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Argo Corporation Reports Fiscal Year 2024 Financial Results

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TORONTO, May 1, 2025 /CNW/ – Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) (“Argo” or the “Company”), leader in next-generation transit solutions, announced its audited financial results for the fiscal year ended December 31, 2024. Highlights include the launch of Argo’s proprietary Smart Routing™ transit system, significant growth in the revenues of FoodsUp Inc., and a successful operational transition resulting in the removal of $13 million in liabilities from its balance sheet.

In Q1 2025, the Company received approximately $2.5 million in proceeds from the sale of 5,855 subordinate-voting shares of FoodsUp Inc. All figures are in Canadian dollars unless otherwise noted.

Launch of Smart Routing™ Transit System

Argo developed and deployed the world’s first fully vertically integrated Smart Routing™ transit system. This end-to-end platform combines real-time routing software, electric vehicles and full-service operations to deliver dynamic, on-demand transit services.

Research & Development: The company invested $1.5 million in research and development to build its proprietary Smart Routing™ hardware and AI-powered software ecosystem, including vertical integration hardware onboard its Argo X1 electric vehicles.Argo Transit: In December, Argo signed a partnership with the town of Bradford West Gwillimbury to deploy the world’s first vertically integrated Smart Routing™ transit system. The system is being rolled out gradually to replace the town’s fixed-route bus system.Argo School: The company successfully launched Argo School in September, which continues to serve multiple schools across Ontario with safe, on-demand student transportation.

FoodsUp Inc.

The company held a 56.386% non-controlling interest in FoodsUp Inc. as of December 31, 2024. FoodsUp is one of Canada’s leading restaurant supply platforms, with annual revenues of $108 million in fiscal 2024.

Option Agreements: In Q1 2025, the Company entered into two option agreements granting the holders thereof the irrevocable option to purchase up to a total of 45,932 subordinate-voting shares of FoodsUp at a price per share of up to $658 in the coming quarters. The closing of the transactions contemplated under the option agreements is subject to any required approvals, which include approval of the TSX Venture Exchange.Distribution Transaction: The Company continues to pursue its plan to provide its shareholders with either the net proceeds of sale of the majority of its interest in FoodsUp to a third party, or an indirect or tracking ownership interest in FoodsUp as of a to-be-determined record date. Such a distribution transaction is subject to any required approvals, including approval of the TSX Venture Exchange.

Operational Transition

The company has made significant progress in its discontinuation of legacy operations related to prior ventures of the predecessor in its corporate entity.

Sale of Assets: In Q3 2024, the company received $750,000 in proceeds for the sale of 14,200 shares of preferred stock in the capital of Westbrook Global Inc. The Company received approximately $2.5 million in proceeds from the sale of 5,855 subordinate-voting shares of FoodsUp Inc. in Q1 2025.Reduction in Legacy Liabilities: In 2024, Argo removed $13 million in liabilities from its balance sheet related to discontinued operations in two legacy subsidiaries, which were assigned into bankruptcy under the Bankruptcy and Insolvency Act in Canada, and to an assignee for liquidation under a General Assignment for the Benefit of Creditors pursuant to California Law, respectively. These removals were completed in accordance with IFRS and reflect the full discharge of those obligations. Additionally, in Q4 2024, the company filed a statement of claim in connection with a disputed office lease, which remains as a $2.4 million liability on the balance sheet as of December 31, 2024.

For detailed information, please refer to Argo’s 2024 Annual Consolidated Financial Statements and its Management Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2024 and 2023 (the “2024 Annual MD&A”), filed on SEDAR+ at www.sedarplus.ca. The following table provides a summary of Argo’s financial results for the years ended December 31, 2024 and 2023:

For the years ended December 31,

2024

2023

REVENUE

$1,564,865

$14,834,490

Cost of revenue

$236,091

$14,419,193

General and administration

6,560,070

3,831,910

Operational support

1,657,225

3,272,198

Research and development

1,454,184

606,765

Sales and marketing

186,324

521,852

Provision for trade and other receivables

115,207

726,112

Amortization & depreciation

383,311

1,376,311

Depreciation

56,271

704,511

Total operating expenses

10,592,412

24,754,341

OPERATING LOSS

($9,027,547)

