Kitchen Culture: Business Update on Outstanding Legacy Issues and Strategy to Move Forward

SINGAPORE, Aug 7, 2023 – (ACN Newswire) – The Board of Directors (the "Board") of Kitchen Culture Holdings Ltd. (the "Company" or "Kitchen Culture") hereby provides an interim update to lay out the legacy issues facing the Company that the Board has addressed or is currently addressing, as well as to provide shareholders with full transparency on how the Board intends to navigate the path forward.

The list of legacy issues that fell to the new Board upon handover from the previous Board on 26 June 2023 include the following:

a. the Company's cash balances were so low that that meeting its daily operating expenses has posed significant challenges;

b. the previous Board had informed the new Board that outstanding liabilities as at 26 June 2023 was approximately S$3.1 million. These liabilities are currently being verified by the new Board;

c. no external auditor had been appointed since the previous auditor, Nexia TS Public Accounting Corporation (now known as CLA Global Public Accounting Corporation), did not seek reappointment at the last Annual General Meeting ("AGM") held on 18 March 2022;

d. arising from (c), there is a delay in issuing the Company's annual report for the 18-month period ended 31 December 2022 ("FY2022") containing the audited financial statements for FY2022 and sustainability report for FY2022. Consequently, the Company failed to comply with the disclosure requirements under the Listing Manual Section B: Rules of Catalist ("Catalist Rules") of the Singapore Exchange Securities Trading Limited ("SGX-ST") to issue its unaudited financial statements for the quarter ended 31 March 2023 as well as the unaudited financial statements for the half year ended 30 June 2023 by the timeframe required under the Catalist Rules. On 30 April 2023, the Company has obtained no objection from the SGX-ST to hold its AGM for FY2022 by 16 October 2023 and to issue sustainability report for FY2022 by 30 September 2023;

e. in conjunction with (d), failure to comply with certain provisions of the Companies Act 1967 (the "Companies Act") – No AGM has been held in respect of FY2022 and the Company's application to the Accounting and Corporate Regulatory Authority ("ACRA") for an extension of time to hold the AGM has been rejected on 28 April 2023, which means the Company has breached and is in contravention of Section 175(2) of the Companies Act 1967 in relation to the deadline to hold its AGM in respect of FY2022. The Company has also not filed its annual return with ACRA within the timelines required under the Companies Act;

f. a previous internal audit conducted by Baker Tilly Consultancy (Singapore) Pte. Ltd. in 2021 had identified certain weaknesses in the Company's internal controls that are still outstanding and yet to be rectified; and

g. the report on the special audit conducted by Deloitte & Touche Financial Advisory Services Pte. Ltd. ("Special Auditor") as directed by the Notices of Compliance ("NOC") issued by the SGX-ST on 14 July 2021 and 19 August 2021 had not been issued at the time of change of the Board.

The Board's immediate priority has been to resolve the outstanding legacy issues, including (a) negotiating with creditors to resolve all long overdue liabilities, (b) engaging an external auditor to audit the FY2022 financial statements, (c) working with the Special Auditor to complete the special audit, and (d) strengthening the Company's internal controls, so as to elevate the Company to be in the position of pursuing new business directions. To this end, the Board is pleased to announce the following:

a. on 24 July 2023, the Company announced the full settlement with CDL Properties Ltd. ("CDL") of S$430,662.13 being payment for rental arrears from December 2022 to March 2023, reinstatement cost, the holding rent for the period from April 2023 to 31 May 2023, interest and legal costs. This settlement mitigates the risk of the Company facing penalties by CDL as a result of it occupying the office space with no reinstatement since its eviction in March 2023;

b. on 28 July 2023, the Company completed the first tranche of S$3 million draw-down from the S$4 million loan from Asian Accounts Receivable Exchange Pte. Ltd.. This provides some urgently required cashflow to sustain operations, enabling the new Board room to concurrently negotiate settlement with other creditors;

c. the Company has commenced the process of identifying a new external auditor, with a view to convene an extraordinary general meeting ("EGM") to formally appoint the new external auditor by the 3rd quarter of 2023. In addition, the Company is targeting to convene the FY2022 AGM, as well as releasing the financial results for each of the 1st, 2nd, 3rd and 4th quarters of FY2023 by the 1st quarter of 2024. To make good the previous lapses and eventually bring the Company's financial reporting up to speed to adhere to the timelines under the Catalist Rules, the Company is looking to hold the FY2023 AGM and release the 1st quarter financial results of FY2024 by the 2nd quarter of 2024. The Company will be making the necessary applications to SGX-ST for the respective extensions of time for the release of the financial results and make the necessary announcements in due course.

