Technology
INLIF LIMITED Reports Fiscal Year 2024 Financial Results
Published
1 year agoon
By
QUANZHOU, China, April 29, 2025 /PRNewswire/ — INLIF LIMITED (Nasdaq: INLF) (the “Company” or “INLIF”), a company engaged in the research, development, manufacturing, and sales of injection molding machine-dedicated manipulator arms, today announced its financial results for the year ended December 31, 2024.
Mr. Rongjun Xu, the chief executive officer of INLIF, remarked, “We are thrilled to report the performance for fiscal year 2024, with growth recorded across revenue, gross profit, and net income. This success was fueled by sustained demand from existing clients and new customers acquired through our strategic marketing initiatives. Our strategic expansion also played a pivotal role in driving sales growth and penetrating new sectors and emerging markets. These combined efforts resulted in a 25.26% year-over-year increase in revenue. As sales increased, our gross margin declined slightly to 28.83%, which contributed to a 9.49% increase in gross profit, highlighting our profitability and effective cost control measures.
“In preparation for our Nasdaq listing and to unlock greater opportunities in new markets, we launched proactive marketing campaigns and offered attractive incentive commissions to enhance brand recognition and order acquisition. These efforts included participation in exhibitions across China and exploration of overseas markets, particularly in Southeast Asia and India. Meanwhile, we have supported our revenue growth with only a moderate increase in operational costs. We continued to invest in research and development, and we plan to accelerate the acquisition of talents, patents, and technologies to meet the evolving and diversifying needs of the market.
“Thanks to the outstanding efforts of our team and the strong execution of our strategic initiatives, net income rose by 18.78% during our first financial report post-listing. Looking ahead, we anticipate opportunities for continued growth and development, supported by the enhanced visibility and access to capital provided by our Nasdaq listing. In addition, the rise of emerging technology innovations and the increasing adoption of automation infrastructure are expected to significantly accelerate growth in the manipulator arms industry. We are confident that our proactive and pragmatic business strategies will place us on a sustainable and thriving path, delivering long-term value to the Company and our shareholders.”
Fiscal Year 2024 Financial Highlights
Net revenue was $15.80 million for fiscal year 2024, representing an increase of 25.26% from $12.61 million for fiscal year 2023.Gross profit was $4.55 million for fiscal year 2024, representing an increase of 9.49% from $4.16 million for fiscal year 2023.Gross profit margin was 28.83% for fiscal year 2024, compared to 32.98% for fiscal year 2023.Net income was $1.61 million for fiscal year 2024, representing an increase of 18.78% from $1.35 million for fiscal year 2023.Basic and diluted earnings per share were $0.13 for fiscal year 2024, compared to $0.11 for fiscal year 2023.
Fiscal Year 2024 Financial Results
Net Revenue
Net revenue was $15.80 million for fiscal year 2024, representing an increase of 25.26% from $12.61 million for fiscal year 2023. The increase was primarily attributable to (i) an increase in sales of manipulator arms, including installation and warranty services, by approximately $0.51 million; (ii) an increase in sales of manipulator arms accessories by approximately $0.44 million; (iii) an increase in sales of raw materials and scraps by approximately $2.27 million; and (iv) a decrease in sales of installation services by approximately $0.04 million.
Sales of manipulator arms and installation and warranty services were $10.33 million for fiscal year 2024, representing an increase of 5.23% from $9.82 million for fiscal year 2023.Sales of accessories were $1.44 million for fiscal year 2024, representing an increase of 44.08% from $1.00 million for fiscal year 2023.Sales of raw materials and scraps were $3.93 million for fiscal year 2024, representing an increase of 136.61% from $1.66 million for fiscal year 2023.Sales of installation services were $95,442 for fiscal year 2024, representing a decrease of 29.14% from $134,697 for fiscal year 2023.
Cost of Revenue
Cost of revenue was $11.24 million for fiscal year 2024, representing an increase of 33.03% from $8.45 million for fiscal year 2023. The increase was primarily attributable to the Company’s business growth and an increase in sales resulting in an increase in costs accordingly.
