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News Article | May 24, 2017
Site: www.prnewswire.com

1) Make sure it is safety for you and your devices. Safety is always the most important issue. 2) Make sure it can charge at least five devices at same time. When you have a family party or have fun with friends, it isn't fun to have to find places to charge phones or pads. A multi-ports charge station can solve this problem, make sure it have 5 or more charging ports. 3) Make sure it can solve the charging line storage problems. Too many devices get charged at same time might cause the charging lines get twisted. 4) Make sure it have cradles. The cradles will free your hands when you want to watch your phone or pad when you charging the device. SmartU, a useful charge station, one of the most creative products from Huntkey. It can solve all kinds of charging problems. The design of SmartU is inspired by how Chinese brushes are traditionally held. This design separates devices and helps to solve cradle and charging line problems. 4 powered USB ports and extra 2 built-in micro cables shared 8 amps of power(total 40W), max 5v 2.4A for each port, can charge 6 devices at the same time. SmartU complies with UL certification and have 3-year warranty, can adapt devices automatically and charge your devices at the optimized speed. Huntkey charge station SmartU is available on Amazon:  https://www.amazon.com/dp/B01N9LMHXQ Huntkey Enterprise Group, founded in 1995 and headquartered in Shenzhen, is a member of The International Power Supply Manufacturer's Association (PSMA) and a member of The China Power Supply Society (CPSS). With branch companies in the USA, Japan and other areas, and cooperating factories in Brazil, Argentina, India and other countries, Huntkey has specialized in the development, design, and manufacturing of PC power supplies, industrial power supplies, surge protectors, adapters and chargers for many years. With its own technologies and manufacturing strength, Huntkey has served Lenovo, Huawei, Haier, DELL, ZTE, Bestbuy and many other large enterprises for years, and has received unanimous recognition and trust from most of the customers. For more information about Huntkey, please visit http://www.huntkey.com/. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/huntkey-how-to-choose-a-useful-charge-station-300463032.html


News Article | June 5, 2017
Site: www.marketwired.com

IRVINE, CA--(Marketwired - Jun 5, 2017) -  Enterprise Counsel Group ALC (ECG) -- a business law firm specializing in trial, appellate, transactional, labor and real estate matters -- is pleased to announce that expert litigator Krista L. Hernandez and skilled commercial law attorney Andrea D. Bishop have recently joined the firm. Ms. Hernandez joins ECG as senior counsel, bringing a decade and a half of environmental litigation expertise with her, including toxic tort litigation, cost recovery litigation, administrative proceedings and writ proceedings. She has provided clients at some of the country's most prominent corporations with successful counsel on compliance with federal, state and local regulations and representation before various California agencies on regulatory and enforcement matters. At ECG, Hernandez's focus will be to cultivate stronger relationships with clients, add value to their ongoing business enterprises and develop and execute case strategies to achieve client goals. Hernandez earned her Juris Doctorate, with honors, from the University of Chicago and a bachelor's degree in sociology, cum laude, from Wellesley College. Ms. Bishop, who also brings more than a decade of expertise, has focused her career on assisting privately held businesses in the areas of commercial law and business operations, including mergers, acquisitions, licensing, compliance and corporate governance matters. Following law school, Bishop went to work for Paul Hastings Janofsky & Walker LLP and then served as in-house counsel to RSM Equico Capital Markets LLC, honing her skills to become a trusted advisor. At ECG, she will be responsible for advising business clients on corporate transactions and securities matters, such as mergers, acquisitions, divestitures, joint ventures, reorganizations and private equity/debt financing. Bishop earned her Juris Doctorate from Northwestern University School of Law and a bachelor's degree in political science, with distinction, from Stanford University. "We could not be more excited to bring on Krista and Andrea," says David Robinson, president and founding shareholder of ECG. "Their combined, unsurpassed comprehension of litigation and environmental and corporate law is sure to add a valuable new dimension to ECG's services. It's an honor to have them on the team." For more information about ECG, please visit www.EnterpriseCounsel.com. About Enterprise Counsel Group Enterprise Counsel Group ALC (ECG) is a prominent West Coast law firm providing impeccable representation including litigation, mediation, arbitration and transactional services for a wide range of businesses and industry leaders. Driven by the values of professional competence, enthusiasm, intensity of effort and an unwavering dedication to clients' best interests, ECG discovers and implements the most innovative, practical and cost-effective solutions in and out of the courtroom. For more information visit www.EnterpriseCounsel.com and follow ECG on LinkedIn, Facebook and Twitter.


News Article | May 24, 2017
Site: en.prnasia.com

SHENZHEN, China, May 24, 2017 /PRNewswire/ -- Huntkey is a leading global power solution's provider, and Alva is Huntkey's marketing director. Following is an article that she has written about how to choose a useful charge station: Charge station makes customers charge their devices at same time and same place  possible when they have four or five or more devices. How to choose a good charge station is a problem. Here are some tips to show you how to choose an useful charge station. 1) Make sure it is safety for you and your devices. Safety is always the most important issue. 2) Make sure it can charge at least five devices at same time. When you have a family party or have fun with friends, it isn't fun to have to find places to charge phones or pads. A multi-ports charge station can solve this problem, make sure it have 5 or more charging ports. 3) Make sure it can solve the charging line storage problems. Too many devices get charged at same time might cause the charging lines get twisted. 4) Make sure it have cradles. The cradles will free your hands when you want to watch your phone or pad when you charging the device. SmartU, a useful charge station, one of the most creative products from Huntkey. It can solve all kinds of charging problems. The design of SmartU is inspired by how Chinese brushes are traditionally held. This design separates devices and helps to solve cradle and charging line problems. 4 powered USB ports and extra 2 built-in micro cables shared 8 amps of power(total 40W), max 5v 2.4A for each port, can charge 6 devices at the same time. SmartU complies with UL certification and have 3-year warranty, can adapt devices automatically and charge your devices at the optimized speed. Huntkey charge station SmartU is available on Amazon:  https://www.amazon.com/dp/B01N9LMHXQ Huntkey Enterprise Group, founded in 1995 and headquartered in Shenzhen, is a member of The International Power Supply Manufacturer's Association (PSMA) and a member of The China Power Supply Society (CPSS). With branch companies in the USA, Japan and other areas, and cooperating factories in Brazil, Argentina, India and other countries, Huntkey has specialized in the development, design, and manufacturing of PC power supplies, industrial power supplies, surge protectors, adapters and chargers for many years. With its own technologies and manufacturing strength, Huntkey has served Lenovo, Huawei, Haier, DELL, ZTE, Bestbuy and many other large enterprises for years, and has received unanimous recognition and trust from most of the customers. For more information about Huntkey, please visit http://www.huntkey.com/. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/huntkey-how-to-choose-a-useful-charge-station-300463032.html


