DUBAI, UAE, Nov 7, 2021 - (ACN Newswire via SEAPRWire.com) - Tracer Tech, headquartered in Sharjah Research Technology and Innovation Park (SRTIP), UAE, is set to launch its new food safety and traceability application, powered by leading asset management provider Verofax.Tracer's food safety solution enables CPGs (consumer packaged goods) and retailers to engage with consumers directly by making products that are digitally enabled and verifiable. Built on top of Verofax's blockchain-based traceability platform, the Tracer App empowers consumers to choose food items based on their personal preferences such as freshness, sustainability and ethical sourcing, in a differentiated interface that drives satisfaction and loyalty. 70% of shoppers value traceability according to a recent survey, and are willing to pay a premium for brands that offer such functionality.Capitalizing on a fast-growing fine food market that's expected to hit $160+ bn this year, Tracer is also launching its own fine-food marketplace with traceability as a cornerstone of the offering. Traceability offers granular visibility and analytics to allow Tracer marketplace to optimize operations, storage conditions, and logistics to prevent wastage of high-value food items imported from around the world, reducing negative footprint resulting from wasted and expired products throughout the production to consumption cycle. The Tracer marketplace also ensures authentic and certified food items with traceability from source and condition of storage in transit, to be checked on Blockchain records before purchase.Khalid Roumieh, Co-founder and CEO of Tracer, concurred on the univocal demand for traceability solutions saying "Traceability plays a key role in meeting changing shopper needs, advanced product marketing and access to affluent consumers. However, much of the ecosystem stood fragmented until now, as retailers did not have access to immutable data records on a single repository empowering retail and consumers with access to check before they buy. Traceability is accelerating fast with digital technology providers, CPG brands and retailers teaming together to facilitate omni-channel experiences based on consumer data analytics."Tracer had partnered with PLM, a retail specialist in the Middle East, to create a retail studio environment, which is showcasing what the future beholds for the retail industry. Mr. Roumieh further remarked, "Verofax solutions on Blockchain hosted on Azure, SAP and AWS offers our clients complete data security and automation of operations to increase operational efficiency.""Verofax is one of the first blockchain-based traceability platforms in the region, helping brands to turn their products digitally-enabled and engage directly with customers to boost loyalty. Validated certificates and product tracing will accelerate brand growth and create opportunities through direct marketing and channel transparency," said Wassim Merheby, CEO at Verofax. Verofax is supported by leading technology platforms. In partnership with Verofax, Tracer is helping the industry realize a new vision of a digital and verifiable food marketplace built on Blockchain, empowering customers with validation.About TRACERTRACER is a start-up with a mission to provide solutions that improve processes and deliver growth. Beyond food and retail-tech solutions, TRACER provides cold-chain solutions for logistics providers, and offers its own fine food marketplace. Visit www.tech-tracer.com or contact them on sales@tech-tracer.com.About VerofaxVerofax is a Digital Asset Management solution provider, validated and available across Europe, Asia and the Middle East over multiple cloud environments, helping businesses achieve sustainable supply chains, one-to-one engagement with customers, and complete traceability across operations. Verofax is partnered with Microsoft Azure, AWS and SAP. Visit www.verofax.com or email info@verofax.com. Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)
DUBAI, UAE, Nov 5, 2021 - (ACN Newswire via SEAPRWire.com) - Tracer Tech, headquartered in Sharjah Research Technology and Innovation Park (SRTIP), UAE, is set to launch its new food safety and traceability application, powered by leading asset management provider Verofax.Tracer's food safety solution enables CPGs (consumer packaged goods) and retailers to engage with consumers directly by making products that are digitally enabled and verifiable. Built on top of Verofax's blockchain-based traceability platform, the Tracer App empowers consumers to choose food items based on their personal preferences such as freshness, sustainability and ethical sourcing, in a differentiated interface that drives satisfaction and loyalty. 