Category: Engineering

New Safety Research Sheds Light on Crucial Child Safety Product Concerns

Critical findings from a comprehensive study on child safety products raise urgent concerns, prompting a call for enhanced safety standards and heightened vigilance among parents and caregivers

In a dedicated effort to enhance child safety standards, Too Consult Sweden AB feels obliged to announce the results of our extensive investigation into the safety of retractable Safety Barriers (known in Europe) and Expansion Gates (known in the U.S.). This comprehensive study encompassed a meticulous analysis of numerous models available in both European and U.S. markets.

Testing at the Research Institutes of Sweden (RISE) – Borås, Sweden

Physical laboratory tests were meticulously conducted by the esteemed state-owned Research Institutes of Sweden (RISE), while chemical evaluations were carried out by SGS-CSTC (Standards Technical Services Co., Ltd) in China.

The tests covered the following aspects:

  • Product Marking
  • Purchase Information
  • Instruction for Use – Manual
  • Product Registration Card (CPSC 16 CFR 1130), only U.S.
  • Protective Height
  • Gaps (Hip Probe/Small Torso)
  • Protrusion Hazards (Ball-Chain), only EU
  • Chemical content test of fabric according to:
  • * EU: EN71-3:2019+A1:2021, 2009/48/EC TSD
  • * U.S.: 16 CFR 1303 + CPSIA and HR 4040, 16 CFR 1307/CPSIA section 108 and Moorberg V, North States Industries Inc. out of court settlement and California State, AB 652.

Our findings, which bear significant implications for parents and caregivers alike, highlight the widespread availability of safety devices in both territories. The 24 models subjected to rigorous examination encompassed a wide array of over 90 unique brand names, with our analysis laser-focused on key clauses from the European standard EN1930:2011 and the U.S. standard ASTM F1004-22.

The outcome of our comprehensive testing has unveiled critical concerns, as certain models exhibited defects that have the potential to result in severe or, tragically, even fatal injuries to children. Conversely, a select subset of models showcased a safety design that maximizes child protection.

These findings highlight a troubling pattern of neglect or inadequate comprehension of safety standards within both manufacturers and merchants. Furthermore, they underscore the shortcomings of government consumer watchdogs and consumer organizations in monitoring dangerous products within their respective markets.

For more in-depth information about the study and our testing results, please visit the following link: https://medium.com/too-consult-sweden/safety-research-reveals-alarming-dangers-in-many-retractable-child-safety-gates-sold-on-online-d91c73a05236. An overview of the testing results can be viewed here: https://vimeo.com/867816088

In light of these paramount findings, Too Consult Sweden AB is committed to disseminating this crucial information to the public. Further insights, in-depth analysis, and comprehensive details regarding our research can be provided.

For media inquiries, please contact:

Mattias Larsson, Too Consult Sweden AB, +46 705 700 262, info@tooconsult.se

Contact Information

Mattias Larsson, Manager, info@tooconsult.se, +46 705 700 262

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Testing at the Research Institutes of Sweden (RISE) – Borås, Sweden

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Protective Height Testing – Fail

SKYX Files for a Mandatory Safety Standardization with the National Electrical Code (NEC) for Its Outlet Receptacle for Ceilings in Homes and Buildings

  •  As Part of Its Application the Company Has Provided Significant Data Related to Hazardous Incidents with Electrical Wire Installations. SKYX’s Ceiling Outlet Receptacle Platform Enables a Safer, Fast, and Robust Plug and Play Installation of Light Fixtures, Ceiling Fans and Smart Home Products to Ceilings
  • The Last Significant NEC Mandatory Standardization Approval for Homes and Buildings Was for the GFCI (GFI) Electrical Wall Safety Outlet for Bathrooms and Kitchens

SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a Sky Technologies), a highly disruptive smart platform technology company with 72 issued and pending patents in the U.S and globally and over 60 websites for lighting and home decor with a mission to make homes and buildings become safe and smart as the new standard, announced today that it has filed an application for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle platform for homes and buildings.

In a market of hundreds of millions of installations, a mandatory standardization of SKYX’s ceiling outlet platform, should it occur, would enable a robust, safer plug and play ceiling installation of light fixtures and ceiling fans without a need to touch electrical hazardous wires and would significantly reduce fires, ladder falls, electrocutions, injuries, and deaths due to hazardous electrical wire installations.

SKYX’s code team is led by Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). As part of the mandatory application, SKYX’s code team has submitted significant supporting data regarding hazardous incidents that occur due to electrical wire installations. The data includes fires, ladder falls, electrocutions, injuries, and deaths caused due to hazardous wire installations.

After years of rigorous standardization progress, SKYX’s management and code team strongly believe that it has met the necessary safety conditions and has significant hazardous data support for a compelling case for its ceiling outlet receptacle to become a mandatory safety standardization for ceilings in homes and buildings.

In the past several years the Company’s product was already voted into 10 segments in the NEC and since 2022 it has succeeded in achieving major additional necessary milestones for mandatory standardization, including voting approvals by U.S. standardization organizations ANSI / NEMA (American National Standardization Institute / National Electrical Manufacturing Association), as well as a vote approval by the NEC for the generic name WSCR (Weight Support Ceiling Receptacle) for its ceiling outlet receptacle.

The last significant NEC mandatory standardization approval for homes and buildings was for the GFCI (GFI) electrical wall safety outlet for Bathrooms and Kitchens to reduce and prevent electrocutions.

The Company’s application included data regarding hazardous incidents from U.S. governmental agencies such as the U.S. Census Bureau, NFPA, OSHA, NIOSH, CPSC, and CDC.

An NFPA Report No. USS117 published in February 2022, “Home Fires Caused by Electrical Distribution and Lighting Equipment” provides evidence that not enough emphasis is placed on incorrect installation of lighting. The report noted that fires involving electrical distribution and lighting equipment caused an estimated average of 430 deaths per year in 2015-2019. Specifically, wiring, and related equipment accounted for 68% of these fires, 60% of the property damage and 42% of the civilian deaths and 53% of injuries.

