Combination Expected to Create Top-Tier Global Provider in Mobile Asset IoT Industry with Unparalleled Artificial Intelligence Enhanced SaaS Solution Portfolio

~1.7 Million Combined Subscriber Base Expected to Provide Immediate Scale

Expected to Create a Day One Business with Total Revenue of $279 Million, Including $210 Million of Recurring High-Margin SaaS Revenues and Combined Service Gross Margins of 67%

In Addition to Organic Growth, Combination is Expected to Unlock Significant Annual EBITDA Expansion Within First Two Years

Expected to Deliver Significant Cross-Sell and Upsell Opportunities for Powerfleet’s Unity Platform, Modular Software, and AI-Driven Data Solutions into Combined Base of 7,500 Enterprise Customers

Leadership Teams to Host Joint Conference Call Today, October 10, 2023 at 8:30 AM ET

Joint Investor Day Scheduled for Thursday, November 16, 2023 in New York City. Further Details Will Be Communicated Shortly

WOODCLIFF LAKE, N.J., Oct. 10, 2023 /PRNewswire/ — PowerFleet, Inc. (Nasdaq: PWFL) and MiX Telematics Limited (NYSE: MIXT, JSE: MIX) today announced that they have entered into a definitive agreement to form one of the largest mobile asset Internet of Things (IoT) Software-as-a-Service (SaaS) providers in the world. This powerful combination will form a scaled, global entity of choice focused on helping customers save lives, time, and money by solving mission-critical business challenges including safety and risk management, compliance, sustainability, and operational efficiency.

BUSINESS COMBINATION SUMMARY AND KEY DEVELOPMENTS

Combined business with total revenue of $279 million, including $210 million in recurring high-margin SaaS revenue and $39 million of adjusted EBITDA for the trailing twelve-month (TTM) period ended June 30, 2023 (excluding selected non-cash and non-recurring items). The transaction is expected to close in the first quarter of calendar year 2024. Upon close, the combined business will be branded as Powerfleet, with its primary listing on Nasdaq.

MANAGEMENT COMMENTARY
"By leveraging our proven SaaS strategy across the combined business, spearheaded by our Unity platform and data highway, we firmly believe we will be extremely well positioned to drive incremental market consolidation. Realizing transformative scale, this transaction with MiX will provide the go-forward company with 1.7 million subscribers, and the ability to sell additive and accelerated AI and data-powered software solutions to a truly global set of customers," said Steve Towe, Powerfleet’s Chief Executive Officer, who will continue serving as CEO of the combined Powerfleet company. "This combination is expected to achieve a number of strategic objectives including unlocking strong incremental value creation opportunities; a refinanced balance sheet for the combined company that will provide more flexibility to execute our strategic growth initiatives; and the ability to retain and attract an expanded portfolio of shareholders. Combining with MiX, an extremely well-run and profitable organization, will establish the combined entity as a world-class SaaS company, giving us the speed and capability to achieve improved growth in high quality recurring revenues and expanded profitability much sooner."

Stefan Joselowitz, Chief Executive Officer at MiX Telematics, intends to retire at the conclusion of this transaction, but plans to continue to be a shareholder of the new combined entity. Joselowitz added, "I am extremely proud of our heritage and the high-quality business MiX is today, and I am delighted to have finally found an ideal partner that shares our values and strategic goals to take the company to the next level. We strongly believe that Powerfleet’s Unity strategy and our combined scale perfectly positions us to revolutionize the mobile asset IoT SaaS industry and drive transformative growth. As a shareholder I am very excited about how this combination will accelerate the achievement of our shared strategic goals."

