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Thunder Power Holdings, Inc. Announces Financial Results and Strategic Developments

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WILMINGTON, Del., March 31, 2025 /PRNewswire/ — Thunder Power Holdings, Inc. (NASDAQ: AIEV) (“Thunder Power” or the “Company”), a technology innovator and developer of premium passenger Electric Vehicles (EVs), today announced its financial results for full fiscal year 2024 along with several key developments aimed at enhancing its market position and driving future growth. The Company also announced the transfer of listing in the United States from the Nasdaq Global Market to the Nasdaq Capital Market, effective on March 28, 2025.

Pending Share Exchange Transaction with Electric Power Technology Limited

On February 10, 2025, Thunder Power executed an Amendment Agreement (the “Amendment”) with certain shareholders (“TW Shareholders”) of Electric Power Technology Limited (“TW Company”). This Amendment amended the Share Exchange Agreement dated December 19, 2024 between the Company and TW Shareholders. The Company expect to issue approximately 37.6 million shares of the Company’s common stock for approximately 31.6 million ordinary shares in TW Company. The closing of the transaction is subject to shareholder and regulatory approvals.

The TW Company is currently focused on the acquisition and development of solar power generation projects and the development of energy storage businesses. On March 4, 2025, TW Company announced that it entered into equity trading agreements with shareholders of Laiyang Solar Energy Co. (Laiyang) and Jinlaiyang Solar Energy Co. (Jinlaiyang) for the purchase of 4.4 megawatts generation capacity, which are expected to provide additional solar energy exposure for both TW Company and Thunder Power. Solar generation in Taiwan represented 5% of the electricity market in 2024. The Taiwanese government has set a target for 15% of the island’s electricity to come from renewable energy sources by 2025. Solar is forecasted to grow to 35% of total installed generation capacity by 2035. TW Company is listed on the Taipei Exchange under the code 4529.

Taiwan represents an important market for Thunder Power, as it is designated as the launch market for its first EV. The combination of electricity generation and mobility will offer multiple commercial benefits.

Christopher Nicoll, Chief Executive Officer of Thunder Power, commented, “Once the share exchange is approved, this transaction is expected to provide Thunder Power with an initial stream of revenue and further diversify AIEV as a green energy solution provider. AIEV is focused on addressing strategic gaps in the EV sector combined with a diversified approach across the clean energy value chain. Electric Power Technology is developing a growing position within the solar power industry, and we are excited to launch this partnership to deliver innovative power solutions to a variety of end markets going forward. We view this transaction as a deliberate next step to expand our capabilities and enter adjacent environmentally sustainable fields as we work to bring our EV’s to market. We look forward to sharing additional exciting developments in the coming quarters.”

Thunder Power Announces Transfer of Listing from Nasdaq Global Market to Nasdaq Capital Market (NASDAQ-CM)

On March 26, 2025, the Company received approval from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market. The transfer of the Company’s listing to the Capital Market is not expected to have any impact on trading in the Company’s common stock, which will continue to trade under the symbol “AIEV”.

The Nasdaq Capital Market (NASDAQ-CM), previously known as the Nasdaq SmallCap Market, serves smaller capitalization companies with less stringent financial and liquidity listing requirements. The Nasdaq Capital Market benefits smaller companies focused on raising capital and lists a wide variety of companies, including those from technology, biotechnology, and other sectors.

“We believe listing on the Nasdaq Capital Market is more reflective of AIEV at this stage in our development, allowing us to focus on generating revenue, improving our balance sheet, and giving us more financial flexibility. This listing transfer, along with our pending stake in Electric Power Technology, positions the Company favorably for future growth,” concluded Nicoll. 

Thunder Power’s securities began trading on NASDAQ-CM on March 28, 2025.

Full Year 2024 Financial Highlights:

Revenues were nil, consistent with the same period in 2023Operating expenses were approximately $2.4 million, compared to $1.8 million in the prior year. The changes were primarily attributable to a $0.3 million increase in general and administrative expenses related to professional fees incurred to support the closing of the Business Combination, and a $0.7 million increase in share-based compensation expense as we issued 90,000 shares of common stock to three independent directors of FLFV at the consummation of the Business Combination, partially offset by a decrease in share-based settlement expenses of approximately $0.5 millionNet loss was approximately $2.4 million, compared to a net loss $1.8 million for the same period in 2023

Commenting on the Company’s financial results, Nicoll continued, “As we look ahead to 2025, AIEV intends to capitalize on a number of strategic opportunities within the green energy market. We are focused on increasing and diversifying our revenue streams to further develop and deploy our EVs, driving sustainable growth and strengthening our financial footing. Additionally, once the Electric Power Technology transaction is completed, we will continue to pursue additional strategic targets in the attractive green energy landscape throughout 2025 and beyond.”

