng Yangzi Culture and Tourism Holding Group Co., Ltd. (“Yangzi”) and Beijing Hengyun International Private Equity Fund Management Co., Ltd. (“Beijing Hengyun”). The fund will focus on acquisitions and investments in high-quality projects aligned with Global Mofy’s business strategy. This strategic initiative will strengthen the Company’s position in rapidly expanding sectors, create value for shareholders, and drive long-term growth.

Establishment of Vocational Education Institute: On July 9, 2024, Global Mofy announced the setup of the Century Mofy Vocational Education Institute in Zhejiang, China, to address the growing demand for skilled talents in AI and digital content creation industry. The Institute will offer specialized training in AIGC technology development and the creation of various digital content formats such as images, videos, text, and music.

Private Placement Financing of $2.5 Million: On October 15, 2024, Global Mofy announced it has entered into a Securities Purchase Agreement (SPA) with certain institutional and accredited investors for a private placement financing of approximately $2.5 million.

Strategic Cooperation with Lianyungang: On October 23, 2024, Global Mofy signed a strategic agreement with Lianyungang’s Haizhou High-Tech District to collaborate on generative AI, digital tourism, and cultural projects. The partnership aims to enhance Lianyungang’s cultural heritage through digital platforms and AI-driven solutions.

MIIT Membership Awarded: On November 12, 2024, Global Mofy was awarded membership in the Industrial Brand Promotion Organization by the Ministry of Industry and Information Technology (MIIT). This membership highlights the Company’s leadership in generative AI technology and its commitment to advancing brand competitiveness in the digital content industry.

Conference Call and Webcast Information

Global Mofy will host a conference call and webcast to discuss its financial results for fiscal year 2024 and provide a business outlook on January 3, 2025, at 9:00 AM EST. Participants can register for the live audio call using the following link:
[https://register.vevent.com/register/BI4123b2278fe8413caec3c544c97a6528]
Upon successful registration, participants will receive a conference PIN and dial-in number. A live webcast of the conference call will be available at:
[https://edge.media-server.com/mmc/p/3vzc68vn]
A full recording of the call will be available on the Company’s investor relations website immediately after the event:
[http://ir.globalmofy.cn]

Forward-Looking Statement

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. These forward-looking statements include, without limitation, the Company’s statements regarding the expected trading of its Ordinary Shares on the Nasdaq Capital Market and the closing of the Offering. 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 uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed 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:

Global Mofy AI Ltd.
Investor Relations Department
[email protected]

GLOBAL MOFY AI LIMITED
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)
		As of September 30,
		2024				2023
		US$				US$
ASSETS
Current assets
Cash		$	8,068,560			$	10,437,580
Restricted cash			3,000,000				—
Short-term investments			—				780,000
Accounts receivable, net			1,254,613				3,286,330
Advances to vendors			5,736,093				2,593,887
Due from related parties			19,665				—
Loans receivable – current			—				287,829
Prepaid expenses and other current assets, net			967,613				507,336
Total current assets		$	19,046,544				17,892,962
Non-current assets
Long-term investments			284,998				—
Property and equipment, net			13,420				34,431
Intangible assets, net			38,796,262				6,505,792
Operating lease right-of-use assets			660,946				954,771
Loans receivable – non-current			—				447,505
Advances to vendors – non-current			261,956				1,020,874
Prepaid expenses and other non-current assets, net			127,732				262,986
Total non-current assets			40,145,314				9,226,359
Total assets		$	59,191,858			$	27,119,321
LIABILITIES AND EQUITY
Current liabilities
Short-term bank loans		$	5,397,521			$	2,442,609
Loans from third parties			23,512				22,615
Accounts payable			1,213,114				531,091
Advances from customers			3,837,621				345,838
Due to a related party			50,380				—
Tax payable			2,035,653				1,555,059
Accrued expenses and other liabilities			553,696				555,440
Operating lease liabilities – current			270,183				293,040
Total current liabilities		$	13,381,680				5,745,692
Non-current liabilities
Operating lease liabilities – non-current			308,575				556,674
Total non-current liabilities			308,575				556,674
Total liabilities		$	13,690,255				6,302,366
Equity:
Class A ordinary shares ($0.00003 par value, 30,000,000,000 shares authorized, 1,410,001 and 1,728,410 shares issued and outstanding as of September 30, 2024 and 2023, respectively)*			42				52
Class B Ordinary Shares ($0.00003 par value, 4,000,000,000 shares authorized, 848,203 and 0 shares issued and outstanding as of September 30, 2024 and 2023, respectively)			26				–
Additional paid-in capital			27,796,887				16,035,229
Statutory reserves			1,926,547				368,271
Accumulated earnings			15,737,191				5,158,115
Accumulated other comprehensive income (loss)			187,118				(604,182	)
Total Global Mofy AI Limited shareholders’ equity			45,647,811				20,957,485
Non-controlling interests			(146,208	)			(140,530	)
Total equity			45,501,603				20,816,955
Total liabilities and equity		$	59,191,858			$	27,119,321
*     Retrospectively restated for effect of reverse stock split on November 26, 2024.