STRATEGIC RATIONALE
Compelling benefits expected from the transaction:

Enhanced Shareholder Value: The transaction will immediately increase value to our existing and prospective shareholders with combined total revenue of $279 million and $39 million of adjusted EBITDA. The stronger balance sheet paired with the growth-centric capital structure is expected to propel the combined entity towards ambitious and achievable growth goals, including "Rule of 40" performance. Market Leadership: The combined company will create a top-tier mobile asset IoT SaaS organization with significant scale, serving all mobile asset types. The increased scale is expected to enable the combined entity to more efficiently serve our customers and create advantage to compete in an industry characterized by the need for high pace of development and innovation. Scale and Data Strategy: With a combined base of approximately 1.7 million subscribers following the transaction, the joint entity is expected to achieve significant scale as well as enhance our Unity platform strategy – including our AI-led data harmonization and integration capabilities. Research and Development Excellence: By integrating the Powerfleet and MiX world-class engineering and technology teams, the combined organization is expected to accelerate the delivery of top-class solutions with improved competitive advantage. Go-to-Market Acceleration and Increased Reach: Our combined geographical footprint, deep vertical expertise, and expanded software solution sets coupled with our extensive direct and indirect sales channel capabilities will enable us to maximize significant cross-sell and upsell opportunities within our impressive joint customer base. World-Class Talent: With more than 1,800 tenured and talented team members worldwide, the combined entity will focus on attracting and retaining top talent to deliver optimal value to our customers.

TRANSACTION TERMS AND FINANCING
MiX shareholders will exchange 100% of their outstanding MiX ordinary shares (including MiX ordinary shares represented by MiX American Depository Shares (ADSs), each of which represents 25 MiX ordinary shares) for consideration consisting of Powerfleet common shares, payable at closing. The number of Powerfleet common shares to be issued as consideration will be based on a post-transaction ownership structure, whereby current MiX shareholders will own approximately 65%, and current Powerfleet shareholders will own approximately 35% of the combined entity immediately following the closing of the transaction. This exchange ratio assumes all MiX issued ordinary shares (including those represented by MiX ADSs) are exchanged for common shares in Powerfleet.

In connection with the transaction, Powerfleet and MiX are positioned to secure $75 million in incremental debt which the companies anticipate will be fully executed at or before close. The proceeds from the refinancing of the combined company’s balance sheet will be used to redeem in full the outstanding convertible preferred stock held by affiliates of Abry Partners. Transaction-related expenses will be paid from cash on the balance sheet.

The closing of the transaction is subject to customary conditions, including required approvals of regulatory authorities and Powerfleet and MiX shareholders.  

BOARD AND EXECUTIVE LEADERSHIP
Following the transaction, Steve Towe will remain CEO of Powerfleet and David Wilson will remain CFO. Stefan Joselowitz, current CEO of MiX, will be retiring.

A new board of directors of Powerfleet will be formed. Michael Brodsky will be Chairman. Steve Towe will be on the board. Ian Jacobs, MiX Telematics’ current Chairman, will be joining the board. MiX will appoint one additional board member and further board member appointments will be made by mutual consent.

CONFERENCE CALL AND WEBCAST
Powerfleet and MiX Telematics management will host a joint conference call to discuss the transaction today, October 10, 2023 at 8:30 a.m. Eastern time (5:30 a.m. Pacific time).

Toll Free: 888-506-0062
International: 973-528-0011
South Africa: 080-098-3458
Participant Access Code: 193766
Webcast

The conference call will be available for replay here. 

If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860. 

A supplemental slide presentation regarding the transaction will be available on the investor relations section of each company’s website.

TRANSACTION ADVISORS
William Blair & Company L.L.C. is acting as financial advisor, and Olshan Frome Wolosky LLP and Webber Wentzel are acting as legal advisors to Powerfleet. Raymond James and Java Capital are acting as financial advisors to MiX Telematics, and DLA Piper LLP (US) and Java Capital are acting as legal advisors to MiX Telematics. Gateway Group is acting as investor relations advisor to Powerfleet and MiX Telematics. 