News Article | May 12, 2017
Site: www.marketwired.com

ST. ALBERT, ALBERTA--(Marketwired - May 12, 2017) - Enterprise Group, Inc. ("Enterprise," or "the Company") (TSX:E), a consolidator of services to the energy sector, focused primarily on construction services and specialized equipment rental, today released its Q1 2017 results. Revenue for the three months ended March 31, 2017 of $8,878,049 is relatively consistent with the prior period. Gross margin for the three months ended March 31, 2017 remained relatively consistent at 31% and EBITDA for the same period decreased by $256,185 to $1,765,100. Enterprise continues to take numerous measures to reduce the Company's cost structure. In fact, the Company has been able to maintain relatively stable gross margin percentage through cost reductions, while maintaining service levels and retaining customers. Over the last 15 months, the Company has made significant improvements to its statement of financial position and has reduced overall total debt. At March 31, 2017, after adjusting for goodwill and deferred taxes, the Company's net asset value is approximately $51,000,000. Enterprise will continue to look for opportunities to improve its financial position and opportunities that will allow the Company to diversify, expand and increase shareholder value. "Enterprise's management is extremely encouraged by our latest results. Improved customer sentiment during the first quarter of 2017 as well as effective cost management, will ensure the efficiencies gained over the last 2 years are maintained and will allow our Company to continue to grow as the industry recovers," stated Leonard D. Jaroszuk, CEO, President and Chairman. While it has been an extremely challenging period for resource companies in Western Canada, Enterprise has demonstrated its confidence and ability to analogously 'weather the storm' strongly while many competitors and clients are either financially impaired or gone altogether. Enterprise has turned in significant gross margin and EBITDA improvements evidenced in the fourth quarter of 2016 and the first quarter of 2017, which is the result of determined leadership. Management's continued efforts to streamline and maximize efficiencies are now firmly in place and delivering meaningful margin ratios while still navigating a challenging landscape. The improvements to profits and the rapid return to significant cashflow should give investors' and shareholders confidence for the future. Certainly, all is still challenging in Western Canada, but today's results show a significant improvement in both business and the overall environment. Enterprises' clients include some of Canada's largest energy producers, utility service providers and the federal and provincial governments of Canada. The Company employs management highly experienced in large infrastructure projects. Given the noted limited visibility for 2017 activity and pricing levels, Enterprise will maintain a conservative approach towards Capital Spending while looking at fleet management and opportunistic asset dispositions. This approach will allow management to both maintain critical financial flexibility, allow for strategic, accretive acquisitions and continue to build compelling shareholder value. Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company's focus is primarily construction services and specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management, and human resources to support continued growth. More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedar.com. Forward-Looking Information Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws. Non-IFRS Measures The Company uses International Financial Reporting Standards ("IFRS"). EBITDAS is not a measure that has any standardized meaning prescribed by IFRS and is therefore referred to as a non-IFRS measure. This news release contains references to EBITDAS. This non-IFRS measure used by the Company may not be comparable to a similar measure used by other companies. Management believes that in addition to net income, EBITDAS is a useful supplemental measure as it provides an indication of the results generated by the Company's principal business activities prior to consideration of how those activities are financed or how the results are taxed. EBITDAS is calculated as net income excluding depreciation, amortization, interest, taxes and stock based compensation.


Renowned Law Firm Sponsors SoCal Leadership Event on the Heels of its own Successful Session on Working With Millennials IRVINE, CA--(Marketwired - May 8, 2017) - Enterprise Counsel Group (ECG) -- a business law firm specializing in trial, appellate, transactional, labor and real estate matters -- is pleased to support leadership development both within its own firm and among its clients. Last month, it hosted a workshop at the Pacific Club in Irvine, Calif. titled "Working with Millennials," which discussed points on how to better integrate millennials into the workplace. Later this month, ECG will participate in the Milestone Leadership Summit, the premier offsite corporate retreat for companies in Southern California where leadership teams come to learn leadership develop skills and gain valuable strategic growth opportunities. "ECG sets itself apart from other business law firms because we don't only provide impeccable representation for our clients, but we have an unwavering dedication to their best interests," said David Robinson, founding partner of ECG. "From workshops like 'Working with Millennials' that equip our clients with practical tips and solutions, to participating in events like the Milestone Leadership Summit that enables our firm to learn, bond and grow together in order to provide an even stronger united front, ECG strives to do all it can to provide the best services to its clients." Last month's Working with Millennials workshop took place on April 25, 2017 and was cohosted by Robinson and Brian Calle, vice president and opinion editor at the Orange County Register and a member of the Board of Governors at the University of Southern California. There, more than 35 attendees (all clients of ECG) discussed how to better integrate millennials into the workplace, best practices when handling conflicts with millennials and how to best traverse the widening generational gap between millennials and baby boomers -- all issues that have shaken up the workforce in recent years. The 2017 Milestone Leadership Summit will take place on May 12th at the Hyatt Regency in Huntington Beach, Calif. In addition to participating in the summit -- along with other presidents, C-suite leaders and top entrepreneurs from many of Southern California's most successful companies -- and gaining insights on how to think, strategize and foster innovation, Robinson will also be addressing attendees and introducing the summit's main speaker, author Jeff DeGraff. "I'm honored to participate and speak at the summit later this month and am excited to hear Jeff share his wisdom," said Robinson. "Even though ECG is one of the most prominent law firms in Southern California, our leadership must continue to pursue and invest in its own inherent creative and intelligent solutions. I look forward to collaborating and exchanging ideas with other leaders, and in turn, providing an even better service to our clients." For more information about ECG, please visit http://www.enterprisecounsel.com/. About Enterprise Counsel Group Enterprise Counsel Group, A Law Corporation (ECG) is a prominent West Coast law firm providing impeccable representation including litigation, mediation, arbitration and transactional services for a wide range of businesses and industry leaders. Driven by the values of professional competence, enthusiasm, intensity of effort and an unwavering dedication to clients' best interests, ECG discovers and implements the most innovative, practical and cost-effective solutions in and out of the courtroom. For more information visit www.EnterpriseCounsel.com and follow ECG on LinkedIn, Facebook and Twitter.


