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LOCAL barcode standards authority GS1 Philippines advocates the use of barcode technology in health care to streamline workflow for health professionals, strengthening the aim for enhanced patient safety. This push for innovating health care comes as the World Health Organization's Global Strategy on Digital Health 2020-2025 highlights the transformative potential of digital transformation in health care. Register to read this story and more for free . Signing up for an account helps us improve your browsing experience. OR See our subscription options.
MUNICH, Dec. 06, 2024 (GLOBE NEWSWIRE) -- The solar technology company Sono Group N.V. ( OTCQB: SEVCF ) (hereafter referred to as “Sono” or the “Company”, parent company to Sono Motors GmbH or “Sono Motors”) today announced its financial results for the first six months of 2024, highlighting a €60.6 million profit and its recovery following its exit from insolvency earlier this year. Key financial highlights €60.6 million profit: The profit primarily stemmed from the extinguishment of liabilities, parental guarantee reversal and recapitalization and reconsolidation of Sono Motors. Operational efficiency: General and administrative expenses decreased significantly from €8.1 million in H1 2023 to €2.9 million in H1 2024, reflecting leaner operations post-restructuring. Substantial reduction in development expenses: Cost of development expenses decreased by over 96% from €16.0 million in H1 2023 to €0.6 million in H1 2024, reflecting the streamlined focus on retrofitting solar technology onto third party vehicles and the discontinuation of the Sion passenger car program. Strengthened cash position: The Company maintained a cash balance of €2.2 million as of June 30, 2024, which was further enhanced by receipt of the second tranche of funding from YA II PN, Ltd. (“Yorkville”) in September 2024 in the amount of €3.0 million. This funding reinforced the Company's financial stability and supported its operational growth. Six-Month 2024 Milestone Achievements Exiting insolvency: The Company’s wholly-owned subsidiary, Sono Motors, successfully exited its self-administration proceedings in February 2024, marking what the Company believes is a crucial step towards the financial and operational stability of Sono. Additional funding: In H1 2024 Sono received funding commitments of up to €9 million, of which €4 million were received in February 2024 and €3 million in September 2024. Subject to compliance with the terms of the investment, the Company expects the commitments to position it to obtain sufficient funding for its business strategy and operations through June 2025. Commencement of OTCQB trading: On July 2, 2024, the Company's ordinary shares began trading on OTCQB under the symbol "SEVCF," enhancing access for investors and reinforcing shareholder transparency. Recent Updates Green Innovation Award: Sono received the prestigious Green Innovation Award at the Intermobility and Bus Expo (IBE) in Rimini, Italy. The Company believes this accolade highlights the innovative and transformative nature of Sono's solar technology and reinforces its strong position in sustainable mobility solutions. Partnership with Hofmeister & Meincke: Sono is leveraging Hofmeister & Meincke’s strong market presence in Germany and globally to distribute its Solar Bus Kit, Solar Kits for trucks and vans and other solar products to potential customers. A recently completed training program for 80 Hofmeister & Meincke’s sales representatives ensures they are equipped to effectively promote Sono’s innovative solutions, expanding the reach of sustainable mobility technologies. Expanded product portfolio: Sono expanded its portfolio with new options for its solar bus kit, new solar kits for trucks, vans and trailers, as well as high-voltage solar solutions for refrigerated vehicles. These innovative solutions are designed to help fleet operators reduce fuel consumption, lower emissions and cut operational costs, showcasing Sono’s commitment to sustainable and versatile solar applications across various vehicle types. Progress Toward Planned Nasdaq Uplisting: On November 7, 2024, at an extraordinary general meeting of shareholders, key measures to advance Sono's planned uplisting to the Nasdaq Capital Market were approved. These included appointing Owen May to the Supervisory Board, approving amendments to the Articles of Association to meet Nasdaq requirements, and authorizing preferred shares intended to enable potential future conversion of debt into equity. Debt-to-Equity Conversion Term Sheet Signed: Sono has entered into a non-binding term sheet with Yorkville to convert approximately $32 million in outstanding debt into equity through the issuance of preferred shares. This initiative, pending the signing of definitive agreements, strengthens Sono’s balance sheet, reduces default risk, and marks significant progress towards the Company’s planned Nasdaq uplisting. Looking Ahead Managing Director, CEO and CFO George O’Leary said, “We believe our results demonstrate the resilience of our business model and the effectiveness of our strategic pivot to solar retrofit solutions. We see the €60.6 million profit and successful exit from insolvency mark as a key turning point for Sono, setting the stage for sustainable growth.” The Company remains committed to advancing its solar integration technology, providing scalable solutions for the transportation sector and reducing dependence on fossil fuels. For more information about Sono Group N.V., Sono Motors GmbH and their solar solutions, visit sonogroupnv.com and sonomotors.com . ABOUT SONO GROUP N.V. Sono Group N.V. ( OTCQB: SEVCF ) and its wholly-owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Our disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. CONTACT: Press: press@sonomotors.com | ir.sonomotors.com/news-events Investors: ir@sonomotors.com | ir.sonomotors.com LinkedIn: https://www.linkedin.com/company/sonogroupnv FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements. The words "expect", "anticipate", "intend", "plan", "estimate", "aim", "forecast", "project", "target", “will” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the intentions, beliefs, or current expectations of the Company and Sono Motors (together, the “companies”). Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and could cause the companies’ actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, risks, uncertainties and assumptions with respect to: our ability to access the unfunded portion of the investment from YA II PN, Ltd. (“Yorkville”), including our ability to successfully comply with the agreements related thereto and the absence of any termination event or any event of default; our ability to maintain relationships with creditors, suppliers, service providers, customers, employees and other third parties in light of the performance and credit risks associated with our constrained liquidity position and capital structure; our status as a foreign private issuer under the Securities Exchange Act of 1934; our ability to comply with OTCQB continuing standards, as well as our ability to have our shares admitted to trading on a national stock exchange, including the Nasdaq Capital Market, in the future; our ability to enter into a definitive agreement with Yorkville with respect to the conversion of outstanding debt into equity through the issuance of preferred shares; our ability to achieve our stated goals; our strategies, plan, objectives and goals, including, among others, the successful implementation and management of the pivot of our business to exclusively retrofitting and integrating our solar technology onto third party vehicles; our ability to raise the additional funding required beyond the investment from Yorkville to further develop and commercialize our solar technology and business as well as to continue as a going concern. For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 20-F, which are accessible on the SEC’s website at www.sec.gov and on our website at ir.sonomotors.com. Many of these risks and uncertainties relate to factors that are beyond our ability to control or estimate precisely, such as the actions of courts, regulatory authorities and other factors. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the Company assumes no obligation to update any such forward-looking statements. FINANCIAL RESULTS (amounts in thousands, except share and per share data) INCOME STATEMENT BALANCE SHEET
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Ayra Wang BioLogiQ, a technological company, has developed a method to convert potato starch into a plant-based material. This innovative material can be manufactured into reusable cups and cutlery, significantly contributing to the reduction of carbon emissions in urban areas. The company's breakthrough technology was recognized with a gold award at the 4th Asia Exhibition of Innovations and Inventions, held at the Hong Kong Convention and Exhibition Centre on December 5 and 6. Ken Kramer, BioLogiQ's president and chief technology officer, called the award an affirmation of the hard work by the company's research and development team. He expressed hope that their invention would help mitigate human-caused pollution and promote sustainable development for future generations. "I've been involved in the plastic manufacturing industry for over 30 years, and I understand the environmental harm caused by fossil fuels and plastics," Kramer said in an exclusive interview with Sing Tao Daily, a sister publication to The Standard. Founded in 2011, the US-based company expanded into Asia in 2019, establishing its regional office in Hong Kong and a factory across the border in Shaoguan. Kramer said that the plant-based material is derived from crops such as potatoes and corn and can reduce carbon emissions by up to 46 percent compared to conventional plastics. "Fossil fuels are not renewable and contribute to pollution, whereas plants can be regrown and absorb carbon dioxide during their growth," he said. Plant-based materials, he added, are often stronger than those made from fossil fuels. Kramer highlighted the fact that plant-based materials are more cost-effective than wood, bamboo and paper, especially now that the SAR government is promoting a citywide plastic-free lifestyle. "Cutting down trees or bamboo is detrimental to the environment, as it takes years for trees to grow back," he said. "In contrast, crops like potatoes and corn can be harvested two to three times a year, allowing factories to utilize existing machinery for plant-based material production," he said. While the company's products can contain up to 50 percent plant-based materials, they typically mix in 10 to 25 percent traditional plastics to keep costs manageable for consumers. Kramer's aim is for some products to achieve 100 percent plant-based content for agricultural use next year, with plans to develop entirely plant-based products within five years. Linda Lee Wai-ling, the company's managing director, said the plant-based material is converted from the starch of potatoes or corn. BioLogiQ also plans to recycle wastewater