Muon g-2 doubles down with latest measurement, explores uncharted territory in search of new physics

Scientists working on Fermilab’s Muon g-2 experiment released the world’s most precise measurement yet of the anomalous magnetic moment of the muon, bringing particle physics closer to the ultimate showdown between theory and experiment that may uncover new particles or forces.

Batavia, IL, Aug. 10, 2023 (GLOBE NEWSWIRE) — Physicists now have a brand-new measurement of a property of the muon called the anomalous magnetic moment that improves the precision of their previous result by a factor of 2.

An international collaboration of scientists working on the Muon g-2 experiment at the U.S. Department of Energy’s Fermi National Accelerator Laboratory announced the much-anticipated updated measurement on Aug. 10. This new value bolsters the first result they announced in April 2021 and sets up a showdown between theory and experiment over 20 years in the making.

“We’re really probing new territory. We’re determining the muon magnetic moment at a better precision than it has ever been seen before,” said Brendan Casey, a senior scientist at Fermilab who has worked on the Muon g-2 experiment since 2008.

Physicists describe how the universe works at its most fundamental level with a theory known as the Standard Model. By making predictions based on the Standard Model and comparing them to experimental results, physicists can discern whether the theory is complete — or if there is physics beyond the Standard Model.

Muons are fundamental particles that are similar to electrons but about 200 times as massive. Like electrons, muons have a tiny internal magnet that, in the presence of a magnetic field, precesses or wobbles like the axis of a spinning top. The precession speed in a given magnetic field depends on the muon magnetic moment, typically represented by the letter g; at the simplest level, theory predicts that g should equal 2.

The difference of g from 2 — or g minus 2 — can be attributed to the muon’s interactions with particles in a quantum foam that surrounds it. These particles blink in and out of existence and, like subatomic “dance partners,” grab the muon’s “hand” and change the way the muon interacts with the magnetic field. The Standard Model incorporates all known “dance partner” particles and predicts how the quantum foam changes g. But there might be more. Physicists are excited about the possible existence of as-yet-undiscovered particles that contribute to the value of g-2 — and would open the window to exploring new physics.

The new experimental result, based on the first three years of data, announced by the
Muon g-2 collaboration is:
g-2 = 0.00233184110 +/- 0.00000000043 (stat.) +/- 0.00000000019 (syst.)

The measurement of g-2 corresponds to a precision of 0.20 parts per million. The Muon g-2 collaboration describes the result in a paper that they submitted today to Physical Review Letters.

With this measurement, the collaboration has already reached their goal of decreasing one particular type of uncertainty: uncertainty caused by experimental imperfections, known as systematic uncertainties.

“This measurement is an incredible experimental achievement,” said Peter Winter, co-spokesperson for the Muon g-2 collaboration. “Getting the systematic uncertainty down to this level is a big deal and is something we didn’t expect to achieve so soon.”

While the total systematic uncertainty has already surpassed the design goal, the larger aspect of uncertainty — statistical uncertainty — is driven by the amount of data analyzed. The result announced today adds an additional two years of data to their first result. The Fermilab experiment will reach its ultimate statistical uncertainty once scientists incorporate all six years of data in their analysis, which the collaboration aims to complete in the next couple of years.

To make the measurement, the Muon g-2 collaboration repeatedly sent a beam of muons into a 50-foot-diameter superconducting magnetic storage ring, where they circulated about 1,000 times at nearly the speed of light. Detectors lining the ring allowed scientists to determine how rapidly the muons were precessing. Physicists must also precisely measure the strength of the magnetic field to then determine the value of g-2.

The Fermilab experiment reused a storage ring originally built for the predecessor Muon g-2 experiment at DOE’s Brookhaven National Laboratory that concluded in 2001. In 2013, the collaboration transported the storage ring 3,200 miles from Long Island, New York, to Batavia, Illinois. Over the next four years, the collaboration assembled the experiment with improved techniques, instrumentation and simulations. The main goal of the Fermilab experiment is to reduce the uncertainty of g-2 by a factor of four compared to the Brookhaven result.

“Our new measurement is very exciting because it takes us well beyond Brookhaven’s sensitivity,” said Graziano Venanzoni, professor at the University of Liverpool affiliated with the Italian National Institute for Nuclear Physics, Pisa, and co-spokesperson of the Muon g-2 experiment at Fermilab.

In addition to the larger data set, this latest g-2 measurement is enhanced by updates to the Fermilab experiment itself. “We improved a lot of things between our first year of taking data and our second and third year,” said Casey, who recently finished his term as co-spokesperson with Venanzoni. “We were constantly making the experiment better.”

The experiment was “really firing on all cylinders” for the final three years of data-taking, which came to an end on July 9, 2023. That’s when the collaboration shut off the muon beam, concluding the experiment after six years of data collection. They reached the goal of collecting a data set that is more than 21 times the size of Brookhaven’s data set.

Physicists can calculate the effects of the known Standard Model “dance partners” on muon g-2 to incredible precision. The calculations consider the electromagnetic, weak nuclear and strong nuclear forces, including photons, electrons, quarks, gluons, neutrinos, W and Z bosons, and the Higgs boson. If the Standard Model is correct, this ultra-precise prediction should match the experimental measurement.

Calculating the Standard Model prediction for muon g-2 is very challenging. In 2020, the Muon g-2 Theory Initiative announced the best Standard Model prediction for muon g-2 available at that time. But a new experimental measurement of the data that feeds into the prediction and a new calculation based on a different theoretical approach — lattice gauge theory — are in tension with the 2020 calculation. Scientists of the Muon g-2 Theory Initiative aim to have a new, improved prediction available in the next couple of years that considers both theoretical approaches.

The Muon g-2 collaboration comprises close to 200 scientists from 33institutions in seven countries and includes nearly 40 students so far who have received their doctorates based on their work on the experiment. Collaborators will now spend the next couple of years analyzing the final three years of data. “We expect another factor of two in precision when we finish,” said Venanzoni.