Gross Profit and Gross Profit Margin
Gross profit was $4.55 million for fiscal year 2024, representing an increase of 9.49% from $4.16 million for fiscal year 2023. The increase mainly due to (i) an increase in gross profit from sales of manipulator arms, including installation and warranty services, by approximately $0.47 million; (ii) a decrease in gross profit from sales of manipulator arms accessories by approximately $0.11 million; (iii) an increase in gross profit from sales of raw materials and scraps by approximately $0.06 million; and (iv) a decrease in gross profit from sales of installation services by approximately $0.03 million.
Gross profit margin was 28.83% for fiscal year 2024, compared to 32.98% for fiscal year 2023.
Operating Expenses
Operating expenses were $3.27 million for fiscal year 2024, representing an increase of 17.74% from $2.77 million for fiscal year 2023.
Selling expenses were $0.94 million for fiscal year 2024, representing an increase of 36.46% from $0.69 million for fiscal year 2023. The increase was mainly due to (i) an increase in exhibition expenses by approximately $0.12 million, resulting from participation in an additional four exhibitions across four cities in China in 2024; (ii) an increase in salary by approximately $0.12 million, as the growth in revenue has led to higher commissions for sales personnel, alongside the addition of three sales representatives in 2024 compared to 2023; and (iii) an increase in transportation fees by approximately $0.19 million, due to increase of sales to customers from other provinces, such as Guangdong, Zhejiang, and Jiangsu, resulting in a rise in related transportation costs.General and administrative expenses were $0.76 million for fiscal year 2024, representing an increase of 5.58% from $0.72 million for fiscal year 2023. The increase was mainly due to an increase in consulting fees for external public relations and internal control.Research and development expenses were $1.56 million for fiscal year 2024, representing an increase of 14.76% from $1.36 million for the same period of last year. The increase was primarily attributable to increased investment in research and corresponding material consumption to enhance the quality and performance of manipulator arms.
Net Income
Net income was $1.61 million for fiscal year 2024, representing an increase of 18.78% from $1.35 million for fiscal year 2023.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share were $0.13 for fiscal year 2024, compared to $0.11 for fiscal year 2023.
Financial Condition
As of December 31, 2024, the Company had cash and cash equivalents of $2.47 million, compared to $0.60 million as of December 31, 2023.
Net cash provided by operating activities was $1.58 million for fiscal year 2024, compared to $0.40 million for fiscal year 2023.
Net cash provided by investing activities was $0.32 million for fiscal year 2024, compared to net cash used in investing activities of $0.22 million for fiscal year 2023.
Net cash provided by financing activities was $0.22 million for fiscal year 2024, compared to $0.46 million for fiscal year 2023.
Recent Development
On January 3, 2025, the Company completed its initial public offering of 2,000,000 ordinary shares at a public offering price of US$4.00 per share. The Company’s ordinary shares began trading on the Nasdaq Capital Market on January 2, 2025, under the ticker symbol “INLF.”
About INLIF LIMITED
Through its operating entity in the People’s Republic of China, Ewatt Robot Equipment Co. Ltd., established in September 2016, INLIF is engaged in the research, development, manufacturing, and sales of injection molding machine-dedicated manipulator arms. It is also a provider of installation services and warranty services for manipulator arms, and accessories and raw materials for manipulator arms. The Company produces an extensive portfolio of injection molding machine-dedicated manipulator arms, including transverse single and double-axis manipulator arms, transverse and longitudinal multi-axis manipulator arms, and large bullhead multi-axis manipulator arms, all developed by itself. For more information, please visit the Company’s website: https://ir.yiwate88.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.
