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HyperBlock Granted MCTO

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HyperBlock Inc. (“HyperBlock” or the “Company“) (CSE: HYPR) has been granted a Management Cease Trading Order by the Ontario Securities Commission and intends to file its audited annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended December 31, 2018 (collectively, the “Annual Filings“) no later than June 30, 2019.

As previously disclosed, HyperBlock submitted an application to the Ontario Securities Commission, as principal regulator for the Company, under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) requesting that a management cease trade order be imposed in respect of its inability to file its Annual Filings prior to the April 30, 2019 filing deadline under National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102“) and National Instrument 52-109 – Certification of Disclosure in Issuers Annual and Interim Filings. The issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. The management cease trade order will be in effect until the Annual Filings are filed, provided that HyperBlock complies with the terms of the order in the interim.

Composition of the Audit Committee 
The Company confirms that Sean Walsh and Roozbeh Ebbadi have been appointed to the Company’s audit committee to sit alongside the Honourable Ronald Spoehel. Mr. Spoehel is an independent director, and while both Mr. Walsh and Mr. Ebbadi are Company executives, their appointments to the audit committee were to fill the vacancies caused by earlier reported director resignations, in compliance with National Instrument 51-110 – Audit Committees.

HyperBlock Continues to Operate at its US Datacenter; Testing New Bitmain S17 Servers
Normal operations continue at the Company’s 20MW US datacenter, where it currently runs more than 10,000 servers at an average electricity price below US 4 cents per kWh. Current power contracts are expected to be active into Q3 2022. Operations in the existing 20MW datacenter are unaffected by recently imposed Missoula County interim zoning regulations, which are only applicable to new operations.

HyperBlock is currently testing Bitmain Antminer S17 servers. If the tests are successful, the Company expects to begin replacing its older generation servers using a combination of working capital and funds raised in new debt financing, which the company recently began seeking. The datacenter operations team believes the new Bitmain S17 servers will deliver over 20 TH/s of computational power per kilowatt of electrical consumption compared to just under 10 TH/s of computational power per kilowatt for Bitmain Antminer S9 servers. With the existing available evidence, the Company believes that refreshing an existing datacenter with new servers has the potential to double that datacenter’s revenue at little to no increased operating expense.

The Company is also moving forward with the previously announced US $1 million sale of non-core datacenter assets at one of its Canadian facilities, which is expected to close on or before June 30, 2019. The Company has already received US $800,000 in payments, and expects to receive an additional US $199,000 payment within the next 10 days.

HyperBlock Provides Bi-Weekly Market Update 
HyperBlock recently appointed Manning Elliott LLP as its new auditor and the audit of the Company’s Annual Filings is underway.

The Company confirms that since its press release on April 18, 2019 announcing a delay of the filing of its Annuals Filings (the “Filings Notice“): (i) there is no material change to the information set out in the Filings Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases until it has met the filing requirements set out above.

Legal Matters Involving HyperBlock 
The Company also wishes to provide information on two legal matters.

The first relates to the offering of subscription receipts of the Company on March 14, 2018 (the “Offering“), the proceeds of which were held in escrow pending the satisfaction of certain release conditions, which proceeds were released from escrow shortly after the Company’s common shares were listed on the Canadian Securities Exchange on July 10, 2018.  In connection therewith, a subscriber (the “Subscriber“) under the Offering has alleged that the escrow release conditions were not satisfied and has brought an action against the Company claiming, among other things, that the release of the proceeds of the Offering constituted a breach of the terms of its subscription agreement with the Company. The Company has thoroughly reviewed the details of this claim with its legal counsel and has concluded that the claim is without merit. A case conference was held on May 1, 2019.  As a result of the case conference, the parties are to discuss whether the Subscriber’s claim should proceed by way of application on a paper record or by way of an action. No timeline has been established for such discussions.

The second relates to the formation of the Company, which was result of an amalgamation involving Cryptoglobal Corp. (“Cryptoglobal“) on July 10, 2018.  In connection therewith, the founders of Cryptoglobal, Rob Segal and James Millership, are seeking an inspection to review certain financial terms of the Amalgamation which were approved as part of a plan of arrangement dated July 10, 2018 (the “Review“). Mr. Segal and Mr. Millership have sought to recover from the Company any expenses arising in connection with the Review. This matter was argued before the Ontario Superior Court of Justice on April 23, 2019, with the decision being reserved and unknown as of the date of this press release.