GLOBAL MOFY AI LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Expressed in U.S. Dollars, except for the number of shares)
		For the years ended September 30,
		2024				2023				2022
		US$				US$				US$
Revenue
Revenue from third parties		$	41,360,953			$	26,889,911			$	14,540,300
Revenue from related parties			—				—				2,647,993
Revenue			41,360,953				26,889,911				17,188,293
Cost of revenue			(20,556,763	)			(12,357,934	)			(13,072,732	)
Gross profit			20,804,190				14,531,977				4,115,561
Operating expenses:
Selling expenses			(1,107,215	)			(294,587	)			(153,822	)
General and administrative expenses			(5,425,015	)			(3,046,037	)			(1,041,330	)
Research and development expenses			(7,448,583	)			(3,546,155	)			(3,207,759	)
Total operating expenses			(13,980,813	)			(6,886,779	)			(4,402,911	)
Income (loss) from operations			6,823,377				7,645,198				(287,350	)
Other (expenses) income:
Interest income			208,647				41,230				42,948
Interest expenses			(195,331	)			(126,206	)			(74,888	)
Issuance costs allocated to warrant liability			(823,846	)			—				—
Change in fair value of warrant liability			6,827,034				—				—
Other income, net			144,819				89,124				54,049
Total other income, net			6,161,323				4,148				22,109
Income (loss) before income taxes			12,984,700				7,649,346				(265,241	)
Income tax expense			(847,448	)			(1,098,087	)			—
Net income (loss)			12,137,252				6,551,259				(265,241	)
Net (loss) income attributable to non-controlling interest			(100	)			(579	)			1,981
Net income (loss) attributable to Global Mofy AI Limited		$	12,137,352			$	6,551,838			$	(267,222	)
Comprehensive income (loss)
Net income (loss)		$	12,137,252			$	6,551,259			$	(265,241	)
Foreign currency translation Gain (loss)			785,722				(407,248	)			(198,124	)
Total comprehensive income (loss)			12,922,974				6,144,011				(463,365	)
Comprehensive income attributable to non-controlling interests			(5,678	)			3,031				2,304
Comprehensive income (loss) attributable to Global Mofy AI Limited		$	12,928,652			$	6,140,980			$	(465,669	)
Earnings (loss) per Class A ordinary share
– Basic and diluted*		$	6.37			$	3.93			$	(0.17	)
Weighted average number of Class A ordinary shares outstanding
– Basic and diluted*			1,798,850				1,668,083				1,562,766
Earnings per Class B ordinary share
– Basic and diluted*		$	6.37			$	–			$	–
Weighted average Class B ordinary shares outstanding
– Basic and diluted*			106,605				–				–

*	Retrospectively restated for effect of reverse stock split on November 26, 2024.

Over 300 Participants Have Completed Cumulative Six Months of Cytisinicline Treatment in the ORCA-OL Trial, Completing the Long-Term Exposure Requirement for NDA Submission

ORCA-OL Long-Term Exposure Timelines Remain on Track with No Safety Concerns Identified

Planned Cytisinicline NDA Submission on Target for Q2 2025

SEATTLE and VANCOUVER, British Columbia, Jan. 07, 2025 (GLOBE NEWSWIRE) — Achieve Life Sciences, Inc. (Nasdaq: ACHV), a late-stage pharmaceutical company focused on the global development and commercialization of cytisinicline for smoking cessation as a treatment for nicotine dependence, today announced that its ongoing ORCA-OL clinical trial, designed to evaluate the long-term safety exposure of cytisinicline, has reached the goal of at least 300 participants completing six months of cumulative cytisinicline treatment. The U.S. Food and Drug Administration (FDA) requested six-month safety exposure data to be included in the company’s planned New Drug Application (NDA). Further, based on ongoing Data Safety Monitoring Committee (DSMC) review, no safety concerns have been identified, and the study continues to proceed as planned with no modifications. Achieve remains on track for the planned NDA submission, expected to occur in the second quarter of 2025.