For investor and media inquiries, please contact:
INLIF LIMITED
Investor Relations Department
Email: ir@yiwate88.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
INLIF LIMITED
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)
As of
December 31,
2024
As of
December 31,
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
2,467,638
$
598,933
Accounts receivable, net
3,840,120
3,789,214
Inventories
5,300,458
4,493,042
Deferred offering costs, current
1,482,558
—
Prepayments and other current assets
159,570
142,095
Amounts due from related parties
1,030
352,118
TOTAL CURRENT ASSETS
$
13,251,374
$
9,375,402
NON-CURRENT ASSETS:
Property, plant, and equipment, net
$
3,037,312
$
3,397,167
Land-use rights, net
2,130,164
2,237,684
Intangible assets, net
43,773
50,297
Deferred offering costs, non-current
—
960,241
Deferred tax assets
5,169
452
TOTAL NON-CURRENT ASSETS
$
5,216,418
$
6,645,841
TOTAL ASSETS
$
18,467,792
$
16,021,243
LIABILITIES
CURRENT LIABILITIES:
Accounts payable
$
3,132,613
$
2,546,418
Bank loans
4,630,581
3,662,023
Contract liabilities
1,712
65,073
Accrued expenses and other payables
222,247
259,648
Income taxes payable
27,337
12,058
Amounts due to related parties
186,768
513,018
TOTAL CURRENT LIABILITIES
$
8,201,258
$
7,058,238
TOTAL LIABILITIES
$
8,201,258
$
7,058,238
COMMITMENTS AND CONTINGENCIES (NOTE 19)
SHAREHOLDERS’ EQUITY
Ordinary shares ($0.0001 par value, 500,000,000 shares authorized, 12,500,000
shares issued and outstanding as of December 31, 2024 and 2023)*
$
1,250
$
1,250
Additional paid-in capital
7,037,503
7,037,503
Statutory reserve
361,083
200,229
Retained earnings
3,201,818
1,756,183
Accumulated other comprehensive loss
(335,120)
(32,160)
TOTAL SHAREHOLDERS’ EQUITY
$
10,266,534
$
8,963,005
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
18,467,792
$
16,021,243
* The share amounts are presented on a retrospective basis.
INLIF LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Expressed in U.S. Dollars, except for the number of shares)
Years ended December 31,
2024
2023
2022
Revenues
15,796,983
12,610,873
6,652,308
Cost of revenues
(11,242,817)
(8,451,336)
(4,358,426)
Gross profit
4,554,166
4,159,537
2,293,882
Operating expenses:
Selling expenses
(938,941)
(688,064)
(396,421)
General and administrative expenses
(764,530)
(724,147)
(742,620)
Research and development expenses
(1,563,059)
(1,362,058)
(504,711)
Total operating expenses
(3,266,530)
(2,774,269)
(1,643,752)
Operating income
1,287,636
1,385,268
650,130
Other income (expenses):
Interest income
3,274
6,884
2,625
Interest expenses
(196,304)
(146,386)
(82,672)
Other income, net
531,198
110,159
15,010
Other expense, net
(8,370)
(17,410)
(44,274)
Exchange gain (loss)
3,893
25,344
(3,687)
Total other income (expenses), net
333,691
(21,409)
(112,998)
Income before income tax
1,621,327
1,363,859
537,132
Income tax (expenses) benefits
(14,838)
(11,348)
423
Net income
1,606,489
1,352,511
537,555
Comprehensive income
Net income
1,606,489
1,352,511
537,555
Foreign currency translation adjustments, net of tax
(302,960)
(227,278)
187,942
Comprehensive income
1,303,529
1,125,233
725,497
Earnings per share, basic and diluted
0.13
0.11
0.04
Weighted average number of shares*
12,500,000
12,500,000
12,500,000
* The share amounts are presented on a retrospective basis.