The collaboration anticipates releasing their final, most precise measurement of the muon magnetic moment in 2025 — setting up the ultimate showdown between Standard Model theory and experiment. Until then, physicists have a new and improved measurement of muon g-2 that is a significant step toward its final physics goal.

The Muon g-2 experiment is supported by the Department of Energy (US); National Science Foundation (US); Istituto Nazionale di Fisica Nucleare (Italy); Science and Technology Facilities Council (UK); Royal Society (UK); European Union’s Horizon 2020; National Natural Science Foundation of China; MSIP, NRF and IBS-R017-D1 (Republic of Korea); and German Research Foundation (DFG).

Fermilab is America’s premier national laboratory for particle physics research. A U.S. Department of Energy Office of Science laboratory, Fermilab is located near Chicago, Illinois, and operated under contract by the Fermi Research Alliance LLC. Visit Fermilab’s website at https://www.fnal.gov and follow us on Twitter @Fermilab.

The DOE Office of Science is the single largest supporter of basic research in the physical sciences in the United States and is working to address some of the most pressing challenges of our time. For more information, visit https://science.energy.gov.

Attachments

Tracy Marc
Fermilab
2242907803
TRACYM@FNAL.GOV

GlobeNewswire Distribution ID 8891559

eXp Realty Exceeds 1,000-Agent Milestone in South Africa

eXp Realty Exceeds 1,000-Agent Milestone in South Africa

eXp Realty today announced it has exceeded 1,000 agents across South Africa, representing an over 74% increase from the 574 total agent count in July 2022

BELLINGHAM, Wash., Aug. 10, 2023 (GLOBE NEWSWIRE) — eXp Realty®, “the most agent-centric real estate brokerage on the planet™” and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), today announced it has exceeded 1,000 agents across South Africa, representing an over 74% increase from the 574 total agent count in July 2022.

“This is a proud moment for eXp Realty South Africa as we reach such a huge milestone,” said Michael Valdes, Chief Growth Officer, eXp Realty. “Our attractive and continuously evolving agent-centric value proposition continues to resonate with agents from around the world and we are so thrilled to be home to over 1,000 real estate professionals in South Africa!”

According to Andrew Thompson, Director and Country Leader of eXp Realty South Africa, eXp South Africa has had more transactions in the first six months of this year compared to last year. “eXp South Africa has realized a cash-flow positive, debt-free and profitable operation in its first 15 months since receiving its license via the Property Practitioners Regulatory Authority back in December 2020,” said Thompson.

“Since its inception, eXp has remained committed to putting agents first to equip them with the knowledge and tools necessary to reach their full potential. I am so proud to be able to lead such an incredible group of agents through this expansion and beyond,” he added.

eXp South Africa is proudly committed to serving the community, having recently donated R350,000 to Dr. Imtiaz Sooliman of Gift of the Givers to support local and international communities.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty®, Virbela and SUCCESS® Enterprises.

eXp Realty is the largest independent real estate company in the world with more than 88,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by Virbela, an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS® Enterprises, anchored by SUCCESS® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

For more information, visit https://expworldholdings.com

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Media Relations Contact:

eXp World Holdings, Inc.

mediarelations@expworldholdings.com

Investor Relations Contact:

Denise Garcia

investors@expworldholdings.com

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GlobeNewswire Distribution ID 8892150

HqO Named Real Estate Analytics Platform Of The Year In 2023 PropTech Breakthrough Awards Program

Annual Awards Program Recognizes Innovation in the Global Real Estate Technology Industry

BOSTON, Aug. 10, 2023 (GLOBE NEWSWIRE) — HqO, the world’s leading real estate experience platform, today announced it has been selected as Real Estate Analytics Platform Of The Year in the annual PropTech Breakthrough Awards program conducted by PropTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout real estate technology companies, products, and services around the globe.

HqO’s proprietary framework, measurement, and analytics platform, the HqO Workplace Experience Platform, helps owners and operators of commercial real estate (CRE) to better understand and engage the tenants and employees who occupy their buildings. The company’s proprietary feedback, insights, and action loop enables industry leaders to improve their bottom line by generating real-time data on tenant and employee preferences and space usage.

The HqO Workplace Experience Platform lets landlords, corporate leaders, and property teams deploy in-app microsurveys to users, allowing them to better understand sentiment, needs, and preferences on an ongoing basis. The platform also equips landlords and property teams with critical, real-time data on space and amenity usage. This information helps organizations connect with and listen to tenants and employees and take action to improve workplace experiences.

HqO leverages its technology and proprietary data and analytics to help dimensionalize the value of real estate and deliver measurable ROI while driving business results. By enabling a new level of leasing predictability, HqO ensures better control of OpEx and CapEx costs.

“The unique intersection of HqO’s global leading technology and the end user allows us to connect offices and workplaces to the people we serve, and help high-performing CRE organizations create and unlock new value, meet their business goals, and drive ROI in today’s constantly changing market,” said Chase Garbarino, Co-Founder and CEO at HqO. “Commercial real estate is in the midst of a generational transformation. As the sector continues to integrate changes, there’s a need to change the way the industry operates. By connecting real estate to the people we serve, HqO is empowering the pioneers, transforming real estate, and helping organizations thrive in this period of uncertainty.”

Across the globe HqO currently serves more than 250,000 end users across more than 275 million square feet, 700 properties, 30 countries, and 150 customers.

The mission of the annual PropTech Breakthrough Awards program is to conduct the industry’s most comprehensive analysis and evaluation of the top technology companies, solutions, and products in the real estate technology industry today. This year’s program attracted more than 1,700 nominations from over 12 different countries throughout the world.

“The last three years have radically transformed the entire real estate ecosystem, and HqO is right at the center of driving a mission-critical shift to finally focus on user experience and connect people to the physical spaces they both work and live in,” said Bryan Vaughn, Managing Director of PropTech Breakthrough Awards. “Like HqO, we believe real estate is all about people, and the Real Estate Analytics Platform Of The Year is a testament to how they are helping transform the real estate industry through cutting-edge technology, market data, and actionable insights.”