($9,919,851)

OTHER INCOME (EXPENSES)

Government grant

–

(48,450)

Foreign exchange gain/ (loss)

(144,224)

(14,191)

Interest expenses

(2,026,312)

(278,525)

Interest income

4,000

22,734

Other expense

(538,660)

–

Loss on termination

(30,712)

–

Loss on shares for debt settlements

(90,763)

Write-off of accounts payable settlements

392,462

–

Gain/ (Loss) from the spin-off of a subsidiary

–

33,791,897

Fair value gain (loss) on investments

568,402

(919,077)

Loss on sale of investment

(159,063)

–

Gain on forgiveness of debt

114,913

Penalties and settlement

(36,671)

Derecognition of right-of-use assets

–

(2,366,016)

Share of loss of an associate

(3,842,146)

(5,737,886)

Net income/ (loss) from continuing operations

($15,208,783)

$14,530,635

Income tax recovery

Deferred income tax recovery

(129,595)

(58,761)

33,468

69,967

Discontinued Operations

Net loss from discontinued operations, net of tax

(2,724,633)

(14,224,918)

Gain from derecognition, net of tax

14,387,684

NET GAIN (LOSS)

($3,734,088)

$409,152

Cumulative translation adjustment

195,984

616,528

NET PROFIT (LOSS)  AND COMPREHENSIVE PROFIT (LOSS)

($3,538,104)

$1,025,680

(Loss) Profit per share

(Loss) income per share from continuing operations
– Basic and diluted

 

($0.12)

 

$0.11

Income (loss) per share from derecognition and
discontinued operations – Basic and diluted

$0.09

($0.10)

Weighted average shares outstanding – Basic and diluted

133,586,040

132,944,615

All figures rounded to the nearest dollar. Prepared in accordance with IFRS.

About Argo

Founded in June 2024, Argo delivers the world’s first fully vertically integrated transit system, combining Argo X1 electric vehicles, Smart Routing™ technology, and comprehensive operational management in a single end-to-end solution. By integrating every aspect of the transit experience, Argo enables municipalities to transition from traditional fixed-route services to dynamically optimized transit systems that deliver substantially better efficiency, coverage, and rider satisfaction while maintaining standard public transit pricing. The company launched Argo School in September 2024 and began its first municipal deployment in Bradford West Gwillimbury in early 2025. Learn more at www.rideargo.com.

Praveen Arichandran, CEO
Argo Corporation
(800) 575-7051

Forward-Looking Information

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate,” “estimate,” and “intend,” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward- looking information set out in this news release relates to future events or our future performance and includes, without limitation, statements concerning the completion of the the exercise of the options granted pursuant to the option agreements by the holders thereof, Argo’s ability to obtain all necessary approvals in respect of the option agreements and the distribution transaction, and Argo’s intention with respect to the distribution transaction. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company’s securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements, and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See “Cautionary Note Regarding Forward-Looking Information”, “Financial Risk Management Objectives And Policies” and “Other Business Risks and Uncertainties”  in the Company’s 2024 Annual MD&A and its interim Management’s Discussion & Analysis for the three and nine months ended September 30, 2024 for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

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

SOURCE ARGO CORPORATION

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Faith: The Spark Born by the Yudu Riverside

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BEIJING, Oct. 18, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:

David Ferguson:

This is the Yudu River. One dusk in October, 1934, more than 86,000 soldiers of the Red Army crossed this river and embarked on the Long March, a two-year saga that has left its mark in history.

Yet, lingering here by the river, I am struck by a simple question: If you have faith in a bright future, and reality seems to thwart you at every turn, where do you find the moral strength to keep believing?

Wang Xiaohui:

At dusk on Oct. 17, 1934, an army of more than 86,000 troops gathered along the banks of the Yudu River. Over 800 boats of all sizes floated on the water, bound together with planks collected from villagers’ home gates, timber beams, and even coffin boards reserved for elderly locals. The people of Yudu built this pontoon bridge, determined to help the army led by the Communist Party of China (CPC) cross the river.