INLIF LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars, except for the number of shares)
For the years ended
December 31,
2024
2023
2022
Cash flows from operating activities:
Net income
1,606,489
1,352,511
537,555
Adjustments to reconcile net income (loss) to net cash used in operating
activities:
Depreciation and amortization
347,977
367,029
388,233
Allowance for (reversal of) credit losses
(154)
(19,930)
15,975
Loss on disposal of property, plant, and equipment
—
5,432
—
Deferred tax assets
—
—
(423)
Changes in operating assets and liabilities:
Accounts receivable
(50,752)
(1,552,991)
(716,876)
Intangible assets
—
(53,086)
—
Inventories
(807,416)
(2,025,725)
1,093,218
Prepayments and other current assets
(17,474)
94,160
170,093
Accounts payable, trade
586,195
2,057,775
(103,240)
Contract liabilities
(63,361)
65,073
(137,699)
Other payables and accrued liabilities
(37,401)
98,485
(7,507)
Tax payable
15,279
11,505
(301)
Net cash provided by operating activities
1,579,382
400,238
1,239,028
Cash flows from investing activities:
Purchase of property, plant, and equipment
(25,759)
(219,121)
(18,165)
Disposal of property, plant, and equipment
—
989
—
Amount loan to related parties
(1,025)
—
—
Proceeds from repayment by related parties
347,428
—
—
Net cash provided by (used in) investing activities
320,644
(218,132)
(18,165)
Cash flows from financing activities:
Capital Contributions
—
—
6,760,538
Proceeds from short-term loans
7,143,130
3,671,841
2,526,378
Repayment of short-term loans
(6,059,153)
(2,400,819)
(1,486,105)
Deferred offering costs
(522,318)
(919,207)
(42,060)
Amount financed from related parties
181,116
977,418
515,678
Amount repaid to related parties
(518,379)
(865,770)
(9,993,772)
Net cash provided by (used in) financing activities
224,396
463,463
(1,719,343)
Effect of exchange rate changes
(255,717)
(131,597)
397,892
Net increase (decrease) in cash
1,868,705
513,972
(100,588)
Cash and cash equivalents at beginning of the year
598,933
84,961
185,549
Cash and cash equivalents at end of the year
2,467,638
598,933
84,961
Supplemental disclosures of cash flows information:
Cash paid for income taxes
1,707
475
303
Cash paid for interest expense
191,859
143,727
82,672
View original content:https://www.prnewswire.com/news-releases/inlif-limited-reports-fiscal-year-2024-financial-results-302441939.html
SOURCE INLIF LIMITED
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From Remote Racing to Embodied AI: Fibocom and Intedigo Bring 5G Bidirectional Data Transmission into Real-World Applications
Published
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July 18, 2026By
SHANGHAI, July 18, 2026 /PRNewswire/ — From July 17 to 20, Fibocom and Intedigo will jointly present a cross-regional, beyond-visual-line-of-sight (BVLOS) teleoperation demonstration at Booth H3-C408 during the World Artificial Intelligence Conference (WAIC) 2026. Visitors will be able to enter a remote driving cockpit and control a real race car located at HURA PARK in Jiading, Shanghai, steering, accelerating, and braking in real time while experiencing how 5G connectivity enables remote operation.
More than an immersive driving experience, the demonstration provides a live validation of 5G bidirectional data transmission for embodied AI teleoperation. The vehicle continuously sends live track video, vehicle status, and operating data to the remote cockpit, while control commands are transmitted back to the vehicle, creating a closed-loop teleoperation system. Stable, low-latency, and highly reliable connectivity is essential for high-dynamic maneuvers such as high-speed cornering, precision braking, and continuous lane changes.
Developed by Intedigo, the remote driving system connects a real race car with an immersive remote driving cockpit. It supports 1080p@60Hz video transmission, glass-to-glass (G2G) video latency of less than 80 ms, and control latency of less than 10 ms. The demanding racing environment magnifies differences in video continuity and control responsiveness, making communications performance directly perceptible, measurable, and verifiable.
At the joint demonstration, Fibocom’s FM160 5G module provides cellular connectivity for the system. Powered by the Qualcomm Snapdragon™ X62 5G Modem-RF System, the FM160 supports SA and NSA network architectures as well as 3GPP Release 16. On the downlink, it supports NR Carrier Aggregation (NR CA) with bandwidth of up to 120 MHz, delivering peak speeds of up to 3.5 Gbps in NSA mode and 2.5 Gbps in SA mode. On the uplink, it supports UL MIMO and delivers peak speeds of up to 900 Mbps in SA mode. These capabilities support the continuous transmission of HD video and vehicle status data, along with reliable delivery of control commands.
As embodied AI moves into factories, data centers, logistics operations, and industrial parks, robots are becoming increasingly capable of performing tasks autonomously. Yet complex environments, unexpected events, and edge cases still require Human-in-the-Loop (HITL) remote intervention to help ensure safe and reliable operation.
Daniel Liu, CEO of Intedigo, said:
“5G represents the pinnacle of human communications and the starting point of machine communications. In the past, communications connected people to people; in the future, they will connect people to robots and robots to robots. Remote racing is simply the easiest entry point for people to understand this concept. What we are truly validating is a communications system capable of supporting remote collaboration for embodied AI. HURA makes low-latency remote driving a tangible experience, while RoBOX extends this capability to robots and a broader range of intelligent terminals. Together with Fibocom, we hope to enable more machines to receive remote assistance whenever needed while remaining continuously connected and operating reliably.”