70% of shoppers value traceability according to a recent survey, and are willing to pay a premium for brands that offer such functionality.Capitalizing on a fast-growing fine food market that's expected to hit $160+ bn this year, Tracer is also launching its own fine-food marketplace with traceability as a cornerstone of the offering. Traceability offers granular visibility and analytics to allow Tracer marketplace to optimize operations, storage conditions, and logistics to prevent wastage of high-value food items imported from around the world, reducing negative footprint resulting from wasted and expired products throughout the production to consumption cycle. The Tracer marketplace also ensures authentic and certified food items with traceability from source and condition of storage in transit, to be checked on Blockchain records before purchase.Khalid Roumieh, Co-founder and CEO of Tracer, concurred on the univocal demand for traceability solutions saying "Traceability plays a key role in meeting changing shopper needs, advanced product marketing and access to affluent consumers. However, much of the ecosystem stood fragmented until now, as retailers did not have access to immutable data records on a single repository empowering retail and consumers with access to check before they buy. Traceability is accelerating fast with digital technology providers, CPG brands and retailers teaming together to facilitate omni-channel experiences based on consumer data analytics."Tracer had partnered with PLM, a retail specialist in the Middle East, to create a retail studio environment, which is showcasing what the future beholds for the retail industry. Mr. Roumieh further remarked, "Verofax solutions on Blockchain hosted on Azure, SAP and AWS offers our clients complete data security and automation of operations to increase operational efficiency.""Verofax is one of the first blockchain-based traceability platforms in the region, helping brands to turn their products digitally-enabled and engage directly with customers to boost loyalty. Validated certificates and product tracing will accelerate brand growth and create opportunities through direct marketing and channel transparency," said Wassim Merheby, CEO at Verofax. Verofax is supported by leading technology platforms. In partnership with Verofax, Tracer is helping the industry realize a new vision of a digital and verifiable food marketplace built on Blockchain, empowering customers with validation.About TRACERTRACER is a start-up with a mission to provide solutions that improve processes and deliver growth. Beyond food and retail-tech solutions, TRACER provides cold-chain solutions for logistics providers, and offers its own fine food marketplace. Visit www.tech-tracer.com or contact them on sales@tech-tracer.com.About VerofaxVerofax is a Digital Asset Management solution provider, validated and available across Europe, Asia and the Middle East over multiple cloud environments, helping businesses achieve sustainable supply chains, one-to-one engagement with customers, and complete traceability across operations. Verofax is partnered with Microsoft Azure, AWS and SAP. Visit www.verofax.com or email info@verofax.com. Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)
SINGAPORE - A man was given 21 months' probation on Thursday (Feb 18) for trespassing into a dormitory at the National University of Singapore (NUS) and taking items such as women's undergarments. Goh An Soon, 20, has to attend offence-specific treatment programmes and perform 60 hours of community service as part of his probation. He had pleaded guilty earlier to one count each of misappropriating property and trespassing. The court had heard that Goh went to the dormitory at King Edward VII Hall in Kent Ridge Road eight times between Dec 19, 2018, and Feb 1, 2019. At that time, he was a student at another school, which was not named in court documents. He would look for lingerie left unattended in washing machines at the dormitory's laundry areas, or among the clothes hung to dry in the common corridor. "He claimed that he would then take the undergarments to pantry rooms in neighbouring blocks of the campus to look at them up close, and that he left the undergarments behind in these rooms thereafter," Deputy Public Prosecutor Tan Pei Wei had said. Besides women's lingerie, he also stole items such as laundry bags containing male and female clothing, as well as a wallet with bank cards and a thumb drive in it. Most of these items have been recovered, the court heard earlier. His offences came to light after an NUS staff member spotted Goh behaving suspiciously around the dormitory on Feb 1, 2019. The employee confronted him at the pantry and alerted a campus security investigation officer, who in turn called the police. Goh's lawyer Andy Yeo said in mitigation on Thursday that his client had a high capacity for rehabilitation and had strong familial support from his parents. Mr Yeo also highlighted that Goh had been attending counselling since he was arrested and has avoided places where female undergarments were easily accessible, such as dormitories. District Judge May Mesenas noted that Goh was assessed to have a "moderate" risk of reoffending, and stressed that he should comply fully with the probation order. For misappropriating items belonging to others, an offender can be jailed for up to two years and/or fined. More on this topic Related Story Teen allegedly trespassed into NUS hall and took 9 laundry bags containing items including underwear Related Story Courts & Crime: Read more stories