SKYX’s lead code team member Mark Earley, former head of the National Electrical Code (NEC) and former Chief Electrical Engineer of NFPA, said: “I truly believe that we have made a compelling case for a mandatory requirement for plug-and-play installations using the safe and robust weight supporting ceiling receptacle. We have gathered a significant amount of data on incidents involving lighting fixtures and ceiling fans using the existing wiring methods. This data includes a substantial number of hazardous incidents that include deaths and or injuries from fires related to wiring, falls from ladders, fixtures or fans that fell on individuals, including young children among other incidents. Many of these accidents could have been prevented using this safe and robust plug-and-play installation method. It is about time that the existing wiring installation method be replaced by a safe, robust method that reflects today’s advanced but litigious world”.

SKYX’s lead code team member Eric Jacobson, former President and CEO of the American Lighting Association (ALA), said: “I am highly confident that our application to the NEC has all the necessary safety data aspects and information to support our case for a mandatory safety standardization approval. As part of our application, we intend to share our product for all manufacturers to benefit. As a world leading country, it is about time that we make our consumers, electricians, handymen, and business owners safer and more advanced by moving away from the old hazardous wiring installation method to a safer, and fast plug and play installation method.”

About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX Platforms Corp. (NASDAQ: SKYX) has a series of highly disruptive advanced-safe-smart platform technologies, with over 72 U.S. and global patents and patent pending applications as well as over 60 lighting and home decor websites. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.

Forward-looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “case,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words.

These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those expressed or implied by the forward-looking statements.

Such forward-looking statements include any statements regarding any of the Company’s products becoming a new standard. The filing of the Company’s application for a mandatory safety standardization with the National Electrical Code (NEC) does not guarantee approval within any specific timeframe or at all. The NEC’s approval of the Company’s generic names for its weight-bearing safe plug & play outlet/receptacle for ceilings as WSCR (Weight-Supporting Ceiling Receptacle) for its universal ceiling outlet and WSAF (Weight-Supporting Attachment Fitting) for its ceiling plug, or the American National Standards Institute’s (ANSI) and the National Electrical Manufacturers Association’s (NEMA) vote for the standardization of the Company’s weight-bearing plug and outlet/receptacle for ceilings do not guarantee approval by the National Fire Protection Association’s (NFPA) Committee on the National Electrical Code (which consists of multiple code-making panels and a technical correlating committee and develops the National Electrical Code (NEC)) or any other trade or regulatory organization and do not guarantee that any of the Company’s products will become NEC-code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all. There can be no assurance that any of the Company’s current or future products or technologies will gain market acceptance or that they will be adopted by any state, country, or municipality, within any specific timeframe or at all.

Our estimates of the addressable market for our products may prove to be incorrect. The projected demand for our products could materially differ from actual demand. Such risks and uncertainties also include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its smart products and technologies, including commencement of presales, the Company’s efforts and ability to drive the adoption of SKYX’s Smart Platforms into homes, buildings, cruise ships and communities and adoption by hotels, builders and architects, ability to capture market share, ability to execute on any sales and licensing opportunities, ability to achieve code mandatory status for the SkyPlug, risks arising from mergers and acquisitions, and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. Readers are cautioned not to put undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.

Investor Relations Contact:
Lucas A. Zimmerman
MZ North America
(949) 259-4987
SKYX@mzgroup.us

GMG Achieves Initial 500 mAh Graphene Aluminium-Ion Battery Prototype in Pouch Cell Format & Provides Next Steps Toward Commercialisation

Graphene Manufacturing Group Ltd. (TSXV: GMG) (“GMG” or the “Company”) is pleased to provide a progress update on its Graphene Aluminium-Ion Battery technology (“G+AI Battery”) being developed by GMG and the University of Queensland (“UQ”), and on the transition from coin cells to pouch cell format.

The Company has now made initial G+AI Battery prototype pouch cells (see Figure 1), which have a storage capacity of over 500 mAh, with a nominal voltage of ~ 2 volts. This is a significant development as it shows the Company has matured the battery electro-chemistry and assembly techniques of producing pouch cells with over 10 layers of graphene coated cathode and aluminium foil anode.

Figure 1: Typical G+AI Battery Pouch Cell Prototype
https://images.newsfilecorp.com/files/8082/180189_gmg1_550.jpg

The next step for the Company is to optimise the assembly techniques of the pouch cell prototypes. This is to achieve repeatable storage capacity of over 500 mAh cells in order to conduct a variety of standard testing conditions for comparative purposes. The Company then intends to pursue producing cells with over 20 double-layers to get a storage capacity of 1000 mAh by using an automatic coating machine, cathode laser cutting equipment, and a semi-automatic stacker, to achieve reproduceable cells for validation trials.

The aforementioned reproduceable cells is to meet an objective for the Rio Tinto Joint Development Agreement. This target is to achieve a repeatable capacity of 1000 mAh by H1 2024 and then produce this pouch cell at scale by H1 2025.

Figure 2: GMG Pouch Cell Prototype Development Process
https://images.newsfilecorp.com/files/8082/180189_gmg2.png

Battery Technology Readiness Level

The battery technology readiness level (“BTRL”) of the Graphene Aluminium-Ion technology has progressed to Level 4 (see Figure 3). GMG is currently optimizing electrochemical behaviour for pouch cells via ongoing laboratory experimentation.