"We are pleased to report our first quarter 2017 results as they reflect our strong operating capabilities as well as the results of our strategic initiatives.  Our domestic sales showed favorable year-over-year comparisons as we continued to enter new geographic markets.  Our high value-added products enable better safety and performance features for our automobile manufacturing customers and have wide applications in numerous verticals as well.  However, a contraction in our gross margin occurred in the quarter due to a lower gross margin from higher-end products sold in the domestic market and an increase in cost of goods sold resulting from increased depreciation attributable to the expansion of our Sichuan campus. In terms of our international sales, we suspended overseas sales to an international customer due to an account receivable balance overdue situation which will be resumed once the agreed upon terms for payment are met and all overdue balances are collected," said Jie Han, Chairman of the Board of Directors and Chief Executive Officer. "After a strong year in 2016, we are beginning to see moderating industry fundamentals in our sector. The China Association of Automobile Manufacturers reports that the growth of auto sales in China slowed in 2017 to date, affected by both the holidays and the Chinese government's restriction on the implementation of the favorable tax deductions for small engine cars. While we anticipate slower growth as compared to last year, we believe that our broad and deep product platform, new geographical positioning and expanding production capabilities will enable us to capture market share from our competitors and maintain solid profitability." Mr. Han continued, "We continued to see significant revenue contributions from new growth regions in the first quarter, augmented by the continued ramp of our Sichuan manufacturing facility. Sales in the South China and the Central China regions increased 104.2% and 50.2%, respectively, from the same period in 2016, and our presence in the region has enabled us to secure new customers and improved market penetration. Our Sichuan facility now has 50 production lines with 216,000 metric tons of annual production capacity. The Sichuan facility will ultimately add 300,000 metric tons of annual production to our domestic capacity for a total domestic capacity of 690,000 metric tons.  We expect that construction at the complex will be completed by the end of the second quarter of 2017.  Although we expect that automotive applications will continue to be our core business, high precision equipment in our new facilities will enable us to diversify our product platform to serve an array of high-growth verticals which will help to propel the Company's growth." "We are also pleased that our strategic plan to develop diversified products has gained significant traction with the signing of a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch.  The project will add 320,000 metric tons of production capacity and we will also benefit from the favorable tax policies under China's 'Go West Campaign' by locating the project in Southwest China." "Our new facility in Dubai also extends our specialized high-tech products into an important overseas market. We plan to complete the installation of 45 production lines with 12,000 metric tons of annual production capacity by the first quarter of 2018, and to complete the installation of an additional 50 production lines with 13,000 metric tons of annual production capacity by the second quarter of 2018.  This will bring the total annual production capacity in our Dubai facility to 25,000 metric tons. The Dubai facility will target high-end products for overseas markets and will ultimately enable more active inroads into the markets of Europe, the Middle East, Russia and other overseas markets." "We believe that our increased production capabilities, new product offerings and a more diversified customer base form a solid platform which will enable sustainable corporate growth.  In addition, our strategic geographical expansion leverages our technical expertise and customer-centric philosophy.  Further, our product diversification is reflective of both our industry leadership in China's auto market and the growing demand of high technology sectors as driven by China's new economy.  We reiterate our financial guidance for fiscal 2017 and continue to appreciate the support of our shareholders and all of our stakeholders," Mr. Han concluded. Revenues were $237.8 million for the first quarter of 2017, compared to $215.0 million for the same period of 2016, representing an increase of $22.8 million, or 10.6%.  The year-over-year increase was primarily due to an 11.3% increase in sales volume and a 4.8% increase in the average RMB selling price of our products. The increase in revenues in the first quarter of 2017 was driven by growth in demand for our products in the domestic China market, our efforts to expand our customer base attributable to our new plant in Sichuan and our efforts to increase overseas sales.  We recorded sales increases of 104.2% in South China, 50.2% in Central China, 30.2% in Southwest China and 14.2% in North China as compared to the same period in 2016. In 2017, overseas sales were suspended due to an accounts receivable balance overdue situation with an existing overseas customer. On April 1, 2017, the Company and the overseas customer reached an agreement on the credit payment method and product refining costs. We expect to resume sales to this overseas customer after retrieving all previous overdue payments from this customer in the second quarter of 2017. The customer has made a payment of $41.0 million in the first quarter of 2017 and has an unpaid balance of $33.6 million to date. Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in total accounted for 81.3% of revenues in the first quarter of 2017, compared to 77.3% for the same period of 2016. The Company continued to shift its production mix from traditional polymer materials to higher-end products due to (i) the greater growth potential of advanced modified plastics in luxury automobile models in China, (ii) the stronger demand for higher-end products as a result of the Chinese government's promotion for clean energy vehicles, and (iii) better end consumer recognition of higher-end cars made by automotive manufacturers from Chinese and Germany joint ventures, and U.S. and Japanese joint ventures, where manufacturers tend to use more and higher-end modified plastics in quantity per vehicle in China. Gross profit was $34.8 million for the first quarter of 2017, compared to $34.8 million for the same period of 2016, representing a stable period to period comparison.  Gross margin was 14.6% for the first quarter of 2017, compared to 16.2% for the same period of 2016, primarily due the lower gross margin of higher-end products sold in the domestic market in the current period as compared to the same period in 2016. General and administrative (G&A) expenses were $7.1 million for the first quarter of 2017, compared to $5.1 million for the same period of 2016, representing an increase of $2.0 million, or 39.2%.  This increase was primarily due to the increases in salary and welfare expenses, due to the increase in the number of management and general staff. Research and development (R&D) expenses were $5.9 million for the first quarter of 2017, compared to $4.9 million for the same period of 2016, representing an increase of $1.0 million, or 20.4%. This increase was primarily due to (i) elevated R&D activities to meet the higher quality requirements of potential customers from Europe, (ii) increased R&D efforts directed towards applications in new electrical equipment, electronics, alternative energy applications, power devices, aviation equipment and ocean engineering, in addition to other new products primarily for advanced industrialized applications in the automobile sector and in new verticals such as ships, airplanes, high-speed rail, 3D printing materials, biodegradable plastics and medical, and (iii) an increase in depreciation expenses after R&D equipment was put into use at Sichuan Enterprise Group Company Limited ("Sichuan Xinda"). As of March 31, 2017, the number of ongoing research and development projects was 255. Operating income was $21.3 million for the first quarter of 2017, compared to $24.5 million for the same period of 2016, representing a decrease of $3.2 million, or 13.1%. This decrease was primarily due to higher G&A expenses and higher R&D expenses. Net interest expense was $8.8 million for the first quarter of 2017, compared to net interest expense of $9.3 million for the same period of 2016, representing a decrease of $0.5 million, or 5.4%. This decrease was primarily due to (i) the increase of average deposit balance in amount of $485.3 million for the first quarter of 2017 compared to $360.8 million for the same period in 2016, (ii) a decrease of interest expense due to a decrease in the average interest rate to 4.8% for the first quarter of 2017 compared to 5.8% for the same period in 2016, partially offset by (iii) a decrease of interest income resulting from a decrease in the average interest rate to 1.2% for the first quarter compared to 1.7% of the same period in 2016, and (iv) an increase in the average short-term and long-term loan balance of $785.4 million for the first quarter of 2017 compared to $415.9 million for the same period in 2016. Income tax expense was $3.6 million for the first quarter of 2017, representing an effective income tax rate of 26.4%, compared to income tax expense of $4.5 million in the same period of 2016, representing an effective income tax rate of 28.5%. The effective income tax rate for the three-month period ended March 31, 2017 differs from the People's Republic of China (PRC) statutory income tax rate of 25% primarily due to (i) the consolidated income before income taxes for the current quarter decreased due to the operating losses of entities not subject to income tax, and (ii) non-deductible expenses in the PRC operating entities, which were partially offset by (iii) the additional deduction of R&D for the major PRC operating entities; and (iv) Sichuan Xinda's preferential income tax rate. Net income was $9.9 million for the first quarter of 2017, compared to $11.4 million for the same period of 2016, representing a decrease of $1.5 million, or 13.2%. Basic and diluted earnings per share in the current quarter were $0.15, compared to $0.17 per basic and diluted share for the same period of 2016.  