About HqO
HqO, ranked No. 75 on the Inc. 5000 list, is transforming how people connect with each other and the places they work. The HqO Workplace Experience Platform makes it easy for companies and commercial property teams to create modern workplaces through world-class amenities and services that allow people to thrive and produce the best results. Active in over 275 million square feet in 30 countries, 57% of the Fortune 100 rely on HqO to enhance their workplace experiences, improve employee satisfaction, and drive operational excellence. For more information, visit www.hqo.com.

About PropTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the PropTech Breakthrough Awards program is devoted to honoring excellence in technologies, services, companies and products that empower remote work and distributed teams around the globe. The PropTech Breakthrough Awards program provides a forum for public recognition around the achievements of technology companies and solutions in categories including messaging & communication, project management, virtual events, team collaboration, virtual offices, collaborative design and more. For more information visit PropTechBreakthrough.com.

For additional questions or more information, please reach out to HqOPR@boathouseinc.com.

GlobeNewswire Distribution ID 8891554

WillScot Mobile Mini Expands Portfolio of Space Solutions, Establishes Leadership Position in Temporary Cold Storage

PHOENIX, Aug. 10, 2023 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” or the “Company”) (Nasdaq: WSC), the North American leader in innovative temporary space solutions, today announced it has acquired Cold Box based in California and A&M Cold Storage based in Ohio, making the Company one of the largest providers of temporary cold storage units serving diverse customers in need of onsite climate controllable space.

Tim Boswell, President and Chief Financial Officer, commented, “As space solutions experts, we specialize in providing value-added solutions that meet the most technically demanding needs for a wide variety of companies. The market for cold storage solutions is rapidly growing with powerful tailwinds across diverse end-markets such as manufacturing, pharmaceuticals, food service and distribution, retail, events, and many others. The addition of refrigerated storage capabilities to our fleet will give us the opportunity to deepen relationships with existing customers who manage temperature sensitive goods and materials and to expand within other growth markets. Cold storage solutions complement our value-added commercial approach, will leverage our unrivaled logistics and field service infrastructure, and will integrate seamlessly into our scalable operating platform. We are excited to welcome the Cold Box and A&M Cold Storage teams into WillScot Mobile Mini, as together we build upon their success to date and create the leading provider of temporary cold storage solutions in North America.”

The acquired companies add approximately 3,500 climate-controlled containers, walk-in freezers, and refrigerated storage trailers to the WillScot Mobile Mini fleet of mobile offices and portable storage containers. The transactions add sales and customer service resources specializing in cold storage solutions across the top 50 metro markets in the United States, complementing the Company’s already vast nationwide coverage area.

About WillScot Mobile Mini

WillScot Mobile Mini trades on the Nasdaq stock exchange under the ticker symbol “WSC.” Headquartered in Phoenix, Arizona, the Company is a leading business services provider specializing in innovative and flexible temporary space solutions. The Company’s diverse product offering includes modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, climate-controlled storage units, and a thoughtfully curated selection of furnishings, appliances, and other services so its solutions are turnkey for customers. WillScot Mobile Mini services diverse end markets across all sectors of the economy from a network of approximately 240 branch locations and additional drop lots throughout the United States, Canada, and Mexico.

Additional Information and Where to Find It

Additional information can be found on the company’s website at www.willscotmobilemini.com.

Contact Information
Investor Inquiries: Media Inquiries:
Nick Girardi Jake Saylor
investors@willscotmobilemini.com jake.saylor@willscot.com

GlobeNewswire Distribution ID 8891671

Harbert Infrastructure Fund VI, LP Acquires Interest in Hawaiian Cogeneration Facility

BIRMINGHAM, Ala., Aug. 10, 2023 (GLOBE NEWSWIRE) — Harbert Management Corporation (“HMC”) is pleased to announce that Harbert Infrastructure Fund VI, LP (“HIF VI”) has acquired PSEG Power’s 50% interest in Kalaeloa Partners, L.P. (“Kalaeloa”), a partnership owning a 208 MW low sulfur fuel oil-fired cogeneration facility on the Island of Oahu, Hawaii.

Located in Oahu’s Campbell Industrial Park near Kapolei, the facility is operating under a ten-year power purchase agreement with Hawaiian Electric and a steam sales agreement with Par Hawaii. The facility’s ABB GT11NM combustion turbines allow a high degree of fuel flexibility, an important characteristic as Hawaii transitions to renewable energy resources.

Claude Estes, Senior Managing Director and Head of Infrastructure, noted, “HMC is excited to expand our ownership position at Kalaeloa. Kalaeloa has developed great relationships with its counterparties and the community over the years, and we look forward to building on those relationships.”

About HMC

HIF VI is an investment vehicle sponsored by HMC and held its final closing on September 30, 2022. HMC is an alternative asset management firm with approximately $8.0 billion in Regulatory Assets Under Management as of July 31, 2023, and is a privately owned firm formed in 1993 to sponsor alternative asset investment funds. HMC serves foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include infrastructure, European and U.S. real estate, seniors housing, growth equity, credit solutions, and absolute return funds. To learn more about HMC please visit, www.harbert.net.

Contact: HMC Communications
Telephone: 205.987.5500
E-mail: tmaddox@harbert.net

GlobeNewswire Distribution ID 8891402

CleverTap gears up for the next stage of growth, focuses on maximizing customer lifetime value for businesses

CleverTap – The all-in-one engagement platform

CleverTap – The all-in-one engagement platform

MOUNTAIN VIEW, Calif. and MUMBAI, India, Aug. 10, 2023 (GLOBE NEWSWIRE) — In light of the ever-evolving demands of the market, today CleverTap, the all-in-one engagement platform, marked a strategic redirection towards focusing on helping businesses maximize customer lifetime value (CLV). As businesses start focusing on sustainable growth and long-term profitability, understanding the potential of CLV is critical.