At that time, no one knew that the great expedition embarked upon by the banks of the Yudu River would go on to transform China and exert far-reaching influence across the world.

China in the 1920s and 1930s was plagued by chaos and despair.

The Kuomintang (KMT), the ruling party back then, was not capable of unifying the nation, leaving warlords locked in endless fighting. In 1931, Japanese invaders launched an assault on northeastern China, beginning their invasion. Crushed under domestic turbulence and foreign aggression, countless civilians were displaced, with many even starving to death on the streets; in certain regions, severe drought resulted in zero harvests, yet the farmers were forced to pay land taxes assessed for more than a decade into the future.

Amid this turmoil, the only glimmer of hope for the Chinese nation was kindled by the revolution ignited by the Communist Party of China.

The CPC, dedicated to winning liberation for the people and national independence, built contingents of workers’ and peasants’ Red Army troops and revolutionary base areas across the countryside. Impoverished farmers were granted land ownership, as well as unprecedented political dignity. On Nov. 7, 1931, the Chinese Soviet Republic was officially proclaimed in Ruijin, then a small village in southeastern China’s Jiangxi Province, establishing a Soviet system under which workers, peasants and soldiers elected representatives to run regional affairs and make policies.

The communist ideal of a fair society free from exploitation and equality for all blazed like a spark in the darkness; it kindled hopes among impoverished Chinese and became the wellspring of faith that enabled the Red Army — a force made up of poor workers and peasants — to overcome all hardships in the days to come.

Yet, bright as the spark was, it burned thin and fragile at times. Could this flame still endure when the ideals it carried were repeatedly battered by harsh reality?

In September 1933, flocks of warplanes clouded the skies over the Red Army’s revolutionary base areas. By then, Japanese invaders were steadily advancing towards North China, but Chiang Kai-shek’s KMT turned a blind eye to the looming national crisis. They mobilized over a million troops and more than 200 aircraft to launch a massive offensive at the Red Army’s base areas. Over the previous three years, Chiang Kai-shek had mounted four major military “encirclement” campaigns aimed at exterminating the Red Army, but all ended in failure. He was desperate for a pivotal victory to restore his prestige and to wipe out the CPC and the Red Army.

At the time, the commander of the Red Army abandoned mobile warfare tactics pioneered by Mao Zedong and other commanders, opting instead for rigid positional warfare involving conventional head-on clashes. But the reality was, some Red Army units didn’t even possess a single light machine gun; how could they confront the heavily-armed KMT army head-on?

Zhong Ming, a Red Army medic, could never erase the memories of gravely wounded soldiers being carried to his aid station. He remembered how a soldier whose chest was blown open begged his comrades to end his life. At the frontline, a whole battalion of Red Army soldiers religiously followed orders to defend crude earth-and-wood bunkers, but under the constant barrage of KMT artillery and airstrikes, every soldier in the battalion laid down their lives; not a single man survived.

What’s more heart-wrenching is that no matter how fearlessly the Red Army fought, the steep imbalance in military strength, paired with erroneous military command led to irreversible losses. By October 1934, the KMT’s iron-clad encirclement closed menacingly around Ruijin.

Faced with this dead-end, what decision would you make?

This stood as the most agonizing decision for the Red Army. The biggest challenge lay not in sacrificing one’s life for an ideal, but in finding a way to keep the revolutionary cause alive.

To stay meant defeat — the Red Army had no room to maneuver within the Central Revolutionary Base Area. To break through the encirclement, however slim the odds, offered a fighting chance. Preserving the Red Army as a living force mattered much more than clinging to isolated strongholds. Where the spark survives, the path ahead remains lit.

The air already turned chilly in October. Units of the Central Red Army assembled in Yudu to prepare for a strategic shift. The plan was kept strictly classified; none of the soldiers knew they were evacuating the base areas, only sensing an unusual vibe.

At dusk on Oct. 17, crowds lined up at the Yudu riverbank. Tens of thousands of villagers flocked from every corner to see the Red Army off. They walked alongside the marching columns, slipping food like eggs and glutinous rice balls into the soldiers’ pockets, praying for their swift homecoming.