Figure 3: Battery Technology Readiness Level
https://images.newsfilecorp.com/files/8082/180189_gmg3.png

Source: “The Battery Component Readiness Level (BC-RL) Framework: A
technology-specific development framework”, Matthew Greenwood et al

Next Steps Toward Commercialisation & Market Applications

The Company continues to see a broad range of applications for a completed GMG Graphene Aluminium Ion Battery – utilising its ultra-high power-density and nominal energy density characteristics. A range of global companies have confidentially expressed their interest in working with GMG in the following vertical sectors:

– Diesel engine replacement (high load and power requirements)
– Energy storage (in front of, or behind the meter)
– Personal electronics (fast charging and long life)
– Aviation (including vertical take-off and landing)
– Electric vehicles
– Other applications

Next Generation Battery Performance

GMG’s next generation Graphene Aluminium Ion Battery performance data (as tested and calculated on coin cells), as compared to the most commonly available lithium-ion batteries, is shown below in Figure 4, with a list of its beneficial characteristics.

Performance results for the pouch cells could be significantly different and will be communicated upon successfully producing a 1000 mAh+ battery pouch cell, and testing has been completed.

Figure 4: Graphene Aluminium Ion Battery Comparative Performance Data (for coin cells)
https://images.newsfilecorp.com/files/8082/180189_787c8634f4c2f806_005full.jpg

GMG’s 4 critical business objectives are:

1. Produce Graphene and improve/scale cell production processes
2. Build Revenue from Energy Savings Products
3. Develop Next-Generation Battery
4. Develop Supply Chain, Partners & Project Execution Capability

About GMG

GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.

GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications.

In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries (“G+AI Batteries”).

For further information please contact:

Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
www.graphenemg.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements relating to the testing and validation of the graphene quality produced in the Company’s production process, the economical sustainability of scaling the graphene and battery production processes, the ongoing improvement of graphene quality from the GMG graphene production process and the G+AI Battery performance, the engineering and development of the coin cell and pouch cell with respect to the current battery performance estimates and calculations, the timing and considerations of potential FIDs, anticipated timelines for commercial production, anticipated next steps for the further development of the Company’s products, the development and viability of GMG’s production facilities, and the location of GMG’s production facilities. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, including, but not limited to, the deployment of the Company’s resources, that the Company will not be able to test or validate the battery grade quality of graphene needed for its products, that it will not be economically sustainable to scale the graphene or battery manufacturing processes, that the quality of the graphene manufactured by GMG and the performance of the G+AI Battery will not set out to be as estimated, calculated or improve, that the Company will not be able to further develop the coin cell and pouch cell technologies, and the timing or results of any FID. Such risk factors may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, assumptions regarding the Company’s ability to research, develop and test its products within anticipated timelines, and that results of testing and development data will be consistent with anticipated results and estimates, and the market demand for the Company’s products. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Graphene Manufacturing Group Appoints Former Wall Street Veteran and Manufacturing Entrepreneur Jack Perkowski to Its Board of Directors

Graphene Manufacturing Group Ltd. (TSXV:GMG) (“GMG” or the “Company”) is pleased to advise that Mr Jack Perkowski, based in New Jersey USA, has joined the Company’s board of directors effective 7 September, 2023.

Mr Perkowski founded ASIMCO Technologies in 1994, and from 1994 to 2008, served as the Chairman of ASIMCO’s Board of Directors and the company’s Chief Executive Officer. Under Mr Perkowski’s leadership, ASIMCO became one of the most important players in China’s automotive components industry and gained a reputation for developing local management and integrating a broad-based China operation into the global economy. ASIMCO was later sold to Bain Capital in 2010 and is still regarded as one of the most successful automotive component manufacturing companies in China. Prior to moving to China, Mr Perkowski worked for twenty years on Wall Street where he was the head of Investment Banking at Paine Webber, a major securities firm that was eventually acquired by UBS in 2000. After leaving ASIMCO, Mr Perkowski founded JFP Holdings, a merchant banking firm focused on China, where he now serves as Chairman.

GMG’s CEO Craig Nicol stated, “I’m very excited to see Jack joining as a Director of the Company to support our progression into a commercial manufacturing operation – his finance and manufacturing entrepreneur experience and knowledge will be a great addition to the company and board – I very much look forward to working with him.”

Guy Outen, GMG’s Chair added, “I’m delighted to welcome Jack to the board. His past successes at Paine Webber and ASIMCO and his knowledge in manufacturing and finance give me confidence that he will be a great asset to the board and in supporting GMG’s significant aspirations.”

About GMG

GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.

GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, with low cost inputs, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications.

In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries (“G+AI Batteries”).

For further information, please contact:

– Craig Nicol, Chief Executive Officer and Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223

– Leo Karabelas at Focus Communications, info@fcir.ca , +1 647 689 6041

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the effective date on which Mr. Perkowski will join the board of director, and the contributions Mr. Perkowski will make to the Company in his capacity as a director.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to the effective date on which Mr. Perkowski joins the board of directors, and his contributions as a director differing from management’s current expectations.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions regarding the effective date on which Mr. Perkowski will join the board of directors, and the positive impact Mr. Perkowski will have on the Company’s development in that role.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

GMG Product Commercialisation Process, Corporate Growth & Channel Strategy

Graphene Manufacturing Group Ltd. (TSXV: GMG) (“GMG” or the “Company”) is pleased to outline three important strategies: the Company’s product commercialisation process, organic corporate growth strategy and product distribution channel strategy.

The Company’s Product Commercialisation Process (see Figure 1) is to develop the Company’s products through four stages, including: (i) developing the initial product concept, (ii) making the product repeatedly and verifying it will meet the target market needs with external testing, (iii) building the capacity to produce and sell the product, including regulatory approvals and organisation, and (iv) building awareness, making and selling the product into the route to markets developed.

Figure 1: Product Commercialisation Process. *GMG Graphene Powder is made for use in GMG’s products.
https://images.newsfilecorp.com/files/8082/179690_graphene_01_550.jpg

The Company is also pleased to announce Thermal XR is now in the fourth and final stage of commercialisation; building awareness, making and selling the product. G Lubricant is positioned in the second stage as it is currently undergoing product market testing and the Graphene Aluminium Ion Battery (G+AI Battery) is also in the second stage as the battery is currently undergoing product development and optimisation (see Company’s news release dated May 29, 2023).