RECONCILIATION OF EBITDA TO GAAP FINANCIAL MEASURE

PWFL 12-Months
Ended

MIXT 12-Months
Ended

Combined 12-Months
Ended

30-Jun-23

30-Jun-23

30-Jun-23

$’000

$’000

$’000

 Net loss attributable to common stockholders 

-7,227

5,451

-1,776

 Non-controlling interest 

3

0

3

 Preferred stock dividend and accretion 

5,062

0

5,062

 Interest (income) expense, net 

1,607

1,007

2,614

 Other (income) expense, net 

-24

0

-24

 Income tax (benefit) expense 

1,395

7,153

8,548

 Depreciation and amortization 

8,629

15,875

24,504

 Stock-based compensation 

3,941

934

4,875

 Foreign currency translation  

-1,094

463

-631

 Severance related expenses 

1,380

–

1,380

 Gain on bargain purchase – Movingdots 

(7,517)

–

(7,517)

 Acquisition related costs 

540

784

1,324

 Impairment of long-lived assets 

–

104

104

 Net loss/(profit) on sale of PP&E 

–

4

4

 Restructuring costs 

–

1,043

1,043

 Contingent consideration remeasurement 

–

(528)

(528)

 Adjusted EBITDA 

6,695

32,290

38,985

ABOUT POWERFLEET
Powerfleet (Nasdaq: PWFL; TASE: PWFL) is a global leader of internet of things (IoT) software-as-a-service (SaaS) solutions that optimize the performance of mobile assets and resources to unify business operations. Our data science insights and advanced modular software solutions help drive digital transformation through our customers’ and partners’ ecosystems to help save lives, time, and money. We help connect companies, enabling customers and their customers to realize more effective strategies and results. Powerfleet’s tenured and talented team is at the heart of our approach to partnership and tangible success. The company is headquartered in Woodcliff Lake, New Jersey, with our Pointer Innovation Center (PIC) in Israel and field offices around the globe. For more information, please visit www.powerfleet.com.

ABOUT MIX TELEMATICS
MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to over 1 million global subscribers spanning more than 120 countries. The company’s products and services provide enterprise fleets, small fleets, and consumers with efficiency, safety, compliance, and security solutions. MiX Telematics was founded in 1996 and has offices in South Africa, the United Kingdom, the United States, Uganda, Brazil, Mexico and Australasia as well as a network of more than 130 fleet partners worldwide. MiX Telematics shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and the New York Stock Exchange (NYSE: MIXT). For more information, visit www.mixtelematics.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of federal securities laws. Powerfleet’s, MiX’s and the combined business’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements include, without limitation, the parties’ expectations with respect to their beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions and future performance, as well as anticipated financial impacts of the proposed transaction, the satisfaction of the closing conditions to the proposed transaction and the timing of the completion of the proposed transaction. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors, which may cause their actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Most of these factors are outside the parties’ control and are difficult to predict. The risks and uncertainties referred to above include, but are not limited to, risks related to: (i) the completion of the proposed transaction in the anticipated timeframe or at all; (ii) the satisfaction of the closing conditions to the proposed transaction including, but not limited to the ability to obtain approval of the stockholders of Powerfleet and shareholders of MiX and the ability to obtain financing; (iii) the failure to obtain necessary regulatory approvals; (iv) the ability to realize the anticipated benefits of the proposed transaction; (v) the ability to successfully integrate the businesses; (vi) disruption from the proposed transaction making it more difficult to maintain business and operational relationships; (vii) the negative effects of the announcement of the proposed transaction or the consummation of the proposed transaction on the market price of MiX’s or Powerfleet’s securities; (viii) significant transaction costs and unknown liabilities; (ix) litigation or regulatory actions related to the proposed transaction; and (x) such other factors as are set forth in the periodic reports filed by MiX and Powerfleet with the Securities and Exchange Commission ("SEC"), including but not limited to those described under the heading "Risk Factors" in their annual reports on Form 10-K, quarterly reports on Form 10-Q and any other filings made with the SEC from time to time, which are available via the SEC’s website at http://www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

The forward-looking statements included in this press release are made only as of the date of this press release, and except as otherwise required by applicable securities law, neither MiX nor Powerfleet assumes any obligation nor do they intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction, Powerfleet intends to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of Powerfleet and MiX and a prospectus of Powerfleet. Furthermore, Powerfleet intends to procure a secondary inward listing on the Johannesburg Stock Exchange to accommodate existing and future South African shareholders.