In addition, the Board would like to inform shareholders that it is actively pursuing the following:

a. negotiating with creditors to settle all outstanding liabilities on terms in the best interests of the Company;

b. reviewing and seeking legal advice where necessary on the terms of the S$1.5 million loan agreement entered into by the Company during the tenure of the previous Board and exploring the best way to repay the loan when due;

c. actively engaging with the Special Auditor to complete phase 2 of the special audit by the 4th quarter of 2023;

d. engaging with the internal auditors to review if previously identified internal control weaknesses have been addressed, and to examine ways to strengthen these internal controls. This will concurrently address the 2 NOCs previously issued;

e. actively sourcing and/or developing new and sustainable businesses to be injected into the Company so as to inject a new lease of life into the Company and to raise additional funding for the continued operations and the development of new businesses for the Company; and

f. upon resolving all outstanding legacy issues with the gradual readiness of the Company to continuing to function as a going concern the Company will, through its continuing sponsor, consult the SGX-ST on the resumption of trading of its securities.

"The Company is committed to addressing the significant challenges and legacy issues inherited from the previous Board in a positive and transparent manner, with full accountability to our shareholders. The multitude of legacy issues, most of them unresolved in the last 2 years, will need time and effort to resolve and we ask for shareholders' patience to allow us to work on getting the Company back on the path of restoration and growth." said Mdm Hao Dongting, Chairperson of the Board. "We have already made some headway in tackling some of the most urgent issues as detailed above and are confident that with the right strategies and execution by the new Board, Kitchen Culture will be able to create sustainable growth and long-term shareholder value."

"On behalf of the Board, we would like to express our deepest gratitude to the Company's employees, customers and partners for their continued support during this period of transition. We look forward to working closely with all stakeholders to ensure a successful future for the Company", added Mdm Hao.

For media queries, please reach out to:
Waterbrooks Consultants
Wayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166
Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707

Proud Investor Relations partner:
https://www.waterbrooks.com.sg/
https://www.shareinvestorholdings.com/

This media release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). This media release has not been examined or approved by the Singapore Exchange Securities Trading Limited ("SGX-ST") and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release. The contact person for the Sponsor is Ms Lee Khai Yinn (Telephone: +65 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

The Institute of Chartered Accountants of India (ICAI) organises RESOLVE-2023, an Exclusive International Convention on Insolvency Resolution

SINGAPORE, Aug 2, 2023 – (ACN Newswire) – For the first time in its 75-years history, The Institute of Chartered Accountants of India (ICAI) will hold a mega convention overseas in Singapore. This unique international convention — RESOLVE-2023 is a highly anticipated conference that will revolve around the overall "Insolvency Resolution" ecosystem. The Convention will be held at Singapore's Grand Copthorne Waterfront Hotel on 4th & 5th August, 2023 and will explore into numerous aspects of the insolvency resolution including innovative and best practices, and models to review and redesign the legal framework of the proceedings.

The grand event will bring under one roof about 300 industry leaders, financial experts and distinguished guests for two days of knowledge enrichment and networking while offering them insights into the world of insolvency from across the globe. The Guest of Honour for the programme is Mr. Vikram Nair, Hon'ble Member of Parliament for Sembawang GRC, Republic of Singapore and some of the special guests and thought leaders who are participating are H.E Dr. Shilpak Ambule, High Commissioner of India to Singapore, Hon'ble Justice Ashok Bhushan, Chairperson, National Company Law Appellate Tribunal, Mr. Justice (Retd.) Arjan Kumar Sikri, Ex Judge, Supreme Court of India, Mr. Francis Ng SC, Official Assignee & Public Trustee, Ministry of Law, Singapore, Mr. Sudhaker Shukla, Whole Time Member, Insolvency and Bankruptcy Board of India, besides the top dignitaries and leadership of the Indian accounting profession, CA. Aniket Sunil Talati, President, ICAI and CA. Ranjeet Kumar Agarwal, Vice President, ICAI.