The average number of shares used in the computation of basic and diluted earnings per share current quarter was 49.5 million, compared to 49.4 million shares for basic and diluted earnings per share in the prior year period. Earnings before interest, tax, depreciation and amortization (EBITDA) was $34.0 million for the first quarter of 2017, virtually unchanged from EBITDA of $33.9 million for the same period of 2016.  For a detailed reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release. As of March 31, 2017, the Company had $57.7 million in cash and cash equivalents, $77.8 million in time deposits with commercial banks, negative working capital of $179.8 million (current assets minus current liabilities) and a current ratio (current assets divided by current liabilities) of 0.8 as compared to 1.2 as of December 31, 2016. The decrease in the current ratio was primarily because the Company's cash and cash equivalents, restricted cash and time deposits decreased by 37.8%, and short-term loans increased by 43.4% for the increased prepayment obligations to equipment suppliers for the Company's new Nanchong Project (see Recent Events, below).  Stockholders' equity as of March 31, 2017 was $648.2 million compared to $634.3 million as of December 31, 2016. Inventories increased by 30.9% to $367.7 million as of the first quarter of 2017 as compared to fiscal year end 2016 as a result of more purchases of raw materials and the Company's strategy to stock up on finished goods for upcoming orders. Prepayment to equipment suppliers increased by 2,583.1% mainly because of advances to purchases for the new Nanchong Project.  The aggregate short-term and long-term bank loans increased by 18.9% due to the utilization of existing lines of credit to support the expansion of the Sichuan and Dubai facilities.  We define the manageable debt level as the sum of aggregate short-term and long-term loans, and notes payable over total assets.  We expect that we will be able to meet our needs to fund operations, capital expenditures and other commitments in the next 12 months primarily with our cash and cash equivalents, operating cash flows and bank borrowings. On March 18, 2017, the Company issued a press release announcing the official signing of an agreement with the People's Government of Shunqing District, Nanchong City, Sichuan Province, for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch (the "Nanchong Project").  After initial approval by the Board of Directors and the Company's major investor on December 8, 2016, Sichuan Xinda entered into a strategic investment agreement with Shunqing Government, Nanchong City, Sichuan Province, on December 12, 2016.  Due to the uncertainty of securing the necessary land use rights for the project, the Company waited until March 13, 2017 and entered into a "Land Use Right Transfer Agreement" with the government agency, formalizing its initial dialogue, and entered into a definitive agreement after approval by the Board of Directors and its major shareholder. The Nanchong Project will be located in a land area of 250 mu (equivalent to 41.2 acres), where 215 mu will be designated for bio-composite materials and additive manufacturing production and 35 mu will be designated for functional masterbatch production. The projected total capital expenditures for the project is approximately 2.5 billion RMB (estimated to be $357 million) and the anticipated completion will take place by the end of December 2018. The Nanchong Project will add 320,000 metric tons of production capacity and the Company will also benefit from favorable tax policies under China's 'Go West Campaign' by locating the project in Southwest China. On February 17, 2017, the Company issued a press release announcing that its Board of Directors (the "Board") has received a preliminary non-binding proposal letter, dated February 16, 2017, from its Chairman and Chief Executive Officer, Mr. Jie Han ("Mr. Han"), XD Engineering Plastics Company Limited ("XD Engineering"), a company incorporated in the British Virgin Islands and wholly owned by Mr. Han, and MSPEA Modified Plastics Holding Limited, an affiliate of Morgan Stanley Private Equity Asia III, Inc. (collectively, the "Buyer Consortium"), to acquire all of the outstanding shares of common stock of the Company not already beneficially owned by the Buyer Consortium in a "going-private" transaction (the "Transaction") for $5.21 per share of common stock in cash.  The proposal letter states that the Buyer Consortium expects that the Board will appoint a special committee of independent directors to consider the proposal and make a recommendation to the Board.  The proposal letter also states that the Buyer Consortium will not move forward with the proposed Transaction unless it is approved by such a special committee, and the proposed Transaction will be subject to a non-waivable condition requiring approval by majority shareholder vote of shareholders other than the Buyer Consortium members.  The Buyer Consortium currently beneficially owns approximately 74% of the issued and outstanding shares of common stock of the Company on a fully diluted and as-converted basis. The Board has established a special committee (the "Special Committee") of disinterested directors to consider the proposal.  The Special Committee is composed of the following independent directors of the Company: Mr. Lawrence W. Leighton, Mr. Feng Li, and Mr. Linyuan Zha, with Mr. Leighton serving as chairperson of the Special Committee.  The Special Committee will be responsible for evaluating, negotiating and recommending to the Board any proposals involving a strategic transaction by the Company with one or more third parties.  The Special Committee intends to retain advisors, including an independent financial advisor, to assist in the evaluation of the proposal and any additional proposals that may be made by the Buyer Consortium. The Special Committee cautions the Company's shareholders and others considering trading in its securities that the Special Committee has not made any decisions with respect to the Company's response to the proposal.  There can be no assurance that any definitive offer will be made by the Buyer Consortium or any other person, that any definitive agreement will be executed relating to the proposed Transaction, or that this or any other transaction will be approved or consummated. The Company reiterates its financial guidance for fiscal 2017 with revenue to range between $1.2 billion and $1.3 billion, and net income to range between $85.0 million to $100.0 million. This is based on the anticipation of a continued recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2017. This forecast also assumes additional contributions from the Sichuan facility and that overseas sales will be resumed in the second half of 2017.  It also assumes the average exchange rate of the US dollar to RMB at 6.8 and that the Company will incur interest expenses for loan term loans and short term loans. This financial guidance reflects the Company's preliminary view of its business outlook for the fiscal year of 2017 and is subject to revision based on changing market conditions at any time. China XD Plastics' senior management will host a conference call at 9:00 am Eastern Time on Wednesday, May 10, 2017, to discuss its first quarter 2017 financial results.  The conference call can be accessed by dialing +1 (855) 298-3404 (for callers in the U.S.), +86-4001-200-539 (for Mainland China callers) or +852 5808 3202 (for Hong Kong callers) and entering pass code 5959925. A recording of the conference call will be available through May 17, 2017, by calling +1 (866) 846-0868 (for callers in the U.S.) and entering pass code 5959925. A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://www.chinaxd.net. China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 29 automobile brands manufactured in China, including without limitation, AUDI, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and VW Passat, Golf, Jetta, etc. The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of March 31, 2017, 410 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company's English website at http://www.chinaxd.net, and the Chinese website at http://www.xdholding.com. This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's growth potential in international markets; the effectiveness and profitability of the Company's product diversification strategy; the impact of the Company's product mix shift to more advanced products and related pricing policies;  the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products; the prospects of the Company's Dubai facility, and the associated expansion into Middle East, Europe and other parts of Asia; the prospects of the Company's Sichuan facility, and its penetration into Southwest China; the Company's projections of its revenues for performance in fiscal 2017.   These forward-looking statements can be identified by terminology such as "will," "expect," "project," "anticipate," "forecast," "plan," "believe," "estimate" and similar statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the global economic uncertainty could further impair the automotive industry and limit demand for our products; fluctuations in automotive sales and production could have a material adverse effect on our results of operations and liquidity; our financial performance may be affected by the prospect of our Dubai facility and the associated expansion into Middle East, Europe and other parts of Asia; the withdrawal of preferential government policies and the tightening control over the Chinese automotive industry and automobile purchase restrictions imposed in certain major cities may limit market demand for our products; the slowing of Chinese automotive industry's growth; the concentration of our distributors, customers and suppliers; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law.  Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/specialty-chemical-company-china-xd-plastics-announces-first-quarter-2017-financial-results-300454809.html