About Thunder Power Holdings, Inc. 

Thunder Power is a technology innovator and a developer of innovative electric vehicles (“EVs”). The Company has developed several proprietary technologies, which are the building blocks of the Thunder Power family of EVs. The Company is focused on design and development of high-performance EVs, targeting markets initially in Asia & Europe. Thunder Power’s acquisition strategy is focused on addressing strategic gaps in the EV sector combined with a diversified approach across the clean energy value chain. For more information, please visit: https://aiev.ai/.

Contact:

AIEV Investor Relations
AIEV@dennardlascar.com
713-529-6600

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminologies such as “believes,” “expects” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results or outcomes could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including but not limited to, (i) operational risks, such as the Company’s ability to successfully execute on its business plan, its ability to complete the acquisition of Electric Power Technology Limited; its ability to receive stockholder approval to issue its common stock in relation to the Share Exchange Agreement; its ability to successfully acquire assets on terms that are favorable to the Company; its ability to integrate acquired assets effectively; and its ability to adapt operations in response to accidents, extreme weather events, natural disasters, and related economic effects; (ii) regulatory and compliance risks, such as the impact of new or amended governmental laws and regulations, including tariffs, clean energy policies, and environmental standards; changes in tax laws or tax-related matters; its ability to receive a successful audit outcome under Generally Accepted Accounting Standards; and its ability to maintain its listing on the Nasdaq Global Market or successfully transfer its listing to the Nasdaq Capital Market; (iii) financial risks, such as the Company’s liquidity position and ability to obtain additional financing, if necessary; foreign currency exchange rate fluctuations; interest rate volatility; the Company’s current pre-revenue status and uncertainties surrounding its ability to generate revenue in the future, including potential delays in product development, market acceptance, or achieving profitability; (iv) market and industry risks, such as fluctuations in consumer acceptance and demand for electric vehicles; competition within the EV sector; the Company’s ability to integrate solar power technology into its products as part of clean energy innovation initiatives; fluctuations in the availability and cost of raw materials critical for EV production; and advancements in battery technology or alternative energy solutions that may impact market dynamics, and (v) such known factors as are detailed in the Company’s final proxy statement/prospectus pursuant to rule 424(b)(3) filed with the Securities and Exchange Commission on May 17, 2024, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time and available on the SEC’s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors and those reported in the Company’s filings with the Securities and Exchange Commission. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements, except as required by applicable laws, regulations or rules.

 

THUNDER POWER HOLDINGS, INC.

(f/k/a Feutune Light Acquisition Corporation)
CONSOLIDATED BALANCE SHEETS
As of December 31, 2024 and 2023
(Expressed in U.S. dollar, except for the number of shares)

December 31,
2024

December 31,
2023

    ASSETS

   Current Assets

Cash

$

52,616

$

196,907

Deferred offering costs

—

429,750

Prepaid expenses for forward purchase contract

13,114,964

—

Other current assets

382,865

623,221

Total Current Assets

13,550,445

1,249,878

Non-current Assets

Property and equipment, net

—

1,974

Right of use assets

4,614

5,740

Total Non-current Assets

4,614

7,714

Total Assets

$

13,555,059

$

1,257,592

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities

Advance of subscription fees from shareholders

$

—

$

590,000

Amount due to related parties

1,766,287

68,992

Other payable and accrued expenses

2,340,440

97,297

Lease liabilities

3,455

—

Underwriter fee payable

2,921,250

—

Total Current Liabilities

7,031,432

756,289

Total Liabilities

7,031,432

756,289

Commitments and Contingencies

Shareholders’ Equity

    Common stock ($0.0001 par value, 1,000,000,000 shares authorized; 50,724,664 and
          37,488,807 shares issued and outstanding at December 31, 2024 and 2023, respectively)*

5,073

3,749

Additional paid-in capital*

43,450,667

34,927,449

Accumulated loss

(36,932,246)

(34,429,895)

Accumulated other comprehensive income

133

—

Total Shareholders’ Equity

6,523,627

501,303

Total Liabilities and Shareholders’ Equity

$

13,555,059

$

1,257,592

*

The share information and additional paid-in capital are presented on a retroactive basis to reflect the reverse recapitalization on June 21, 2024

 

THUNDER POWER HOLDINGS, INC.