The Company confirms, as of the date of this news release, that there is no insolvency proceeding against it and that it believes there is no other material information relating to its affairs that has not been generally disclosed.

 

SOURCE HyperBlock

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/C O R R E C T I O N — Roborock/

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Roborock Reports 2023 Full Year Financial Results

Achieving Record-breaking Financial Success and Reaching Historic High in Total Assets

HONG KONG, March 28, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced its financial results for the full year ending December 31, 2023.

Roborock achieved remarkable financial success during the reporting period, posting revenue of 8.65 billion Yuan (US$1.22 billion), representing a significant 30.55% Year-On-Year increase. The company recorded a net profit of 2.05 billion Yuan (US$288 million), achieving an annual growth rate of 73.32%.

Roborock’s total assets reached an all-time high of 14.38 billion Yuan (US$2.02 billion), reflecting Year-On-Year growth of 32.71%. These achievements solidify Roborock’s position as one of the leading players in the smart vacuum industry. The company also recorded impressive overseas revenue, growing at a rate of 21.42%, while total robot vacuums shipments surpassed 2 million units.

“Ever since we founded Roborock back in 2014, our long-term mindset and unwavering commitment to focusing on delivering true value to our customers is what has gotten us to where we are today. It’s been an amazing journey, and we are truly proud to emerge as a global leader in smart vacuums.” said Richard Chang, Founder & CEO of Roborock.

“As we approach our 10-year anniversary, we are excited to introduce more of our cutting-edge vacuums, including the S8 MaxV Ultra which we unveiled at CES 2024. This flagship innovation represents our most technologically advanced one-stop cleaning solution to date, underlining our focus on enriching future lifestyles within the smart home ecosystem to enhance the quality of life for our customers worldwide.

Financial Performance Highlights

Sales and Net Profit

  • Total revenue recorded was 8.65 billion Yuan (US$1.22 billion)
  • Of this, 4.23 billion Yuan (US$595 million) is attributed to Roborock’s overseas operations, accounting for 49% of total revenue
  • Roborock’s overseas operation recorded a revenue growth of 21.42% compared to the previous year
  • The company achieved a net profit of 2.05 billion Yuan (US$288 million), with an annual growth rate of 73.32%
  • Roborock’s total assets reached a historic high of 14.38 billion Yuan (US$2.02 billion), reflecting a remarkable 32.71% Year-On-Year growth

Growth across Product Categories

  • Roborock’s total robot vacuums shipments surpassed 2 million units, generating an income of 8.09 billion Yuan income (US$1.14 billion) and achieving a Year-On-Year growth of 27.14%
  • Roborock experienced rapid growth across new product categories (product portfolios except robot vacuums), with an income of 554 million Yuan (US$78 million) income and a Year-On-Year growth of 109.4%

Research & Development

  • R&D expenditure amounted to 619 million Yuan (US$87 million), accounting for 7.15% of total revenue. This represents a year-on-year growth of 26.69%
  • During the reporting period, 522 new domestic and overseas patents were filed

Major accounting data and financial indicators in the past 3 years

(Unit: Yuan; Currency: RMB)

2023

2022

Year-On-Year
Growth (%)

Total Assets

14,376,641,614

10,833,053,890

32.71

Net assets
attributable to
shareholders of
listed companies

11,380,526,122

9,556,378,416

19.09

Revenue

8,653,783,788

6,628,716,402

30.55

Net profit
attributable to
shareholders of
listed companies

2,051,217,414

1,183,476,942

73.32

Net profit
attributable to
shareholders of
listed companies
after deducting
non-recurring
gains and losses

1,826,089,668

1,197,719,439

52.46

Net cash flow
from
operating activities

2,185,931,368

1,120,467,567

95.09

About Roborock

Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of 7.1132 Yuan to US$1.00, the spot exchange rate at the annual reporting date of December 31, 2023. The company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be at any particular rate or at all.

Photo – https://mma.prnewswire.com/media/2374470/Roborock_2023_Financial_Results.jpg

 

 

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Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

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LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

Photo – https://mma.prnewswire.com/media/2374872/REMY_Sleep_1.jpg

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Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

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SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/bitrue-coin-btr-analyzes-user-behavior-and-announces-upcoming-developments-to-enhance-utility-302103427.html

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