JE Cleantech Holdings Limited (“JE Cleantech” or “JCSE”)(NASDAQ: JCSE), a leading Singaporean cleantech and precision engineering company, today released its financial results for the six-month period ended June 30, 2023 (“H1 2023”). The Company has experienced significant growth in revenue and net income compared to the corresponding period last year (“H1 2022”), reflecting its commitment to delivering innovative and sustainable solutions in the cleaning technology sector.
In H1 2023, JCSE’s revenue experienced an increase of approximately 22.5% compared to H1 2022 to achieve approximately S$8.8 million (US$6.5 million) of sales. The growth was driven by nearly 50% increase in sales of cleaning systems and other equipment. JCSE also recorded a net income of approximately S$0.3 million (US$0.21 million) in H1 2023, demonstrating an approximately 89.8% climb from approximately S$0.15 million (US$0.1 million) in H1 2022. The Company attributes its revenue and profit growth to its solid customer base and changing demand dynamics. Leveraging its expanded customer base through strategic efforts, the Company managed to receive recurring and new orders for its precision cleaning systems.
“2023 has so far been a very promising year for the precision cleaning business”, said Elise Hong Bee Yin, Founder and CEO of JE Cleantech. “We remain committed to our pursuit of excellence, innovation, and sustainable growth. By adapting to market changes, enhancing customer relationships, and closely monitoring cost dynamics, we aim to continue our trajectory of success.”
The results follow a strong 2022 financial performance from JCSE. With the foundation laid in the first half of the year, JCSE is looking to build upon its success through strategic expansion of its business in new markets. The Company remains committed to Singapore as a priority market while monitoring opportunities overseas. In H1 2023, JCSE stepped up its green efforts by implementing sustainable initiatives in its production, such as installing solar panels in its main facility and enhancing the recycling process. The Company also partnered with a Singapore deep-tech manufacturer to develop cleaning robots in an effort to diversify its product offerings. JCSE is well-positioned to capitalize on the growing demand for sustainable solutions in the global market.
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.
Media Enquiries and Investor Relations, please contact: enquiry@jecleantech.sg
Singapore-headquartered Global Schools Foundation (GSF) has entered a strategic partnership with Witty Group of Institutions from India. The partnership brings together two prominent international school platforms with a common vision of providing highly innovative education formats that create global learning opportunities and future ready skills for students.
Witty Group of Institutions has campuses in Mumbai, Udaipur and Bhilwara, where they offer international curricula like Cambridge IGCSE and A Levels, as well as Indian curricula like CBSE and ICSE. The schools are known for their values-based education with special emphasis on kindling students’ interest in innovative pursuits to make them inquisitive, informed, self-aware and ethical citizens.
GSF network of international schools, spread across 64 campuses in 11 countries, focus on a skills-based educational framework delivered through state-of-the-art infrastructure that use tools like proprietary Data Analytics and Artificial Intelligence, to bring good learning outcomes for students.
“We are delighted to welcome the Witty Group into the GSF network. We share a vision of providing quality education to students. Our collaboration is sure to greatly benefit the student community by encouraging ideation and peer-to-peer interactions at a global level,” said Mr Atul Temurnikar, GSF Co-Founder and Executive Chairman.
Founded in Singapore in 2002, GSF is a not-for-profit organisation focused on the K-12 education sector. It offers multiple curricula like International Baccalaureate, American curriculum, Cambridge IGCSE & A levels, British National curriculum GCSE, IPC, CBSE, ICSE, and Montessori.
GSF students have been accepted by Ivy League universities such as Harvard, Princeton and Yale, other leading universities such as Stanford, UC Berkeley, and the G5 of UK such as Oxford & Cambridge Universities and the Indian Institute of Technology (IIT), as well as Top 50 ranked universities around the world. Each year over 150 global universities engage with GSF students who are guided by specialised in-house career counsellors.
Witty Group co-Founder Dr. Vinay Jain said, “Our goal has always been to give the best learning environment and opportunities to our students. Our collaboration with GSF has made this possible and expanded the horizons for our students to spread their wings. GSF’s network will give a much better learning experience to the students to excel beyond academics and help shape them as global citizens.”
Co-founder Dr Mrs Raina Jain said, “GSF’s track record in progressive pedagogy will facilitate Witty school students & teachers to attain the next level of excellence.”