The main force of the Central Red Army set off. Within days, they left behind revolutionary base areas where they had survived, grown and taken root. No one anticipated that the journey they embarked on would become the Long March, a trek spanning over 10 provinces. Still less could anyone imagine that this journey would ultimately pave the way for a brand-new China.

Looking back on this chapter of history, many claim that the Red Army only set out on this expedition because the enemies left them no other choice. To a degree, yes, the Long March was indeed a forced strategic shift, yet this fact does nothing to diminish its greatness and glory.

The ordinary Red Army soldiers had no idea how far they would march, or where they were heading. But they clung firmly to their founding mission: to deliver liberation for the people and independence to the nation. This unswerving conviction kept them from disintegrating through countless perils, sustaining them as they marched into the unknown with resolve.

David Ferguson:

I now realize that faith and ideals untested by harsh reality may have no true substance.

Since its founding, the Communist Party of China has always upheld the realization of communism as its fundamental goal. Despite devastating losses and extreme adversity, the Red Army continued to press forward resolutely and never faltered. Its inner strength came from an unshakable belief in the cause, an unwavering commitment to the founding aspiration, and a profound sense of mission. The Red Army was never fleeing pursuers in search of safety; it was marching forward to a future in which it had a steadfast belief.

Wang Xiaohui:

The Long March went on for two years. The Red Army trekked 25,000 li across some of China’s harshest terrain, but they kept their heads high, seeking hope amid despair and marching towards light through unending darkness. The lofty ideals and sense of mission they upheld have also become the torch that guides generations of CPC members in the following centennial, tempering them into steel as they press forward unswervingly toward national rejuvenation.

That spark lit along the Yudu River has never dimmed since.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm

Faith: The Spark Born by the Yudu Riverside
http://www.china.org.cn/2026-10/16/content_118736835.shtml

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SOURCE China.org.cn

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Linktel Technologies Highlights Breakthrough 1.6T LPO Performance & Strong Market Pull at OCP 2026

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SAN JOSE, Calif., Oct. 18, 2026 /PRNewswire/ — At the recent 2026 OCP Global Summit, Linktel Technologies showcased its cutting-edge optical interconnect portfolios engineered specifically for next-generation AI computing networks. Among the heavy lineup, Linktel’s 1.6T Linear Pluggable Optics (LPO) solutions commanded immense industry attention, drawing heavy customer interest for their unprecedented energy efficiency, ultra-low latency, and supply-chain resilience.

Spotlight: 1.6T LPO Performance & High Customer Traction

AI data centers face immense scaling pressures, demanding higher bandwidth densities with tighter thermal and power budgets. Linktel’s 1.6T LPO solutions—highlighted by the 1.6T LPO 2DR4—delivered standout performance metrics that captured the spotlight at the summit:

Ultra-Low Power Consumption: Operates with power consumption as low as an impressive 10W, drastically mitigating data center cooling and power loads.Minimal Latency: Features a linear optics architecture that cuts down signal processing delays, making it a critical asset for high-performance AI scale-out fabrics.Enhanced Supply-Chain Resilience: Eliminating the optical DSP mitigates component choke points, ensuring robust scalability for mass deployments.Proven Interoperability: Following its breakthrough performance and multi-switch platform interoperability at the early September 2026 1.6T LPO-MSA Plugfest, Linktel has laid a solid foundation for the 200G-per-wavelength ecosystem.

Surging Market Interest

Throughout OCP 2026, Linktel’s live demonstrations of its 1.6T LPO, LRO, and FRO modules drew crowds of data center architects and industry partners. With volume production already in place, Linktel is fully equipped to meet the exploding market demand for energy-efficient, high-density 1.6T connectivity.

