Technology
Mingteng International Corporation Inc. Announces Financial Results for Fiscal Year 2024
Published
1 year agoon
By
WUXI, China, April 30, 2025 /PRNewswire/ — Mingteng International Corporation Inc. (Nasdaq: MTEN) (the “Company” or “Mingteng International”), an automotive mold developer and supplier in China, today announced its financial results for the fiscal year ended December 31, 2024.
Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, “In fiscal year 2024, we made several strategic decisions, including expanding our production capacity and increasing our workforce, to adapt to evolving market dynamics and rising competition. While these initiatives resulted in higher investments and operating expenses, we achieved solid revenue growth of 23.0%, underscoring the effectiveness of our business strategy and the strength of our long-standing relationships with major customers. Notably, our machining services have become a key growth driver due to prioritized resource allocation. This segment grew by an impressive 327.6% during this year, surpassing our mold repair business to become the second-largest revenue contributor, accounting for the 21.2% of total revenue in fiscal year 2024.
As a result of scaling up our operations, our cost of revenues rose at a faster pace. However, we managed to maintain a healthy gross margin above 30%, despite increased costs and relatively stable selling prices. This demonstrates our ability to sustain profitability while building a strong business foundation for the future growth. Overall, we remained committed to our core strengths in technical expertise, service reputation, and product quality, even in the face of external challenges. The past year was a transformative for Mingteng International, marked by significant expansion, we believe these efforts have laid a robust foundation for long-term, sustainable growth. Backed by the dedication of our team and the successful execution of our strategic initiatives, we are confident in our ability to unlock further development opportunities and elevate our business to the next level with enhanced capabilities and infrastructure.”
Fiscal Year 2024 Financial Summary
Total revenue was $10.12 million in fiscal year 2024, an increase of 23.0% from $8.23 million in the fiscal year 2023.
Gross profit was 3.07 million in fiscal year 2024, compared to $3.32 million in fiscal year 2023.
Gross margin was 30.3% in fiscal year 2024, compared to 40.4% in fiscal year 2023.
Net loss was $5.68 million in fiscal year 2024, compared to net income $1.51 million in fiscal year 2023.
Basic and diluted losses per share were $0.97 in fiscal year 2024, compared to basic and diluted earnings per share $0.30 in fiscal year 2023.
Fiscal Year 2024 Financial Results
Revenues
Total revenue was $10.12 million in fiscal year 2024, an increase of 23.0% from $8.23 million in fiscal year 2023. After consideration of the impact of rising exchange rates, total revenue increased by 24.3% or 14.1 million in RMB base currency.
For the Year Ended December 31,
2024
2023
($ millions)
Revenue
Cost of Revenue
Gross Margin
Revenue
Cost of Revenue
Gross Margin
Mold production
6.87
4.86
29.3 %
6.64
4.20
36.7 %
Mold repair
1.10
0.48
56.5 %
1.08
0.43
60.8 %
Machining services
2.14
1.71
20.1 %
0.50
0.27
45.2 %
Total
10.12
7.05
30.3 %
8.23
4.90
40.4 %
Revenue from mold production was $6.87 million in fiscal year 2024, an increase of 3.5% from $6.64 million in fiscal year 2023. Despite the adverse impact of exchange rate fluctuations, mold production volume and revenues still represented a slight increase, this indicates that Wuxi Mingteng Mould Technology Co., Ltd. (“Wuxi Mingteng Mould”) maintains long-term relationships with major customers and continues to open up the mold market in fiscal year 2025.
Revenue from mold repair was $1.10 million in fiscal year 2024, an increase of 1.7% from $1.08 million in fiscal year 2023.
Revenue from machining services was $2.14 million in fiscal year 2024, an increase of 327.6% from $0.50 million in fiscal year 2023. The increase was mainly attributed to the Company continuing investment in improving the production capacity in the second half of year 2023 and the first half of year 2024. Revenues from machining services gradually serve as a main source of revenue for the Company in the year 2024. Currently, Kehua Holding Co., Ltd. and Suzhou Green Control Transmission Technology Co., Ltd. are our major customers in machine services.