- Reiterating Fiscal 2017 Guidance of $1.2 - $1.3 Billion in Revenue, $85.0 - $100.0 Million in Net Income - HARBIN, China, May 10, 2017 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the "Company"), one of China's leading specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced its financial results for the first quarter ended March 31, 2017. "We are pleased to report our first quarter 2017 results as they reflect our strong operating capabilities as well as the results of our strategic initiatives.  Our domestic sales showed favorable year-over-year comparisons as we continued to enter new geographic markets.  Our high value-added products enable better safety and performance features for our automobile manufacturing customers and have wide applications in numerous verticals as well.  However, a contraction in our gross margin occurred in the quarter due to a lower gross margin from higher-end products sold in the domestic market and an increase in cost of goods sold resulting from increased depreciation attributable to the expansion of our Sichuan campus. In terms of our international sales, we suspended overseas sales to an international customer due to an account receivable balance overdue situation which will be resumed once the agreed upon terms for payment are met and all overdue balances are collected," said Jie Han, Chairman of the Board of Directors and Chief Executive Officer. "After a strong year in 2016, we are beginning to see moderating industry fundamentals in our sector. The China Association of Automobile Manufacturers reports that the growth of auto sales in China slowed in 2017 to date, affected by both the holidays and the Chinese government's restriction on the implementation of the favorable tax deductions for small engine cars. While we anticipate slower growth as compared to last year, we believe that our broad and deep product platform, new geographical positioning and expanding production capabilities will enable us to capture market share from our competitors and maintain solid profitability." Mr. Han continued, "We continued to see significant revenue contributions from new growth regions in the first quarter, augmented by the continued ramp of our Sichuan manufacturing facility. Sales in the South China and the Central China regions increased 104.2% and 50.2%, respectively, from the same period in 2016, and our presence in the region has enabled us to secure new customers and improved market penetration. Our Sichuan facility now has 50 production lines with 216,000 metric tons of annual production capacity. The Sichuan facility will ultimately add 300,000 metric tons of annual production to our domestic capacity for a total domestic capacity of 690,000 metric tons.  We expect that construction at the complex will be completed by the end of the second quarter of 2017.  Although we expect that automotive applications will continue to be our core business, high precision equipment in our new facilities will enable us to diversify our product platform to serve an array of high-growth verticals which will help to propel the Company's growth." "We are also pleased that our strategic plan to develop diversified products has gained significant traction with the signing of a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch.  The project will add 320,000 metric tons of production capacity and we will also benefit from the favorable tax policies under China's 'Go West Campaign' by locating the project in Southwest China." "Our new facility in Dubai also extends our specialized high-tech products into an important overseas market. We plan to complete the installation of 45 production lines with 12,000 metric tons of annual production capacity by the first quarter of 2018, and to complete the installation of an additional 50 production lines with 13,000 metric tons of annual production capacity by the second quarter of 2018.  This will bring the total annual production capacity in our Dubai facility to 25,000 metric tons. The Dubai facility will target high-end products for overseas markets and will ultimately enable more active inroads into the markets of Europe, the Middle East, Russia and other overseas markets." "We believe that our increased production capabilities, new product offerings and a more diversified customer base form a solid platform which will enable sustainable corporate growth.  In addition, our strategic geographical expansion leverages our technical expertise and customer-centric philosophy.  Further, our product diversification is reflective of both our industry leadership in China's auto market and the growing demand of high technology sectors as driven by China's new economy.  We reiterate our financial guidance for fiscal 2017 and continue to appreciate the support of our shareholders and all of our stakeholders," Mr. Han concluded. Revenues were $237.8 million for the first quarter of 2017, compared to $215.0 million for the same period of 2016, representing an increase of $22.8 million, or 10.6%.  The year-over-year increase was primarily due to an 11.3% increase in sales volume and a 4.8% increase in the average RMB selling price of our products. The increase in revenues in the first quarter of 2017 was driven by growth in demand for our products in the domestic China market, our efforts to expand our customer base attributable to our new plant in Sichuan and our efforts to increase overseas sales.  We recorded sales increases of 104.2% in South China, 50.2% in Central China, 30.2% in Southwest China and 14.2% in North China as compared to the same period in 2016. In 2017, overseas sales were suspended due to an accounts receivable balance overdue situation with an existing overseas customer. On April 1, 2017, the Company and the overseas customer reached an agreement on the credit payment method and product refining costs. We expect to resume sales to this overseas customer after retrieving all previous overdue payments from this customer in the second quarter of 2017. The customer has made a payment of $41.0 million in the first quarter of 2017 and has an unpaid balance of $33.6 million to date. Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in total accounted for 81.3% of revenues in the first quarter of 2017, compared to 77.3% for the same period of 2016. The Company continued to shift its production mix from traditional polymer materials to higher-end products due to (i) the greater growth potential of advanced modified plastics in luxury automobile models in China, (ii) the stronger demand for higher-end products as a result of the Chinese government's promotion for clean energy vehicles, and (iii) better end consumer recognition of higher-end cars made by automotive manufacturers from Chinese and Germany joint ventures, and U.S. and Japanese joint ventures, where manufacturers tend to use more and higher-end modified plastics in quantity per vehicle in China. Gross profit was $34.8 million for the first quarter of 2017, compared to $34.8 million for the same period of 2016, representing a stable period to period comparison.  