The discussions will encompass topics of significance like Alternative Dispute Resolution, Trend Analysis in Global Debt Resolution, Group Insolvency, Opportunity for International Funds, Essence of Insolvency Timelines, Innovative Approaches to Resolution, Role of Regulators & Policy Makers for an Effective Ecosystem, Role of Creditors, Market Dynamics for Stressed Assets, Valuation, Transaction Review etc.

Adding more insights on the RESOLVE-2023 CA. Aniket Sunil Talati, President, ICAI said, "A comprehensive and coherent Insolvency Resolution Framework is one of the core pillars of economic growth of any nation and a strong resolution framework is indispensable for laying down the foundation for future sustainable development. RESOLVE-2023 will provide a unique learning opportunity for professionals across the world to learn and share the best practices and developments in the space of insolvency resolution. Let us all professionals fully gear up and wholeheartedly Involve to Resolve."

Speaking for the occasion CA. Ranjeet Kumar Agarwal, Vice-President, ICAI said, "Economic stability and prosperity require an effective insolvency resolution framework. The need for strengthening the insolvency resolution framework has assumed great importance recently. This Convention will facilitate networking and indulge in deep insight and cross-jurisdiction experience sharing with globally diverse practitioners through interactive discussions."

CA. Gyan Chandra Misra, Chairman, Committee on Insolvency & Bankruptcy Code, ICAI added that, "RESOLVE-2023 Convention has been carefully crafted to facilitate the sharing of unparalleled knowledge and insights regarding best practices and emerging global developments in the field. It offers extensive networking opportunities for professionals in this domain and serves as a platform for professional enrichment in contemporary and emerging areas on a global scale."

For this momentous convention, CA. Somnath Adak, Chairman of the ICAI Singapore Chapter shared, "The Convention has been designed in a way as to enable sharing of knowledge with unsurpassed depth and breadth about the best practices and emerging global developments in this sphere. ICAI Singapore Chapter, being the Ambassador of ICAI in Singapore is proud to host this event."

About ICAI

The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament viz The Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountants in India. The ICAI functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India, with more than 830,000 students & over 390,000 members, ICAI is the largest professional accounting body in the world, with a strong tradition of service to the nation. Today ICAI has a wide network of 5 Regional Councils and 168 Branches in India. It has 46 Overseas Chapters and 34 Representative Offices and a presence in 80 cities of 47 countries of the world.

Singapore Chapter of ICAI is a well-regarded professional body in Singapore. It plays a pivotal role in the professional development of Chartered Accountants in Singapore by curating & hosting professional events, webinars, and knowledge series events.

For media prc@icai.in
Jyoti Singh
9999926198

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Kitchen Culture: Resolution of rental arrears and other legacy issues addressed

SINGAPORE, Jul 25, 2023 – (ACN Newswire) – The Board of Directors of Kitchen Culture Holdings Ltd is pleased to announce the appointment of new Directors to the Board to move the Company forward from its recent troubled history. This is in line with the Board's objective to usher in a new era of transparency, accountability and business expertise.

The Board is pleased to announce the significant progress in resolving some of these issues.

The Company had received a letter of demand on 14 March 2023 from CDL Properties Ltd in relation to the Company's alleged default of the lease agreement between the Company and CDL. The Company was subsequently evicted from its premises by CDL on 16 March 2023. The Board is pleased to announce that the Company has reached a settlement with CDL on 21 July 2023 to fully settle rental arrears and reinstate the office in Republic Plaza.

The Board's priority has been to resolve outstanding legacy issues, including negotiating with creditors to resolve all long overdue liabilities, engaging an external auditor to audit the FY2022 financial statements, working with the special auditor to complete the special audit, and strengthening the Company's internal controls.

In addition, the Board received a letter of demand from Mr Tan Gin Tat on 17 July 2023 for the S$1.5 million loan extended to the Company in the year 2022, as this is one of the legacy issues requiring resolution. The Board is currently seeking legal advice on this matter and will update shareholders in due course.