Cost of Revenues
Cost of revenues was $7.05 million in fiscal year 2024, an increase of 43.9% from $4.90 million in fiscal year 2023. The cost of revenues mainly comes from raw material costs, manufacturing costs and labor costs. The revenues had not increased significantly, the reasons that costs growth has far exceed the growth of revenues as follows:
First, in order to promote the future development of machining service and expand production capacity, Wuxi Mingteng Mould hired more production labor in fiscal year 2024, which lead to an increase of $821,025 in labor cost in fiscal year 2023.
Second, in order to pursue the future development of the aluminum alloy pressure casting mold business and machining service and expand production capacity, the total investment of production machinery and equipment was $1,131,506 in fiscal year 2024, an increase from $650,982 in fiscal year 2023, resulting in an increase of depreciation expense which allocated to production costs of $59,817. The depreciation expense increased to $412,992 in fiscal year 2024 compared to $353,175 in fiscal year 2023. In addition, due to the expansion of production scale in fiscal year 2024, the indirect manufacturing costs also increased, such as the low-value consumption materials (mainly metal processing tools) increased by $446,490, amount to $972,225 in fiscal year 2024 from $525,735 in fiscal year 2023, and the charges for water and electricity increased by $106,101, amount to $260,541 in fiscal year 2024 from $154,440 in fiscal year 2023.
Last, due to the expansion of sales, the production orders increased, which means the materials assumptions also increased accordingly, the assumption of materials increased by $572,183, amount to $2,092,519 in fiscal year 2024 from $1,520,336 in fiscal year 2023.
Gross Profit and Gross Margin
Gross profit was $3.07 million in fiscal year 2024, a decrease from $3.32 million in fiscal year 2023. Gross margin was 30.3% for fiscal year 2024, compared to 40.4% in fiscal year 2023. Compared to fiscal year 2023, the labor costs and manufacturing expenses increased more significantly than the cost of raw materials in fiscal year 2024, leading to a relative decline in the proportion of raw materials within the total cost structure.
Gross margins for mold production, mold repair and machining services were 29.3%, 56.5%, and 20.1%, respectively, in fiscal year 2024, compared to 36.7%, 60.8%, and 45.2%, respectively, in fiscal year 2023.
Operating Expenses
Operating expenses were $8.18 million in fiscal year 2024, an increase of 417.4% from $1.58 million in fiscal year 2023.
Selling expenses were $150,418 in fiscal year 2024, a decrease of 1.8% from $153,213 in fiscal year 2023.The selling expenses remain stable.
General and administrative expenses were $7,395,559 in fiscal year 2024, an increase of 827.8% from $797,140 in fiscal year 2023, primarily due to a) share based compensation $4,408,200; b) the increase of consulting fee in fiscal year 2024 by $1,023,451 compared to fiscal year 2023, the Company paid large amount of consulting and professional fees for the Initial Public Offering (“IPO”) in April 2024; and c) due to the number of employees increased, the employee welfare expenses increased by $201,854; d) the increase in personal income tax accrued for stock-based payment of $736,473; e) after the successful listing of the Company, three independent directors were hired, resulting in an increase in salaries of $67,500.
Research and development expenses were $634,046 in fiscal year 2024, an increase of 0.5% from $630,752 in fiscal year 2023. Research and development expenses remain stable with a slight increase.
Net Income (Loss)
Net loss was $5.68 million in fiscal year 2024, compared to net income of $1.51 million in fiscal year 2023.
Basic and Diluted Earnings (Losses) per Share
Basic and diluted losses per share were $0.97 in fiscal year 2024, compared to basic and diluted earnings per share of $0.30 in fiscal year 2023.
Financial Condition
As of December 31, 2024, the Company had cash and cash equivalents of $2.08 million, compared to $1.06 million as of December 31, 2023.
Net cash provided by operating activities was $0.29 million in fiscal year 2024, compared to $1.30 million in fiscal year 2023.
Net cash used in investing activities was $3.43 million in fiscal year 2024, compared to $0.76 million in fiscal year 2023.
Net cash provided by financing activities was $4.15 million in fiscal year 2024, compared to net cash used in financing activities of $1.25 million in fiscal year 2023.
About Mingteng International Corporation Inc.
Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized and integrated mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated “Turnkey Project” for customers. The Company’s main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company’s website: https://ir.wxmtmj.cn/.