Gross margin was 14.6% for the first quarter of 2017, compared to 16.2% for the same period of 2016, primarily due the lower gross margin of higher-end products sold in the domestic market in the current period as compared to the same period in 2016. General and administrative (G&A) expenses were $7.1 million for the first quarter of 2017, compared to $5.1 million for the same period of 2016, representing an increase of $2.0 million, or 39.2%.  This increase was primarily due to the increases in salary and welfare expenses, due to the increase in the number of management and general staff. Research and development (R&D) expenses were $5.9 million for the first quarter of 2017, compared to $4.9 million for the same period of 2016, representing an increase of $1.0 million, or 20.4%. This increase was primarily due to (i) elevated R&D activities to meet the higher quality requirements of potential customers from Europe, (ii) increased R&D efforts directed towards applications in new electrical equipment, electronics, alternative energy applications, power devices, aviation equipment and ocean engineering, in addition to other new products primarily for advanced industrialized applications in the automobile sector and in new verticals such as ships, airplanes, high-speed rail, 3D printing materials, biodegradable plastics and medical, and (iii) an increase in depreciation expenses after R&D equipment was put into use at Sichuan Enterprise Group Company Limited ("Sichuan Xinda"). As of March 31, 2017, the number of ongoing research and development projects was 255. Operating income was $21.3 million for the first quarter of 2017, compared to $24.5 million for the same period of 2016, representing a decrease of $3.2 million, or 13.1%. This decrease was primarily due to higher G&A expenses and higher R&D expenses. Net interest expense was $8.8 million for the first quarter of 2017, compared to net interest expense of $9.3 million for the same period of 2016, representing a decrease of $0.5 million, or 5.4%. This decrease was primarily due to (i) the increase of average deposit balance in amount of $485.3 million for the first quarter of 2017 compared to $360.8 million for the same period in 2016, (ii) a decrease of interest expense due to a decrease in the average interest rate to 4.8% for the first quarter of 2017 compared to 5.8% for the same period in 2016, partially offset by (iii) a decrease of interest income resulting from a decrease in the average interest rate to 1.2% for the first quarter compared to 1.7% of the same period in 2016, and (iv) an increase in the average short-term and long-term loan balance of $785.4 million for the first quarter of 2017 compared to $415.9 million for the same period in 2016. Income tax expense was $3.6 million for the first quarter of 2017, representing an effective income tax rate of 26.4%, compared to income tax expense of $4.5 million in the same period of 2016, representing an effective income tax rate of 28.5%. The effective income tax rate for the three-month period ended March 31, 2017 differs from the People's Republic of China (PRC) statutory income tax rate of 25% primarily due to (i) the consolidated income before income taxes for the current quarter decreased due to the operating losses of entities not subject to income tax, and (ii) non-deductible expenses in the PRC operating entities, which were partially offset by (iii) the additional deduction of R&D for the major PRC operating entities; and (iv) Sichuan Xinda's preferential income tax rate. Net income was $9.9 million for the first quarter of 2017, compared to $11.4 million for the same period of 2016, representing a decrease of $1.5 million, or 13.2%. Basic and diluted earnings per share in the current quarter were $0.15, compared to $0.17 per basic and diluted share for the same period of 2016.  The average number of shares used in the computation of basic and diluted earnings per share current quarter was 49.5 million, compared to 49.4 million shares for basic and diluted earnings per share in the prior year period. Earnings before interest, tax, depreciation and amortization (EBITDA) was $34.0 million for the first quarter of 2017, virtually unchanged from EBITDA of $33.9 million for the same period of 2016.  For a detailed reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release. As of March 31, 2017, the Company had $57.7 million in cash and cash equivalents, $77.8 million in time deposits with commercial banks, negative working capital of $179.8 million (current assets minus current liabilities) and a current ratio (current assets divided by current liabilities) of 0.8 as compared to 1.2 as of December 31, 2016. The decrease in the current ratio was primarily because the Company's cash and cash equivalents, restricted cash and time deposits decreased by 37.8%, and short-term loans increased by 43.4% for the increased prepayment obligations to equipment suppliers for the Company's new Nanchong Project (see Recent Events, below).  Stockholders' equity as of March 31, 2017 was $648.2 million compared to $634.3 million as of December 31, 2016. Inventories increased by 30.9% to $367.7 million as of the first quarter of 2017 as compared to fiscal year end 2016 as a result of more purchases of raw materials and the Company's strategy to stock up on finished goods for upcoming orders. Prepayment to equipment suppliers increased by 2,583.1% mainly because of advances to purchases for the new Nanchong Project.  The aggregate short-term and long-term bank loans increased by 18.9% due to the utilization of existing lines of credit to support the expansion of the Sichuan and Dubai facilities.  We define the manageable debt level as the sum of aggregate short-term and long-term loans, and notes payable over total assets.  We expect that we will be able to meet our needs to fund operations, capital expenditures and other commitments in the next 12 months primarily with our cash and cash equivalents, operating cash flows and bank borrowings. On March 18, 2017, the Company issued a press release announcing the official signing of an agreement with the People's Government of Shunqing District, Nanchong City, Sichuan Province, for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch (the "Nanchong Project").  After initial approval by the Board of Directors and the Company's major investor on December 8, 2016, Sichuan Xinda entered into a strategic investment agreement with Shunqing Government, Nanchong City, Sichuan Province, on December 12, 2016.  