“Achieving this critical milestone for the NDA submission clearly advances our mission to bring treatment to people who struggle with nicotine dependence,” stated Cindy Jacobs, Ph.D., M.D., President and Chief Medical Officer of Achieve. “We are deeply grateful to the clinical sites and participants for their continued commitment and dedication in helping bring a new therapy for nicotine dependence forward, one which aims to help address a persistent public health challenge.”

In late 2023 pre-NDA discussions, the FDA expressed its support for an NDA submission based on sufficient data from the two completed randomized, controlled Phase 3 trials, ORCA-2 and ORCA-3, to assess efficacy for cytisinicline six-week and 12-week treatment durations. The FDA also requested cytisinicline exposure data out to six months and one year to evaluate adequate longer-term safety risks, given that smoking cessation drugs are intended for chronic, repeated, or intermittent use, as patients may relapse and require repeated treatments. The FDA agreed to having the six-month cumulative exposure safety data submitted in the NDA submission and the one-year cumulative exposure safety data submitted later, prior to potential NDA approval.

“The completion of the cumulative six-month treatment reflects the dedication of our team and study participants, bringing us closer to our goal of potentially becoming the first new FDA-approved smoking cessation treatment in nearly two decades,” said Rick Stewart, Chief Executive Officer of Achieve. “As we move forward, our team remains focused on fulfilling all NDA-related requirements and ensuring cytisinicline reaches those who need it most.”

To date, Achieve has successfully completed two Phase 3 clinical trials of cytisinicline in more than 1,600 subjects who either smoke cigarettes or vape nicotine e-cigarettes and have the desire to quit. The ORCA-OL clinical trial continues to evaluate longer-term safety exposure of the novel 3 mg cytisinicline three times a day dosing regimen in individuals who want to end their nicotine dependence.

About ORCA-OL Trial

ORCA-OL is an open-label trial designed to evaluate the long-term exposure of 3 mg cytisinicline treatment dosed three times daily in adults 18 years of age or older who want to quit smoking or vaping and is being conducted at 29 clinical sites across the United States. The trial results are expected to meet the FDA’s requirement for safety data from at least 300 participants treated with cytisinicline over a cumulative six-month period for the NDA submission. Additionally, data on at least 100 subjects treated for a cumulative one-year period will be provided prior to potential product approval.  

About Achieve Life Sciences, Inc. 
Achieve Life Sciences is a specialty pharmaceutical company committed to addressing the global smoking health and nicotine addiction epidemic through the development and commercialization of cytisinicline. The company has successfully completed two Phase 3 studies with cytisinicline for smoking cessation and one Phase 2 study with cytisinicline in vaping cessation. The company has fully enrolled its ongoing open-label safety study with cytisinicline and plans to submit its new drug application for smoking cessation in Q2 2025. Achieve has conducted a successful end-of-Phase 2 meeting with the FDA for the vaping indication and expects to initiate its single Phase 3 clinical study in vaping later in 2025. 

About Cytisinicline

There are approximately 29 million adults who smoke combustible cigarettes.¹ Tobacco use is currently the leading cause of preventable death that is responsible for more than eight million deaths worldwide and nearly half a million deaths in the United States annually.^2,3 More than 87% of lung cancer deaths, 61% of all pulmonary disease deaths, and 32% of all deaths from coronary heart disease are attributable to smoking and exposure to secondhand smoke.³

In addition, there are over 11 million adults in the United States who use e-cigarettes, also known as vaping.⁴ In 2024, approximately 1.6 million middle and high school students in the United States reported using e-cigarettes.⁵ There are no FDA-approved treatments indicated specifically as an aid to nicotine e-cigarette cessation. Cytisinicline has been granted Breakthrough Therapy designation to address this critical need.

