Market Newsdesk

OLD GREENWICH, Conn., Jan. 07, 2025 (GLOBE NEWSWIRE) — Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) (“Star” or the “Company”), a diversified holding company, announced today that its wholly owned subsidiary, KBS Builders, Inc. (“KBS”), has signed a $3.2 million contract to manufacture a multifamily housing project in Maine.

The $3.2 million contract calls for the manufacturing of 40 modules to construct five 4-unit townhouse condominiums in Lincoln County, Maine. Production is expected to commence in January, with delivery to be completed in the second quarter of 2025. This project is the second of the two “future potential contracts totaling over $5 million” referenced in Star’s third quarter 2024 earnings release with the first being the $2.1 million Vermont project announced on December 19.

Rick Coleman, CEO of Star, noted, “This project marks another multifamily housing win for us in Maine and further solidifies KBS’ strong reputation and market position in New England. We are pleased with the recent pace at which we have been converting large commercial projects from our sales pipeline into booked backlog.”

Mr. Coleman added, “We believe our location and expertise uniquely position us to address the shortage of housing in New England and allow us to provide best-in-class construction solutions for our customers.”

About Star Equity Holdings, Inc.


Star Equity Holdings, Inc. is a diversified holding company currently composed of two divisions: Building Solutions and Investments.

Building Solutions

Our Building Solutions division operates in three businesses: (i) modular building manufacturing; (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations; and (iii) glue-laminated timber (glulam) column, beam, and truss manufacturing.

Investments

Our Investments division manages and finances the Company’s real estate assets as well as its investment positions in private and public companies.

Forward-Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release that are not statements of historical fact are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking Statements include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to acquisitions and related integration, development of commercially viable products, novel technologies, and modern applicable services, (ii) projections of income (including income/loss), EBITDA, earnings (including earnings/loss) per share, free cash flow (FCF), capital expenditures, cost reductions, capital structure or other financial items, (iii) the future financial performance of the Company or acquisition targets and (iv) the assumptions underlying or relating to any statement described above. Moreover, forward-looking statements necessarily involve assumptions on the Company’s part. These forward-looking statements generally are identified by the words “believe”, “expect”, “anticipate”, “estimate”, “project”, “intend”, “plan”, “should”, “may”, “will”, “would”, “will be”, “will continue” or similar expressions. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events, or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described above as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the substantial amount of debt of the Company and the Company’s ability to repay or refinance it or incur additional debt in the future; the Company’s need for a significant amount of cash to service and repay the debt and to pay dividends on the Company’s preferred stock; the restrictions contained in the debt agreements that limit the discretion of management in operating the business; legal, regulatory, political and economic risks in markets and public health crises that reduce economic activity and cause restrictions on operations (including the recent coronavirus COVID-19 outbreak); the length of time associated with servicing customers; losses of significant contracts or failure to get potential contracts being discussed; disruptions in the relationship with third party vendors; accounts receivable turnover; insufficient cash flows and resulting lack of liquidity; the Company’s inability to expand the Company’s business; unfavorable changes in the extensive governmental legislation and regulations governing healthcare providers and the provision of healthcare services and the competitive impact of such changes (including unfavorable changes to reimbursement policies); high costs of regulatory compliance; the liability and compliance costs regarding environmental regulations; the underlying condition of the technology support industry; the lack of product diversification; development and introduction of new technologies and intense competition in the healthcare industry; existing or increased competition; risks to the price and volatility of the Company’s common stock and preferred stock; stock volatility and in liquidity; risks to preferred stockholders of not receiving dividends and risks to the Company’s ability to pursue growth opportunities if the Company continues to pay dividends according to the terms of the Company’s preferred stock; the Company’s ability to execute on its business strategy (including any cost reduction plans); the Company’s failure to realize expected benefits of restructuring and cost-cutting actions; the Company’s ability to preserve and monetize its net operating losses; risks associated with the Company’s possible pursuit of acquisitions; the Company’s ability to consummate successful acquisitions and execute related integration, as well as factors related to the Company’s business including economic and financial market conditions generally and economic conditions in the Company’s markets; failure to keep pace with evolving technologies and difficulties integrating technologies; system failures; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; and the continued demand for and market acceptance of the Company’s services. For a detailed discussion of cautionary statements and risks that may affect the Company’s future results of operations and financial results, please refer to the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the risk factors in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. This release reflects management’s views as of the date presented.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

For more information contact:
Star Equity Holdings, Inc.	The Equity Group
Rick Coleman	Lena Cati
CEO	212-836-9611 / [email protected]
203-489-9508	Katie Murphy
[email protected]	212-836-9612 / [email protected]

NEW YORK, Jan. 07, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a leading commerce media solutions company, today announced the addition of several new media partners to its commerce media network, reflecting the growth of the Company’s Commerce Media Solutions.