Due to the uncertainty of securing the necessary land use rights for the project, the Company waited until March 13, 2017 and entered into a "Land Use Right Transfer Agreement" with the government agency, formalizing its initial dialogue, and entered into a definitive agreement after approval by the Board of Directors and its major shareholder. The Nanchong Project will be located in a land area of 250 mu (equivalent to 41.2 acres), where 215 mu will be designated for bio-composite materials and additive manufacturing production and 35 mu will be designated for functional masterbatch production. The projected total capital expenditures for the project is approximately 2.5 billion RMB (estimated to be $357 million) and the anticipated completion will take place by the end of December 2018. The Nanchong Project will add 320,000 metric tons of production capacity and the Company will also benefit from favorable tax policies under China's 'Go West Campaign' by locating the project in Southwest China. On February 17, 2017, the Company issued a press release announcing that its Board of Directors (the "Board") has received a preliminary non-binding proposal letter, dated February 16, 2017, from its Chairman and Chief Executive Officer, Mr. Jie Han ("Mr. Han"), XD Engineering Plastics Company Limited ("XD Engineering"), a company incorporated in the British Virgin Islands and wholly owned by Mr. Han, and MSPEA Modified Plastics Holding Limited, an affiliate of Morgan Stanley Private Equity Asia III, Inc. (collectively, the "Buyer Consortium"), to acquire all of the outstanding shares of common stock of the Company not already beneficially owned by the Buyer Consortium in a "going-private" transaction (the "Transaction") for $5.21 per share of common stock in cash.  The proposal letter states that the Buyer Consortium expects that the Board will appoint a special committee of independent directors to consider the proposal and make a recommendation to the Board.  The proposal letter also states that the Buyer Consortium will not move forward with the proposed Transaction unless it is approved by such a special committee, and the proposed Transaction will be subject to a non-waivable condition requiring approval by majority shareholder vote of shareholders other than the Buyer Consortium members.  The Buyer Consortium currently beneficially owns approximately 74% of the issued and outstanding shares of common stock of the Company on a fully diluted and as-converted basis. The Board has established a special committee (the "Special Committee") of disinterested directors to consider the proposal.  The Special Committee is composed of the following independent directors of the Company: Mr. Lawrence W. Leighton, Mr. Feng Li, and Mr. Linyuan Zha, with Mr. Leighton serving as chairperson of the Special Committee.  The Special Committee will be responsible for evaluating, negotiating and recommending to the Board any proposals involving a strategic transaction by the Company with one or more third parties.  The Special Committee intends to retain advisors, including an independent financial advisor, to assist in the evaluation of the proposal and any additional proposals that may be made by the Buyer Consortium. The Special Committee cautions the Company's shareholders and others considering trading in its securities that the Special Committee has not made any decisions with respect to the Company's response to the proposal.  There can be no assurance that any definitive offer will be made by the Buyer Consortium or any other person, that any definitive agreement will be executed relating to the proposed Transaction, or that this or any other transaction will be approved or consummated. The Company reiterates its financial guidance for fiscal 2017 with revenue to range between $1.2 billion and $1.3 billion, and net income to range between $85.0 million to $100.0 million. This is based on the anticipation of a continued recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2017. This forecast also assumes additional contributions from the Sichuan facility and that overseas sales will be resumed in the second half of 2017.  It also assumes the average exchange rate of the US dollar to RMB at 6.8 and that the Company will incur interest expenses for loan term loans and short term loans. This financial guidance reflects the Company's preliminary view of its business outlook for the fiscal year of 2017 and is subject to revision based on changing market conditions at any time. China XD Plastics' senior management will host a conference call at 9:00 am Eastern Time on Wednesday, May 10, 2017, to discuss its first quarter 2017 financial results.  The conference call can be accessed by dialing +1 (855) 298-3404 (for callers in the U.S.), +86-4001-200-539 (for Mainland China callers) or +852 5808 3202 (for Hong Kong callers) and entering pass code 5959925. A recording of the conference call will be available through May 17, 2017, by calling +1 (866) 846-0868 (for callers in the U.S.) and entering pass code 5959925. A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://www.chinaxd.net. China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 29 automobile brands manufactured in China, including without limitation, AUDI, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and VW Passat, Golf, Jetta, etc. The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of March 31, 2017, 410 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company's English website at http://www.chinaxd.net, and the Chinese website at http://www.xdholding.com. This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's growth potential in international markets; the effectiveness and profitability of the Company's product diversification strategy; the impact of the Company's product mix shift to more advanced products and related pricing policies;  the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products; the prospects of the Company's Dubai facility, and the associated expansion into Middle East, Europe and other parts of Asia; the prospects of the Company's Sichuan facility, and its penetration into Southwest China; the Company's projections of its revenues for performance in fiscal 2017.   These forward-looking statements can be identified by terminology such as "will," "expect," "project," "anticipate," "forecast," "plan," "believe," "estimate" and similar statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the global economic uncertainty could further impair the automotive industry and limit demand for our products; fluctuations in automotive sales and production could have a material adverse effect on our results of operations and liquidity; our financial performance may be affected by the prospect of our Dubai facility and the associated expansion into Middle East, Europe and other parts of Asia; the withdrawal of preferential government policies and the tightening control over the Chinese automotive industry and automobile purchase restrictions imposed in certain major cities may limit market demand for our products; the slowing of Chinese automotive industry's growth; the concentration of our distributors, customers and suppliers; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law.  Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.


