JE Cleantech Holdings Limited Regains Compliance with Nasdaq Minimum Bid Price Requirement
SINGAPORE, Nov 1, 2023 – (ACN Newswire) – JE Cleantech Holdings Limited (NASDAQ: JCSE) (“JE Cleantech” or the “Company”), a Singapore-headquartered cleantech company, announced today that it has received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the minimum bid price requirement under the Nasdaq Listing Rule 5550 (a)(2) for continued listing on The Nasdaq Capital market. The Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum closing bid price of $1.00 per share for at least 10 consecutive business days.
To regain compliance, the Company initiated a 1-for-3 Share Consolidation so that each outstanding ordinary share became 1 share (“Reverse Stock Split”), and the total number of authorized Ordinary Shares was reduced from 15,020,000 to 5,006,666 and the par value per share increased from $0.001 to S$0.003.
Following the Reverse Stock Split, the daily closing bid price of the Company’s ordinary shares remained above $1.00 per share for ten consecutive business days from October 16, 2023 to October 27, 2023. Consequently, the Company is now in compliance with all applicable Nasdaq listing standards and the prior bid price deficiency matter is now closed.
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 press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the future effective date and intended effects of the reverse stock split, including whether the reverse stock split will increase the price, marketability, liquidity, and investor appeal of the Company’s Ordinary Shares and the Company’s ability to maintain the listing of its Ordinary Shares on Nasdaq. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “aim,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions.
Forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on JCSE’s management’s current expectations and beliefs, as well as assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and JCSE is not under any obligation and expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which JCSE has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”).The documents filed by JCSE with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
Contact:
Jason Long
Email: enquiry@jecleantech.sg
Tel: +65 63684198
Other number: +65 66029468
Topic: Press release summary
JE Cleantech Holdings Limited Announces $1,000,000 Stock Repurchase Program
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.
For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com
Topic: Press release summary
JRK Property Holdings Acquires San Jose Apartment Community for $93.5 Million
Investment is third out of the Los Angeles-based real estate firm’s recently closed $1B Fund
Duo San Jose, Ca
LOS ANGELES – Aug. 24, 2023 – PRLog — News From JRK Property Holdings
JRK Property Holdings has acquired Duo Apartments, a 301-unit Class-A multifamily community in San Jose, CA for $93.5 million.
Duo marks the third acquisition out of JRK Platform V, the Los Angeles-based real estate investment and management firm’s newest multifamily value-add fund which targets higher-quality, well-located multifamily investments built after 1990. The $1.0 billion fund which closed in October 2022 is 13% invested to date. The fund’s portfolio is comprised of institutional quality assets with an average year built of 2019 and geographic diversity between Florida, Kansas, and California.
JRK recently completed fundraising and is also currently investing out of its $200 million MF Opportunities III, which targets value-add multifamily assets built before 1990. The investment vehicles are funded with capital from institutional investors, high-net worth individuals, and family offices. Through its current and predecessor funds, JRK owns and operates $7 billion in multifamily assets.
“The increasingly challenging credit environment and elevated interest rates have set the stage for imminent distressed sales despite strong underlying multifamily fundamentals,”
Built in 2021 by the seller, Duo is located at 6670 Emergent Way in one of San Jose’s largest mixed-use transit-oriented developments. Duo is served by Caltrain, trains, busses, and light rail, which provides residents with a wide variety of commuting options throughout the entire San Francisco Bay Area. Additionally, plans for substantial transit-oriented development near Diridon Caltrain station, will bring thousands of new jobs and residents to the area, creating additional demand for quality rental housing.
Duo offers a mix of single, one-, two-, and three-bedroom apartments housed in two, four-story residential buildings. Residents at Duo enjoy many high-end amenities including controlled access parking, a 24-hour state-of-the-
Duo also benefits from San Jose’s strong employment base. Companies that call San Jose home include Adobe, Western Digital, Cisco, IBM, Samsung, eBay, and PayPal. In addition, the property is within walking distance to Kaiser Permanente San Jose, one of the City’s largest employers which has an employee base of more than 1,600.
Duo was 97% leased at closing.
Duo was financed with a 10-year fixed rate loan from Freddie Mac, placed by Institutional Property Advisors, which also marketed the property for sale on behalf of the seller.
About JRK Property Holdings
Founded in 1991, JRK Property Holdings (http://www.jrk.com) is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States. JRK pursues value-added opportunities – investing in properties that it can reposition to deliver sustainable, growing streams of cash flow. JRK’s $7 billion of assets under management is dedicated to a portfolio spanning 25 states with over 30,000 multifamily units, and luxury and flagged hotels.
Contact
Brandon Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com
Ching Lee Holdings realises profit returns from increased construction projects
Ching Lee Holdings Limited “Ching Lee” or “The Group” (stock code 3728.HK) has announced its annual results which have remarkable financial performance with rapid growth of revenue and notable gross profits for the turnaround from loss to profit. The net profit for the year ended 31 March 2023 was recorded a big gain at approximately HK$11.8 million as opposed to the net loss of approximately HK$18.2 million for the year ended 31 March 2022.
The Group’s revenue for the year ended 31 March 2023 was recorded at approximately HK$708.8 million which represented an increase of approximately HK$172.3 million or 32.1% from approximately HK$536.5 million for the year ended 31 March 2022. We have continued to see broad-based income momentum across the Group. The increase in a number of new construction projects and effective cost control have helped to drive strong income and balance growth and scale to the business. RMAA works were the highlight of revenue improvement, which soared by about 275% from the prior year. While the superstructure works increased by 23.6%, the substructure works grew by 12.2% for the year.