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. 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. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports its files with the SEC before making any investment decisions regarding the Company’s securities. 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.
For investor and media inquiries, please contact:
Mingteng International Corporation Inc.
Investor Relations Department
Email: ir@wxmtmj.cn
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
MINGTENG INTERNATIONAL CORPORATION INC.
CONSOLIDATED BALANCE SHEETS
As of December 31,
2024
2023
ASSETS
Current Assets
Cash and cash equivalents
$
2,080,715
$
1,056,236
Accounts receivable, net
4,171,809
3,517,632
Other receivables-bank acceptance notes, net
971,044
471,166
Advances to suppliers
122,456
388,110
Other receivables
15,690
12,344
Inventories, net
1,183,572
1,217,045
Contract costs, net
96,656
–
Total current assets
8,641,942
6,662,533
Non-current Assets
Property and equipment, net
3,857,200
3,335,187
Intangible assets
67,710
–
Operating lease right-of-use assets, net
38,133
–
Deferred offering costs
–
715,771
Long-term investments
1,356,618
–
Total non-current assets
5,319,661
4,050,958
Total Assets
$
13,961,603
$
10,713,491
LIABILITIES AND EQUITY
Current Liabilities
Short-term loans
$
1,391,130
$
282,378
Accounts payable
1,276,419
1,053,215
Other payables and other current liabilities
1,829,642
1,041,910
Advance from customers
515,650
401,935
Amounts due to related parties
240,166
240,309
Current portion of lease liabilities
13,006
–
Total current liabilities
5,266,013
3,019,747
Non-current Liabilities
Deferred tax liabilities
221,551
246,893
Non-current portion of lease liabilities
20,408
–
Total non-current liabilities
241,959
246,893
Total liabilities
5,507,972
3,266,640
Commitments and contingencies
Shareholders’ Equity:
Ordinary shares (Par value US$0.00001 per share, 5,000,000,000 shares authorized,
6,839,600 and 5,000,000 shares issued and outstanding as of December 31, 2024
and 2023)
68
50
Additional paid-in capital
7,620,339
897,308
Statutory reserves
465,572
465,572
Retained earnings
787,211
6,466,293
Accumulated other comprehensive loss
(419,559)
(382,372)
Total shareholders’ equity
8,453,631
7,446,851
Total Liabilities and Shareholders’ Equity
$
13,961,603
$
10,713,491
MINGTENG INTERNATIONAL CORPORATION INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Years Ended December 31,
2024
2023
2022
Revenues
$
10,120,257
$
8,225,911
$
8,026,764
Cost of revenues
(7,052,835)
(4,902,078)
(4,113,661)
Gross profit
3,067,422
3,323,833
3,913,103
Operating expenses:
Selling expenses
150,418
153,213
132,542
General and administrative expenses
7,395,559
797,140
926,786
Research and development expenses
634,046
630,752
492,526
Total operating expenses
8,180,023
1,581,105
1,551,854
(Loss) income from operations
(5,112,601)
1,742,728
2,361,249
Other income (expenses):
Government subsidies
651,267
129,138
92,832
Interest income
1,226
4,459
2,171
Interest expense
(36,769)
(59,477)
(53,991)
Other-than-temporary impairment
(1,121,382)
–
–
Other income, net
19,183
34,440
58,311
Total other income (expenses), net
(486,475)
108,560
99,323
(Loss) income before income taxes
(5,599,076)
1,851,288
2,460,572
Provision for income taxes
(80,006)
(344,586)
(327,384)
Net (loss) income
$
(5,679,082)
$
1,506,702
$
2,133,188
Comprehensive income (loss)
Net (loss) income
$
(5,679,082)
$
1,506,702
$
2,133,188
Foreign currency translation loss
(37,187)
(133,740)
(479,845)
Total comprehensive (loss) income
$
(5,716,269)
$
1,372,962
$
1,653,343
(Losses)/earnings per share
– Basic and diluted
$
(0.97)
$
0.30
$
0.43
Weighted average number of ordinary shares outstanding
– Basic and diluted
5,884,590
5,000,000
5,000,000
MINGTENG INTERNATIONAL CORPORATION INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
2024
2023
2022
Cash flows from operating activities
Net (loss) income
$
(5,679,082)
$
1,506,702
$
2,133,188
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