Top-tier brands such as Fanatics, Vivid Seats, Barnes & Noble College, Forever 21, Belk, Bealls Florida, and Hammacher Schlemmer are now partnered with Fluent to capitalize on the rapidly growing opportunities in commerce media and generate new revenue streams for their businesses. By seamlessly integrating non-endemic advertising across their sites and mobile apps, partners can enhance the customer experience with personalized offers that deepen brand loyalty and maximize customer monetization.

“We’re proud to work with such an impressive roster of media partners across retail, grocery, ticketing, quick-service restaurants, and other emerging verticals,” said Tim Lukens, President of Commerce Media Solutions at Fluent. “With a growing media network comprised of over 100 million annual transactions, we aim to maximize revenue opportunities for partners, increase conversion rates for advertisers, and build more meaningful experiences for consumers.”

Fluent’s first-party identity graph and advanced AI-driven algorithms are a key differentiator among industry peers, enhancing ad relevance, boosting conversions, and creating stronger and more profitable connections between brands and consumers.

The commerce media sector continues to expand rapidly, with Boston Consulting Group estimating it will grow to $100 billion within five years, accounting for over 25% of digital media spending by 2026¹.

Fluent’s Commerce Media Solutions reflect this momentum, reporting a 341% year-over-year revenue increase in Q3 2024, rising to $10.4 million (16% of total revenue) from $2.3 million (3% of total revenue) in Q3 2023. With an annual recurring revenue run rate exceeding $50 million, Fluent’s Commerce Media Solutions demonstrate strong traction as the company executes a strategic pivot towards the fast-growing commerce media market.

¹Boston Consulting Group, How Retail Media is Reshaping Retail

About Fluent, Inc.

Fluent, Inc. (NASDAQ: FLNT) has been a leader in performance marketing since 2010, offering customer acquisition and partner monetization solutions that exceed client expectations. Leveraging untapped channels and diverse ad inventory across partner ecosystems and owned sites, Fluent connects brands with consumers at the most optimal moment, ensuring impactful engagement when it matters most. Constantly innovating and optimizing for performance, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. For more insights visit https://www.fluentco.com/.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts are “forward-looking statements” within the meaning of federal securities laws. In some cases, you can identify forward-looking statements by terminology such as “will,” “would,” “expect,” “intend,” “plan,” “objective,” or comparable terminology referencing future events, conditions or circumstances, or the negative of such terms. Forward-looking statements in this press release include, without limitation, statements about the Company’s expected growth and results of its strategic shift. Although Fluent believes that it has a reasonable basis for the forward-looking statements contained in this press release, they are based on management’s current beliefs and expectations about future events and circumstances and are subject to risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company’s control. These risks, described under “Risk Factors” in Fluent’s most recently filed annual report on Form 10-K, as updated from time to time in Fluent’s quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements in this press release. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Fluent undertakes no obligation to update any forward-looking statement contained in this press release to reflect events that occur or circumstances that exist after the date of this press release, except as required by law.

Contact Information:

Investor Relations
Fluent, Inc.
[email protected]

---

Agreement covers 11 existing brands, supports launch 8 additional premium brands with Smoker Friendly retail and dealer locations

Creates foundation to launch additional reduced nicotine content brands in 2025

MOCKSVILLE, N.C., Jan. 07, 2025 (GLOBE NEWSWIRE) — 22nd Century Group, Inc. (Nasdaq: XXII), a tobacco products company that is leading the fight against nicotine and believes smokers should have a choice about their nicotine consumption, today announced the completion of a new license and manufacturing agreement with Smoker Friendly, one of the largest independent cigarette retailers in the United States. The agreement includes 11 SF brands currently sold in the Smoker Friendly network of retail stores and dealers in the U.S., plus another eight new SF premium brands to be launched and establishes a framework for other planned future products to be added. 

The new five-year agreement builds on a business relationship of more than a decade and further secures a longstanding 22nd Century customer while opening additional opportunities for mutual expansion.

The 11 existing SF brands represent substantial contract manufacturing volume for 22nd Century’s MSA compliant facility in North Carolina. The eight new premium products to be launched will focus on the natural segment of the market, a new entry further expanding Smoker Friendly’s addressable market opportunity and volumes with 22nd Century. The brands are expected to occupy a premium position in the market as compared to lower tier products. 