Additionally, MiX intends to prepare a scheme circular for MiX shareholders in accordance with the Companies Act of South Africa (including the Companies Act Regulations, 2011 thereunder) and the JSE’s listings requirements with respect to a shareholder meeting at which MiX shareholders will be asked to vote on the proposed transaction. The scheme circular will be issued to MiX shareholders together with the proxy statement/prospectus. If you hold MiX ordinary shares through an intermediary such as a broker/dealer or clearing agency, or if you hold MiX ADSs, you should consult with your intermediary or The Bank of New York Mellon, the depositary for the MiX ADSs, as applicable, about how to obtain information on the MiX shareholder meeting.

After Powerfleet’s registration statement has been filed and declared effective by the SEC, Powerfleet will send the definitive proxy statement/prospectus to the Powerfleet shareholders entitled to vote at the meeting relating to the proposed transaction, and MiX will send the scheme circular, together with the definitive proxy statement/prospectus, to MiX shareholders entitled to vote at the meeting relating to the proposed transaction. MiX and Powerfleet may file other relevant materials with the SEC in connection with the proposed transaction. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN), THE SCHEME CIRCULAR AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain free copies of these documents (if and when available) and other documents containing important information about Powerfleet and MiX once such documents are filed with the SEC through the website maintained by the SEC at www.sec.gov. Powerfleet or MiX make available copies of materials they file with, or furnish to, the SEC free of charge at https://ir.powerfleet.com and http://investor.mixtelematics.com, respectively.

NO OFFER OR SOLICITATION
This communication shall not constitute an offer to buy or sell any securities, or the solicitation of an offer to buy or sell any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

PARTICIPANTS IN THE SOLICITATION
Powerfleet, MiX and their respective directors, executive officers and certain employees and other persons may be deemed to be participants in the solicitation of proxies from the shareholders of Powerfleet and MiX in connection with the proposed transaction. Securityholders may obtain information regarding the names, affiliations and interests of Powerfleet’s directors and executive officers in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 31, 2023, its amended Annual Report on Form 10-K/A for the year ended December 31, 2022, which was filed with the SEC on May 1, 2023, and its definitive proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on June 21, 2023. Securityholders may obtain information regarding the names, affiliations and interests of MiX’s directors and executive officers in its Annual Report on Form 10-K for the year ended March 31, 2023, which was filed with the SEC on June 22, 2023, and its definitive proxy statement for its 2023 annual general meeting of shareholders, which was filed with the SEC on July 28, 2023. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Powerfleet or MiX using the sources indicated above.

Powerfleet Investor Contact
Matt Glover
Gateway Group, Inc.
[email protected]
+1 (949) 574-3860

Powerfleet Media Contact
Andrea Hayton
[email protected]
+1 (610) 401-1999

MiX Telematics Investor Contact
Cody Cree
Gateway Group, Inc.
+1 (949) 574-3860
[email protected]  

MiX Telematics Media Contact
Jonathan Bates
[email protected]
+44 7921 242892

Logo – https://mma.prnasia.com/media2/2242648/Powerfleet_Logo.jpg?p=medium600

Source : Powerfleet and MiX Telematics Announce Transformative Business Combination

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

SHANGRAO, China, Oct. 10, 2023 /PRNewswire/ — JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that the module shipments of Jinko Solar Co., Ltd. ("Jiangxi Jinko"), its majority-owned principal operating subsidiary, exceeded 52GW for the nine months ended September 30, 2023, with N-type modules accounting for about 57% of these shipments. This was made possible by leveraging Jiangxi Jinko’s extensive global marketing network, outstanding N-type technology, and advanced integrated capacity structure. As of September 30, 2023, Jiangxi Jinko’s all-time cumulative global solar module shipments exceeded 190GW in total.