The Group Chairman Mr. Ng Choi Wah, said: “We are pleased to make good progress in all businesses and have realised returns across all three operating segments. The Group remains confident with the economic outlook and the prospects of the construction industry in Hong Kong as the economy resumes upward momentum due to the full resumption of living. We continue to explore the opportunities in infrastructure and property development projects in future.”
During the year, the Group has successfully overcome the impact of the COVID-19 pandemic and recovered speedily. The Group continues to capture different business opportunities with potential construction projects from our current customer networks.
Media enquiries:
New Smile Limited Strategic IR & PR Consultancy
Tel: +852 2126 7076
Jenny Lai jenny.lai@newsmilehk.com
Jenny Cheung jenny.cheung@newsmilehk.com
Richard Wong richard.wong@newsmilehk.com
Notes to editors:
Ching Lee Holdings Limited “Ching Lee” or “The Group”
Ching Lee Holdings Limited, a limited liability company incorporated under the laws of the Cayman Islands, is a contractor in Hong Kong with over 23 years of experience in public and private sectors. The principal activities of Ching Lee Holdings and its subsidiaries are the provision of construction and consultancy works and project management services in Hong Kong, engaged in providing substructure building works services, superstructure building works services, and repair, maintenance, alteration and addition (RMAA) works services. Ching Lee Holdings Limited was transferred from GEM board to the main board in HKEx on September 18, 2017 with stock code 3728.hk. Company website: http://www.chingleeholdings.com
Substructure building works services (Substructure works)
Superstructure building works services (Superstructure works)
Repair, maintenance, alteration and addition services (RMAA)
Substructure and Superstructure building works refer to building works in relation to the parts of the structure below or above the ground level respectively, while RMAA works are for existing structures. The scope of substructure building works projects consisted of demolition and hoarding, site formation and foundation works. The scope of superstructure building works projects consisted of development and redevelopment of educational, residential, and commercial buildings, and the scope of RMAA works consisted of improvement, fitting-out works, renovation works, restoration works and external works.
Topic: Press release summary
InvesTech Holdings and NTT Jointly Launch Smart Office SaaS Service Platform
InvesTech Holdings Limited (“InvesTech Holdings”; together with its subsidiaries, “the Group”; Stock Code: 1087.HK), a leading integrated smart-IT solutions provider in China, is pleased to announce that its subsidiary Wafer Systems Limited (“Wafer Systems”), which owns the smart office software solutions flagship product Virsical, has signed a strategic cooperation agreement with NTT Communications China (“NTT Com China”), a subsidiary of Japan’s Nippon Telegraph & Telephone (“NTT”), to carry out in-depth cooperation in the field of smart-office software as a service (“SaaS”). The cooperation agreement will encompass activities including product distribution, market promotion, technical resourcing and other mutually beneficial undertakings.
The Smart Office Management SaaS Service Platform is a smart operations and management platform self-developed by Wafer Systems, grounded in enterprises’ common office scenarios and which uses lightweight SaaS applications to meet enterprises’ operational and maintenance requirements in daily administrative management, including such functions as conference management, work station management and visitor management. Spatial visualisation maps and data report in all dimensions provided by the platform can help enterprises review their operating conditions visually, effectively support their decision-making upgrades, and assist them in reducing costs and boosting efficiency. Meanwhile, Wafer Systems’ powerful product matrix and research & development (“R&D”) capabilities can provide expansion capacity for products and scenarios benefiting from the deployment of the SaaS platform.
As a leading provider of smart office solutions in China, Wafer Systems has been deepening its achievements in the field of smart offices to meet enterprises’ needs in intelligent operations, employee health, collaborative efficiency, carbon emissions reduction, energy conservation and the user experience. The provision of integrated product matrix, its strong R&D capabilities, large customer base and extensive ecological cooperation network contribute to its core competitiveness.
NTT Com China is a wholly-owned business subsidiary of NTT, the largest telecommunications service provider in Japan. Focused on providing professional ICT solutions and services for multinational enterprises running businesses in China, NTT Com China has built a complete business line of communication systems, a leading-edge operations service system, substantial overseas resources, business integration capabilities, and comprehensive marketing channels within China and elsewhere. The co-launch of the Smart Office Management SaaS Service Platform by both parties is expected to give full play to their respective advantages and jointly build out the platform so that it caters for the full range of scenarios and products that make smart offices optimally operational in order to escort enterprises’ digital transformation.
Amid the continuous development of the digital economy and constant changes in the economic environment, digital transformation has become the only development path for traditional industries, and the use of digital enabling technology by enterprises to reduce costs and increase efficiency has become ubiquitous. Against this backdrop, Wafer Systems and NTT Com China have jointly reached a cooperation agreement to smooth the digital transformation journey for traditional enterprises and address their need to engage with cloud computing. Looking ahead, the two parties will continue to deepen their cooperation. As it comprehensively improves the customer experience and service innovation, the two parties strive to solve problems for enterprises in the cloud, and achieve joint contribution, collaboration and win-win outcomes.
About InvesTech Holdings Limited
InvesTech Holdings Limited (Stock Code: 1087.HK) was listed on the main board of Hong Kong Stock Exchange in 2010. As a leading integrated smart IT solutions provider with more than 30 years of experience in IT industry, the Group is principally engaged in IT infrastructure system integration and smart office software solutions businesses. The Group has strong presence in China, with more than 10 offices nationwide with a research and development centre in Xi’an.
Website: http://www.investech-holdings.com/
Topic: Press release summary
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