The Board had on 21 July 2023 announced that the Special Audit in relation to the Payroll Matter and the Transaction as announced by the Company on 29 September 2021, as agreed under the scope of work of the Special Auditors, has now been completed. The Board will now engage with relevant professionals to address the issues and recommendations raised from the Special Audit. In relation to the appointment of a new external auditor, the Board has identified a suitable external auditor and will be seeking shareholders' approval for the appointment in due course.

The Board is also focused on fundraising and evaluating sustainable business opportunities to ensure the Company's future success. As part of these efforts, the Company will be releasing a detailed business update as soon as practicable.

"We understand that the Company has faced significant challenges in the past, and we are committed to addressing these issues and moving forward." said Mdm Hao Dongting, Non-Executive Chairperson of the Board. "We are confident that with the right strategies and execution, Kitchen Culture will be able to create sustainable growth and long-term shareholder value. Meanwhile, the Board will be conducting a thorough review of the Company's operational and financial procedures and implement policies and procedures that ensure the Company is run in a transparent, responsible and efficient manner."

"On behalf of the Board, we would like to express our gratitude to the Company's employees, customers, and partners for their continued support during this transition period. We look forward to working closely with all stakeholders to ensure a successful future for the Company", added Mdm Hao.

Reference 1:
https://links.sgx.com/1.0.0/corporate-announcements/WNQSOC0ID4TO935Y/f4d36cf0925be5e34e49c820ebdeddb24fbb7cdd3559ef696d5b6967e350d058
Reference 2:
https://links.sgx.com/FileOpen/KC%20Annct%20-%20Update%20on%20Letter%20of%20Demand.ashx?App=Announcement&FileID=766248

For media queries, please reach out to:
Waterbrooks Consultants
Wayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166
Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707

Proud Investor Relations partner: https://www.waterbrooks.com.sg/ and https://www.shareinvestorholdings.com/

This media release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). This media release has not been examined or approved by the Singapore Exchange Securities Trading Limited ("SGX-ST") and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release.

The contact person for the Sponsor is Ms Lee Khai Yinn (Telephone: +65 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

RHTLaw Asia Expands Debt Recovery Expertise with New Partner Addition

SINGAPORE, Jul 11, 2023 – (ACN Newswire) – RHTLaw Asia, a regional law firm headquartered in Singapore, has appointed Mr Vernon Voon as Partner to oversee the firm's debt recovery portfolio.

Vernon brings extensive experience and expertise in assisting clients with debt recovery litigation and management. Since 2004, he has honed his skills in this specialised field, successfully handling a wide range of cases involving the recovery of unsecured and secured debts and the resolution of complex payment issues related to debentures, bonds, and other financial facilities.

"With a deep understanding of the complexities involved in debt recovery, I am committed to delivering effective solutions to our clients in their pursuit of debt resolution and recovery. I am excited to collaborate with the talented team at RHTLaw Asia and contribute to the firm's continued success," said Vernon.

Vernon's comprehensive legal background includes appearances before Singapore International Commercial Court, a Singapore High Court division renowned for handling transnational commercial disputes. He has valuable experience in general litigation, advising clients and arguing cases before respected entities like the Strata Titles Board, State Courts, and High Court. He has also aided in cases brought before the Court of Appeal.

RHTLaw Asia Managing Partner, Mr Azman Jaafar, said, "We are very familiar with Vernon, and we are excited to have Vernon back as a Partner leading the debt recovery practice. Vernon will be a valuable asset to our firm's multidisciplinary approach to practice."

About RHTLaw Asia LLP

RHTLaw Asia LLP is a leading regional law firm headquartered in Singapore with a network of offices in over 88 cities across Asia, Oceania, the Middle East and Africa through the ASEAN Plus Group (APG) comprising over 2,000 lawyers. We help clients understand the local challenges, and navigate regional complexities to deliver the competitive advantage for their businesses in Asia. RHTLaw Asia is a member of the Interlex Group, a global network of leading law firms, and HLB, a global network of independent advisory and accounting firms.

