PERMA-PIPE INTERNATIONAL HOLDINGS, INC. ANNOUNCES $43 MILLION CONTRACT AWARD IN THE MIDDLE EAST REGION

SPRING, Texas, Jan 13 (Bernama-BUSINESS WIRE) -- Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced it has received a formal letter of award for a development project located in the GCC region. Perma-Pipe will provide thermal insulation, anti-corrosion coatings, and other services from its Abu Dhabi facility. Project commencement is expected to begin in the third quarter of 2025. The value of this project is estimated to exceed $43 million.

This project will utilize Perma-Pipe’s anti-corrosion coatings capabilities, fabrication, and the TRACE-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing.

Saleh Sagr, Sr. Vice President for Perma-Pipe’s MENA region, commented, “This award follows the successful execution of numerous development projects in the region. Our differentiated coating solutions have proven to be well-suited for technically challenging projects. We would like to thank our customers for this significant award.”

David Mansfield, President and CEO, commented, “This award provides evidence that our technologies are well-positioned to meet the complex requirements in virtually all geographies as we continue our focus on highly active oil & gas markets worldwide. This project continues an increase in large-scale project activity we are seeing globally and, when coupled with other recently announced project awards, further strengthens our record backlog position heading into 2025.”

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH, “Perma-Pipe”, or the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fifteen locations in six countries.

Forward-Looking Statements

Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.)

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20250110203513/en/

Contact

David Mansfield, President and CEO
Perma-Pipe Investor Relations
847.929.1200
investor@permapipe.com

Source : Perma-Pipe International Holdings, Inc.

CATHAY'S CHINESE NEW YEAR NIGHT PARADE TO DAZZLE HONG KONG WITH SPECTACULAR FLOATS

KUALA LUMPUR, Jan 9 (Bernama) -- The highly anticipated Cathay International Chinese New Year Night Parade is set to make a grand return in Tsim Sha Tsui, Hong Kong, on Jan 29, ushering in the Year of the Snake with vibrant celebrations.

Organised by the Hong Kong Tourism Board (HKTB) and sponsored by Cathay for the 23rd year, the parade will feature a vibrant mix of global performances and dazzling floats with a distinct Hong Kong touch.

This year's theme, "Unfold a Year of Good Fortune", reflects the city's status as a top destination for unique global festivities, according to HKTB in a statement.

HKTB Chairman, Dr Pang Yiu-kai said the parade would be broadcast worldwide, showcasing performances from various countries, promises to be an unforgettable celebration.

This year's parade will feature 55 performances from 14 countries and regions, including newcomers France, Argentina, Austria, India, Indonesia, and Thailand, surpassing last year’s edition, and include stars like the V.UNBEATABLE Dance Group, the Zurcaroh acrobatic troupe, and BRAVERY DANCERS who will take centre stage alongside local acts such as the Chestroll Dance Crew and Hong Kong Rope Skipping Association.

The procession will begin at the Hong Kong Cultural Centre Piazza and travel along major roads before finishing at the Sheraton Hong Kong Hotel & Towers. Prior to the main event, 18 local talents will ring in the festivities with juggling, magic shows, dance, and music to get the crowd in the festive mood.

This year’s parade will showcase nine floats, many serving as Hong Kong Tourism Ambassadors by highlighting the city’s charm. The floats will feature famous Hong Kong icons, such as the beloved giant pandas, paired with Hong Kong-style milk tea.

The parade will also feature floats that draw inspiration from the city's breathtaking skyline, specifically the snake motif. Other floats will celebrate the city’s distinctive Chinese New Year culture, with designs that incorporate festive elements like windmills, lyrical couplets, and blooming flowers, all conveying joyful Chinese New Year greetings.

To further extend the celebration, HKTB is collaborating with the Hong Kong Well-wishing Festival, where selected parade floats and performances will be relocated to Lam Tsuen in Tai Po from Jan 30 to Feb 13.

Additionally, HKTB has launched a dedicated Chinese New Year webpage, providing locals and visitors with a guide to all the city’s seasonal events, including fireworks and Chinese New Year fairs, offering a comprehensive experience of Hong Kong’s festive culture.

-- BERNAMA

BITGET INTRODUCES BANK DEPOSITS WITH ZEN INTEGRATION, ENABLING ACCESS FOR ELEVEN FIAT CURRENCIES

VICTORIA, Seychelles, Jan 8 (Bernama-GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, is excited to announce the integration of ZEN.com, a renowned banking solution, into its fiat deposit and withdrawal channel. With this integration, Bitget users can now seamlessly deposit and withdraw funds using 11 supported fiat currencies, including PLN, CZK, DKK, AUD, CAD, NOK, SEK, CHF and HUF.

This collaboration shows Bitget’s focus on enhancing accessibility and improving the user experience, particularly in underserved European markets and major regions such as Oceania.

“Our partnership with ZEN.com aligns with our plans of making crypto trading more accessible to users worldwide. By supporting more fiat currencies than our competitors and offering instant fiat on-ramp options, we’re empowering users with convenient and innovative trading solutions," said Gracy Chen, CEO at Bitget.

