Sep 7, 2023 | Business
JE Cleantech Holdings Limited (NASDAQ: JCSE) announced today that its Board of Directors has authorized a stock repurchase program of up to $1,000,000 of the Company’s outstanding Ordinary Shares, par value $0.001 per share. This program will commence immediately.
“This new stock repurchase program reflects the Board’s and management’s confidence in our improving operating results, future growth prospects, and business strategy to continue to create long-term value for our shareholders,” commented Elise Hong, Chairperson and Chief Executive Officer.
The Board’s authorization permits JCSE to repurchase shares from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The actual timing, number, and value of shares repurchased by JCSE under the program will be determined by management at its sole discretion. Repurchases will depend on a number of factors, including the market price of JCSE’s shares, general market and economic conditions, applicable legal requirements, and other cash needs. The repurchase program may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other appropriate factors.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the Company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications, primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high-pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. All statements, other than statements of fact included in this release, are forward-looking statements. Such forward-looking statements include, among others, that JCSE will repurchase shares from time to time, with the details determined by JCSE’s management depending on market price, economic conditions, legal requirements, and cash needs. We caution that these statements are qualified by important risks, uncertainties, and other factors. Such factors include, among others the risk factors set forth in our Annual Report on Form 20-F for the year ended December 31, 2022. Except to the extent required by federal securities laws, the Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
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Topic: Press release summary
Sep 6, 2023 | Business
JE Cleantech Holdings Limited (NASDAQ: JCSE) today announced the results of the Company’s Extraordinary General Meeting of Members (the “Extraordinary Meeting”) held on August 29, 2023, at the Company’s offices located at 3 Woodlands Sector 1, Singapore.
At the Extraordinary Meeting, the members approved and authorized a consolidation of the Company’s Ordinary Shares (“Reverse Stock Split”) of the Company’s issued Ordinary Shares in a range from 1 for 1.5 to 1 for 10 Ordinary Shares (the “Range”). The Board of Directors may elect to either: (i) effect the Reverse Stock Split; or (ii) not effect the Reverse Stock Split; within the Range at any time during the next 12 months.
The Company may effect the Reverse Stock Split within the Range in order to regain full compliance with the Nasdaq Stock Market LLC’s (“Nasdaq”) share price listing rule (“Rule”). The Rule requires that the bid price for the Company’s Ordinary Shares must close at $1.00 per share or more for a minimum of 10 consecutive business days during the compliance period ending October 28, 2023.
A Reverse Stock Split would reduce the total number of JCSE’s issued and outstanding Ordinary Shares, which is expected to result in an increase in the trading price per share. The objective of the Reverse Stock Split, if effected, will be to ensure that the Company regains full compliance with the Rule and maintains its listing on Nasdaq.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications, primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high-pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as “should,” “intends,” “is subject to,” “expects,” “will,” “continue,” “anticipate,” “estimated,” “projected,” “may,” “I or we believe,” “future prospects,” “our strategy,” or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues, among other things, involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update “forward-looking” statements.
For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com
Topic: Press release summary
May 2, 2023 | Business
Singapore-based precision cleaning and cleantech equipment manufacturer JE Cleantech Holdings Ltd (NASDAQ: JCSE) (“JCSE” or “JE Cleantech” or the “Company” and together with its subsidiaries, the “Group”) has released its annual report for the financial year ended December 31, 2022. The Group enjoyed a solid financial showing in financial year ended December 31, 2022, with gross profits surging from USD 1.7 million to USD 3.8 million or an increase of 120% YoY. The Group generated a net income of USD 0.9 million for the financial year ended December 31, 2022.
JE Cleantech’s robust performance in the financial year ended December 31, 2022 comes on the back of a strong economic recovery in Asia following the Covid-19 pandemic lockdowns. Its business momentum suggests a bright perspective for the coming years. During the financial year ended December 31, 2022, JCSE completed 30 more orders and increased revenue by 26.2% to USD 13.9 million. The majority of JCSE’s orders came from (i) Singapore which accounted for 54.5% of JCSE’s revenue, and revenue contributed from this region increased by 57.4%; and (ii) Thailand which accounted for 12.7% of JCSE’s revenue, and revenue contributed from this region increased by 51.6%.
“The post-pandemic recovery has affected our business very positively and across our markets, we have seen an increase in demand, especially for our precision cleaning systems and centralized dishwashing systems,” said Ms Hong Bee Yin, Founder and CEO of JCSE. “With many hospitality businesses gradually reaching their pre-pandemic peaks, we expect our centralized dishwashing systems to see even more demand.”
Looking ahead, JCSE is expanding further into tech hardware and robotics. “Automation and digitization are core priorities for us along with expanding our product range,” elaborated Ms Hong. “We are also looking into overseas expansion, but we remain committed to Singapore as a priority market.” The Company is planning to use its internal resources to facilitate aggressive growth in 2023.