Simon Tao, VP of Wireless Solutions Business Group and General Manager of MBB BU at Fibocom, said:
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From remote race cars to robots, unmanned equipment, and mobile intelligent terminals, 5G is evolving from connecting people to connecting machines. This joint demonstration makes the capabilities of 5G bidirectional data transmission directly perceptible, experiential, and verifiable, helping pave the way for embodied AI to scale across real-world applications.
About Fibocom
Fibocom, founded in 1999, is China’s first wireless communication module company listed on both the A-share and H-share markets (300638.SZ, 0638.HK). As a global leading provider of wireless communication modules and AI solutions, Fibocom leverages wireless communication and artificial intelligence as its core technologies to provide integrated hardware and software solutions that empower industry applications. These solutions accelerate the transformation from “Connect Everything” to “Intelligent Connectivity” across diverse industries.
Fibocom’s one-stop solutions encompass cellular communication, AI, automotive, and GNSS modules, as well as AI toolchains, supporting industry-side and mainstream large model integration, and providing AI Agent, global connectivity, and cloud services, driving the digital intelligence upgrades in industries such as robotics, consumer electronics, low-altitude economy, intelligent transportation, smart retail, and smart energy.
View original content to download multimedia:https://www.prnewswire.com/news-releases/from-remote-racing-to-embodied-ai-fibocom-and-intedigo-bring-5g-bidirectional-data-transmission-into-real-world-applications-302828996.html
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Technology
DR. PHONE FIX ANNOUNCES SECOND TRANCHE CLOSING OF NON-BROKERED CONVERTIBLE DEBENTURE UNIT FINANCING
Published
3 hours agoon
July 18, 2026By
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, AB, July 18, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) is pleased to announce that, further to its news release dated May 19, 2026 and June 24, 2026 (the “Prior News Releases”), it has closed the second tranche of its non-brokered private placement (the “Offering”) of convertible debenture units of the Company (each, a “Unit”). The Company issued 726 Units, at a price of $1,000 per Unit, for aggregate gross proceeds of $726,000. Each Unit is comprised of (i) one $1,000 principal amount unsecured convertible debenture of the Company (a “Convertible Debenture”) and (ii) 3,125 common share (“Common Share”) purchase warrants of the Company (each, a “Warrant”). Additional detail on the Offering, including terms of the Convertible Debentures and Warrants, is set out in the Prior News Releases.
In connection with the Offering, the Company paid a finder’s fee consisting of an aggregate cash fee of $50,820 and issued an aggregate of 317,625 common share purchase warrants of the Company (each, a “Finder’s Warrant”) to certain qualified arm’s length parties. Each Finder’s Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $0.22 prior to the date that is 24 months from the date of issuance.
All securities issued pursuant to the Offering, including any Common Shares issuable upon conversion of the Convertible Debentures or exercise of the Warrants and Finder’s Warrants, are subject to a statutory hold period of four months and one day from the closing of the Offering, in accordance with applicable securities laws and TSX Venture Exchange (the “TSXV”) policies.
The Offering remains subject to final acceptance of the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Dr. Phone Fix
Dr. Phone Fix is a national, award-winning, eco-friendly, and customer-centric leader in Canada’s cell phone and electronics repair and certified pre-owned device industry. Founded in 2019, the Company now operates 44 retail locations nationwide through a standardized and scalable operating platform designed to support consistent execution across multiple markets, delivering fast, reliable, and environmentally conscious repair services alongside a curated selection of certified pre-owned devices and premium accessories. Dr. Phone Fix maintains strong partnerships with OEMs and certified suppliers, ensuring consistently high-quality standards across its national footprint. With a focus on responsible device lifecycle management, customer service, and operational discipline, Dr. Phone Fix continues to set the benchmark for device care and resale in Canada.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Forward-Looking Information and Cautionary Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the final acceptance of the Offering by the TSXV; and the expected use of proceeds following the closing of the Offering. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; the TSXV will provide its final acceptance of the Offering; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV final acceptance for the Offering; the potential failure to complete the balance of the Offering or to raise the full anticipated gross proceeds; market conditions and investor demand for the Company’s securities; the Company’s inability to deploy the proceeds as currently intended; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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