Bitget’s ZEN integration offers a multitude of benefits. Users can deposit and withdraw funds in 11 fiat currencies, more than what other CEXs currently provide. With instant fiat on-ramp, users gain access to instant cash conversion to crypto via Bitget. There are no hidden charges, and zero deposit fees help users benefit from fee rebates during the promotional period.

To celebrate this partnership, Bitget and ZEN are launching an exclusive campaign, rewarding users with a 3-month ZEN PRO trial, zero deposit fees, and up to 25% rebates on fiat-to-crypto conversions.

The event runs from January 7th, 2025, 18:00 (UTC+8) to February 4th, 2025, 18:00 (UTC+8). Participants can register here by creating a ZEN account for a free 3-month PRO trial, making a fee-free deposit in supported fiat currencies, and converting fiat to crypto to earn up to 25% rebates.

For detailed instructions on how to deposit via ZEN, visit here.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5896ba2-052c-4cfa-8f39-e222f41ad1be

SOURCE : Bitget Limited

VISTAJET CRAFTS UNFORGETTABLE LUNAR NEW YEAR FAMILY CELEBRATIONS AT 45,000 FEET

KUALA LUMPUR, Jan 6 (Bernama) -- Lunar New Year offers a unique opportunity to connect with family while honouring tradition and new beginnings.

VistaJet, the global business aviation company, is offering its Members the chance to celebrate the Year of the Snake with three bespoke experiences designed to create lasting memories with loved ones.

“Our bespoke Lunar New Year offerings allow Members to unplug and reconnect with their loved ones, ensuring the season is truly memorable, celebrating Lunar New Year through a series of spectacular in-flight and post-flight novelties guaranteed to enchant," said its Chief Marketing Officer, Matteo Atti in a statement.

VistaJet makes Lunar New Year celebrations even more special with a festive meal in the sky. Partnering with Michelin-starred culinary partners, its Private Dining team presents a carefully crafted menu with regional delicacies, including Chinese Nian Gao, a sticky rice dish symbolising prosperity and success; Singaporean Lo Hei, a salad tossed for good fortune; and Korean Tteokguk, a comforting soup that signifies fresh starts.

The exclusive in-flight dining experience is designed with impeccable elegance, aided by VistaJet’s global network of 7,000 private chefs and Michelin-starred restaurants. The company’s collaboration with The Ritz-Carlton also brings authentic yum cha experiences, offering a selection of small plates paired with fragrant teas to enhance the gathering.

For an enriching post-flight experience, VistaJet Members can partake in an exclusive dim sum-making workshop at The Ritz-Carlton in Hong Kong or Shanghai. Dim sum, often formed in the shape of gold ingots, is considered a symbol of prosperity and abundance.

Guided by Michelin-starred chefs, the workshop teaches the secrets of traditional Cantonese cuisine, followed by a delightful lunch at the two Michelin-starred Tin Lung Heen in Hong Kong or Jin Xuan Chinese Restaurant in Shanghai.

Families can also enjoy customised Lunar New Year-themed entertainment onboard VistaJet’s Global 7500. On selected departures in Asia, Members can access a curated Game Box, featuring traditional games like Chinese Airplane Chess and Snakes and Ladders, designed for family fun without distractions.

VistaJet offers its Members unparalleled global connectivity, especially with the Global 7500, the largest and longest-range business jet, perfect for Lunar New Year reunion. The jet’s four distinct living spaces, including an entertainment room and a permanent stateroom, provide a luxurious and comfortable environment.

With a fleet of 18 Global 7500 aircraft, VistaJet is ready to help families celebrate Lunar New Year in style.

-- BERNAMA

Innovative iHerb Wellness Hub To Empower Personal Health Journeys

KUALA LUMPUR, Jan 3 (Bernama) -- Online retailer for health and wellness products, iHerb, has launched its iHerb Wellness Hub, an online multimedia destination for wellness, fitness, nutrition, beauty, and more.

This innovative global platform offers a wide array of health articles, recipes, videos, and podcasts, providing valuable insights on the role vitamins, minerals, and supplements, herbs and natural remedies play in promoting a healthy lifestyle.

Its Senior Vice President of Global Marketing, Neil Folgate said with the abundance of misinformation available online, finding trustworthy sources for health-related content has never been more important.

“The iHerb Wellness Hub is designed to help address this issue by curating objective, research-based content that covers a variety of topics related to diet and nutrition, longevity, energy, metabolism, and overall health.

“We are proud to help consumers confidently make informed choices about their health and will continue these efforts in the spirit of advancing wellness globally,” added Folgate in a statement.

Available in 14 languages, the iHerb Wellness Hub empowers its global community to make informed decisions about health and wellness products through comprehensive and accessible resources.

The platform features over 1,200 expert-written articles from professionals such as doctors, naturopathic doctors, physicians, registered dietitians, and other healthcare specialists, ensuring that individuals have unlimited access to reliable information when making decisions about their well-being, empowering them to take the next step in their health journey.