Cytisinicline is a plant-based alkaloid with a high binding affinity to the nicotinic acetylcholine receptor. It is believed to aid in treating nicotine addiction for smoking and e-cigarette cessation by interacting with nicotine receptors in the brain, reducing the severity of nicotine craving symptoms, and reducing the reward and satisfaction associated with nicotine products. Cytisinicline is an investigational product candidate being developed for the treatment of nicotine addiction and has not been approved by the Food and Drug Administration for any indication in the United States.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the timing and nature of cytisinicline clinical development and regulatory review and approval, data results and commercialization activities, the potential market size for cytisinicline, the potential benefits, efficacy, safety and tolerability of cytisinicline, the development and effectiveness of new treatments, and the successful commercialization of cytisinicline. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Achieve may not actually achieve its plans or product development goals in a timely manner, if at all, or otherwise carry out its intentions or meet its expectations or projections disclosed in these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including, among others, the risk that cytisinicline may not demonstrate the hypothesized or expected benefits; the risk that Achieve may not be able to obtain additional financing to fund the development and commercialization of cytisinicline; the risk that cytisinicline will not receive regulatory approval or be successfully commercialized; the risk that new developments in the smoking and vaping cessation landscapes require changes in business strategy or clinical development plans; the risk that Achieve’s intellectual property may not be adequately protected; general business and economic conditions; risks related to the impact on our business of macroeconomic and geopolitical conditions, including inflation, volatile interest rates, volatility in the debt and equity markets, actual or perceived instability in the global banking system, global health crises and pandemics and geopolitical conflict and the other factors described in the risk factors set forth in Achieve’s filings with the Securities and Exchange Commission from time to time, including Achieve’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Achieve undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable.

Achieve Contact

Nicole Jones
[email protected]
425-686-1510

References

¹VanFrank B, Malarcher A, Cornelius ME, Schecter A, Jamal A, Tynan M. Adult Smoking Cessation — United States, 2022. MMWR Morb Mortal Wkly Rep 2024;73:633–641.
²World Health Organization. WHO Report on the Global Tobacco Epidemic, 2019. Geneva: World Health Organization, 2017.
³U.S. Department of Health and Human Services. The Health Consequences of Smoking – 50 Years of Progress. A Report of the Surgeon General, 2014.
⁴Cornelius ME, Loretan CG, Jamal A, et al. Tobacco Product Use Among Adults – United States, 2021. MMWR Morb Mortal Wkly Rep 2023;72:475–483.
⁵Jamal A, Park-Lee E, Birdsey J, et al. Tobacco Product Use Among Middle and High School Students — National Youth Tobacco Survey, United States, 2024. MMWR Morb Mortal Wkly Rep 2024;73:917–924

KUALA LUMPUR, Malaysia, Jan. 07, 2025 (GLOBE NEWSWIRE) — Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, is pleased to announce that it has secured a Letter of Award (LOA) worth RM20 million (approximately US$4.5 million) for the construction of a floating solar farm in Kuala Langat, Selangor, Malaysia.

Spanning approximately 24 acres, this project, utilizing floating photovoltaic (FPV) technology, is designed to generate 9.99MWac/15.033625MWp of solar power. This cutting-edge FPV technology, which involves solar panels mounted on floating platforms in bodies of water, helps reduce land usage while maximizing energy generation. The project is expected to significantly contribute to land conservation, preserve natural habitats, and reinforce Founder Group’s mission of delivering innovative, eco-friendly energy solutions. It further underscores the Company’s commitment to advancing carbon neutrality.

Founder Group will serve as a sub-contractor, responsible for supplying labor, hand tools, materials, and necessary machinery and equipment to support the execution of General Conditions Preliminaries & Consultation. The floating solar farm is expected to be completed by June 30, 2025.

“We are proud to be selected as a key subcontractor for this innovative floating solar farm project. We look forward to continuing our collaboration on this and future projects, as we work together to support Malaysia’s renewable energy goals and promote a greener, more sustainable future and contribute to the further growth of Founder Group,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.

About Founder Group Limited

Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon-neutrality.

For more information on the Company, please visit https://www.founderenergy.com.my/.

Safe Harbor Statement

This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

CONTACT INFORMATION:

For media queries, please contact:

Founder Group Limited
[email protected]

Investor Relations Inquiries:

Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: [email protected]

Miami, FL, Jan. 07, 2025 (GLOBE NEWSWIRE) — Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe & Green Holdings” or the “Company”), a leading developer, designer, and fabricator of modular structures, today announced the appointment of Michael McLaren, MSc., MBA, as Chief Executive Officer and Director, effective immediately.

Mr. McLaren brings more than 30 years of leadership experience in the energy industry, including significant contributions to military and energy projects, field services, and mergers and acquisitions. He is the founder of several startups where he has led innovative energy solutions, manufacturing systems and is the developer and patent holder of an extensive catalog of energy and green technologies. Mr. McLaren earned a Master’s Degree in Science and a Master’s Degree in Business from the University of British Columbia.