containing starch from fry production facilities as a raw material. Lee reassured people that using crops for plastic does not impact the food supply, as the plant-based materials industry currently uses only 0.02 percent of agricultural land, and that is projected to rise to just 0.073 percent by 2028. "It's not a waste of food; starch is already used in paper production, though many people may not realize it," Lee said. The company aims to integrate environmental protection into everyday life by producing household items like reusable tableware, cups and food bags made from plant-based materials. "We want consumers to engage in environmental protection easily and affordably," Lee said. Plant-based materials, she added, can help reduce microplastic contamination in the food chain, protecting human health. "Currently, over 90 percent of plastic waste ends up in landfills or nature, breaking down into microplastics that pollute oceans and soil. These microplastics can eventually enter the food chain," she said. The company is in discussions with local juice producer Bless to create containers, packages and plastic bags made from plant-based materials, with anticipated discounts for consumers next year. Lee said plant-based materials are 100 percent compostable, non-toxic and environmentally friendly, making them ideal for non-reusable items aimed at reducing pollution. BioLogiQ plans to expand the use of plant-based non-woven materials into various applications, including disposable masks, hospital protective clothing and diapers, which cannot be reused due to hygiene concerns.GWM continues expansion with new Calamba dealership By Hazel Nicole Carreon GREAT WALL MOTORS (GWM) Philippines continues to solidify and widen its presence in the country with the opening of its newest dealership — this one located along Maharlika Highway, in Calamba, Laguna. It targets a growing market in this part of Laguna, in addition to nearby provinces such as Batangas and Cavite. Operated by the Autohub Group, the newly inaugurated GWM Calamba is a 3S (sales, service, and spare parts) facility which boasts a modern showroom that can display up to four vehicle units. Its particularly spacious service area, which will be shared by other Autohub-operated brands in Calamba, will be fully open by January. It is the third GWM establishment of the Autohub Group, following the opening of dealerships in Makati and Santa Rosa, Laguna. Another GWM-Autohub location is slated to open in Dasmariñas, Cavite in the first quarter of 2025. “The opening of GWM Calamba is a testament of our commitment to our brand,” said Autohub Group President Willy Tee Ten in his speech at the inauguration ceremony. “It shows that we believe in the GWM brand, and we are here to make sure that it becomes successful.” GWM Calamba is open from Monday to Sunday, 8:30 a.m. to 5:30 p.m. Distributed by the Luxuriant Automotive Group, Inc. (LAGI), GWM made its entry in the Philippines in 2023. Since then, the China-headquartered car maker has gained significant traction in the local market with its diverse lineup of vehicles which include the Haval H6 hybrid SUV, Haval Jolion subcompact crossover, Ora electric hatchback, Tank 300 SUV, and Cannon pickup truck. The brand’s focus on cutting-edge technology, stylish design, and outstanding performance is said to have resonated with a segment of Filipino car buyers. According to LAGI Assistant Vice-President and Director of Business Strategy River Wang, GWM in 2023 sold 1.23 million units globally and generated US$24 million in revenues. “Until now, GWM is still growing bigger,” the executive maintained. “We are planning to bring more models to the Philippine market, so we are looking forward to a better performance next year.” With the inauguration of GWM Calamba, the brand now has a robust network of 16 dealerships nationwide, enabling it to reach more customers and provide quality after-sales support. For more information, visit gwm.com.ph.Dartmouth sorority, two members of fraternity face charges after student who attended party drowned HANOVER, N.H. (AP) — A sorority at Dartmouth College and two members of a fraternity faces charges related to the death of a student who drowned after attending an off-campus party. The Hanover, New Hampshire police department, where Dartmouth is located, said Friday that Alpha Phi was charged with one count of facilitating an underage alcohol house. Two members of the Beta Alpha Omega face a charge of providing alcohol to a person under 21. Won Jang, 20, of Middletown, Delaware, had attended an off-campus party in July hosted by Alpha Phi sorority. Police said the alcohol was provided by Beta Alpha Omega. Tens of thousands of Spaniards protest housing crunch and high rents in Barcelona BARCELONA, Spain (AP) — Tens of thousands of Spaniards are marching in downtown Barcelona to protest the skyrocketing cost of renting an apartment in the popular tourist destination. Protesters cut off traffic on main avenues in the city center, holding up homemade signs in Spanish reading “Fewer apartments for investing and more homes for living." The lack of affordable housing has become one of the leading concerns for the southern European Union country, mirroring the housing crunch across many parts of the world, including the United States. The average rent for Spain has doubled in the last decade. In cities like Barcelona, rental prices have also been driven up by short-term renters including tourists. Jason Kelce's wife announces she is pregnant with the couple's fourth child Former Philadelphia Eagles center Jason Kelce's wife is