The Company’s intended organic Growth Strategy (see Figure 2) is to progress the products through the commercialisation process to be able to grow revenues from making and selling Thermal XR(R) and G Lubricant whilst developing Energy Storage products (i.e. the Graphene Aluminium Ion Battery). Supporting both will be the continued development and growth of GMG’s Graphene production engineering capability.

Figure 2: Corporate Growth Strategy.
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Meanwhile, the Company plans to continue developing Energy Storage products with the goal of adding selected partners from different verticals to co-sponsor and accelerate development. Rio Tinto is the first such sponsor, targeting Graphene Aluminium Ion battery for mining haul trucks in the mining and mineral processing sector.

The Company’s intended Channel Strategy (see Figure 3) is to sell its Energy Saving products through relevant industry segment distributors in various geographic locations and/or co-branded products for further distribution. The co-branded products allow product co-developers to share in GMG’s branded logo and product technology through their existing production, distribution and sales infrastructure. The Company sees this as a way to distribute its product and increase GMG’s footprint faster and wider. For larger companies where bespoke or new applications require product development and/or support, direct sale would initially be undertaken.

Figure 3: Channel Strategy.
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The Energy Storage products, based on the Graphene Aluminium Ion Battery, will primarily be direct business to business sale (B2B Direct) as new technology battery customers require intensive technical engagement with their battery suppliers to ensure they work effectively in their products.

GMG’s 4 critical business objectives remain to:

1. produce Graphene and improve/scale the production process;
2. build revenue from Energy Savings Products;
3. develop Next-Generation Battery; and
4. develop supply chain, partnerships and project-execution capability.

About GMG

GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process. GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements: carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries (“G+AI Batteries”). For further information please contact:

Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
www.graphenemg.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, the implementation of the Company’s product commercialization process, the Company’s intended organic corporate growth strategy, the Company’s plans to continue developing and growing the Energy Solutions products, the Company’s plan to make and sell Energy Saving Products into various target market segments, the Company use of partnerships and co-branding and the Company’s intended product distribution channel strategy.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding: the Company will be successful in implementing its product commercialization process, the Company will be successful in executing on its intended organic corporate growth strategy, the Company will be successful in continuing to develop and grow its Energy Saving Products, the Company will be able to engage third parties in connection with sponsorship and co-branding opportunities and that the Company will be able to fulfil its intended distribution channel strategies, and derive the expected benefits therefrom. Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: the Company will be unsuccessful in implementing and maintaining its product commercialization process, the Company will not be able to fulfill its intended organic corporate growth and product distribution channel strategies, or derive the expected benefits therefrom, the Company will not be able to continue developing and growing its Energy Solutions products, the Company will be unable to make and sell Energy Saving Products into target market segments, the Company will not be successful in engaging third parties and developing relationships to assist in the development of the Company’s products, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, the failure of the Company to attract and retain skilled personnel, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading “Risk Factors” in the Company’s annual information form dated October 18, 2022 available for review on the Company’s profile at www.sedarplus.ca.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

The 15th Annual Global CSR & ESG Awards Honours 2023 Winners

The 15th Annual Global CSR & ESG Summit & Awards ended on a high note before a full house in Da Nang, Vietnam, on August 28. Organized at the Novotel Danang Premier Han River, this years conference was held under the theme “Driving Transformational Change Beyond Greenwashing”, and focused on inspiring participants to discuss and discover transformational ESG & CSR strategies, beyond conventional thinking. The conference also addressed the challenges and need for climate-friendly solutions and technologies, including electric vehicles, high tech farming, sustainable supply chains, and nature-based solutions.

Among the notable speakers, Prof. Dr. Richard Hames, Founder & Executive Director, Centre for the Future and Fellow of the World Academy of Art & Science, gave a powerful speech on “Beyond ESG: From The Impossible To The Inevitable”, encouraging the move from the degenerative practices of the industrial era, through the many delusions of sustainability and lies about ‘green growth’, to regenerative systems globally.

In view of 20 Years of Building, Implementing and Supporting ESG in Vietnam, Ms. Kim Francois, Executive Director of BeLuxCham Vietnam presented “Localising and Creating Positive Impact for Foreign Businesses in Vietnam – Successful ESG stories of BeluxCham Blending Eastern and Western Cultures.” She shared how BeLuxCham provides an eco-system that shares expertise in ESG and provides a platform to which companies can learn from each other and be part of each other’s circular system. She believed that more work is needed to ensure that SMEs are learning and implementing ESG, to contribute together to the goals set by Vietnam, but mainly to be sure we are living in a healthy environment and protecting our people.

Prof. Dr. Martin Blake, the Conference Chairman announced that the Organisers are planning to hold The 16th Annual Global CSR & ESG Summit & Awards in Ho Chi Minh, Vietnam. The summit ended with the The Global CSR & ESG Awards, graced by Guest of Honour, Mr Nguyen Anh Phong, Deputy-Director-General of Institute of Policy and Strategy for Agriculture and Rural Development (IPSARD), and Ms. Kim Francois, Executive Director of BeLuxCham Vietnam. The evening award ceremony was marked with a stunning audio and light display show.