GSF schools are known for giving opportunities to students to excel through many events where students from various schools are allowed to participate and exchange knowledge with their global counterparts as part of their learning journey. GSF India Country Director Mr Ashish Tibdewal added, “Witty Group students will be able to engage with international students in several collaborative projects and engagements and find these learning experiences beneficial for their overall growth and future prospects.”
About GSF
GSF, a Singapore-based not-for-profit foundation has a network of 64 campuses across 11 countries, including Japan, South Korea, Singapore, Cambodia, United Arab Emirates, United Kingdom and Malaysia, where 45,000 students from 70 nationalities study. GSF schools rank high in IB results, with over 100 students scoring World Topper (45/45) and Near Perfect Scores (44/45) in the IB Diploma exams. Over 800 of its students have achieved A* and A in at least 7 or more subjects in the Cambridge IGCSE exams. GSF schools are a recipient of over 500 education excellence awards from international quality organisations.
Contact Information Rupali Karekar Divisional Manager rupali.karekar@myglobalschool.org +6598734320
Singapore, 12th April 2023, ZEX PR WIRE, Liminal, a wallet infrastructure and custody solutions platform, recently celebrated its successful two-year journey by announcing that it has processed transactions worth $5.6 billion on its platform, with over $550 million worth of assets under protection. Despite the digital assets industry experiencing a downturn, Liminal has grown its customer base annually by 178% CAGR and gross revenue from customers at 73.5% CAGR annually, showcasing its commitment to simplifying digital asset custody with its plug-and-play wallet infrastructure that is secure, compliant, automated, and efficient.
The company has also expanded its global presence by opening two new offices in Singapore and Hong Kong. It boasts a diverse team of local talent from different parts of the world, including the UK, Vietnam, India, Hong Kong, Nepal, and UAE.
Liminal’s mission is to accelerate Web3 adoption across APAC and MENA regions. It aims to achieve this by providing expert wallet infrastructure and impeccable security through its easy-to-manage custody services. The company’s customer onboarding process ensures immediate comfort for customers through training, concierge onboarding, and 24×7 dedicated support teams across geographies.
Commenting on the development Mahin Gupta, Founder of Liminal, said, “Simplifying technology is at the core of Liminal’s DNA. Our successful journey of two years is a small step for our organisation but a giant leap for the industry. Liminal’s secure custody platform has touched the lives of numerous business owners by offering them assurance, security and support with a human touch. Our next goal is to touch a $10 billion transaction volume sooner than expected as we have embarked on an exciting journey of transformation through innovation.”
To further facilitate the growth of startups, Liminal has launched partnership programs with several platforms such as Avalanche, Polygon, Tezos, XinFin, and Buidlers Tribe, with more in the pipeline. The company has also secured ISO 27001 and 27701 certifications, SOC 2 Type II certification, and CryptoCurrency Security Standard (CCSS) compliance-QSP Level 3, the highest standard in wallet keys and operations management. It is also the official self-custody solution partner for India’s leading premier investigation agency and has a $50 million insurance cover underwritten by Lloyds of London.
Liminal’s commitment to simplifying digital asset custody with its secure and efficient platform has helped it achieve significant milestones in just two years. With its expanding global presence and innovative partnerships, Liminal is well-positioned to drive web3 adoption across the APAC and MENA regions.
Annexure I
Liminal’s growth statistics at a glance (April 2021-March 2023)
Customer Distribution Across geographies
Singapore
25.64%
India
25.64%
USA
7.69%
UAE
7.69%
St. vincent and the grenadines
7.69%
Nigeria
5.13%
Indonesia
5.13%
British Virgin Islands
5.13%
South Korea
2.56%
Seychelles
2.56%
Lithuania
2.56%
Cayman Islands
2.56%
Revenue from Customers across geographies
Singapore
37.31%
India
11.98%
UAE
11.20%
St. vincent and the grenadines
9.91%
Nigeria
7.43%
USA
5.27%
Cayman Islands
4.96%
Lithuania
4.13%
British Virgin Islands
3.12%
Indonesia
2.56%
Seychelles
1.47%
South Korea
0.66%
About Liminal
Liminal is an automated wallet infrastructure platform that offers robust security to digital assets. A SOC Type 2, ISO 27001 and 27701 certified organisation, Liminal, is based in Singapore. Liminal enables crypto-native companies to securely scale their digital asset operations through automated, plug-and-play wallet architecture. They provide a combination of multi-signature and multi-party computation (MPC) to provide secure, efficient, and compliant access to digital assets. Its operational excellence framework provides efficient fee management, transaction confirmation guarantees, seamless onboarding, and other wallet operations hence, saving businesses significant development costs. Liminal’s unified interface ensures the same wallet management experience across multiple blockchains. Its proprietary regulatory readiness program, which includes AML compliance, travel rule and a CCSS-compliant platform, helps projects fast-track their compliance journey.