Jiangxi Jinko’s high-efficiency N-type modules are recognized globally and, in September 2023, it won the bid to provide 3.2GW N-type modules for a project of CHN Energy Investment Group. In the same month, its integrated project in Shanxi, China started construction. Jiangxi Jinko’s current order book exceeds its estimated module shipments for the full year 2023.

About JinkoSolar Holding Co., Ltd. 

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had 14 productions facilities globally, 24 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and global sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2023.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: [email protected]

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: [email protected]

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: [email protected]

Source : JinkoSolar's Subsidiary Jinko Solar Co., Ltd.'s Module Shipments Exceeded 52GW for the First Nine Months of 2023

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Nomenclature of allergic diseases and hypersensitivity reactions: Adapted to modern needs: An EAACI position paper published in ‘Allergy’

DAVOS, Switzerland, Oct. 10, 2023 /PRNewswire/ — The revision of the current allergic disease nomenclature based on symptoms and organ dysfunction has been long-awaited at the time of modern patient-tailored treatments and precision medicine. The new classification is based on disease mechanisms, thus facilitating targeted and personalised disease management.

EAACI is the world leader in allergy science and education. The world’s key opinion leaders gathered around the initiative of the European Academy of Allergy and Clinical Immunology (EAACI) to present a new classification of allergic disorders based on the mechanisms of diseases. Published online today in Allergy, the position paper reveals the new way allergic diseases are perceived.

We expect the new classification to  profoundly change the healthcare professionals’ approach to managing allergic diseases since it provides key solutions to a personalised approach. It is focused on the roles of immune-competent cells, changes in the tissues, the role of microbial infections, and genetic and epigenetic influences, all affecting the protective epithelial barrier of the skin, respiratory tract and gut.

The exponential growth of precision diagnostic tools, including omic technology, molecular diagnostics, imaging, sophisticated genetic and epigenetic editing, nano-technologies, etc., compels us to introduce a more nuanced concept, moving the field towards precision and personalised medicine. The general consensus and fast dissemination of the new nomenclature of allergic diseases are crucial to developing the entire field of management of immune-mediated diseases.

The cultural change brought by the new nomenclature will lead to novel concepts of diagnostic tools, improving therapies, and disease management and will guide future research into more innovative strategies for patient care. This will include new pinpoint targeted immune-based therapies, especially with substances made from living organisms, called biologicals, allergen immunotherapy, as well as strategies to alter the composition of the microbiome in humans among many others.  

The value of an idea lies in the use of it. We hope that the new nomenclature for allergic diseases developed by EAACI will help healthcare professionals and patients find a better way to manage and even cure allergic diseases.

Contact:

Prof. Marek Jutel MD, Head of the Department of Clinical Immunology, Wroclaw Medical University, Poland. [email protected], phone +48 71 784 17 40

Prof. Ioana Agache MD, Faculty of Medicine, Transylvania University, Brasov, Romania.  [email protected], phone +40 727 849 321

Prof. Dr. Cezmi A. Akdis, Director, Swiss Institute of Allergy and Asthma Research, Davos, Switzerland. [email protected], phone: ++41 78 738 82 84

Direct link to download free access article: https://onlinelibrary.wiley.com/doi/10.1111/all.15889 

Source : Novel classification of allergic disorders published by the European Academy of Allergy and Clinical Immunology: SIAF

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

LISHUI, China, Oct. 10, 2023 /PRNewswire/ — Farmmi, Inc. ("Farmmi" or the "Company") (Nasdaq: FAMI), an agriculture products supplier in China, today announced that on October 9, 2023, it received notification from The Nasdaq Stock Market LLC ("Nasdaq") confirming the Company has cured the bid price deficiency and that the Company has regained compliance with Listing Rule 5550(a)(2). Accordingly, this matter is now closed and the Company’s ordinary shares will continue to trade uninterrupted on Nasdaq under the ticker "FAMI". 