The Award Categories for 2023:

– Best Environmental Excellence Award
– Best Community Programme Award
– Excellence In Provision Of Literacy & Education Award
– Empowerment Of Women Award
– Best Workplace Practises Award
– CSR & ESG Leadership Award
– Product Excellence Award
– Best Chief Executive Officer (CEO)
– Best Corporate Comms & Investors Relations Team

And Award Categories 2023 recognizing companies at the forefront of their countries:

– Best In Singapore
– Best In Thailand
– Best In Indonesia
– Best In Cambodia
– Best In Viet Nam
– Best In Philippines

THE WINNERS

Best Environmental Excellence Award

o Above USD 1 Billion Market Cap
— Bronze: SM Investments Crk Softex Indonesia, PT Astra International TBK
— Gold: PT Adaro Indonorporation
— Silver: Kimberly-Claesia, PT Chandra Asri Petrochemical TBK, Central Department Store Limited (Head Office)
— Platinum: PT Pertamina Hulu Mahakam
o USD 500 Million To USD 1 Billion Market Capitalization
— Platinum: Manila Water
o Less Than USD 500 Million Market Capitalization
— Bronze: PT Diageo Indonesia
— Silver: Schneider Electric Indonesia
— Gold: GeoComply Viet Nam
— Platinum: PT Kilang Pertamina International

Best Community Programme Award

o Above USD 1 Billion Market Cap
— Bronze: BHG Retail Trust Management Pte Ltd
— Silver: PT Asmin Bara Bronang
— Gold: PT Pertamina Patra Niaga Regional Jawzation
— Bronze: PT Tower Bersama Infrastructure TBK, FPT Corporation,
— PT Pertamina – Patra Niaga Fuel Terminal Rewulu
— Silver: Kuala Lumpur Kepong Berhad, Badak LNG, RHB Bank Berhad
— PT Pertamina Patra Niaga Fuel Terminal Boyolali
— Gold: Sarawak Energy Berhad, Indosat Ooredoo Hutchinson PTTEP Indonesia,
— PT Chandra Asri Petrochemical Tbk,
— Platinum: PT Pertamina Hulu Mahakam
o USD 500 Million To USD 1 Billion Market Cap
— Bronze: Bagian Tengah DPPU Ahmad Yani
— Platinum: PT Meares Soputan Mining
o Less Than USD 500 Million Market Capitalization
— Bronze: Price Waterhouse Coopers, IDP Education (Cambodia) Limited
— Silver: Diageo Viet Nam, Prince Holding Group
— Gold: PT Diageo Indonesia, GeoComply Viet Nam,
— PT Pertamina Patra Niaga Integrated Terminal Semarang
— Platinum: PT Kilang Pertamina International

Excellence In Provision Of Literacy & Education Award

o Above USD 1 Billion Market Cap
— Bronze: Adaro Energy Indonesia
— Silver: Kuala Lumpur Kepong Berhad
— Gold: PT Samsung Electronics Indonesia
— Platinum: Tata Consultancy Services Limited
o USD 500 Million To USD 1 Billion Market Capitalization
— Silver: Samsung Electronics Viet Nam Co. Ltd
— Gold: PT Asmin Bara Bronang
— Platinum: Manila Water
o Less Than USD 500 Million Market Capitalization
— Gold: MegaWorld Foundation
— Platinum: IDP Education (Cambodia) Limited

Empowerment Of Women Award

o Above USD 1 Billion Market Cap
— Platinum: PT Pertamina Geothermal Energy Tbk Ulubelu
o Less Than USD 500 Million Market Capitalization
— Gold: GeoComply Viet Nam
— Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)

Best Workplace Practises Award

o Above USD 1 Billion Market Cap
— Platinum: PT Tower Bersama Infrastructure TBK
o USD 500 Million To USD 1 Billion Market Capitalization
— Platinum: Manila Water
o Less Than USD 500 Million Market Capitalization
— Gold: GeoComply Viet Nam
— Platinum: Diageo Indonesia

CSR & ESG Leadership Award

o Above USD 1 Billion Market Cap
— Bronze: PT Tower Bersama Infrastructure TBK
— Silver: Tata Consultancy Services Limited, Bridgestone Asia Pacific Pte Ltd
— Gold: PT Chandra Asri Petrochemical Tbk, Aditya Birla Fashion and Retail Limited, ACEN Corporation
— Platinum: KLCC Property Holdings Berhad
o USD 500 Million To USD 1 Billion Market Capitalization
— Bronze: BHG Retail Trust Management Pte Ltd
— Silver: Home Credit Vietnam Finance Company Limited
— Gold: Samsung Electronics Vietnam Co. Ltd
— Platinum: PT Asmin Bara Bronang
o Less Than USD 500 Million Market Capitalization
— Bronze: Diageo Indonesia
— Silver: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
— Gold: GeoComply Viet Nam
— Platinum: DEEP C Industrial Zones

Product Excellence Award

o Above USD 1 Billion Market Cap
— Bridgestone Asia Pacific Pte Ltd

Best CEO Award

o Above USD 1 Billion Market Cap
— Gold: Indosat Ooredoo Hutchinson
— Platinum: PT Chandra Asri Petrochemical Tbk

Best Corporate Comms & Investor Relations Team Award

o USD 500 Million To USD 1 Billion Market Cap
— Platinum: BHG Retail Trust Management Pte Ltd
o Less Than USD 500 Million Market Cap
— Platinum: Viettel Construction Joint Stock Corporation

Best Country Award – Best In Indonesia

o Above USD 1 Billion Market Cap
— Gold: PT Pertamina Hulu Energi Offshore North West Java
— Platinum: PT Astra International TB
o Less Than USD 500 Million Market Cap
— Silver: PT Kilang Pertamina International
— Gold: Diageo Indonesia
— Platinum: Schneider Electric Indonesia

Best Country Excellence – Best In Cambodia

o Above USD 1 Billion Market Cap
— Platinum: NagaWorld Limited
o Less Than USD 500 Million Market Cap
— Platinum: Prince Holding Group

Best Country Excellence – Best In Thailand

o Above USD 1 Billion Market Cap
— Platinum: Krungthai-AXA Life Insurance Public Company Limited

Best Country Excellence – Best In Philippines

o Above USD 1 Billion Market Cap
— Platinum: ACEN Corporation

Best Country Excellence – Best In Singapore

o Above USD 1 Billion Market Cap
— Platinum: Tata Consultancy Services Limited

Best Country Excellence – Best In Vietnam

o Above USD 1 Billion Market Cap
— Platinum: FPT Corporation
o USD 500 Million to USD 1 Billion Market Cap
— Platinum: Samsung Electronics Viet Nam Co. Ltd,
o Less than USD 500 Million Market Cap
— Platinum: Diageo Viet Nam

For media enquiries please contact:
Cyan Lee, Pinnacle Group
E: marketing@pinnaclegroup.global
T: +65 8222 2344

SCIB Reports Q4FY2023 Financial Results with Revenue of RM33.3 Million, Gross Profit of RM6.5 Million and Highlights Growth Opportunities

  • Significant Narrowing of Operating Loss Highlights Company’s Resilience and Growth Potential

Industrialised building systems specialist, Sarawak Consolidated Industries Berhad (SCIB), is delighted to announced its financial results for the fourth quarter of fiscal year 2023 (Q4FY2023), reflecting a positive growth trajectory across key financial metrics and strategic business segments.