RHTLaw Asia is a member of ONERHT, an integrated network of multidisciplinary professional and specialist services which empowers stakeholders to achieve purposeful growth. For more details, please visit www.rhtlawasia.com

For media queries, please contact:
Elliot Siow / elliot.siow@rhtgoc.com / +65 8375 0417

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

RHTLaw Asia Appoints Sim Sze Kuan as Of Counsel

SINGAPORE, Jul 6, 2023 – (ACN Newswire) – Singapore-headquartered regional law firm RHTLaw Asia welcomes Mr Sim Sze Kuan as Of Counsel, effective 6 July 2023 to strengthen the firm's private wealth practice.

Sze Kuan brings with him extensive legal experience spanning over three decades. His professional qualifications include being called to the Bar in England & Wales as a Barrister in 1989, being admitted as an Advocate & Solicitor in Singapore in 1990, obtaining solicitor status in Hong Kong in 1996, and joining the New York Bar in 2004.

With his extensive background in family office, investments, and asset management, Sze Kuan brings a wealth of knowledge and expertise that will enable him to contribute effectively to RHTLaw Asia's private wealth practice. His deep understanding of these areas will allow him to provide strategic advice and guidance to clients seeking to establish family offices in Asia.

Sze Kuan said, "The firm's core multidisciplinary capabilities and client-centric approach provide an ideal platform for me to leverage my deep understanding of the complexities in private wealth management to provide strategic guidance and help clients achieve their goals. I look forward to collaborating with my colleagues to drive the success of RHTLaw Asia across the region."

As an Of Counsel, his addition will strengthen the firm's capabilities in serving high-net-worth individuals and families, enabling the delivery of tailored legal solutions to meet their unique needs.

RHTLaw Asia Managing Partner, Mr Azman Jaafar said, "As we witness the growing trend of Asian capital migrating into Asian financial centres, Sze Kuan is well-positioned to leverage his experience for the benefit of our clients."

About RHTLaw Asia LLP

RHTLaw Asia LLP is a leading regional law firm headquartered in Singapore with a network of offices in over 88 cities across Asia, Oceania, Middle East and Africa through the ASEAN Plus Group (APG) comprising over 2,000 lawyers. We help clients understand the local challenges, navigate regional complexities to deliver the competitive advantage for their businesses in Asia. RHTLaw Asia is a member of the Interlex Group, a global network of leading law firms, and HLB, a global network of independent advisory and accounting firms.

RHTLaw Asia is a member of ONERHT, an integrated network of multidisciplinary professional and specialist services which empowers stakeholders to achieve purposeful growth. For more details, please visit www.rhtlawasia.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

APAC GCs Say Legal Departments Are Too Under-Resourced To Be Effective, Axiom Study Finds

SINGAPORE, Jul 6, 2023 – (ACN Newswire) – Being an APAC-based General Counsel (GC) is hard, according to the results of survey by Axiom, the global leader in high-caliber, on-demand legal talent. Findings from Axiom's APAC General Counsel Survey Report: Managing the Unmanageable, which surveyed 300 Hong Kong (HK) and Singapore-based GCs across a wide range of industries, reveal three concerning and universal headlines. APAC GCs are:

1. Struggling to navigate budget cuts and hiring freezes. They say budget constraints will further erode their already under-resourced department. Many believe the cuts will be deep and the freezes imminent.

2. Skeptical that either law firms or internal hires can address their resourcing challenges. Why? First, because of the high costs associated with both. These GCs also note the tremendous difficulty of finding and hiring the right talent to meet their needs.

3. Unhappy with their careers. They are stressed and dissatisfied, citing an unmanageable workload and poor work-life balance.

"Given increasing workloads and decreasing budgets, the headline findings are concerning, but not surprising," said Yolanda Chan, Managing Director, Asia Pacific, Axiom "Our intention was to look behind the headlines and to uncover the more nuanced pain points of the legal function. For that reason, we didn't want to simply understand that GCs feel under-resourced – we want to identify where, specifically, they feel a dearth of expertise and how they anticipate those needs will change over time."

Continued Chan: "The survey results paint a complicated picture of a legal department that needs skill remediation right now but is struggling to efficiently access legal consultants with the necessary skillsets through traditional channels."