Depreciation of property and equipment
515,982
404,881
272,237
Amortization of intangible assets
6,213
–
–
Amortization of right-of-use assets
1,031
97,095
158,180
Share-based compensation expenses
4,408,200
–
–
Impairment loss on long-term investments
1,121,382
–
–
Provision for impairment of inventory
55,510
5,936
–
Provision for impairment of contract costs
11,827
–
–
(Recovery) provision of credit loss
(6,650)
(5,079)
17,606
Deferred income tax
(21,916)
254,224
(4,304)
Loss on disposal of property and equipment
24,905
648
–
Changes in operating assets and liabilities:
Accounts receivable
(705,865)
(1,129,372)
(489,078)
Other receivables-bank acceptance notes
(511,554)
302,846
(294,440)
Advances to suppliers
196,125
(151,983)
(223,562)
Other receivables
28,631
(35,657)
760,209
Inventories
(39,787)
(180,335)
194,674
Contract costs
(109,388)
–
–
Accounts payable
75,993
348,641
224,538
Advances from customers
120,746
343,470
(34,598)
Other payables
7,696
–
50,474
Payroll payable
134,421
(32,932)
166,388
Taxes payable
662,925
(269,691)
354,593
Amounts due to related parties
3,422
(70,819)
(348,333)
Change in operating lease liabilities
(5,794)
(88,586)
(85,075)
Net cash provided by operating activities
294,973
1,299,989
2,852,697
Cash flows from investing activities
Purchase of property and equipment
(945,918)
(761,792)
(1,439,365)
Purchase of intangible asset
(37,698)
–
–
Proceeds from disposal of property and equipment
28,083
–
6,558
Purchase of long-term investment
(2,478,000)
–
–
Net cash used in investing activities
(3,433,533)
(761,792)
(1,432,807)
Cash flows from financing activities
Proceeds from short-term loans
1,404,163
1,419,094
1,709,764
Shareholder contribution
–
–
148,675
Dividends
–
–
(352,123)
Repayment of short-term loans
(280,833)
(2,483,415)
(966,388)
Proceeds from initial public offering, net
3,293,096
–
–
Payments of deferred offering costs
(264,950)
(172,179)
(144,000)
Principal payments under finance lease obligations
–
(12,488)
(230,372)
Net cash provided by (used in) financing activities
4,151,476
(1,248,988)
165,556
Effect of foreign exchange rate change on cash and cash equivalents
11,563
(26,296)
(99,156)
Net increase (decrease) in cash and cash equivalents
1,024,479
(737,087)
1,486,290
Cash and cash equivalents at the beginning of the year
1,056,236
1,793,323
307,033
Cash and cash equivalents at the end of the year
$
2,080,715
$
1,056,236
$
1,793,323
Supplemental disclosures of cash flow information:
Interest paid
$
36,769
$
59,477
$
101,459
Income taxes paid
$
113,108
$
205,761
$
53,991
Non-cash investing activities:
Right-of-use assets acquired under operating lease
$
39,526
$
–
$
–
Liabilities incurred for purchase of property and equipment
$
208,651
$
21,257
$
–
Liabilities incurred for purchase of intangible assets
$
36,859
$
–
$
–
View original content:https://www.prnewswire.com/news-releases/mingteng-international-corporation-inc-announces-financial-results-for-fiscal-year-2024-302443375.html
SOURCE Mingteng International Corporation Inc.
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Technology
Canada to advance global nature conservation and climate action at upcoming United Nations conferences
Published
2 hours agoon
October 16, 2026By
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
Technology
DGEN TECHNOLOGIES (FORMERLY CHINA KELI ELECTRIC COMPANY) COMPLETES ACQUISITION AND NAME CHANGE AND FILES CSE LISTING STATEMENT
Published
2 hours agoon
October 16, 2026By
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.
Technology
ASSA ABLOY sells PKI business unit to Vista Equity Partners
Published
3 hours agoon
October 16, 2026By
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.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://mb.cision.com/Main/7333/4410007/4322946.pdf
Press release (PDF)
View original content:https://www.prnewswire.co.uk/news-releases/assa-abloy-sells-pki-business-unit-to-vista-equity-partners-302911635.html
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