Ku Chong Hong, Managing Director of SCIB

Revenue for the quarter reached RM33.3 million, a 27% increase from RM26.3 million in Q4FY2022. Gross Profit grew by 73% to RM6.5 million from RM3.8 million in the corresponding period of the previous fiscal year. The Operating Loss was significantly reduced to RM18.2 million from RM47.1 million, and Loss Before Tax (LBT) improved to RM18.5 million from RM47.4 million in Q4FY2022.

In the Manufacturing segment, SCIB reported revenue of RM23.2 million, a year-to-date increase of 10%, with profit before tax of RM2.8 million. The Construction/EPCC segment registered revenue of RM10.2 million, marking a 92% increase year-to-date, with loss before tax narrowed to RM4.5 million. The growth in revenue and profitability across key segments was driven by increased sales volume of foundation piles and the kick-start of two new school projects.

“In the challenging business environment, SCIB has demonstrated resilience and adaptability, successfully navigating the market dynamics,” said Mr. Ku Chong Hong, Managing Director of SCIB. “Our growth this quarter reflects our focus on core capabilities in Engineering, Procurement, Construction, and Commissioning (EPCC) and our ability to supply crucial building materials. The future outlook for SCIB is robust, built upon a comprehensive understanding of the broader economic environment. We are well-positioned to seize growth opportunities in the domestic construction industry and benefit from strategic initiatives and prudent financial management.”

SCIB’s proactive engagement in securing small-to-mid-sized construction projects, Sarawak’s construction sector upswing, and the positive view of China’s recent RM170 billion investment commitment pave the way for enhanced growth opportunities. The Company also fortified its financial position through a private placement that raised approximately RM12.76 million in gross proceeds, underlining SCIB’s prudent financial management.

SCIB’s Q4FY2023 results illustrate a company on the move, aligning with broader economic forecasts and positioning itself well within the evolving economic landscape. The strategic approach and unwavering commitment to sustainable growth set the stage for a bright future.

SCIB’s financial position is further bolstered by an outstanding orderbook for construction contracts, standing robust at RM275 million. This orderbook reflects a promising pipeline of projects and underscores SCIB’s ability to identify and secure valuable opportunities in the market.

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

GMG Provides Commercialisation Progress of THERMAL-XR(R)

Graphene Manufacturing Group Ltd. (TSXV: GMG) (“GMG” or the “Company”) is pleased to outline important commercialisation progress and sales development of THERMAL-XR(R) powered by GMG Graphene.

THERMAL-XR(R) powered by GMG Graphene
https://images.newsfilecorp.com/files/8082/178644_57b4434074bb08bd_001full.jpg

THERMAL-XR (R) Coating Blending Project | Initial Production & Capabilities

The Company is pleased to announce that it has commissioned its graphene enhanced coating blending plant and it is now operational after making its first 1000 litre blend. This blending plant is expected to have the capacity to produce up to 500,000 litres of THERMAL-XR(R) RESTORE(R) coating per annum, subject to graphene production, when operating two blends per eight hour shift, 250 days per year. This capacity enables future service growth well into the future.

GMG Projects & Operations Staff involved in commissioning the first 1000 litre of THERMAL-XR(R) RESTORE
https://images.newsfilecorp.com/files/8082/178644_graphenefig2.jpg

GMG has also installed laboratory facilities for quality and control requirements and progressing research and development, to extend and enhance the THERMAL-XR(R) portfolio into additional industries and applications.

GMG’s Managing Director and CEO, Craig Nicol, commented: “We are very excited to commission our own blend plant and to have manufactured 1000 litres of THERMAL-XR(R) RESTORE as part of our distributor’s initial orders, which are subject to in-country regulatory approvals. This is an important step to becoming a globally recognised manufacturer and marketer of energy-saving products.”

Since the February 2023 Australian Government approval for GMG to produce and sell TXR at scale, the Company has intensified sales activities that have resulted in distribution agreements in North America, Singapore, Thailand, Indonesia, and South Korea to the Heating, Ventilation and Air-Conditioning-Refrigeration (HVAC-R) market. Furthermore, wider potential industries are being assessed including energy savings applications in Data Centres and for Energy Producers e.g. Liquified Natural Gas Plants, where THERMAL-XR(R) has the potential to increase production capacity and energy efficiency.

Important initial and forward sales orders have been received from HVAC-R distributors and these are being reviewed against their market introduction timelines and their local country approvals. The application to the USA’s Environmental Protection Agency (EPA) for approval of THERMAL-XR(R) with all the supporting scientific testing is to be submitted shortly with a statutory 30-day review period. Given the number of approved graphene material products, the Company is confident of an approval.

Total forward sales orders received to date will be communicated to the market in a forth coming update.

The Company has received and is assessing requests by various parties to be Distributors around the world – especially in Europe and Asia for the HVAC-R market. The Company is also working with various large companies on the potential use of THERMAL-XR(R) in vehicle radiators, solar cells and industrial applications. The Company believes the LNG industry remains a highly attractive opportunity for the use of THERMAL-XR(R) given the large potential economic and environmental benefit it could provide for LNG plants. A testing program with LNG producers is in the process of being developed and implemented.