Overview of Other Innovations at OCP 2026

In addition to the heavily requested 1.6T LPO lineup, Linktel showcased two other major high-speed architectural pillars:

12.8T Liquid-Cooled XPO:Featured a live thermal demonstration integrating advanced liquid cooling to guarantee stable operations in high-density AI nodes.As a founding member of the XPO MSA, Linktel is actively scaling XPO series with FRO, LRO, and LPO variants for comprehensive scale-up, scale-out, and scale-across frameworks.6.4T/7.2T NPO Modules:Displayed with covers removed to reveal internal architectural designs supporting both ELS and ILS configurations.Combines compact high density with low power and low latency, backed by an established 6.4T/7.2T NPO roadmap.DMD Technology & Executive Presentation:Linktel Engineer Director Dr. Grace Zhang hosted a heavily attended Executive Session titled “Dispersion Managed Transceiver for Next-Gen AI Fabrics,” detailing cost-effective 800G (20km) and 1.6T (10km) solutions for OCS SuperPOD architectures, as well as the feasibility of 400G per lambda (3km).With its DMD product line already in volume production, Linktel actively calls upon ecosystem partners to join forces in collaborative development. To drive ecosystem maturity, Linktel is open to sharing its U.S.-filed patents, paving the way for industry-wide adoption and advancements in next-gen AI fabrics.

About Linktel Technologies

Linktel Technologies is a global leader in optical transceiver development and manufacturing, supplying high-speed optical I/O connectivity—including pluggable transceivers, optical engines, and ODM/JDM services.

For more information, visit www.linktel.com or follow Linktel Technologies on LinkedIn.

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SOURCE Linktel Technologies

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Advanced Manufacturing in Focus: Smart Life and Robotics Take the Spotlight at 140th Canton Fair

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GUANGZHOU, China, Oct. 18, 2026 /CNW/ — Phase 1 of the 140th Canton Fair, themed “Advanced Manufacturing,” opened on October 15 and will run through October 19. As one of the event’s most closely watched sections, the Consumer Electronics and Information Products zone once again serves as a showcase for the latest achievements in China’s manufacturing and technology industries.

Smart Life Solutions Address an Aging and Globalized Market

A highlight of this section is the focus on smart living, which brings together smart solutions designed to support healthier, safer, and more independent lifestyles.

For example, wearable devices and continuous glucose monitoring systems enable convenient tracking of key health indicators such as heart rate and blood glucose levels. Meanwhile, wearable exoskeletons and other AI-powered devices support mobility training and functional recovery. For home and elderly care, companion robots, electric nursing beds and home-use hyperbaric oxygen chambers, offer a combination of daily care, wellness support and lifestyle assistance. All these solutions highlight a growing shift toward technology-enabled living, where health management, personal care, and independent living are becoming more accessible and connected.

Service Robots Demonstrate Expanding Real-World Applications

The Service Robot Zone remains one of the fair’s most popular attractions in this edition.

Among the crowd favorites is a humanoid robot standing roughly 70–80 centimeters tall. With its expressive movements and playful appearance, the robot draws constant attention as it dances, approaches visitors and occasionally performs flips to the delight of onlookers. Behind the product is a company that has overcome key challenges in compact joint modules and modular humanoid robot development. Its independently developed high-power-density joints deliver remarkable agility and explosive movement, while modular architecture provides flexibility for a wide range of future applications.

More broadly, the Service Robot Zone features exhibits spanning a wide range of application areas, including embodied intelligence, specialized operations, urban services, and smart living. Full-size humanoid robots, dexterous hands with multimodal sensing capabilities and wheeled robots highlight the latest advances in artificial intelligence, perception technologies and motion control. For demanding industrial and emergency environments, exhibitors are presenting robotic inspection systems, live-line maintenance robots and underwater propulsion robots designed to improve safety and operational efficiency.

The commercial services sector is also well represented through reception robots, façade-cleaning robots and fully automated coffee kiosks, while everyday life applications include wearable exoskeletons, robotic lawn mowers and educational robots for home use. Together, these exhibits demonstrate how China’s robotics industry is accelerating its transition from technological innovation to large-scale commercialization.

As the 140th Canton Fair gets underway, the showcased innovations highlight China’s growing strength in advanced manufacturing, turning cutting-edge technologies into practical, market-ready solutions for global customers.

For more convenient attendance, please click here for pre-registration:
https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

View original content to download multimedia:https://www.prnewswire.com/news-releases/advanced-manufacturing-in-focus-smart-life-and-robotics-take-the-spotlight-at-140th-canton-fair-302911955.html

SOURCE Canton Fair

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