To maximize customer lifetime value, it is critical to enhance the customer experience and foster long-term customer relationships. This requires brands to stand out in saturated markets. Despite marketers increasing focus on customer-facing digital experiences, most customers believe that it doesn’t impact what they end up buying. Overcoming this requires brands to create lasting impressions by understanding their customers through insights across touchpoints. To actualize this, CleverTap offers key capabilities designed to meet diverse needs across business models— E-commerce, Subscriptions (OTT), Financial Services, Gaming, and more with the following capabilities:

  • Understanding customers for life with limitless data
  • Personalizing every experience to build brand love, loyalty, and advocacy
  • Creating customers for life with in-moment experiences, designed and optimized for scale, in real-time
  • Transcending boundaries through omni-channel experiences
  • AI-driven empathetic insights for smarter, faster decisions
  • Curating purpose-built solutions for different business models

Anand Jain, Co-Founder, and Chief Product Officer, CleverTap, said, “10 years ago when we started building CleverTap, our aim was to ensure the foundation of the platform is future proof and agile enough to adapt. Over the last few years consumer behavior and needs have evolved faster than the rate at which marketers can keep up with. The customer attention is divided today due to distractions by noisy marketing competing for marketing share. Our all-in-one solution allows brands to focus on building deep relationships with their users by leveraging the power of hyper-personalization, which helps maximize CLV.”

About CleverTap
CleverTap is the all-in-one engagement platform that helps brands unlock limitless customer lifetime value by helping them create personalized experiences to retain their most valuable customers. The platform empowers businesses to orchestrate experiences for individuals across their lifecycles and design personalized journeys that span a lifetime. It offers analytics that encompasses every aspect of the lifecycle, enabling businesses to measure and optimize each experience in real time. Its unique AI capability is insightful, empathetic, and prescriptive, facilitating smarter and faster decisions. The all-in-one platform unifies experiences from every touchpoint, paving the way for a new era of customer engagement.

The platform is powered by TesseractDB™ – the world’s first purpose-built database for customer engagement, offering both speed and economies of scale.

CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John’s, and Tesco.

Backed by leading investors such as Peak XV Partners, Tiger Global, Accel, CDPQ, and 360 One, the company is headquartered in Mountain View, California, with presence in San Francisco, New York, São Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Bangalore, Singapore, and Jakarta.

For more information, visit clevertap.com or follow us on:
LinkedIn: https://www.linkedin.com/company/clevertap/
X: https://twitter.com/CleverTap

Forward-Looking Statements
Some of the statements in this press release may represent CleverTap’s belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.

Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c578ac1-cc03-465e-a91d-4ce4f1bcb301

For more information:
SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com

IPSHITA BALU
Consultant
Archetype
+91 9590111798
ipshita.balu@archetype.co

GlobeNewswire Distribution ID 8891699

Arbor Metals Encouraged by Albemarle’s Investment in St. James Lithium Camp

Map of Arbor Metal Corp.’s Jarnet Lithium Claims

Arbor’s Jarnet Lithium Mine is located in the James Bay region of Quebec and is comprised of 47 map-designated claims that cover an approximate area of 3,759 hectares.

VANCOUVER, British Columbia, Aug. 10, 2023 (GLOBE NEWSWIRE) — Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR, FWB: 432) is encouraged by Albemarle Corp.’s (NYSE: ALB) recent investment of $109 million in the St. James Lithium Camp. As the world’s leading lithium producer, Albemarle’s significant commitment serves as a powerful endorsement of the region’s potential to emerge as a key source of lithium for the global Electric Vehicle (EV) Industry.

Albemarle’s strategic investment into the St. James Lithium Camp demonstrates a high level of confidence in the vast lithium resources present in the region. This sizable injection of capital affirms the camp’s ability to play a significant role in fulfilling the ever-increasing demand for lithium, a critical component in the production of batteries for electric vehicles.

Mark Ferguson, President and CEO of Arbor, commented, “We are encouraged by Albemarle’s substantial investment in the St. James Lithium Camp, which further validates our belief in the camp’s potential. The St. James region is swiftly gaining recognition as a prominent lithium district, and Albemarle’s commitment underscores the importance of the lithium resources in the area.”

Ferguson further added, “Arbor‘s Jarnet Lithium project is situated within the St. James Lithium Camp, and we share Albemarle’s conviction in the substantial opportunity that this region presents. The recent investment only bolsters our determination to unlock the full potential of the project.”

About Arbor Metals Corp.

Arbor Metals Corp. is a mining exploration company focused on developing high-value, geographically significant mineral projects worldwide. Arbor is paving the way for advanced mineral exploration as it oversees world-class mining projects. The Company is confident that combining quality projects with proven strategies and a dedicated team will yield exceptional outcomes.

The Jarnet lithium project, located in the James Bay region of Quebec, comprises 47 map-designated claims, covering an area of approximately 3,759 hectares. The Jarnet project is contiguous to the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization representing one of the highest-profile lithium exploration projects in the sector.

Map of Arbor Metal Corp.'s Jarnet Lithium Claims

For further information, contact Mark Ferguson, Chief Executive Officer, at info@arbormetals.com, or 403.852.4869, or visit the Company’s website at www.arbormetalscorp.com.

On behalf of the Board,

Arbor Metals Corp.

Mark Ferguson, Chief Executive Officer

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

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the Jarnet Lithium Project, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

MRKT360 INC
https://mrkt360.com
Alex Zertuche
alexz@mrkt360.com
For E.S.T Office Hours, Call 1 416-477-0587

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GlobeNewswire Distribution ID 8891280

Duck Creek Technologies Expands to the Indian Market, Offering Its Global Core Technology Platform to India-Based Insurance Carriers

The company’s Indian subsidiary signs its first full-suite customer partnership in the region with HDFC ERGO

Mumbai, Aug. 09, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies India LLP, a subsidiary of Duck Creek Technologies, today announced a historical milestone with its expansion into the Indian general insurance market. Duck Creek Technologies India LLP now offers India-based insurers the ease, convenience, and power of modern cloud-based software-as-a-service (SaaS), delivered as a full suite of capabilities or as stand-alone solutions. With this expansion, Duck Creek reinforces its market commitment by establishing its data center in India, supported by nearly 1,000 local employees.