Japanese discount store Daiso launched its Singapore website on Monday to provide more choices for its customers. The online platform lists products in 25 categories, including cleaning supplies, daily necessities and personal care. "We have been working on increasing the number of items and investigating what products sell well online," a Daiso spokesman told The Straits Times on Wednesday. As at 7pm yesterday, 393 items were listed on the online store. Some items, such as door hooks and non-alcohol wet wipes, were sold out. Daiso also has 25 stores in Singapore and opened its newest outlet at West Coast Plaza on Jan 2. Its new online store comes in the wake of many similar brands moving some of their business into the virtual space. In May last year, stationery store Popular and household goods retailer Muji joined e-commerce platforms Lazada and Shopee respectively. Discount chain Don Don Donki also came on board the Shopee platform last month. While Daiso's items cost $2 each, its online store requires shoppers to buy at least five items. There is a $5 delivery charge but this may vary, depending on the weight of the parcel. Online shopper Ann Bay, 52, does not mind paying Daiso's delivery charge but is more concerned about the availability of items on the online store. The florist noted that popular items were often sold out "within a day or so" in-store. Housewife Jillian Wong, who is in her 50s, welcomed Daiso's online store but also enjoys shopping in bricks-and-mortar outlets. Previously, to find items that were already sold out at a Daiso outlet, she would have to visit another outlet. "But the joy of seeing, touching and getting hold of the last item on the shelf - especially if that is the item I want - is still the best," said Ms Wong. Jessie Lim
SINGAPORE - A youth trespassed into a dormitory at the National University of Singapore (NUS) eight times over the course of about six weeks as he wanted to take women's undergarments. Goh An Soon, now 20, who was not an NUS student at the time of the offences, pleaded guilty on Monday (Nov 9) to one count each of misappropriating the lingerie and trespassing. Deputy Public Prosecutor Tan Pei Wei said that Goh would go to the dormitory at King Edward VII Hall in Kent Ridge Road whenever he felt an urge to look at the undergarments. He did so between Dec 19, 2018, and Feb 1 last year. He would check washing machines at the dormitory's laundry areas, or among the clothes hung to dry in the common corridor for lingerie left unattended. The DPP added: "He claimed that he would then take the undergarments to pantry rooms in neighbouring blocks of the campus to look at them up close, and that he left the undergarments behind in these rooms thereafter." But according to court documents, he took more than just women's underwear. For instance, on Jan 16 last year, he took five laundry bags containing items including a pair of socks, two towels and a pair of men's underwear. The following month, he took a wallet containing items such as bank cards and a thumb drive. Most of these items were recovered. More on this topic Related Story Teen allegedly trespassed into NUS hall and took 9 laundry bags containing items including underwear Related Story NUS student allegedly stole undergarments from hostel rooms on campus At around 6pm on Feb 1 last year, an NUS hall staff member spotted Goh behaving suspiciously around the dormitory. Goh was confronted at a pantry and the employee alerted a campus security investigation officer. The security officer called the police at 7.12pm that day, the court heard. On Monday, District Judge May Mesenas called for a report to assess Goh's suitability for probation. He will be sentenced on Dec 21. For misappropriating items belonging to others, an offender can be jailed for up to two years and fined. More on this topic Related Story SP student admits taking upskirt videos of women while working at store on NUS campus Related Story Courts & Crime: Read more stories
Vancouver, BC, Oct 29, 2020 - (ACN Newswire) - Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) ("Raffles" or "the Company") today announces its financial results for the fiscal year ended June 30, 2020, highlighted by revenue of $8,866,672 and adjusted comprehensive income before other items and income tax expenses of $12,220,573. All amounts expressed are in Singapore dollars.2020 Financial Highlights:- Total Revenue of $8,866,672 (2019: $11,533,334)- Adjusted comprehensive income before other items and income tax expenses3 of $12,220,573 (2019: $10,750,652)- Cash Flow from operations of $7,044,654 (2019: $11,002,734)- The Company generated cash inflow from financing activities of $20,296,000 (2019: cash outflow of $8,900,000) related to the completion of a private placement for gross proceeds of $20,296,000.Comparative Summary of Key Financial Metrics for 2019 and 20202020 - 2019Revenue $8,866,672 $11,533,334Unrealized gain on investments $4,748,139 -Operating expenses(*1) $1,565,443 $782,682Listing expenses for RTO(*2) $6,052,280 -Adjusted comprehensive income before other items and income tax expenses(*3) $12,220,573 $10,750,652Net Income (Loss) ($425,229) $9,560,301(*1) Operating expenses do not include interest, taxes, depreciation (including impairment of intangible assets) and amortization, and other non-recurring Items and non-cash accounting expenses.(*2) Listing expense relates to the RTO in the amount of $6,052,280, which comprised of a non-cash acquisition consideration of $5,479,920 recognised under IFRS 3 in accounting for the reverse take over transaction ("RTO").