(f/k/a Feutune Light Acquisition Corporation)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Years Ended December 31, 2024 and 2023
(Expressed in U.S. dollar, except for the number of shares and loss per share)

For the Year Ended
December 31,

2024

2023

Revenues

$

—

$

—

Operating expenses

General and administrative expenses

(2,502,190)

(1,815,071)

Total operating expenses

(2,502,190)

(1,815,071)

Other income (expenses)

Interest income, net

51

—

Foreign currency exchange loss

(212)

(573)

Total other expenses, net

(161)

(573)

Loss before income taxes

(2,502,351)

(1,815,644)

Income tax expenses

—

—

Net loss

(2,502,351)

(1,815,644)

Other comprehensive income

Foreign currency adjustments

133

—

Comprehensive loss

$

(2,502,218)

$

(1,815,644)

Loss per share – basic and diluted*

$

(0.06)

$

(0.05)

Weighted average shares – basic and diluted*

44,736,947

34,870,846

*

The shares and per share information are presented on a retroactive basis to reflect the reverse recapitalization on June 21, 2024

 

THUNDER POWER HOLDINGS, INC.
(f/k/a Feutune Light Acquisition Corporation)
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICITS)
For the Years Ended December 31, 2024 and 2023
(Expressed in U.S. dollar, except for the number of shares)

Common stock

Additional

Accumulated
other

Total
shareholders’

Number of
stock*

Amount*

paid-in
capital *

Accumulated
loss

comprehensive
income

equity
(deficits)

Balance as of December 31, 2022

31,754,844

$

3,175

$

32,091,251

$

(32,614,251)

$

—

$

(519,825)

Capital injection from shareholders

5,583,236

559

2,762,215

—

—

2,762,774

Issuance of ordinary shares to a related party to
settle liabilities due to the related party

150,727

15

73,938

—

—

73,953

Share-based compensation

—

—

45

—

—

45

Net loss

(1,815,644)

—

(1,815,644)

Balance as of December 31, 2023

37,488,807

$

3,749

$

34,927,449

$

(34,429,895)

$

—

$

501,303

Capital injection from shareholders

2,511,193

251

946,549

—

—

946,800

Reverse recapitalization

5,279,673

528

3,911,563

—

—

3,912,091

Issuance of common stock to a financial advisor

1,200,000

120

(120)

—

—

—

Issuance of common stock to independent directors

90,000

9

899,991

—

—

900,000

Share-based compensation

—

—

107,712

—

—

107,712

Settlement of working capital loans

289,960

29

2,635,971

—

—

2,636,000

Issuance of ordinary shares pursuant to forward purchase contracts

3,706,461

371

(371)

—

—

—

Issuance of ordinary shares pursuant to a private placement

150,000

15

(15)

—

—

—

Share-based compensation to non-employees

8,570

1

21,938

—

—

21,939

Net loss

—

—

—

(2,502,351)

—

(2,502,351)

Foreign exchange adjustments

—

—

—

—

133

133

Balance as of December 31, 2024

50,724,664

$

5,073

$

43,450,667

$

(36,932,246)

$

133

$

6,523,627

*

The share information and additional paid-in capital are presented on a retroactive basis to reflect the reverse recapitalization on June 21, 2024

 

THUNDER POWER HOLDINGS, INC.
(f/k/a Feutune Light Acquisition Corporation)
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2024 and 2023
(Expressed in U.S. dollar)

For the Year Ended
December 31,

2024

2023

Cash flows from operating activities:

Net loss

$

(2,502,351)

$

(1,815,644)

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

Depreciation expenses

1,974

4,366

Amortization of right of use assets

26,995

26,718

Share-based compensation

1,007,712

331,295

Share-based settlement expenses

—

479,174

Changes in operating assets and liabilities:

Other current assets

(6,997)

(8,221)

Amount due to related parties

130,735

236,803

Other payable and accrued expenses

137,093

86,269

Lease liabilities

(22,414)

511

Net cash used in operating activities

(1,227,253)

(658,729)

Cash flows from investing activities:

Cash acquired in reverse capitalization

929,302

—

Net cash provided by investing activities

929,302

—

Cash flows from financing activities:

Subscription fees advanced from shareholders

—

1,750,000

Subscription fees received from shareholders

356,800

—

Payment of offering cost

(999,700)

(429,750)

Return of subscription fees to an investor

—

(100,000)

Borrowings from related parties

1,051,560

—

Repayment of borrowings to a related party

(25,000)