Struggling to Do More with Less

Survey findings reveal that APAC GCs are facing a parallel crisis of budget cuts and increasingly complex workloads. Ninety per cent of APAC GCs say their legal department budget has been cut because of economic conditions and ongoing volatility. On average, APAC budget cuts represent 3% of company revenue – which in real dollars, is significant. Singapore-based GCs have seen their budgets shrink by US$3.7M and their HK peers have experienced budget cuts averaging US$1.7M. This is even though approximately half (45%) of APAC GCs report their department is seeing an increase in both the volume and complexity of legal matters.

These compounding issues create a perfect storm for GCs trying to maintain a staff capable of doing more with less. In fact, the vast majority of APAC GCs (92%) say their department does not have the necessary staffing resources in-house to do its job effectively. Moreover, more than one-third (35%) of APAC GCs feel they do not have the right legal expertise on their team to address current or anticipated legal needs. Just where is that expertise lacking?

The top 3 current deficits include labor & employment, regulatory and compliance, and real estate expertise. Looking forward, APAC GCs believe they will face future deficits around new/emerging areas, banking/finance, and data privacy and cyber security matters. That these deficits are set to change so quickly suggests a fast-moving environment where expertise is incredibly valuable and finding the right talent is key.

Addressing Resourcing Challenges: Internal Hires

APAC GCs can't just hire their way out of trouble – and they know it: only 21% call hiring additional full-time legal consultants an appropriate solution to address their resourcing issues. Why? There are a few reasons.

First, 93% of APAC GCs anticipate a hiring freeze this year. Second, because in-demand expertise is evolving so quickly, hiring permanent staff won't effectively address current or anticipated expertise.

Third, permanent headcount is expensive. In fact, the majority of APAC GCs (61%) cited cost as the primary reason full-time hires are not an adequate response to resourcing needs.

Addressing Resourcing Challenges: Law Firms

When 'staffing up' doesn't work, GCs look to 'send out' to law firms. Many GCs have long-standing relationships with law firm partners to whom they can turn for high-quality and experienced counsel. These relationships are particularly critical for exceptional events and bet-the-company matters. They are less helpful for supporting 'overflow' work, as noted by the fact that only 33% of APAC GCs say law firms are an effective solution for their current concerns.

According to over half of survey respondents, much of it is a matter of cost. Globally, law firm clients expect rate increases between 5-15% in 2023, with some firms expected to hike rates by 30%+

The Solution: Flexibility

Survey findings indicate that APAC GCs are eager to solve for their resourcing challenges by embracing the benefits of flexibility. Unlike expensive law firms and in-house hires, 62% of APAC GCs overall (and 72% of HK-based GCs in particular) say elite ALSPs, like flexible legal talent providers offer better value for every budgeted dollar.

APAC GCs also recognise the many benefits of working with these ALSPs that extend well beyond cost. Almost half (46%) say that ALSPS offer effective administrative management to ease the burden of law firm supervision.

Concluded Chan: "How can growing demands and shrinking support still equal high performing legal teams? The solution, according to the majority of GCs, is to embrace flexible legal talent. This modern model not only improves risk mitigation by matching legal matters to the right legal consultants, but it also allows APAC enterprises to minimise the sunk costs of permanent in-house hires and limit law firm spend to exceptional events. Our survey findings reveal that flexible talent is the right resourcing solution to complement in-house teams and their firms as GCs seek to navigate a recessionary economy."

Survey Methodology

The survey, which was conducted by global research firm Coleman Parkes between January and February 2023, surveyed 150 Singapore-based and 150 Hong Kong-based General Counsels working at companies with an annual average revenue of US$1 billion across a wide range of industries regarding their current roles and career trajectories.

About Axiom

Axiom is a global alternative legal service provider where legal teams go to find the right talent for everything from ongoing in-house matters to complex outside counsel work. Too many legal consultants and legal departments are stuck in a forced compromise. Legal departments have high standards when it comes to finding the right talent and getting the right value. Plus, top legal consultants want more control over how, when and where they practice. Axiom shares and meets the higher standards of its global clients and 14,000+ legal consultants – connecting mid-market and Fortune 500 companies with the world's deepest and widest bench of experienced, highly qualified legal talent. Axiom. Higher standards welcome.