(*3) Adjusted comprehensive income before other items and income tax expenses equals income before other items and income tax expenses plus other comprehensive income includes Foreign currency translation and unrealized gain on investments.Review of 2020The Company's sole operating subsidiary, Raffles Financial Private Limited ("RFP"), first appeared in the second quarter of the calendar year 2020, marking the beginning of the Company tapping into the corporate finance advisory segment exclusively. From a financial standpoint, the Company was able to exceed its revenue and earning objectives for the year. From an operational standpoint, the Company disposed its old business and continued to make inroads into the Asia financial market through its services provided by RFP. The highly customisable service provided to its small to medium clients, coupled with its unique professional and low-cost service, are value-propositions that continue to resonate with and account for its adoption rate among industry players.Outlook for 2021- Significant opportunities for Raffles as many business owners and investors are seeking solutions to their financial situations amid the COVID-19 pandemic;- Rising wave of acquisitive Chinese companies venturing beyond their national borders has created an uptick in outbound transactions;- Asia-Pacific is expected to continue to dominate global IPO activity year-to-date in 2020 by volume.Future Plans- To expand our market by adding more Provincial Representatives;- To enter into Strategic Partnerships and cooperation with international banks, venture capital firms, incubators, etc.;- To invest in businesses that meet our investment criteria and guidelines;- To strengthen our market liquidity and shareholder base.Fiscal 2020 Financial Results SummaryThe Company generated revenues of $8,866,672, which was derived from two major service segments, namely financial advisory service and licensing service (compared to $11,533,334 in fiscal 2019). The difference in revenue between fiscal 2019 and fiscal 2020 can be attributed to:- the COVID-19 pandemic which caused travel restrictions and shutdowns that delayed and suspended the delivery of our advisory services (namely Re-structuring & Corporate Finance Advisory ("RCF"), IPO & Global Fund Raising Advisory ("IRS") and Fund, Family Office, Trust Advisory ("FOT")), and created difficulties for the Company to service clients in most of the major cities in which the Company operates including, among others, China, Hong Kong and Singapore;- there were no FOT advisory service agreements entered into with clients so no fee income from FOT services during 2020 ($1,500,000 in 2019);- suspension in licensing services with clients pursuant to force majeure clause in response to the COVID-19 outbreak since January 2020. The Company had agreed with its clients (the Regional Representatives) who were based in the PRC to suspend the contracted licensing services commencing in January 2020. The COVID-19 outbreak had a significant impact not only on the Company itself but also the Company's clients in PRC, as they had been hindered from performing their obligations under their service agreements due to the lockdown imposed by the local authorities and market downturn during and after the COVID-19 outbreak. Consequently, licensing services with clients was suspended until the clients can fully resume operations.Administrative expenses for fiscal 2020 amounted to $1,565,443, compared to $782,682 in 2019. The difference between fiscal 2019 and fiscal 2020 was mainly due to:- a non-cash item of share-based compensation of $297,610 pertaining to stock options granted to certain management and directors of the Company (2019: nil);- a business development and marketing expenses amounting to $205,727 (2019: nil);- increased professional fees, directors fee and staff costs arising from the RTO transaction and incurred after listing.The comprehensive income for the year was $4,494,115 compared to $9,560,301 in 2019.Excluding the listing expense related to the RTO in the amount of $6,052,280 (it comprised of a non-cash consideration of $5,479,920 recognised under IFRS 3 in accounting for the RTO), the Company made a comprehensive income of $10,546,395 in 2020 (comprising of operating profits of $5,627,051 and other comprehensive Income of $4,919,344). In 2019, the Company had a comprehensive income of $9,560,301.Full details of the Company's 2020 financial results can be found in the Audited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the years ended June 30, 2020, which are available at www.sedar.com.About Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF)Raffles Financial Pte. Ltd. (a wholly-owned subsidiary of Raffles Financial Group Limited) is an exempt corporate finance advisory firm, registered with the Monetary Authority of Singapore, which provides public listing advisory and arrangement services. Raffles Financial serves as advisor for family trusts, family offices and investment funds. Please visit www.rafflesfinancial.co for more information.For more information, please contact:Cathy Hume, Investor RelationsPhone: 416-868-1079 x 231Email: cathy@chfir.comNeither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" 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. In particular, this release contains forward-looking information relating to the business of the Company, the anticipated partnerships with financial institutions worldwide and the growth potential through Province Representatives. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67117 Copyright 2020 ACN Newswire. All rights reserved. www.acnnewswire.com