—

Payment of extension loans

(380,000)

(300,000)

Payment of extension loans on behalf of a third party

—

(315,000)

Proceeds of prepayment shortfall under forward purchase contract

150,000

—

Net cash provided by financing activities

153,660

605,250

Net decrease in cash

(144,291)

(53,479)

Cash at beginning of year

196,907

250,386

Cash at end of year

$

52,616

$

196,907

Supplemental cash flow information

Cash paid for interest expense

$

—

$

—

Cash paid for income tax

$

—

$

—

Non-cash investing and financing activities

Operating lease right-of-use assets obtained in exchange for operating lease liabilities

$

25,824

$

—

Transfer of advance of subscription fees from shareholders to equity

$

590,000

$

1,460,000

Payable of expenses directly related to the business combination

$

1,353,913

—

Issuance of ordinary shares to settle the liabilities due to a controlling shareholder

$

—

$

609,958

Issuance of ordinary shares to settle the liabilities due to a related party

$

—

$

56,346

Issuance of ordinary shares to settle working capital loans

$

2,636,000

$

—

Share based compensation to a non-employee as part of offering cost

$

21,939

$

—

 

View original content:https://www.prnewswire.com/news-releases/thunder-power-holdings-inc-announces-financial-results-and-strategic-developments-302415989.html

SOURCE Thunder Power Holdings, Inc.

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Canada to advance global nature conservation and climate action at upcoming United Nations conferences

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2 hours ago

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October 16, 2026

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OTTAWA, ON, Oct. 16, 2026 /CNW/ — In a more uncertain and increasingly unstable world, Canada is stepping up to build a safer and more resilient future. Addressing climate change and biodiversity loss requires ambitious action at home and around the world. By advancing progress on both, Canada will protect nature, build resilient communities, and create lasting prosperity for future generations. International cooperation is key to achieving these goals.

That is why the Honourable Julie Dabrusin, Minister of the Environment, Climate Change and Nature, will lead Canada’s efforts as Head of Delegation at the 17th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP17) and the 31st meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31).

At COP17, Minister Dabrusin and the Honourable Nathalie Provost, Secretary of State (Nature), will work with international partners to accelerate implementation of the Kunming–Montréal Global Biodiversity Framework. From October 19 to 30, 2026, in Yerevan, Armenia, Canada will champion the critical role of Indigenous peoples in conservation and advocate for practical solutions to mobilize global resources for biodiversity finance. Canada will showcase its leadership through two Canadian-led official side events focused on innovative nature finance and the essential role of Indigenous leadership in advancing conservation efforts at home and around the world. The delegation will also take part in strategic bilateral meetings, high-level roundtables, and civil society events to strengthen cooperation, advance solutions, and drive action to halt and reverse biodiversity loss.

From November 9 to 20, 2026, in Antalya, Türkiye, Canada will participate in the 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31). Building on multilateral engagements, including the 10th Ministerial on Climate Action, Canada will continue working with international partners, Indigenous representatives, civil society, youth, and other stakeholders to strengthen the resilience of vulnerable communities; reduce methane emissions; accelerate electrification; and mobilize finance and investments from public and private sources. For the fifth consecutive year, Canada will host a national pavilion at COP31, showcasing Canadian climate leadership and innovation. The Canada Pavilion will serve as a hub for connection and collaboration.

Canada’s international leadership is backed by action at home. To accelerate electrification, Canada is building major clean energy projects across the country, including with the largest clean energy investment in North American history in Churchill Falls. Through A Force of Nature: Canada’s Strategy to Protect Nature and $3.8 billion in investments and funding, Canada is advancing its commitment to conserve 30% of lands and waters by 2030 through strong partnerships and innovative approaches to conservation. Canada recently reinforced this commitment by joining the 30×30 for Nature and People Ministerial Declaration at the 81st session of the United Nations General Assembly. Prime Minister, Mark Carney, recently announced a historic investment of $1.2 billion to better protect Canada’s oceans and the life they sustain. This will increase monitoring, strengthen ocean science and ecosystem protections, and improve marine incident prevention and preparedness. These priorities will be a key focus at both upcoming conferences.

Canada’s delegations to COP17 and COP31 will bring together the diverse perspectives from across Canadian society, including Indigenous representatives, civil society, the private sector, youth, and provincial and territorial government representatives. Working with international partners, these delegations help advance practical solutions to protect nature, strengthen resilience, and support sustainable economic prosperity.