Earlier this year, JCSE partnered with a Singaporean deep-tech manufacturer to co-develop an industry-revolutionizing cleaning robot. Along with expansion plans, JCSE is looking further to improve its environmental footprint, having already announced the installation of solar panels in its main facility earlier this year.
Other Highlights for the Financial Year Ended December 31, 2022:
– Overall gross profit margin was 27.5%, up from 15.9% YoY
– Revenue from the provision of centralized dishwashing and ancillary services increased by 24.2% to USD 5.4 million YoY
– Revenue from sales of precision cleaning systems and other equipment segment increased by 27.8% to USD 8.5 million YoY
– The sale of precision cleaning systems and other equipment resulted in a gross profit margin of 40.8%, up from 23.3% YoY
– The provision of centralized dishwashing and ancillary services resulted in a gross profit margin of 11.1%, up from 4.5% YoY
– In 2022, JCSE was awarded the Clean Mark Silver Award by National Environment Agency of Singapore
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of precision cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as “should,” “intends,” “is subject to,” “expects,” “will,” “continue,” “anticipate,” “estimated,” “projected,” “may,” “I or we believe,” “future prospects,” “our strategy,” or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update “forward-looking” statements.
For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com
Topic: Press release summary
Feb 21, 2023 | Business
JE Cleantech Holdings Limited (Nasdaq: JCSE), (the “Company”), a Singapore-based cleantech company, today announced that it has entered an exclusive partnership with a leading Singapore-based deep tech robot developer, through its subsidiary JCS-Echigo Pte Ltd. As part of the joint venture, JE Cleantech will develop a family of commercial cleaning robots, representing its expansion into the robotics market.
JE Cleantech is the leading manufacturer of precision cleaning systems in Singapore, with customers in a wide range of sectors, including cleaning and equipment manufacturing for hard disk drives, semiconductors, biomedical, food and beverage, and industrial electronics companies, and most recently tech hardware. The entry into this new sector continues to demonstrate JE Cleantech’s ability to apply its expertise to different sectors to scale and support its growth.
Specifically, under this partnership, JE Cleantech will provide product specifications, cleaning and vacuum technology, manufacturing and production of robots as well as international and local marketing. Its partner will integrate JCS-E’s cleaning technology with its autonomous robot platform and cloud-based fleet management system, and will provide specialty electronics as well as robotic engineering to create a new cleaning robot that is set to surpass many of today’s existing solutions.
Low-speed commercial robots for the last mile, inter-building (via sidewalks), and intra-building have a global market potential of more than USD 100 billion per year and a potential of SGD 1 billion in Singapore. Factors such as the increasing demand for automatic cleaning, the development of hygienic solutions to disinfect floors, as well as an optimistic economic outlook, and positive demographics in APAC are driving forces for the market’s growth.
“We are excited to enter the new robotics market to develop advanced commercial cleaning robots. With years of experience and a stable and mature performance, our cleaning technology will provide our customers with an exceptional autonomous cleaning solution. It demonstrates our continuous efforts and determination in striving for sustainable growth as well as confidence in the positive prospects of the cleaning market. Looking ahead, we will keep proactively widening our product offerings, exploring new markets, and dedicate ourselves to bringing sustainable returns to our shareholders and investors in the long run,” said Ms. Bee Yin Hong, CEO and Founder, JE Cleantech.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as “should,” “intends,” “is subject to,” “expects,” “will,” “continue,” “anticipate,” “estimated,” “projected,” “may,” “I or we believe,” “future prospects,” “our strategy,” or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update “forward-looking” statements.
For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com
Topic: Press release summary
Dec 7, 2022 | Business
JE Cleantech Holdings Limited (Nasdaq: JCSE), (“the Company”) a Singapore-based cleantech company, today announced the results of the Company’s Annual General Meeting of Shareholders (the “AGM”) held on December 6, 2022, at the Company’s offices located at 3 Woodlands Sector 1, Singapore 738361.
Appointment of Board of Directors
At the AGM, the shareholders of the Company approved and ratified the appointment of Hong Bee Yin, Long Jia Kwang, Joanne Khoo Su Nee, Karmjit Singh, and Tay Jingyan, Gerald as members of the Board of Directors to serve for the ensuing year.
Approval of Equity Incentive Plan
At the AGM, the Company’s shareholders also approved a resolution to adopt the Company’s 2022 Equity Incentive Plan.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. http://www.jecleantech.sg/
Disclaimer: Forward looking statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as “should,” “intends,” “is subject to,” “expects,” “will,” “continue,” “anticipate,” “estimated,” “projected,” “may,” “I or we believe,” “future prospects,” “our strategy,” or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update “forward-looking” statements.
For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com
Topic: Corporate Announcement