About THERMAL-XR(R) powered by GMG Graphene:

THERMAL-XR(R) COATING SYSTEM is a unique method of improving the conductivity of corroded heat exchange surfaces and improving and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of GMG Graphene, resulting in an efficiency improvement and a potential power reduction.

THERMAL-XR RESTORE(R) is powered by GMG Graphene. PATENT PENDING

About GMG www.graphenemg.com

GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.

GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, ‘tuneable’ and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company’s present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications.

In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning (“HVAC-R”) coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries (“G+AI Batteries”).

For further information please contact:
Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, the expected benefits and capabilities of the blending plant, including its ability to produce up to 500,000 litres of THERMAL-XR(R) RESTORE(R) per annum and that it will service growth well into the future, the developments of extensions and enhancements to the THERMAL-XR(R) portfolio into a wider range of applications, the potential for THERMAL-XR(R) to enable energy producers to produce additional energy more efficiently, the continuous requests of parties to be Distributors around the world, the large comparative benefit the use of Thermal XR(R) could provide for LNG plants, and the timing and communication of forward sales orders to the market.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the ability of the blending plant to produce up to 500,000 litres of THERMAL-XR(R) RESTORE(R) per annum and service growth well into the future, the development of extensions and enhancements to the THERMAL-XR(R) portfolio into a wider range of applications, that energy producers will be able to derive the expected benefits from the Company’s products, parties continuing to request to be Distributors around the world, the expected benefits that Thermal XR(R) could provide for LNG plants, and that the Company will communicate its forward sales orders to the market shortly. Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the blending plant will not have the capacity to produce up to 500,000 litres of THERMAL-XR(R) RESTORE(R) per annum or be able to service growth well into the future, that there will be no developments of extensions or enhancements to the THERMAL-XR(R) portfolio into a wider range of applications, that parties will not continue to request to be Distributors, that Thermal XR(R) will not provide comparative benefits for LNG plants, that the Company will not communicate its forward sales orders on the expected timeline, if at all, that energy producers will not derive the expected benefits from the Company’s products, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, the failure of the Company to obtain regulatory approvals, attract and retain skilled personnel, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading “Risk Factors” in the Company’s annual information form dated October 18, 2022 available for review on the Company’s profile at www.sedarplus.ca.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

ASTI Says Fresh Attempt to Remove 5 Directors Is Invalid; Urges Shareholders to Attend FY2021 AGM on 31 August Instead

  • Company’s lawyers have advised that 4 shareholders seeking to hold an EGM on 22 August had breached Company’s Constitution
  • ASTI accused the requisitioners of ‘usurping the right, power and entitlement of its directors to scrutinize, attend and conduct the proposed EGM (assuming that it was otherwise properly called)’
  • ASTI intends to release its audited FY2021 results this Wednesday and hold AGM on 31 August, which will facilitate the progress of a Potential all-cash Exit Offer already proposed by a consortium
  • Company is also asking SIAS to hold a dialogue next week that will include all shareholders, including requisitioners and representatives of the Potential Offeror

ASTI Holdings (ASTI or the Company) said today that a second attempt to call for an extraordinary general meeting (EGM) to replace all 5 current directors, as well as the EGM itself, are invalid. Instead, it urged shareholders to ignore the invalid EGM and to attend the Company’s Annual General Meeting for its FY2021 (FY2021 AGM) scheduled for 31 August 2023.

Acting on the advice of its lawyers, ASTI said 4 requisitioners seeking to hold an EGM on 22 August 2023 had breached Company’s constitution.

“The Requisitioning Shareholders are usurping the rights, powers and entitlements of the Board to scrutinize, attend and conduct the Proposed EGM (assuming it was otherwise properly held), and have made and continue to make it impossible for the Proposed EGM (assuming that it was otherwise properly held) to be actually, properly and validly held and conducted by the Board in all respects in compliance with the Constitution and such laws,” ASTI said.

ASTI also pointed out that the requisitioners have failed and/or neglected, or deliberately and recklessly without regard to their duty to give such Notice of the EGM to “all Members” as required by the Constitution. Further, no notice was given to the Auditor, which is also a requirement of the Constitution.

The second attempt to overhaul ASTI’s board is taking place after a consortium, Prospera Alliance Pte. Ltd. (“Prospera”), has expressed genuine interest to make a pre-conditional voluntary general cash offer (”Potential Exit Offer”) for the Company. The consortium comprises Stock Exchange of Thailand-listed Capital Engineering Network Public Company Limited (“CEN”) and a substantial ASTI shareholder, Mr Heah Theare Haw.

Prospera, whose offer ASTI believes remains “the only and most advanced exit offer available at the moment”, has said it is deeply concerned about the proposal to remove all current directors, and that it will re-assess the viability of implementing the exit offer.

As such, ASTI said it will continue to work with Prospera to address its concerns and to ensure amicable communications, so as to reach a viable solution in the best interest of the Company and for the benefit of all shareholders.

The 4 – Mr Ng Yew Nam (“Mr Ng”), Mr Lim Chee San, Mr Toh Cheng Hai and Mr Ng Kok Hian – had led an attempt in April 2023 – later deemed invalid – to call for an EGM to overhaul ASTI’s board. In their second attempted EGM, being called under section 177 of the Companies Act, they seek to appoint 5 new directors including Mr Ng as Executive Director.

Among the 5 current directors they seek to remove is a CEN-nominated director, Mr Theerachai Leenabanchong. Prospera has informed ASTI that it is concerned whether this indicates that the new board is not receptive to the Potential Offer.

ASTI said that the requisitioners, in breach of the Company’s Constitution, “clearly and unequivocally are usurping the right, power and entitlement” of the Board of Directors to conduct the Proposed EGM (assuming that it was otherwise properly held) in a proper manner.