The platform is completely free and does not require users to create an account, aligning with iHerb’s mission of making health and wellness information accessible to everyone. Consumers looking to take charge of their health are now able to explore the iHerb Wellness Hub as a trusted resource for all health-related queries to guide them on their wellness journeys.

Replacing the popular iHerb Blog, which attracted nearly 20 million visitors in 2024, the iHerb Wellness Hub organises iHerb’s extensive blog content, enabling consumers to easily navigate the vast library that is now categorised by Wellness, Fitness, Nutrition, and Beauty.

-- BERNAMA

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

 ·  The Company generated net sales of $41.6 million for the quarter and $113.4 million year-to-date

·  Income before income taxes of $5.1 million for the quarter and $13.2 million year-to-date
·  Backlog of $114.2 million at October 31, 2024, compared to $68.5 million at January 31, 2024
 

SPRING, Texas, Dec 24 (Bernama-BUSINESS WIRE) -- Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the second quarter and fiscal year-to-date period ended October 31, 2024.

"Net sales for the third quarter were $41.6 million, a decrease of $4.1 million, as compared to the same quarter last year. Net income attributable to common stock of $2.5 million was an increase of $0.5 million, or 29%, compared to $1.9 million in the third quarter of 2023. For the nine months ended October 31, 2024, net sales of $113.4 million represent an increase of 3% compared to the nine months ended October 31, 2023. The net income attributable to common stock of $7.2 million was an increase of $5.4 million, or 294%, compared to net income attributable to common stock of $1.8 million in the nine months ended October 31, 2023,” noted President and CEO David Mansfield.

“Backlog in the third quarter shows considerable growth and now stands at $114.2 million. This is the equivalent to approximately nine months revenue based upon prior years’ revenues. The continual strengthening of our backlog over the past two quarters is encouraging and provides a sense of optimism heading into next year. Additionally, backlog at the end of the third quarter represents the highest level since transitioning from MFRI to Perma-Pipe, which occurred in March 2017,” Mr. Mansfield continued.

“Our third quarter and fiscal 2024 year-to-date results continue to reflect exceptional performance, which has remained consistent throughout the year. It is worth noting that our net income attributable to common stock for the nine months ended October 31, 2024, represents the highest level of earnings on a year-to-date basis since transitioning from MFRI to Perma-Pipe,” said Mr. Mansfield.

“We are pleased with the level of business activity we have experienced and continue to see, as supported by the significant rise in backlog and share price. The increases in infrastructure spending in Saudi Arabia, India, and the U.A.E., represent key drivers of our overall improvement, for which the strength of our financial results further enables us to continue to execute on strategic initiatives,” concluded Mr. Mansfield.

http://mrem.bernama.com/viewsm.php?idm=50086

PACIFIC PRIME CXA'S FLEX PORTAL WINS BRONZE FOR BEST HR MANAGEMENT SYSTEM (SMB)

KUALA LUMPUR, Dec 23 (Bernama) -- Global employee benefits specialist, Pacific Prime CXA’s Flex Portal was honoured with the Bronze Award for Best HR Management System (SMB) at the HR Vendors of the Year Awards, presented by Human Resources Online in Singapore.

A resounding echo of last year, where the company won the Bronze Award for Best HR Management System (Enterprise), Pacific Prime CXA has gone to outstanding lengths to remain a top insurance broker in terms of human resources (HR) management systems and international health insurance, retaining their unique position as the only broker to win awards in this category.

“This recognition is a testament to the hard work and innovation of our talented team. The Flex Portal was designed with a strong commitment to helping small and medium-sized businesses attract and retain top talent.

“We remain focused on ongoing innovation, and with continued collaboration, we are confident that the Flex Portal will continue to shape the future of HR management and employee benefits, enabling businesses and their employees to thrive in a rapidly changing world,” said Pacific Prime CXA chief executive officer, Heena Bose in a statement.

The HR Vendors of the Year Awards, held on Nov 8, is a prestigious annual event that honours leading HR solutions providers in Asia. This year’s ceremony took place at the Sofitel Singapore City Centre, gathering innovative HR solution providers from across Singapore.

The Flex Portal, voted among the top three HR management systems, is a state-of-the-art benefits management platform tailored to address the needs of small to medium-sized businesses (SMBs).

Designed to streamline employee benefits administration and boost staff engagement, the Flex Portal is equipped with features such as real-time eWallet updates, seamless integration with third-party providers, and a customisable interface. These features help simplify complex insurance mechanisms, ensuring efficiency and cost-effectiveness.

For HR teams, the portal automates administrative processes, reduces manual workloads, and provides a centralised platform for managing flex and insurance claims. Employees, on the other hand, benefit from a user-friendly interface that offers a personalised experience, from adjusting life and medical insurance coverage to accessing wellness resources and tailored health assessments.

Additional features such as optical character recognition (OCR) receipt scanning, a clinic locator, and in-app purchases further enhance convenience.

By addressing the unique challenges of SMBs, the Flex Portal maximises return on investment through flexibility and strategic cost management. Committed to continuous improvement and user-centric design, Pacific Prime CXA positions the Flex Portal as a vital tool for businesses seeking to thrive in a dynamic global environment.

-- BERNAMA