Media OutReach Newswire

2024-08-27 09:25

Gorilla Reports Milestones Achieved and Financial Resilience

London, United Kingdom - Newsfile Corp. - August 26, 2024 - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), today released a letter to its shareholders. The letter is as follows:

Dear Valued Shareholders,

We are writing to share some important updates that underscore the strong progress and financial health of our ongoing project in the Middle East and North Africa (MENA) region. We have successfully made key deliverables and are thrilled to inform you that payments for these deliverables have been received.

There had been some confusion stemming from our recent Form 20-F filing regarding our payment terms for this project. Let us set the record straight: payments are tied to the completion of specific milestones, ensuring that our financials reflect our continued progress and dedication. Gorilla has successfully completed the first two milestones of our major project in the MENA region. All our major clients have completed their payments, resulting in an even stronger financial position for the Company. These achievements have significantly increased our free cash reserves to well over $40 million. Including our restricted capital, we now have over $58 million in current assets. With cash reserves robust and growing, we believe our financial footing is firm. Our financial position is further supported by our real estate holdings, which were recently valued at over $25 million.

Furthermore, we have obtained an independent valuation of a slice of our intellectual property portfolio and believe that the market value of our IP portfolio is potentially much higher than previously recorded.

We are now entering Phase 3 of the MENA project, the development stage, which will unlock additional revenue streams in 2024 and 2025. This marks a significant step forward in our project delivery and financial growth.

Any rumors in the market that payments are to be received only once a year are not true and we apologize for any undue concern such misinformation may have caused.

We believe our announced projects are all advancing at a remarkable pace, with each milestone met with precision and efficiency. This momentum is a testament to the hard work and commitment of our team and the robust partnership we have cultivated with our shareholders. Our projects in Taiwan are progressing as planned, positively impacting our liquidity and financial stability. We are well underway to achieve our scheduled milestones in October and expect a significant payment on time, in November. These projects underscore our commitment to expanding our market presence and leveraging our technological capabilities across key regions.

We are actively managing our financial resources and exploring various financing options to support our growth strategy. Our current cash reserves are sufficient to meet our near-term working capital needs. We are also evaluating alternatives to equity-based financing to ensure we maintain sufficient liquidity to fund additional projects. .

This strategic business update is a bold testament to our unshakeable belief in Gorilla's intrinsic value and our confidence in its future. By taking these proactive steps, we are not only addressing our current financial strength, but also laying a formidable foundation for sustainable growth and enhanced shareholder value,

To our investors, your support and confidence in our vision are invaluable. We are committed to maintaining transparency and delivering consistent, reliable updates on our progress, including providing our financial results for the first half of this fiscal year by September 30, 2024. The future is bright and together, we are on a path to outstanding success.

For any further information, please reach out to our investor relations team. Thank you for your continued trust and belief in our journey.

About Gorilla Technology Group Inc.
Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

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 expectations to swing to profit in the quarters ahead, Gorilla's strategic shift to enable it to pursue larger projects with better revenue visibility, Gorilla's largest projects and 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 May 15, 2024 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.

Investor Relations Contact:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com

發佈者對本公告的內容承擔全部責任

source: Gorilla Technology Group Inc.