The company also expects to expand on the master services agreement, such as integrating the existing filtered cigar business from Smoker Friendly and adding a reduced nicotine content brand that complements 22nd Century Group’s VLN product line. Adding a reduced nicotine content product would not only expand Smoker Friendly’s product line, but also provide additional options to customers interested in controlling their nicotine intake using its VLN^® reduced nicotine branded products.

“This agreement is foundational and represents the next era of Smoker Friendly’s long-standing relationship with 22nd Century, expanding the business opportunity for both companies,” said Larry Firestone, Chief Executive Officer of 22nd Century Group. “It also demonstrates the possibilities available to brands who want to use our integrated platform for licensing, predicate, manufacturing and other needs.

“Our next focus will be to expand the range of products covered under this agreement as well as our projects currently underway to add VLN companion brands that will help to build out a new category of reduced nicotine content products, creating greater visibility and sales reach for products that use our proprietary tobacco strains containing 95% less nicotine – a level considered to be non-addictive and shown in clinical studies to reduce smoking activity among adult smokers.”

“I am excited to align our business with dedicated manufacturing, licensing and distribution capabilities from 22nd Century, as well as secure new growth opportunities with additional products and brands that our customers are seeking,” said Keelan Gallagher, Vice President Operations at Smoker Friendly. “22nd Century provides not only high quality manufacturing, but also important predicate blends and additional product capabilities that will help us to further integrate our supply chain while adding new products.”

About 22nd Century Group, Inc.

22nd Century Group is the pioneering nicotine harm reduction company in the tobacco industry enabling smokers to take control of their nicotine consumption.

We created our flagship product, the VLN^® cigarette, to give traditional cigarette smokers an authentic and familiar alternative that helps them take control of their nicotine consumption. VLN^® cigarettes have 95% less nicotine than the traditional cigarette and have been proven to greatly reduce nicotine consumption. Instead of offering new ways of delivering nicotine to addicted smokers, we offer smokers the option to take control of their nicotine consumption and make informed and more productive choices, including the choice to avoid addictive levels of nicotine altogether.

Our wholly owned subsidiaries include a leading cigarette manufacturer that produces all VLN^® products and provides turnkey contract manufacturing for other tobacco brands both domestically and internationally. The 60,000 square foot facility in Mocksville, North Carolina has the capacity to produce more than 45 million cartons of combusted tobacco products annually with additional space for expansion.

Our proprietary reduced nicotine tobacco blends are made possible by comprehensive and patented technologies that regulate nicotine biosynthesis activities in the tobacco plant, resulting in full flavor and high yield with 95% less nicotine. Our extensive patent portfolio has been developed to ensure we have the only low nicotine combustible cigarette in the United States and critical international markets. Our mission is to sell the last cigarette before the 22nd Century.

VLN^® and Helps You Smoke Less^® are registered trademarks of 22nd Century Limited LLC.

Learn more at xxiicentury.com, on X (formerly Twitter), on LinkedIn, and on YouTube.

Learn more about VLN^® at tryvln.com.

About The Cigarette Store LLC dba Smoker Friendly

Boulder, Colorado based Smoker Friendly operates 344 stores in 13 states. The stores are a mix of tobacco stores, cigar lounges, liquor stores, and fueling locations under the names Smoker Friendly, Tobacco Depot, Smoke ‘N Go, Havana Manor, and Gasamat.

The Smoker Friendly team also manages the Smoker Friendly Authorized Dealer program. This program provides a total tobacco private label portfolio, industry expertise, a well-known name, and geographic exclusivity to tobacco retailers desiring an alternative to the contracts offered by big tobacco.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements, including but not limited to our full year business outlook. Forward-looking statements typically contain terms such as “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “preliminary,” “probable,” “project,” “promising,” “seek,” “should,” “will,” “would,” and similar expressions. Forward-looking statements include, but are not limited to, statements regarding (i) our cost reduction initiatives, (ii) our expectations regarding regulatory enforcement, including our ability to receive an exemption from new regulations, (iii) our financial and operating performance and (iv) our expectations for our business interruption insurance claim. Actual results might differ materially from those explicit or implicit in forward-looking statements. Important factors that could cause actual results to differ materially are set forth in “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 28, 2024, and in the Company’s Quarterly Reports filed on May 15, 2024, August 13, 2024 and November 11, 2024. All information provided in this release is as of the date hereof, and the Company assumes no obligation to and does not intend to update these forward-looking statements, except as required by law.