About Farmmi, Inc.

Established in 1998, Farmmi Inc. (Nasdaq: FAMI) is an agricultural products supplier, processor and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products. Farmmi sells its products both online and offline. For further information about the Company, please visit Farmmi’s website.

Forward-Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations and intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers’ businesses and our end purchasers’ disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China, our ability to attract and retain skilled professionals, client concentration, industry segment concentration, and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Farmmi may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Source : Farmmi Regains Compliance with Nasdaq Minimum Bid Price Requirement

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

SEONGNAM, South Korea, Oct. 10, 2023 /PRNewswire/ — SNOW Corporation (Founder and CEO, Changwook Kim) is making waves worldwide with its AI Yearbook, introduced through the AI photo editing app EPIK.

AI Yearbook is one of the features offered by the EPIK app, which generates 60 images in the style of 1990s American yearbook albums using 8 to 12 selfie photos as input. The Express version allows users to receive results within 2 hours for $5.99, while the Standard version available within 24 hours is priced at $3.99.

In particular, the company stated that during the process of showcasing services that have received great love from users in Asia, such as AI avatars and AI profiles, they were able to address user feedback and overcome limitations in order to achieve more natural results.

EPIK topped app stores in 56 countries and regions around the world, including the United States, France, the United Kingdom, Hong Kong SAR, and Thailand.

Team EPIK explained that they planned this service based on the concept of yearbooks, which is familiar to people worldwide. They stated, "For those who have actually experienced yearbooks in their local region or generation, it brings back memories from the past. And for those who haven’t had that experience, it stimulates curiosity and provides an enjoyable element to explore."

Once the output is generated, images are deleted from the server, ensuring convenient utilization without concerns about user data.

The 8-12 images provided by the user will be immediately deleted as soon as the results of the 90s retro concept photo are displayed. This will allow users to enjoy the AI Yearbook service without worrying about the leakage of personal information.

The AI Yearbook concept was created by the EPIK team as part of a separate research project. User photos are not used in the development or enhancement of EPIK services.

A representative from SNOW corp. stated, "Ensuring users to enjoy fun services securely without concerns about personal information has been our top priority since the launch", adding "We will continue to introduce various AI based services that add fun to our daily lives and make new discoveries."

Source : EPIK's AI Yearbook to Become No.1 Online Phenomenon…Ranked No.1 in 56 countries on App Store

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

SHENZHEN, China, Oct. 10, 2023 /PRNewswire/ — Pudu Robotics, the global leader in commercial service robotics, is excited to announce a strategic partnership with SoftBank Robotics. This collaboration aims to elevate the commercial service robotics industry, combining SoftBank Robotic’s expertise in the Japanese market with Pudu’s product and technology advantages in delivery robot and cleaning robot.

PUDU Robots

As a Chinese Start-up, Pudu Robotics is proactively expanding its global presence while maintaining a stronghold in the Chinese market. Known for its popular cat-shaped robot "BellaBot" in Japan, PUDU has captured a significant market share for catering service robots in Japan. Its rich product line empowers businesses across various sectors to harness the full potential of robotic solutions to elevate service quality, customer experience, and cost-efficiency for business operators.

"We are honored to hold hands with SoftBank Robotics. This collaboration is a recognition of the unique value that Pudu brings to the table," said Felix Zhang, CEO of Pudu Robotics." We’ll continue to deliver reliable products and outstanding services with our strong full-stack capabilities to all our partners and customers, as we have consistently done."

"We are excited about our partnership with PUDU Robotics as it allows us to enhance our offering in the field of commercial service robots in Japan. This collaboration reinforces our commitment to delivering advanced robotic technologies, while also helping businesses address workforce challenges and improve overall efficiency." Fumihide Tomizawa, President & CEO of SoftBank Robotics Group.