Patent
Enterprise Group | Date: 2014-05-12

A lid for securing to the brim of a container, the lid including a container closure having a disk shaped member with a periphery for mating with the brim of the container. The periphery includes annular inner and outer side walls with at least one annular rib disposed on each of the inner and outer side walls. The ribs of the annular walls form a gripping area to secure the lid to the container for preventing leaks and accidental spillage. A top wall interconnects the inner and outer side walls and includes visual cues for viewing the brim of the container when the lid is affixed to the brim. The lid additionally includes a pronounced wedge shaped sipping spout projecting upwards from the container closure. The container closure includes a circular indented channel for stacking one lid covered cup over another with additional stability provided by the sipping spout.


Grant
Agency: GTR | Branch: Innovate UK | Program: | Phase: Collaborative Research & Development | Award Amount: 215.37K | Year: 2016

The Internet of Things (IoT) promises to create new products and revenue streams for existing and emerging companies, and in particular innovative SMEs. However, this results in vastly increased personal data collection, both intentional and unintentional. The personal data supply chain comprises many places for data to leak, be attacked, or be reused without permission. With growing risks arising from privacy-related breaches, and the introduction of greater compliance requirements (and associated penalties) in the EU General Data Protection regulation, organisations are under pressure to improve their privacy practices. However, SMEs in particular lack affordable privacy tools to assist in management of personal information risks, with the few that are available targeted at enterprises with professional privacy officers. This project brings state-of-the-art privacy thinking and methodology together to create the DataPrivacyPlus privacy risk management tools aimed at SMEs, with templates to customise the service for connected car (telematics) and smart cities (IoT) vertical markets, leading to a range of affordable privacy management services. Finance Summary Table – How to complete this section


Patent
Enterprise Group | Date: 2013-04-29

A lid for securing to the brim of a container, the lid including a container closure having a disk shaped member with a periphery for mating with the brim of the container. The periphery includes annular inner and outer side walls with at least one annular rib disposed on each of the inner and outer side walls. The ribs of the annular walls form a gripping area to secure the lid to the container for preventing leaks and accidental spillage. A top wall interconnects the inner and outer side walls and includes visual cues for viewing the brim of the container when the lid is affixed to the brim. The lid additionally includes a pronounced wedge shaped sipping spout projecting upwards from the container closure. The container closure includes a circular indented channel for stacking one lid covered cup over another with additional stability provided by the sipping spout.

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