Investor Relations & Media Contact

Matt Kreps
Investor Relations
22nd Century Group
[email protected]
214-597-8200

MIAMI, Jan. 07, 2025 (GLOBE NEWSWIRE) — EzFill Holdings, Inc. (NASDAQ: EZFL), a leading mobile fueling company, today announced the completion of its purchase of a fleet of trucks from Shell Retail and Convenience Operations LLC (“Shell”), a wholly owned subsidiary of Shell Oil Products US. By integrating these trucks into its existing fleet, EzFill has significantly bolstered its operational capacity and expanded its service footprint in Texas while launching in Arizona and furthering its mission to provide efficient and reliable fueling solutions across its growing service areas.

The transaction closed on December 27, 2024. As a result, EzFill has officially commenced operations in four new markets: Phoenix, San Antonio, Houston, and Austin; and expanded operations in Dallas. EzFill has started integrating the Shell trucks into its fast-growing infrastructure.

The goals of the acquisition include:

Expanding EzFill’s Fleet: The acquisition adds 73 trucks, increasing the fleet to 139. This expansion will bolster operational capacity, allowing the Company to handle a larger volume of commercial accounts and ensure timely service delivery in new and existing markets. EzFill expects to deliver approximately 16 million gallons with these new trucks alone, in 2025.

Experiencing Market Growth and Further National Expansion: With the purchase, EzFill now has a presence in 6 states and 14 markets, including: Miami, West Palm Beach, Orlando, Tampa, Jacksonville, Los Angeles, San Francisco, Nashville, Detroit, Dallas, Houston, Austin, San Antonio, and Phoenix.

“The expansion of our fleet and the opening of new markets is a significant milestone in our journey toward achieving national operations and a strong market presence,” said EzFill CEO Yehuda Levy. “We grew this company from a small four-truck operation in Miami Beach and are now operating 139 trucks across the country. As one of the largest app-based mobile fueling companies, we hope to deliver upwards of 26 million gallons and produce over $100 million in revenues in 2025. We will continue to grow consistent service standards and visibility while leveraging economies of scale to improve efficiency and competitiveness. Furthermore, we believe this new expansion will help us achieve the scale needed to reach profitability in the near term.”

Alongside recent strategic moves such as acquiring Yoshi Mobility’s fuel division, EzFill remains focused on driving innovation, scaling its service model, and delivering enhanced value to customers across a growing national footprint.

About EzFill Holdings, Inc.

EzFill is a Miami-based on-demand mobile fueling service that provides fuel delivery directly to consumers and businesses, eliminating the need for traditional gas stations. As one of the largest mobile fuel delivery platforms in the United States, EzFill focuses on convenience, safety, and efficiency for its users. Visit us at ezfl.com.

Forward-Looking Statements

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “hopes,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading “Risk Factors” and elsewhere in the registration statement that we have filed with the U.S. Securities and Exchange Commission. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a total risk of loss.

Investor Contact:

PCG Advisory
Jeff Ramson
[email protected]

FREMONT, Calif., Jan. 07, 2025 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a Silicon Valley high-performance battery manufacturing company, today announced it received a sizable pre-paid purchase order from a Silicon Valley-based global technology leader in Artificial Intelligence (AI) and immersive technologies. The order is for a cutting-edge battery solution tailored for next-generation head-worn Mixed Reality (MR) wearables. These batteries will support the revolution of smart glasses, augmented reality devices, and other pioneering products in the MR space. Under the terms of the agreement, Enovix is scheduled to deliver initial shipments by mid-2025, solidifying its position as a leader in delivering breakthrough battery solutions.

Enovix CEO Dr. Raj Talluri commented, “I’m incredibly excited for Enovix to be selected by another leading OEM in this emerging space. This is a defining moment for Enovix. It not only adds meaningful contracted backlog for Fab2 in Penang, Malaysia, but also firmly establishes Enovix as a trusted partner for custom battery development with one of the largest and most influential companies driving AI and MR innovation. MR headsets are an ideal application for our unique 3D silicon anode technology, which meets the demanding requirements for high energy density, compact form factors, and unparalleled performance. With the launch of EX-1M this year and EX-2M slated for 2026, Enovix is committed to bolstering the MR ecosystem by delivering bespoke battery solutions that empower next-generation devices. This agreement underscores our leadership in advancing battery technology to power the devices of tomorrow.”

About Enovix

Enovix is on a mission to deliver high-performance batteries to unlock the full potential of technology products. Every electronic appliance – for IoT, mobile, and computing – needs a better battery. Enovix is partnering with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic battery architecture creates higher-performing batteries without compromising safety and keeps us on the cutting-edge.

Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

For media and investor inquiries, please contact: Robert Lahey Email: [email protected]

– 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]