“We are excited to welcome Michael McLaren to Safe & Green Holdings,” said Paul Galvin, Chairman of the Board. “Michael’s extensive leadership experience, particularly in advancing sustainable technologies, makes him an excellent choice to guide Safe & Green Holdings as we continue to expand our reach and deliver cutting-edge building solutions. His expertise will help us build on our foundation and drive the next phase of growth.”

“I am honored to join Safe & Green Holdings, a company that shares a deep commitment to sustainability and innovation,” said Mr. McLaren. “Safe & Green’s business model and modular construction expertise create an exciting opportunity to deliver transformative solutions on a global scale. I look forward to working with the team to drive growth and create lasting value for our stakeholders.”

Safe & Green Holdings Corp. continues to expand its reputation as a leader in modular construction, recently securing new contracts and exploring additional market opportunities. The company remains committed to providing high-quality, environmentally responsible building solutions that address evolving client needs.

About Safe & Green Holdings Corp.

Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit https://www.safeandgreenholdings.com/ and follow us at @SGHcorp on Twitter.

Safe Harbor Statement

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to successfully complete the two significant contracts, the effect of government regulation, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Investor Relations:

Crescendo Communications, LLC
(212) 671-1020
[email protected]

SINGAPORE, Jan. 07, 2025 (GLOBE NEWSWIRE) — Primech Holdings Limited (Nasdaq: PMEC), an established technology-driven facility services provider in the public and private sectors operating mainly in Singapore, today announced that its subsidiary Primech A&P Pte. Ltd. (“Primech A&P”) has secured a series of significant new contracts and renewals across various sectors, reinforcing its position as a leading provider of integrated facility services in Singapore and beyond. These contracts are valued at over USD$3.8 million.

Notable New Contracts and Renewals:

• Residential Sector: Primech A&P continues strengthening its foothold in the condominium management sector with multiple contract renewals and new agreements totaling over USD$1.7 million. These contracts cover everything from routine maintenance to comprehensive cleaning services, affirming Primech A&P’s commitment to maintaining high living standards.
• Hospitality Services Sector: In the hospitality industry, Primech A&P has renewed and won contracts for stewarding, kitchen cleaning, and public area maintenance, with values nearing USD$800,000. These contracts demonstrate Primech A&P’s ability to deliver exceptional services that meet the exacting standards of luxury and hospitality environments.
• Transportation Infrastructure Sector: Reflecting its proficiency in managing complex facilities, Primech A&P has also been awarded a contract exceeding USD$100,000 to provide extensive cleaning services at a major transportation hub, further solidifying its reputation in critical infrastructure maintenance.
• Commercial Sector: Primech A&P has obtained several new contracts to provide general cleaning services to key commercial establishments, showcasing its capability to cater to the bespoke needs of high-profile business environments.

Kin Wai Ho, Chairman and CEO of Primech Holdings, commented, “This series of contracts awarded to Primech A&P demonstrates our ability to win business opportunities from diverse clients. With these important contract wins, we are well-positioned to continue to grow within the facility management industry, which is projected to grow significantly in the coming years. These agreements affirm our strong market position and ability to meet the sophisticated needs of various sectors.”

About Primech Holdings Limited

Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.   

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Company Contact:
Email: [email protected]

Investor Relations Contact:        
Matthew Abenante, IRC
President                                        
Strategic Investor Relations, LLC                                         
Tel: 347-947-2093
Email: [email protected]

FORT MYERS, Fla., Jan. 07, 2025 (GLOBE NEWSWIRE) — Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will present at the 27^th Annual ICR Conference being held on January 13-15, 2025 in Orlando, FL.

The Company’s presentation will begin at 8:00 am Eastern time on Wednesday, January 15, 2025. The presentation will be webcast live and can be accessed through the “News / Events” tab on the investor relations website at https://ir.alicoinc.com.

The Company will also be participating in one-on-one and small group meetings.

About Alico

Alico, Inc. currently operates two divisions: Alico Citrus, currently one of the nation’s largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. While Alico Citrus will cease operations after the 2024/2025 harvest due to environmental and financial challenges, Alico remains committed to Florida’s agriculture industry, and will focus on its long-term diversified land usage and real estate development strategy. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.

Investor Contact:

John Mills
ICR
(646) 277-1254
[email protected]

Brad Heine
Chief Financial Officer
(239) 226-2000
[email protected]