About Pudu Robotics

Pudu Robotics is a global leader in design, R&D, production, and sales of commercial service robots with nearly 70,000 units shipped in over 60 countries worldwide. The company’s robots are currently in use across a wide variety of industries including restaurants, retail, hospitality, healthcare, entertainment, and manufacturing. Founded in 2016 and headquartered in Shenzhen, China, its mission is to use robots to improve the efficiency of human production and living. For more information on business developments and updates, follow PUDU on Facebook, YouTube, LinkedIn, Twitter and Instagram.

About SoftBank Robotics

SoftBank Robotics Group, a leader in robot solutions, has been contributing to the technology’s development since we launched Pepper, our first robot capable of recognizing human emotions, in 2014. There followed an AI autonomous cleaning robot in 2018, a multi-tray delivery robot in 2021, and automated logistics solutions consulting in 2022. We have offices at 12 locations around the world and our robots are used in more than 70 countries worldwide. Our vast, expanding trove of worldwide robot real-world data. The marvelous technology of our partners worldwide. As a robot integrator, these are the unmatched resources we are leveraging to meet every conceivable need of the developers who want robots to succeed and of the users who are eager to adopt them.

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Source : Pudu Robotics Announces Strategic Partnership with SoftBank Robotics

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Commitments focus on advancing equitable access to artificial intelligence (AI) and vaccines, and catalyzing innovations that address women’s health

SEATTLE and DAKAR, Senegal, Oct. 10, 2023 /PRNewswire/ — A slate of new initiatives to support locally led innovation was announced today in Dakar by the Bill & Melinda Gates Foundation and its partners at the Grand Challenges Annual Meeting. The investments come with an urgent call for countries to step up funding to make the research and development (R&D) of health and development innovations easier and faster, and to make the next generation of scientific and technological breakthroughs relevant and accessible to all.

Data shows that while overall health R&D funding is increasing, only about 2% is directed toward diseases that affect the world’s poorest people. In 2020, the annual funding gap for product development targeting poverty-related and neglected diseases was estimated at US$2.6 billion.

"Over the past two decades, global investments in a pipeline of innovative solutions helped reduce childhood deaths under 5 by half," said Moussa Balde, Senegal’s minister for higher education, research and innovation. "But lifesaving innovations still take too long to reach those who need them and are not always designed with equity from the start. Grand Challenges Senegal continues to invest in the country’s brightest scientists and innovators, and we are pleased to be part of this global network of Grand Challenges partners investing in locally led solutions to ensure innovations, including in health, education, and agriculture, benefit everyone equally."

Launched in 2003, Grand Challenges, the foundation’s flagship innovation program, focuses attention and funding on pressing global health and development problems that affect the world’s poorest people, using open calls for proposals to crowdsource potential solutions.

In an address to the more than 1,400 scientists, policymakers, and donors attending the annual meeting, Bill Gates, co-chair of the Gates Foundation, called for the world to spend at least US$3 billion more every year on global health and development R&D in order to close the critical gaps in funding for neglected diseases.

"New health technologies have the potential to save millions of lives, but R&D funding is going in the wrong direction," said Gates. "Donors need to step up their commitments to ensure health innovations reach those who need them more quickly, so more lives can be saved."

Today, Gates announced that the foundation is investing US$30 million to support a new artificial intelligence (AI) platform in Africa. The platform will provide African scientists and innovators with the technical and operational support they need to turn promising ideas into scalable health and development solutions. It is a step towards ensuring the benefits of AI are relevant, affordable, and accessible to everyone—particularly those in low- and middle-income countries (LMICs)—and that these critical tools are developed safely, ethically, and equitably. The foundation will continue to work closely with technical partners and governments to further advance the platform and identify opportunities to jointly advance the use of AI for health and development.