Quotes

“Climate change and biodiversity loss are global challenges that no country can solve alone. At COP17 and COP31, Canada will work with partners from around the world to strengthen implementation of the Kunming–Montréal Global Biodiversity Framework and the Paris Agreement and collective efforts to address nature protection and climate change. Through international cooperation, Indigenous leadership, innovative solutions, and a collective commitment to conservation and climate action, we will build a sustainable future for people and nature alike.”
– The Honourable Julie Dabrusin, Minister of the Environment, Climate Change and Nature

“Nature loss is a global challenge that requires countries to work together and turn shared commitments into action. At COP17, Canada will share its experiences in advancing nature finance, including innovative approaches to valuing natural capital and mobilizing private investment for conservation. By exchanging ideas, lessons learned, and practical solutions with international partners, we can accelerate progress toward our global biodiversity goals and recognize nature as a foundation of long-term economic prosperity and resilience.”
– The Honourable Nathalie Provost, Secretary of State (Nature)

Quick facts

As the second largest country in the world, Canada has a vast amount of natural capital, including 24% of the world’s boreal forest, 37% of lakes, 25% of wetlands, and approximately 80,000 species. We have both a responsibility to steward these resources as well as a competitive advantage because of these assets.Canada hosted the 15th meeting of the Conference of the Parties to the United Nations Convention on Biological Diversity (COP15) in Montréal in 2022, which resulted in the adoption of the Kunming–Montréal Global Biodiversity Framework: an ambitious global plan to halt and reverse biodiversity loss by 2030.Canada supports the Armenian COP17 presidency and its approach to strengthen implementation of the Kunming–Montréal Global Biodiversity Framework toward meeting the Framework’s goals and targets.In September 2026, Canada and China co-chaired the Kunming Dialogue in Kunming, China. The Dialogue was a multilateral working-level meeting to discuss progress and challenges in the implementation of the Framework ahead of COP17.The Canada Pavilion at the United Nations Conference of the Parties (COP) is a key space to show Canadian climate leadership and innovation.Reducing methane emissions remains one of the fastest and most cost-effective ways to limit the rise of near-term global temperatures. Canada serves as co-convenor of the Global Methane Pledge, which counts 159 participating countries and the European Commission, with participants agreeing to take voluntary actions toward a collective goal of reducing global methane emissions at least 30% by 2030 (from 2020 levels).In April 2026, Canada announced a new goal of delivering $13 billion in international climate finance over the next five years.

Associated links

A Force of Nature: Canada’s Strategy to Protect NaturePrime Minister Carney Announces Historic Investment to Protect Canada’s OceansCanada Pavilion at the Conference of the Parties (COP)

Environment and Climate Change Canada’s X page
Environment and Climate Change Canada’s Facebook page
Environment and Natural Resources in Canada’s Facebook page
Environment and Climate Change Canada’s LinkedIn page
Environment and Climate Change Canada’s Instagram page

SOURCE Environment and Climate Change Canada

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DGEN TECHNOLOGIES (FORMERLY CHINA KELI ELECTRIC COMPANY) COMPLETES ACQUISITION AND NAME CHANGE AND FILES CSE LISTING STATEMENT

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2 hours ago

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October 16, 2026

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VANCOUVER, BC, Oct. 16, 2026 /CNW/ — DGEN Technologies Corp. (formerly China Keli Electric Company Ltd.) (the “Company”) is pleased to announce that it has completed its previously announced acquisition of DGEN Financial Holdings Corp. (formerly DGEN Technologies Corp.) (“DGEN”) pursuant to a share exchange agreement dated December 9, 2025, as amended on August 17, 2026 (the “SEA”) on October 14, 2026 (the “Transaction”).

Pursuant to the Transaction, the Company acquired all of the issued and outstanding shares of DGEN in exchange for the issuance of an aggregate of 9,550,360 common shares of the Company (“Common Shares”) and 7,000,360 Common Share purchase warrants (“Warrants”) to certain former shareholders of DGEN. Each Warrant entitles the holder to acquire one Common Share at a price of $0.25 until October 14, 2028. As a result of the Transaction, DGEN became a wholly-owned subsidiary of the Company. As of the date hereof, the Company has 29,161,364 Common Shares and 7,000,360 Warrants issued and outstanding.

In connection with the completion of the Transaction, the Company changed its name from “China Keli Electric Company Ltd.” to “DGEN Technologies Corp.” and, hereinafter, will carry on the business of DGEN.