《說說心理話》親友自殺離世遺屬如何自處?身邊親友應該怎樣陪他們走出人生最低谷?► 即睇

上一篇新聞︰2024-08-27 09:30  維多利亞青年商會「SDG企業大獎 2024」 頒獎典禮

下一篇新聞︰2024-08-27 09:20  Captiva Verde Wellness Corporate Update

人氣文章
最近7天
1
PapaHome淘寶家具實體店22日開幕,選址尖沙咀中港城,料創100個就業機會
2
日入而息 | 習近平據報下周見科企領袖,證監會審視8券商孖展風控,大酒店轉蝕9億
3
高息定存 | 信銀國際12個月港元定存高達3.5厘
4
彭博亞洲20大富裕家族,香港5大家族上榜,新地郭氏排名最高,無李嘉誠李兆基?
5
David Webb:因病情惡化,將有序結束個人財經網站
6
【FOCUS】悟空、哪吒、DeepSeek,如何啟示香港
7
民營企業座談會 | 習近平今日上午在京出席民營企業座談會(不斷更新)
8
iPhone SE 4或於本周內上架官網
9
AI | 蔡崇信確認阿里與蘋果合作,撰文談DeepSeek崛起帶來兩大啟示
10
【FOCUS】比亞迪攪動「智駕」下沉,車企突圍須新戰略
1
港股 | 蕭猷華:內地AI發展迅速,阿里巴巴股價看俏
2
高息定存 | 一周高息合集,銀行高息搶存,富邦1個月4.88厘,華僑1年期3.6厘
3
PapaHome淘寶家具實體店22日開幕,選址尖沙咀中港城,料創100個就業機會
4
英偉達 | DeepSeek衝擊AI晶片行業結構 英偉達暴跌仍未急抄底
5
高息定存 | 華僑銀行推新春港元定存優惠,88天或188天享3.68厘
6
啟德體育園明天足球賽測試,4.4萬公僕參與涉逾400萬車馬費
7
環球央行 | 歐洲央行宣布再次減息0.25厘,符合市場預期
8
高息定存 | 花旗3個月港元定存息加至4厘,信銀國際3.88厘
9
電騙 | 黃俊碩:多管齊下,防治內地留學生受騙
10
一本萬利 | 2025年的五個「勿」(有片)
11
高息定存 | 一周高息合集,蛇年定存金蛇起舞,1個月定存高達8厘
12
易經看世界 | 乙巳蛇年趨吉五招:言行注意甚麼?應遠離甚麼人?(有片)
13
專訪 | 關稅戰 | 香港物流協會副會長梁庭彰:美物流商停收包裹對跨境電商打擊重大
14
港股 | 午市前瞻 | iPhone SE難救中國市場 專家提醒比電已超買
15
【FOCUS】螺絲殼裏做道場,DeepSeek致勝啟示
16
洪灝專訪 | 淘寶衝擊巨大,港樓價未反映大周期拐點(有片)
17
大S | 台灣藝人徐熙媛因流感併發肺炎逝世,享年48歲
18
新世界 | 摩通:新世界若債務違約或打開行業「潘朵拉盒子」
19
專訪|洪灝:美股更大跌幅在前面,恐需習慣4%通脹(有片)
20
DeepSeek推出即上蘋果中國區榜首,能力直追OpenAI
21
收市短打 | 楊韻銳:港股升勢有成交配合 惟留意關鍵阻力位!
22
港股 | 蕭猷華:春節假後,恒指逐步上望21000點
23
高息定存 | 一周高息合集,部分銀行逆市加息,南商3個月加至3.8厘
24
港股 | 午市前瞻 | AI應用概念炒作有錢途 下階段部署邊隻好?
25
【FOCUS】侵侵呼籲全球「降息」,日銀祭18年最激進加息
26
馬斯克明拆特朗普台,指其星際之門計劃「假大空」
27
特朗普就職 | 特朗普上台後行動列表
28
日入而息 | 習近平據報下周見科企領袖,證監會審視8券商孖展風控,大酒店轉蝕9億
29
神州經脈 | 特朗普或與華討論關稅,人民幣大漲,滬指連升兩周
30
高息定存 | 富邦一周港元定存高達9.88厘,一個月4.88厘
專業版
HV2
精裝版
SV2
串流版
IQ 登入
強化版
TQ
強化版
MQ

【etnet 30周年】多重慶祝活動一浪接一浪,好禮連環賞!

etnet榮獲第六屆國際信息商會議「最佳信息商」白金獎

etnet榮獲HKEX Awards 2023 「最佳證券數據供應商」大獎

貨幣攻略

大國博弈

說說心理話

Watch Trends 2024

北上食買玩

Art Month 2024

理財秘笈

流感高峰期

山今養生智慧

輕鬆護老