Hence, shareholders should ignore the invalid 22 August 2023 EGM, ASTI said. To minimise disruptions caused by the requisitioners, the Company urged shareholders to focus on the FY2021 AGM 9 days later when they will be able to consider on the audited results, and vote on the election or re-election of directors and the appointment of the auditor for FY2022.

ASTI intends to release the FY2021 results by 16 August 2023 and hold the FY2021 AGM on 31 August 2023. This long-awaited AGM will allow ASTI to comply with and satisfy the requirements of the Second Notice of Compliance issued by the Singapore Exchange Regulation on 21 July 2023.

To address concerns of shareholders and to maintain a spirit of openness and discussion, ASTI has written today to the Securities Investors Association (Singapore) (“SIAS”) to facilitate and moderate a Shareholders’ Dialogue early next week, ahead of the FY2021 AGM.

ASTI said it intends to invite all shareholders, the requisitioners as well as representatives of the Potential Offeror to the dialogue. “We have been urging a spirit of open communications among all shareholders and with the Potential Offeror. Instead, the requisitioners have so far rebuffed our appeals with a response that they prefer legal correspondence,” ASTI said.

“ASTI has already achieved a financial turnaround in the first half of FY2022. The presentation of the FY2021 audited results to shareholders on 31 August 2023 will facilitate the progress of the Potential Exit Offer which can unlock value for all shareholders. Hence, we continue to seek open dialogue with all parties concerned,” the Company said.

The Potential Offer is subject to, amongst others, approvals being obtained from the Securities Industry Council (“SIC”) of Singapore. ASTI has been informed that the Potential Offeror has submitted an application to the SIC for the necessary approvals.

ASTI recorded an unaudited profit after tax of S$3.0 million for FY2022 which reversed a pre-tax loss of S$8.1 million in FY2021. However, it could not exit the SGX-ST Watch-list by the 5 June 2022 deadline as its six-month average daily market capitalisation was short of the S$40 million threshold. After several attempts to extend the deadline were rejected, ASTI’s shares were suspended from 5 July 2022 pending the completion of an exit offer.

Media & Investor Contact
Isaac Tang
WhatsApp (Text): +65 9748 0688 asti@wer1.net

SKYX Announces Over $14 Million (unaudited) In Sales for Partial Second Quarter, Including Sales of Its Plug & Play Products That Are Now Sold on 16 US and Canadian Leading Websites

  • The Company Will Conduct an Investor Update Call on August 9 at 10:30am EST to Discuss its Progress and Growing Sales of its Plug & Play Smart and Standard Products, Financials, as Well as its Continuing Safety Standardization Progress
  • The Company will Provide an Access Link to the Investor Update Call in a Subsequent Press Release

SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a Sky Technologies), a highly disruptive platform technology company with over 60 issued and pending patents globally with a mission to make homes and buildings become safe and smart as the new standard, announced today that it has over $14 million in sales for the partial second quarter, including sales of its Smart and Standard Plug & Play products that are now sold on over 16 US and Canadian leading lighting and home decor websites.

These websites serve both retail and professional customers and include the following websites: 1stoplighting.com, Lightingdesignexperts.com, Canadalightingexperts.com, Americanlightingstore.com,Homeclick.com, and Lunawarehouse.com among others.

Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said: “We are very happy to initiate our sales now on over 16 lighting and home decor websites in the US and Canada, as well as market and educate both retail and professional customers on the simplicity, cost saving, time saving, and life-saving aspects of our Sky ceiling outlet receptacle and our plug & play smart and standard products. We expect to continue our product launch in additional locations in the coming months.”

Steve Schmidt, President of SKYX Platforms, said: “Seeding the market with our products and introducing the concept of a plug & play ceiling outlet to many consumers and professionals for the first time, showing them that there is truly a better, safer, and faster way, positions us to continue our rapid pace of operational execution. We look forward to providing the investment community with an update on our value-creation initiatives next week on our investor update call and would encourage all current and prospective shareholders to attend.”

About SKYX Platforms Corp.

As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard.

SKYX Platforms Corp. (NASDAQ:SKYX) has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 U.S. and global patents and patent pending applications. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. The company owns 64 lighting and home decor websites For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.

Preliminary Financial Results

The preliminary selected financial results in this press release are preliminary, are not a comprehensive statement of financial results for the quarter ended June 30, 2023, and are provided prior to completion of all internal and external audit review procedures and, therefore, are subject to adjustment. Actual results may vary from these estimates, and the variations may be material. Among the factors that could cause or contribute to material differences between the Company’s actual results and expectations indicated by the forward-looking statements are risks and uncertainties that include, but are not limited to: changes to the Company’s financial results for the quarter ended June 30, 2023 due to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time that the Company’s financial statements for the quarter are finalized and publicly released and other risks and uncertainties described above and in the Company’s filings with the Securities and Exchange Commission.

Forward-Looking Statements

Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “position,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words.

Such forward-looking statements include any statements regarding SKYX’s sales, revenues, and SKYX’s products becoming a new standard. There can be no assurance that any of the Company’s current or future products or technologies will gain market acceptance or that they will be adopted by any state, country, or municipality, within any specific timeframe or at all. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its smart products and technologies, including commencement of presales, the Company’s efforts and ability to drive the adoption of Sky’s Smart Platforms into homes, buildings, cruise ships and communities and adoption by hotels, builders and architects, ability to capture market share, ability to execute on any sales and licensing opportunities, ability to achieve code mandatory status for the SkyPlug, risks arising from mergers and acquisitions, and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.

Media Relations Contacts:
Britney Ouzts/Barbara Goldberg
O’Connell & Goldberg, Inc.
(754) 204-7074/ (954) 294-4677
bouzts@oandgpr.com / bgoldberg@oandgpr.com

Investor Relations Contact:
Lucas A. Zimmerman
MZ North America
(949) 259-4987
SKYX@mzgroup.us