In partnership with its first core systems full-suite India-based insurance customer, HDFC ERGO General Insurance Company Limited (“HDFC ERGO”), Duck Creek will deploy its intuitive, user-friendly, and powerful solutions to empower HDFC ERGO to take new products to market faster and significantly improve their customers’ experience throughout the policy lifecycle and across the insurer’s entire portfolio. Duck Creek’s products and solutions will holistically bring a competitive advantage to HDFC ERGO across its entire system, portfolio and operations.

Speaking about the partnership, Sriram Naganathan, President and Chief Technology Officer, HDFC ERGO General Insurance, said, “As a leading insurer of the country, at HDFC ERGO, it has been our priority in adopting innovative technologies to address the evolving demands of our customers and offer them an enhanced customer experience. Being a digital insurer of scale, our partnership with Duck Creek Technologies India LLP is a crucial step towards unlocking the full potential of HDFC ERGO’s wide insurance solutions and enabling us to offer efficient delivery and more convenience for our customers. Duck Creek’s SaaS solution will empower our advanced AI/ML models, providing essential digital capabilities to meet the critical needs of our customers and partners.”

Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies, stated, “Our commitment to HDFC ERGO aligns with their outstanding vision to make insurance easier, more affordable, and more dependable for all the people in India. We are extremely proud to be a partner to HDFC ERGO, India’s leading insurance brand, in their journey to transform general insurance services in the region.” Bedi added, “This is a significant milestone in Duck Creek’s continued growth as a leading SaaS choice for insurers worldwide. Duck Creek’s partnership with HDFC ERGO is another proof point that our global technology solutions are geared towards enabling a more modern and efficient insurance enterprise.”

Drawing on its experience supporting the world’s largest insurers and reinsurers, Duck Creek will offer its suite of SaaS-based core insurance delivery solutions, including policy, claims, billing, rating and reinsurance, to help Indian general insurers innovate and modernize their products and services.

“Duck Creek is truly excited to enter the Indian insurance market with our global solutions. We want to empower insurance companies in India with hyper-personalized insurance solutions that help customers buy or service insurance from any device and anytime. Customers from all parts of India can feel secure knowing they are covered and can raise claims anytime,” said Shaji Sethu, Managing Director APAC, Duck Creek Technologies.

The Indian insurance market was valued at $127 billion in 2021 ($30 billion, represented in the non-life sector). It is anticipated to grow to over $200 billion by 2027, which presents an exciting opportunity for Duck Creek.

About HDFC ERGO

HDFC ERGO General Insurance Company Limited was promoted by erstwhile Housing Development Finance Corporation Ltd. (HDFC), India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. Consequent to the implementation of the Scheme of Amalgamation of HDFC with and into HDFC Bank Limited (Bank), one of India’s leading private sector banks, the Company has become a subsidiary of the Bank. HDFC ERGO is the second largest non-life insurance company in the Private Sector as on 31st March 2023 based on gross premium garnered. A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer customers the best-in-class service experience. The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), and Robotics. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~94% of retail policies issued digitally. HDFC ERGO’s technology platform has empowered the customers to avail 69% of the services digitally on a 24×7 basis with ~19% of the customer requests serviced by Artificial Intelligence-based tools. In FY23, the company has issued 1.22 crore policies and has settled ~50 lakhs claims. The Company has an active data base of 1.5+ crore customers. HDFC ERGO is present in 496 districts of the country through their 215 branches, 10,000+ employees and 1.8 lakhs agents and channel partners.

HDFC ERGO offers a complete range of General Insurance products including Health, Motor, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space. Be it unique insurance products, integrated customer service models, top-in-class claim processes or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time.

Please log on to www.hdfcergo.com or stay connected on the following social media handles to get more information on HDFC ERGO and the products and services offered by the company.

Facebook: https://www.facebook.com/hdfcergo

Twitter: https://twitter.com/hdfcergogic

LinkedIn: https://www.linkedin.com/company/hdfcergo

YouTube: https://youtube.com/c/hdfcergo

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Carley Bunch
Duck Creek Technologies
+1201-962-6091
carley.bunch@duckcreek.com

GlobeNewswire Distribution ID 8890991

HYCU® Named a Visionary in the 2023 Gartner® Magic Quadrant™ for Enterprise Backup and Recovery Software Solutions

Boston, Massachusetts, Aug. 09, 2023 (GLOBE NEWSWIRE) — HYCU, Inc., the world’s fastest-growing multi-cloud data protection as a service company, today announced, for the second consecutive year it has been named a Visionary in this year’s Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions.

HYCU simplifies on-premises and multi-cloud data protection for thousands of customers worldwide including several among the FORTUNE 500. Companies continue to face challenges to better protect, manage and recover mission critical data. This has been compounded by the rise in ransomware attacks, with new attacks noted by Cybersecurity Ventures occurring at a rate of every 11 seconds. To address these challenges, HYCU continues to evolve its award-winning platform to ease and administer the protection and recovery of workloads across the most widely deployed applications, databases and SaaS services.

The past year was highlighted by several key innovations from HYCU, including:

  • The Introduction of R-Cloud™: HYCU’s new low-code, purpose-built data development platform allows SaaS companies and ISVs to develop and provide backup and recovery services for their SaaS offerings on the HYCU platform. The platform is designed for vendors to deliver enterprise class backup and recovery service to their users that is secure and scalable, providing an easy way to visualize all data across the enterprise, identify what data is protected, ensure data is not left unprotected, and be able to recover data in the event of human error or malicious attack.
  • R-Graph: HYCU’s visual representation of data protection environment, displaying the topology, data protection and compliance statuses of different data sources—cloud workloads, applications and databases, and SaaS applications.
  • Multi-cloud Support: HYCU customers find breadth of coverage to be a huge value. While HYCU AWS, Azure and Google Cloud, the company also supports leading hybrid cloud technologies like VMware Cloud on AWS, Azure VMware Solution, Google Cloud VMware Engine and Nutanix Cloud Clusters on AWS and Azure. HYCU’s public cloud offerings also include coverage of DBaaS and PaaS workloads in Google Kubernetes Engine, Google Big Query and Google CloudSQL.