For additional information and business inquiries, please contact: https://www.lmnl.app/
TechCreate Solutions Private Limited (“TechCreate”), a Singapore-based technology services group specialising in innovative digital payment and digitalisation solutions, and Diginius Pte. Ltd. (“Diginius”), a provider for IT security and infrastructure solutions, are pleased to announce a merger between both companies via a share swap transaction that will value the enlarged fintech enterprise, TechCreate Group, at USD$30 million, based on a valuation that was recently completed by one of the Big 4 accounting firms.
From left: Mr Lim Heng Hai, (Group CEO of TechCreate Group) and Mr Ronald Vong, (Managing Partner of TechCreate Group)
As a trusted leader in digital solutions, TechCreate has been at the forefront of technology innovation and since its establishment, it has developed its own proprietary Real-Time Payment Engine (RTE) that can further enhance the payment capabilities of financial and banking institutions. Leveraging its technological expertise, legal experience and extensive operational track record, TechCreate has successfully enabled end-to-end digital solutions (such as payment gateways, API gateways and blockchain solutions, among others) for several banking and financial institutions in Asia.
With Diginius’ strengths in intelligence and security for concrete cyber resilience, it has built a growing track record with a focus on delivering technology solutions related to cyber security, hyper-converged IT infrastructure and secure application services. Diginius also works with some of the industry’s indisputable experts in cyber security and secured infrastructure services, combined with market-leading technologies to provide a springboard for the next phase of digital transformation.
The current CEO of TechCreate, Mr Lim Heng Hai, will be appointed as the Group CEO of TechCreate Group, while the current CEO of Diginius, Mr Ronald Vong, will be designated as the Managing Partner of TechCreate Group.
Strategic Rationale – Powering the Future of Payments in Asia
According to a Mckinsey report issued on November 2020, Asia has outpaced all other regions in terms of payments-revenue growth over the past several years. The region is also the largest contributor to global payments revenue, generating over US$900 billion in 2019, nearly half the global total. The Asia’s payments industry is expected to return to mid-to-high single-digit growth rates and, by 2022 or 2023, generating more than US$1 trillion in annual revenue.
Notably, the COVID-19 pandemic has accelerated Asia’s payments megatrends and chief among these was the rapidly expanding number of connected and digitally active consumers, with booming e-commerce markets reinforcing the need for digital solutions. The competitive landscape was simultaneously heating up, with the entry of formidable new players–including telecommunications firms, fintechs, “big techs,” and other conglomerates–spurring incumbents to step up their own innovation efforts.
Meanwhile, regulators sought to standardise infrastructure while encouraging competition, fostering the introduction of real-time payments, digital know your customer (KYC), and various local payment schemes.
With a focus on powering the future of payments in Asia, TechCreate Group aims to provide cutting-edge innovation and technology capability to enhance value creation for its customers as follows:
– Expanded business scale with integrated solutions: Having the capabilities to provide more comprehensive and integrated technology solutions related to payment and digitalisation platforms to serve new and existing customers across Asia.
– Strong potential to create new customer value propositions: Ability to broaden its reach and serve diverse customer segments with differentiated requirements and objectives, thereby creating the opportunity and potential to develop proprietary insights and innovative solutions that are aligned with the new trends of payments and digitalisation in Asia.
Commenting on the merger, Mr Lim Heng Hai, Group CEO of TechCreate Group, said, “This is a transformational transaction for both companies, creating an enlarged company with end-to-end digital payment offerings in high-growth verticals as economies in Asia accelerate their digitisation roadmap.
With our combined capabilities, it amplifies our mission be a leading innovative, customer-centric and eco-friendly technology solution provider in Asia.”
Mr Ronald Vong, Managing Partner of TechCreate Group, added, “We are confident that the strengths of the combined company will enable meaningful growth to stakeholders, delivering new value and insights to better serve our markets and customers.
At the same time, it can accelerate our growth and more effectively capitalise on our pipeline and broader market opportunities within the banking and financial industries in Asia.”
For more information on TechCreate Group, please visit: http://www.techcreate.com.sg/
Issued on behalf of TechCreate Group by 8PR Asia Pte Ltd.