Listing Statement

Following the closing of the Transaction, the Company has filed a CSE Form 2A listing statement dated October 14, 2026 (the “Listing Statement”) on SEDAR+ under its profile relating to the Transaction and the proposed CSE listing. Investors are encouraged to review the Listing Statement, which provides detailed information about the Transaction, the Company and its operations.

The Company has received conditional approval to list the Common Shares on the Canadian Securities Exchange (the “CSE”) and has delisted the Common Shares from the TSX Venture Exchange in anticipation of listing on the CSE. The Common Shares are expected to commence trading on the CSE under the symbol “DGEN” on or about October 20, 2026.

Board of Directors and Management

Following completion of the Transaction, the directors and officers of the Company are Cole Goodwin, Chief Executive Officer and Director, Philip Lo, Chief Financial Officer, Corporate Secretary and Director, Sean Webster, Director, and Yee Man Cheung, Director.

Mr. Goodwin is a business executive with over 10 years of experience in alternative and traditional investment markets, financial technology and corporate operations. His experience includes senior management and board roles with publicly traded companies, including as Chief Operating Officer of Hyper Bit Technologies Ltd. Mr. Goodwin provides the Company with strategic and operational oversight in respect of its technology platform, including development and commercialization of payment infrastructure, integration of payment gateways, technology deployment and vendor management.

Escrow

At the time of listing, the Company will have 2,496,000 Common Shares and 1,000,000 Warrants held by related persons subject to escrow pursuant to an escrow agreement dated October 14, 2026 among the escrowed securityholders, the Company and Odyssey Trust Company, as escrow agent, subject to a 36-month release schedule pursuant to National Policy 46-201 – Escrow for Initial Public Offerings.

About DGEN Technologies Corp.

DGEN Technologies Corp. is a Vancouver-based technology company developing a cloud-based payment platform intended to integrate point-of-sale, kiosk and mobile payment systems into a unified and scalable solution. The Company’s platform is currently in beta stage and is operational, but has not yet been commercialized or generated revenue.

The CSE has not reviewed, approved, or disapproved, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including, without limitation, statements with respect to: the expected listing of the Common Shares on the CSE; the satisfaction of any remaining conditions to listing; the business and operations of the Company following completion of the Transaction; the Company’s platform, including its development, commercialization, functionality, market adoption and ability to generate revenue; the Company’s intended business objectives; the escrow arrangements applicable to certain Common Shares and Warrants; and future plans and expectations of the Company. Forward-looking information is based on management’s current expectations, estimates, projections, beliefs and assumptions as of the date of this news release.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: the possibility that the Common Shares may not commence trading on the CSE when expected or at all; risks relating to the Company’s early stage of development; the fact that the platform is in beta stage, has not yet been commercialized and has not generated revenue; risks associated with development, commercialization and market adoption of the platform; competition from established payment technology providers; reliance on third-party contractors and service providers; additional financing and dilution risks; market volatility; regulatory, compliance, cybersecurity and data privacy risks; risks relating to escrowed securities; and the other risks described in the Listing Statement. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE DGEN Technologies Corp.

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ASSA ABLOY sells PKI business unit to Vista Equity Partners

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3 hours ago

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October 16, 2026

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STOCKHOLM, Oct. 16, 2026 /PRNewswire/ — ASSA ABLOY has signed an agreement to sell HID’s PKI business unit to Vista Equity Partners (“Vista”).

The PKI business unit (Public Key Infrastructure) provides digital trust, identity, authentication, encryption, and certificate management solutions. The business unit includes PKI SaaS – IdenTrust and HydrantID – credential management, and ZeroSSL.

“I find it very satisfying that with Vista, the PKI business unit and its employees and customers gain a committed long-term investor, creating new opportunities for the future and I wish them every success,” says Nico Delvaux, President and CEO of ASSA ABLOY.

“Our PKI team has built a strong business with a strong customer base, and Vista has the expertise to take it forward as the market evolves,” says Björn Lidefelt, EVP and Head of HID. “We are pleased with this outcome for our customers, our employees, and for HID.”

The divested business had sales in 2025 of MUSD 58 (approx. MSEK 570) with a strong operating margin.

The divestiture is subject to customary closing conditions and is expected to close during the fourth quarter of 2026.

For more information, please contact: 
Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: bjorn.tibell@assaabloy.com

About ASSA ABLOY
ASSA ABLOY is the global leader in access solutions. Every day we help people feel safe, secure and experience a more open world. We operate worldwide with 64,000 employees and sales of SEK 152 billion, with leading positions in areas such as efficient door openings, trusted identities and entrance automation. Our innovations enable safe, secure and convenient access to physical and digital places.

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