Other new capabilities HYCU is recognized for include:

  • The availability of a free tier of HYCU for Amazon Web Services (AWS) users. This is a purpose-built cloud-native backup as a service for AWS, for free.
  • Support for Azure Government users
  • Impact-free, agentless file share backup
  • Support for Edge and ROBO workloads

“We are excited and proud to be named a Visionary in this report for the second year in a row,” said Simon Taylor, Founder and CEO, HYCU, Inc. “It’s a significant milestone that we feel recognizes the critical importance and growing challenges of SaaS backup, and validates the need for R-Cloud. Moreover, it once again validates HYCU’s role as an innovator singularly focused on helping our customers and partners overcome the challenges that the rise of ransomware has elicited as well as the growing use of multi-clouds throughout the digital estate. Our fundamental belief since our founding continues to be validated – that there is a better way to manage, protect, and recover data across the growing number of data sources within companies and organizations.”

To access a complimentary copy of the full Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions, please visit here.

Gartner, Magic Quadrant for Enterprise Backup and Recovery Software Solutions, By Michael Hoeck, Nik Simpson, Jerry Rozeman, Jason Donham, 7 August 2023.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

To learn more about HYCU’s multi-cloud and SaaS backup and recovery as a service solutions, visit tryhycu.com.

About HYCU

HYCU is the fastest-growing leader in the multi-cloud and SaaS data protection as a service industry. By bringing true SaaS-based data backup and recovery to on-premises, cloud-native, and SaaS environments, the company provides unparalleled data protection, migration, disaster recovery, and ransomware protection to thousands of companies worldwide. As an award-winning and recognized visionary in the industry, HYCU solutions eliminate complexity, risk, and the high cost of legacy-based solutions, providing data protection simplicity to make the world safer. With an industry leading NPS score of 91, customers experience frictionless, cost-effective data protection, anywhere, everywhere. HYCU has raised $140M in VC funding to date and is based in Boston, Mass. Learn more at www.hycu.com.

Don Jennings
HYCU, Inc.
(617) 791-1710
don.jennings@hycu.com

GlobeNewswire Distribution ID 8891351

Gorilla Technology Group Reports First Half 2023 Financial Results

– Year-on-year growth in fiscal 2023 will be nearly 300% in constant currency –

– Booked sales exceeded internal target of $41 million, standing at $272 million (a 563% increase) –

– Revenue guidance of $65 million for 2023 and $90 million for 2024 –

– Improved Visibility with Revenue Contracted Through 2026 –

– 49.4% Gross Margin Affirms Success in Improving Quality of Customer Base –

LONDON, Aug. 09, 2023 (GLOBE NEWSWIRE) — Gorilla Technology Group Inc. (“Gorilla” or the “Company”) (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, today reported its unaudited financial results for the six months ended June 30, 2023.

Highlights

  • Booked sales exceeded internal target of $41 million, standing at $272 million, a 563% increase
  • Evolved from a Project centric business to a Product & Services Business, as demonstrated by multi-hundred-million-dollar contract for Government of Egypt
  • Implemented financial and operational discipline by transitioning out of marginal or unprofitable projects
  • Will implement Smart Government Security Convergence solution for the Government of Egypt
  • Largest contract in company history, with total revenues of $270 million over three years
  • Aggressive actions to safeguard shareholders from illegal stock manipulation
  • Recorded gross margin of 49.4%, a significant increase from the previous year’s margin of 33.1%, standing as compelling evidence of a successful transformation to position the company for sustainable and profitable growth at scale
  • Operating expense decreased by $1.9 million compared with the prior year
  • 2023 and 2024 revenue guidance at $65 million and $90 million, respectively

Gorilla Chief Executive Officer Jay Chandan commented, “Just after quarter-end we announced a transformational contract with the Government of Egypt, in which we will implement a Smart Government Security Convergence solution. This contract affirms our standing as a reliable global solutions provider, which is important because MENA-region governments are actively seeking innovative partners to support their transformation from conventional systems to digital technologies. Egypt is a notable milestone in our globalization strategy and puts us on a path to profitability by the end of 2024. This contract and other wins give us outstanding visibility in revenue and profitability for the next three years. The contract is worth more than $270 million over three years and represents the largest customer win in Gorilla’s history. Together with other recent wins in Taiwan and UK, we have now secured $300 million worth of projects. We have successfully transformed from being a Project Centric business to a Product & Services Solutions business and have greatly expanded on our Platform as a Service. Our service offerings now include Smart City, Network, Video, Cybersecurity and IoT across select verticals including Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education. We have made significant progress within the last 10 months and this, I believe, will be a turning point in Gorilla’s history.”

Chandan continued, “Yesterday, we issued a statement addressing the illegal and unethical manipulation of our stock dating back to late 2022. We do not make this accusation lightly and have gathered persuasive evidence that supports our view. We hired an economic analysis firm with expertise in suspicious trading activity, and after detailed work they uncovered compelling evidence suggesting manipulation of our share price. Meanwhile, we uncovered evidence of illegal attempts to extort below-market sales of our shares and colluding efforts to deceive shareholders and take activist actions. We have many tools to pursue the perpetrators, including legal action and warning our honest shareholders. We will fight to make Gorilla a thriving success, and we will stop at nothing to end the unjustified attacks being perpetrated upon us.”

Commenting on results, Gorilla Chief Financial Officer Daphne Huang noted, “We are on track to achieve revenues of approximately $65 million for the full year, driven by progress in our performance and strong demand. We are aiming to be cashflow positive by the end of 2024. We have also instilled sound operating and financial discipline into our business via the massive transformation we started last autumn. We see evidence of success in the decision to avoid unfocused and unprofitable business. Solid growth in security convergence demonstrates the wisdom of our product portfolio and the Egypt project win shows that this segment can drive explosive growth in the years ahead. Despite an uncertain macroeconomic environment today, we see vast opportunities ahead of us and are confident in our capacity to continue improving our performance through 2023 and 2024. You can also see the better quality of customers and projects in our gross margin, which expanded to nearly 50%. Based on the current Egypt project plan and revenue recognition practices, as well as other projects, we anticipate second half 2023 revenue of approximately $58 million.”