announcing she's pregnant with the couple's fourth child. Kylie Kelce posted a photo on Instagram on Friday of the couple's three young daughters reacting to the news. The oldest daughter, Wyatt, appears to be cupping her head in shock. The middle daughter, Ellioette, is smiling. The youngest, Bennett, is in tears. A caption attached to the photo reads: “I feel like we captured a very accurate representation of how each of the girls feel about getting another sister. At least Ellie, mom and dad are on the same page!” Israeli-Moldovan rabbi living in UAE is missing. Israeli officials fear he may have been kidnapped DUBAI, United Arab Emirates (AP) — An Israeli-Moldovan rabbi living in the United Arab Emirates has gone missing, with Israeli authorities raising the suspicion he may have been kidnapped as tensions remain high with Iran. The Israeli prime minister’s office said that Zvi Kogan has been missing since noon Thursday. It said that against the backdrop of information that this was a terrorist incident, an extensive investigation has been opened in the country. Emirati officials did not immediately respond to a request for comment Saturday. State-run media in the UAE, an autocratic federation of seven sheikhdoms on the Arabian Peninsula and home to Abu Dhabi and Dubai, did not immediately report the incident. Alyssa Nakken, first full-time female coach in MLB history, leaving Giants to join Guardians CLEVELAND (AP) — Alyssa Nakken, the first woman to coach in an MLB game, is leaving the San Francisco Giants to join the Cleveland Guardians. Nakken made history in 2022 when she took over as first-base coach following an ejection. A former college softball star at Sacramento State, Nakken joined the Giants in 2014 and was promoted to a spot on manager Gabe Kapler’s staff in 2020, becoming the majors’ first full-time female coach. Nakken has been hired as an assistant director within player development for the Guardians, who won the AL Central last season under first-year manager Stephen Vogt. Nakken, 34, will work with former Giants coaches Craig Albernaz and Kai Correa. Officer kills pet dog mistaken for a coyote in Massachusetts town. The owner says it was unnecessary An animal control officer shot and killed a pet dog in a Massachusetts town after mistaking it for a coyote in an incident local police are describing as a sad mix-up. Police in Northbridge, Massachusetts, say the shooting happened on Tuesday after police received a call of a report of a coyote in a residential backyard. Police say the animal control officer went into the woods to look for the coyote and found what they thought was the animal in a threatening position and shot it. The incident happened as communities around Massachusetts and the country have dealt with an uptick in interactions between coyotes and people. Kendrick Lamar surprises with new album 'GNX' LOS ANGELES (AP) — Kendrick Lamar gave music listeners an early holiday present with a new album. The Grammy winner released his sixth studio album “GNX” on Friday. The 12-track project is the rapper’s first release since 2022’s “Mr. Morale & The Big Steppers.” Lamar’s new album comes just months after his rap battle with Drake. The rap megastar will headline February's Apple Music Super Bowl Halftime Show in New Orleans. The 37-year-old has experienced massive success since his debut album “good kid, m.A.A.d city” in 2012. Since then, he’s accumulated 17 Grammy wins and became the first non-classical, non-jazz musician to win a Pulitzer Prize. NBA memo to players urges increased vigilance regarding home security following break-ins MIAMI (AP) — The NBA is urging its players to take additional precautions to secure their homes following reports of recent high-profile burglaries of dwellings owned by Milwaukee Bucks forward Bobby Portis and Kansas City Chiefs teammates Patrick Mahomes and Travis Kelce. In a memo sent to team officials, a copy of which was obtained by The Associated Press, the NBA revealed that the FBI has connected some burglaries to “transnational South American Theft Groups” that are “reportedly well-organized, sophisticated rings that incorporate advanced techniques and technologies, including pre-surveillance, drones, and signal jamming devices.” Ancient meets modern as a new subway in Greece showcases archaeological treasures THESSALONIKI, Greece (AP) — Thessaloniki, Greece’s second-largest city, is opening a new subway system, blending ancient archaeological treasures with modern transit technology like driverless trains and platform screen doors. The project, which began in 2003, uncovered over 300,000 artifacts, including a Roman-era thoroughfare and Byzantine relics, many of which are now displayed in its 13 stations. Despite delays caused by preserving these findings, the inaugural line has been completed, with a second line set to open next year. Conor McGregor must pay $250K to woman who says he raped her, civil jury rules LONDON (AP) — A civil jury in Ireland has awarded more than $250,000 to a woman who says she was raped by mixed martial arts fighter Conor McGregor in a Dublin hotel penthouse after a night of heavy partying. The jury on Friday awarded Nikita Hand in her lawsuit that claimed McGregor “brutally raped and battered” her in 2018. The lawsuit says the assault left her heavily bruised and suffering from post-traumatic stress disorder. McGregor testified that he never forced her to do anything and that Hand fabricated her allegations after the two had consensual sex. McGregor says he will appeal the verdict.Anker recalls thousands of speakers due to batteries overheating