Yesterday, the foundation also announced new investments aimed at expanding access to a novel mRNA vaccine manufacturing platform that gives countries, including Senegal and South Africa, the technology to develop and manufacture their own vaccines. mRNA technology is considered a potential game-changer for a range of infectious diseases, including tuberculosis, malaria, and Lassa fever, which disproportionately affect people in LMICs. This additional local vaccine manufacturing capacity will support LMICs to develop low-cost, high-quality vaccines that address their most urgent health priorities.

"What started as a single program funded by the Gates Foundation and its partners has grown into a family of initiatives and partnerships across national borders, fields of study, and sectors that catalyze research, products, and partnerships to save and improve the lives of the world’s most vulnerable people," said Kedest Tesfagiorgis, deputy director, global partnerships and Grand Challenges at the foundation. "Our community of brilliant innovators is proof that a great idea can come from anywhere and be supported by the funders, policymakers, and advocates needed to move ideas into the laboratory and, ultimately, to the people who can most benefit from them."

Grand Challenges is supported by the governments of India, China, Brazil, the United States, and Canada, as well as a growing number of countries in Africa, including Ethiopia, Rwanda, Senegal, and South Africa. Since 2003, partners have invested US$1.6 billion to support more than 3,800 projects in 118 countries—from new strategies to improve gut health in moms and children to reinventing the toilet for improved sanitation to reimagining drug discovery research for malaria, tuberculosis, and neglected tropical diseases. 

To further support scientists developing cutting-edge innovations in LMICs, the foundation and its partners also issued new calls for proposals in the following areas:

Equitable AI for health in LMICs. Building on a recent Grand Challenge (GC) to develop global health and development solutions in LMICs using AI-enabled large language models (LLMs), GC partners issued a request for proposals of up to US$5.5 million to help advance the development of robust, locally relevant, AI-empowered tools to expedite decision-making, policy pathways, and implementation by frontline health workers and policymakers. The call is led by GC Brazil, GC India, GC Ethiopia, GC Senegal, GC South Africa, and GC Africa, with support from GC Canada, the Patrick J. McGovern Foundation, the Pasteur Network, and the Gates Foundation. Women’s health R&D to unlock the potential of half the world’s population and unleash a powerful engine for progress. The Women’s Health Innovation Opportunity Map 2023 is a new report outlining 50 equitable, high-return opportunities across the R&D continuum to maximize research and innovation, investments, and global action in women’s health. To encourage innovations and ideas laid out in the Opportunity Map, the foundation announced a new request for proposals that will provide up to US$3.6 million in funding. Innovations in global health and development across other critical areas of need. The full list of new requests for proposals can be found here.

The 2023 Grand Challenges Annual Meeting in Dakar is hosted by the Global Grand Challenges network of partners and the government of Senegal, and sponsored by Grand Challenges Canada, the United States Agency for International Development, Wellcome, and the Bill & Melinda Gates Foundation.

About Grand Challenges

The Grand Challenges family of programs stems from a century-old idea that crowdsourcing solutions to a defined set of unsolved problems can spark innovation and accelerate progress. The Bill & Melinda Gates Foundation and its Grand Challenges funding partners first used Challenges—open requests for grant proposals—in 2003 to focus attention and effort on pressing global health and development problems for those most in need. Together, Grand Challenges partners have awarded US$1.6 billion across 3,800 grants to a diverse pool of problem solvers in 118 countries, while at the same time fostering a global innovation ecosystem in places where it will have the most impact. The foundation and its Grand Challenges partners will continue to launch RFPs to support innovators from around the world in tackling the hardest, most urgent Grand Challenges. To learn more, visit grandchallenges.org.

About the Bill & Melinda Gates Foundation

Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Mark Suzman, under the direction of Co-chairs Bill Gates and Melinda French Gates, and the board of trustees.

Media contact: [email protected]

Source : Gates Foundation Celebrates 20 Years of "Grand Challenges" With New Investments and a Call to Make R&D Breakthroughs Available More Quickly and Equitably

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network