First Half 2023 Results

Unless noted otherwise, all figures are for the six months ended June 30, 2023, and all comparisons are with the corresponding period of 2022.

The following table summarizes financial results:

Six months ended
June 30
Items 2023 2022
(Unaudited)
Revenue $ 6,429,335 $ 13,800,930
Cost of revenue (3,250,584 ) (9,226,561 )
Gross Profit 3,178,751 4,574,369
Gross Margin 49.4 % 33.1 %
Operating expense (10,470,307 ) (12,402,188 )
Operating loss (7,291,556 ) (7,827,819 )
Net loss $ (7,269,758 ) $ (8,636,040 )

The following table shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the loss for the six months period ended June 30, 2023, and 2022.

Six months ended
June 30, 2023
Six months ended
June 30, 2022
(Unaudited)
Loss for the period $ (7,269,758 ) $ (8,636,040 )
Income tax expense 2,172 356,130
Interest and Finance costs (23,970 ) 452,091
EBIT $ (7,291,556 ) (7,827,819 )
Depreciation expense 321,902 3,420,393
Amortization expense 406,573 1,030,193
EBITDA $ (6,563,081 ) $ (3,377,233 )
Transaction costs (one time)(1) 3,097,764 2,151,856
Adjusted EBITDA (3,465,317 ) (1,225,377 )

(1) Transaction costs are one-off expenses for one-time employee expenses and professional services related to asset acquisition, professional services for one-time project which are considered as one-off corporate development events and added back for calculation of adjusted EBITDA.

Despite the lower revenue base, gross margin increased from 33.1% to 49.4%. Operating expense decreased by $1.9 million compared to the same period in 2022. Adjusted EBITDA was negative $3.5 million compared to negative $1.2 million a year ago.

Outlook

The Company updated guidance to reflect the Egypt contract. Based on the current project plan and revenue recognition practices, Gorilla reaffirms 2023 full year revenue guidance of $65 million, as such anticipates second half 2023 revenue of approximately $58 million. With won business to date of $300 million, the Company is comfortable offering initial guidance for 2024 revenue of $90 million.

About Gorilla Technology Group Inc.

“Empowering Your Tomorrow”

Gorilla, headquartered in London U.K., is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. Gorilla provides a wide range of solutions, including, Smart City, Network, Video, Cybersecurity and IoT across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education.

The Company’s vision is to empower a connected tomorrow through innovative and transformative technologies. Gorilla envisions a world where seamless connectivity transcends boundaries, enriching lives, industries, and societies.

Gorilla’s commitment is to lead the way in pioneering cutting-edge solutions that bridge gaps, foster collaboration and inspire progress. By relentlessly pushing the boundaries of technology, the Company aims to create an ecosystem where individuals, businesses and communities thrive in an era of digital empowerment.

Through continuous innovation, ethical practices and a steadfast dedication to quality, Gorilla strives to shape a future where every interaction, transaction, and experience is enhanced by the power of technology.

For more information go to Gorilla-Technology.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about future revenues, our ability to attract the attention of customers and investors alike, our ability to fund operations as we execute a strategic shift to pursue the larger and higher margin opportunities in Security Convergence, our expectations to swing to profit in the quarters ahead, our immediate priorities, Gorilla’s strategic shift to enable it to pursue larger projects with better revenue visibility, Gorilla’s contract with the Government of Egypt, Gorilla’s ability to win additional projects and execute definitive contracts related thereto, along with those other risks described under the heading “Risk Factors” in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the “SEC”) on April 28, 2023, and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Non-IFRS Measures

Certain of the measures included in this press release are non-IFRS financial measures, including adjusted EBITDA. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS, and non-IFRS financial measures as used by Gorilla are not reported by all their competitors and may not be comparable to similarly titled amounts used by other companies.

We believe that the non-IFRS measures such as adjusted EBITDA provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present adjusted EBITDA to provide more information and greater transparency to investors about our operating results.

Adjusted EBITDA represents EBITDA excluding transaction costs and share listing expenses which are one-off expenses for professional services related to our Business Combination, asset acquisition and SOX 404 implementation project, which are considered as non-recurring corporate development events and added back for calculation of adjusted EBITDA.

The final table which shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the loss for the period ended June 30, 2023, and 2022 in this results announcement has more details on the non-IFRS financial measures and the related reconciliations between these financial measures.

For More Information:

Investors

Gary Dvorchak

The Blueshirt Group

gary@blueshirtgroup.com

Media

Jeff Fox

The Blueshirt Group

jeff@blueshirtgroup.com

Gorilla Technology Group Inc. and Subsidiaries
Consolidated Statements of Comprehensive Loss
(Unaudited)
(Expressed in United States dollars)
Six months ended June 30
Items 2023 2022
Revenue $ 6,429,335 $ 13,800,930
Cost of revenue (3,250,584 ) (9,226,561 )
Gross profit 3,178,751 4,574,369
Operating expenses
Selling and marketing expenses (901,355 ) (1,980,709 )
General and administrative expenses (7,641,876 ) (3,295,612 )
Research and development expenses (2,772,621 ) (7,766,833 )
Other income 79,089 11,037
Other gains – net 766,456 629,929
Total operating expenses (10,470,307 ) (12,402,188 )
Operating loss (7,291,556 ) (7,827,819 )
Non-operating income and expenses
Interest income 400,516 11,957
Finance costs (376,546 ) (464,048 )
Total non-operating income and expenses 23,970 (452,091 )
Loss before income tax (7,267,586 ) (8,279,910 )
Income tax expense (2,172 ) (356,130 )
Loss for the period $ (7,269,758 ) $ (8,636,040 )
Other comprehensive loss
Components of other comprehensive loss that may be reclassified to profit or loss
Exchange differences on translation of foreign operations $ (185,082 ) $ (874,697 )
Other comprehensive loss for the period, net of tax $ (185,082 ) $ (874,697 )
Total comprehensive loss for the period $ (7,454,840 ) $ (9,510,737 )
Loss per share
     Basic loss per share $ (0.11 ) $ (0.29 )
     Diluted loss per share $ (0.11 ) $ (0.29 )
Gorilla Technology Group Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(Expressed in United States dollars)
Items June 30, 2023 December 31, 2022
Assets
Current assets
Cash and cash equivalents $ 10,268,581 $ 22,996,377
Financial assets at fair value through profit or loss – current 1,053,621 1,073,229
Financial assets at amortized cost 8,859,457 6,871,187
Contract assets 4,551,822 725,441
Accounts receivable 12,507,386 14,041,611
Inventories 56,544 68,629
Prepayments – current 244,039 1,266,442
Other receivables 732,054 648,617
Other current assets 38,421 61,803
Total current assets 38,311,925 47,753,336
Non-current assets
Property, plant and equipment 15,731,102 16,132,567
Right-of-use assets 8,269 16,675
Intangible assets 9,060,563 56,342
Deferred income tax assets 29,464 29,905
Prepayments – non-current 482,230 612,982
Other non-current assets 939,513 659,071
Total non-current assets 26,251,141 17,507,542
Total assets $ 64,563,066 $ 65,260,878
Items June 30, 2023 December 31, 2022
Liabilities and Equity
Liabilities
Current liabilities
Short-term borrowings $ 15,189,220 $ 13,492,935
Contract liabilities 113,221 58,475
Notes payable 593 602
Accounts payable 3,765,166 6,674,528
Other payables 5,400,184 3,620,998
Provisions – current 70,758 88,469
Lease liabilities 8,387 16,981
Warrant liabilities 1,328,165 2,042,410
Long-term borrowings, current portion 2,781,744 2,108,896
Other current liabilities, others 143,909 152,373
Total current liabilities 28,801,347 28,256,667
Non-current liabilities
Long-term borrowings 6,491,613 8,251,788
Provisions – non-current 46,887 61,057
Deferred income tax liabilities 145,997 148,183
Total non-current liabilities 6,684,497 8,461,028
Total liabilities 35,485,844 36,717,695
Equity
Equity attributable to owners of parent
Share capital
Ordinary share 7,174 7,136
Capital surplus
Capital surplus 162,719,230 154,730,389
Retained earnings
Accumulated deficit (104,254,138 ) (96,984,380 )
Other equity interest
Financial statements translation differences of foreign operations 185,096 370,178
Treasury shares (29,580,140 ) (29,580,140 )
Equity attributable to owners of the parent 29,077,222 28,543,183
Total equity 29,077,222 28,543,183
Significant contingent liabilities and unrecognized contract commitments
Total liabilities and equity $ 64,563,066 $ 65,260,878
Gorilla Technology Group Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
(Expressed in United States dollars)
Six months ended June 30
2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax $ (7,267,586 ) $ (8,279,910 )
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expenses 321,902 3,420,393
Amortization expenses 406,573 1,030,193
Share-based payment expenses 500,000 0
Share option expenses 38,053 184,943
Loss on disposal of property, plant and equipment 257 0
Gains on reversal of accounts and other payables (68,165 ) 0
Gains on financial assets and liabilities at fair value through profit or loss (616,686 ) 0
Interest expense 376,546 464,048
Interest income (400,516 ) (11,957 )
Changes in operating assets and liabilities
Changes in operating assets
Contract assets (3,826,381 ) 402,155
Accounts receivable 1,534,225 (1,175,393 )
Inventories 12,085 77,038
Prepayments 1,163,915 (939,900 )
Other receivables (15,757 ) (4,010 )
Other current assets (30,319 ) 2,626
Other non-current assets (15,315 ) 33,359
Changes in operating liabilities
Contract liabilities 54,746 (1,386 )
Notes payable (9 ) (45 )
Accounts payable (2,846,303 ) 927,603
Other payables (1,288,629 ) 542,481
Provisions (30,203 ) (59,016 )
Other current liabilities (8,464 ) (34,871 )
Cash outflow generated from operations (12,006,031 ) (3,421,649 )
Interest received 386,537 11,957
Interest paid (388,045 ) (313,902 )
Tax paid (12,491 ) (360 )
Net cash flows used in operating activities (12,020,030 ) (3,723,954 )
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (216,672 ) (2,815,381 )
Acquisition of intangible assets (3,257,771 ) (14,252 )
Disposal in financial assets at amortized cost 0 2,225,422
Investment in financial assets at amortized cost (1,988,270 ) 0
(Increase) decrease in guarantee deposits (265,127 ) 34,033
Net cash flows used in investing activities (5,727,840 ) (570,178 )
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings 11,037,443 867,694
Repayments of short-term borrowings (9,238,450 ) 0
Proceeds from long-term borrowings 0 1,574,876
Repayments of long-term borrowings (872,431 ) (1,793,622 )
Principal repayment of lease liabilities (8,665 ) (26,503 )
Loan to Global SPAC Partner Co. 0 (1,165,339 )
Payment of transaction cost 0 (87,419 )
Exercise of warrants 4,372,875 0
Net cash flows generated from (used in) financing activities 5,290,772 (630,313 )
Effect of foreign exchange rate changes (270,698 ) 529,800
Net decrease in cash and cash equivalents (12,727,796 ) (4,394,645 )
Cash and cash equivalents at beginning of period 22,996,377 9,944,748
Cash and cash equivalents at end of period $ 10,268,581 $ 5,550,103

The following table shows our adjusted EBITDA, together reconciled to the loss for the period ended June 30, 2023, and 2022.

Gorilla Technology Group Inc. and Subsidiaries
Reconciliation of Non-IFRS Financial Measures – Adjusted EBITDA Calculation
(Unaudited)
(Expressed in United States dollars)
Items Six months ended
June 30, 2023
Six months ended
June 30, 2022
Loss for the period $ (7,269,758 ) $ (8,636,040 )
Depreciation Expense 321,902 3,420,393
Amortization Expense 406,573 1,030,193
Income Tax Expense 2,172 356,130
Interest and Finance Costs (23,970 ) 452,091
Transaction Costs (one time) 3,097,764 2,151,856
Adjusted EBITDA $ (3,465,317 ) $ (1,225,377 )

GlobeNewswire Distribution ID 8891349