Media Contact
Hazel Ramirez
Plat4orm PR
hazel@plat4orm.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Nomination Opens for Directors Of The Year Awards 2023 In the Theme “Transform for a Better Tomorrow”

HONG KONG, Jun 6, 2023 – (ACN Newswire) – The Hong Kong Institute of Directors ("HKIoD") has announced that its annual Directors Of The Year Awards 2023 are now open for nominations.

From left to right: Dr Christopher To, Dr Carlye Tsui, Ms Alice Yip, Ir Edmund K H Leung and Mr Vincent Chan provide an overview of the Directors Of The Year Awards 2023 during the briefing session.

Under the theme of "Transform for a better tomorrow", this year's Awards aim to recognise and honour the exemplary leadership of directors and boards who have steered their companies through the unprecedented challenges brought by the pandemic. These Awards acknowledge the efforts made by leaders who have not only managed to keep their businesses afloat during the crisis, but have also found innovative ways to adapt and transform their operations. The focus on transformation highlights the need for companies to embrace change and innovation in order to create a brighter future. By honouring these leaders, the Awards aim to inspire others to follow in their footsteps and drive positive change in their organisations, communities, and beyond. The awards also serve to promote the significance of corporate governance among the public.

Nomination for the Awards will close on 31 July 2023. The Panel of Judges consists of leaders, professionals and regulators in Hong Kong. Director Of The Year Awards 2023 recognises excellence in the following categories:

Company Categories
1. Listed Companies
2. Non-Listed Companies
3. Statutory/Non-Profit-Distributing Organisations*

Director Categories
1. Executive Directors
2. Non-Executive Directors
3. Boards

Note: *A non-profit-distributing organisation is defined as an organisation of which profits are not distributed to its shareholders, members, directors, employees or any other persons, with objectives including, but not limited to charitable welfare, social service, health and medical care, education, research, trade and industrial alliance, professional advancement, self-help support, etc.

The Awards nomination form and related information are available on The Hong Kong Institute of Directors website at www.hkiod.com.

About Directors Of The Year Awards
Launched in 2001, the Directors Of The Year Awards was the first of its kind organised in Asia. It is now an annual project of impact in the community. Its objectives are to recognise directors and board of directors for outstanding director practices and corporate governance, to publicise the significance of good corporate governance and to promote awareness of good corporate governance and director professionalism in Hong Kong. Nominations are open to the public. As good corporate governance is vital to all types of organisations, and professional practices from directors in all board roles are encouraged, the Awards recognise excellence in categories by company types, including listed companies, private companies and statutory/non-profit-distributing organisations, and categories by roles, including Executive Directors, Non-Executive Directors and Boards. For more details on the previous years' Awards, please visit https://www.hkiod.com/directors-of-the-year-awards-2023/

About The Hong Kong Institute of Directors
The Hong Kong Institute of Directors is Hong Kong's premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. Website: http://www.hkiod.com

Directors Of The Year Awards 2023 Enquiries:
The Hong Kong Institute of Directors
Odessa So
+852 2889 4988 / odessa.so@hkiod.com
Fax: +852 2889 9982

Media Enquiries:
Strategic Public Relations Group
Brenda Chan
+852 2114 4396 / brenda.chan@sprg.com.hk
Fax: +852 2114 4948

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

CleverTap launches local deployment of its SaaS platform in UAE

Mountain View, Calif., UAE, May 30, 2023 – (ACN Newswire) – CleverTap, the leading global B2B SaaS platform for customer engagement and retention, has made its platform available within the UAE through data centers hosted on Amazon Web Services (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN). It will help CleverTap's customers in the UAE strengthen compliance in accordance with amendments to the DIFC (Dubai International Financial Centre) Data Protection Law and the updated Data Protection Regulations enacted on May 21, 2020, and effective since July 1, 2020. These regulations are aimed at further enhancing the protection of all personal data belonging to UAE citizens and is applicable to any entity processing and storing data.

"As a company committed towards maintaining the highest global standards of data privacy and security, we have deployed our platform locally in the UAE with the help of AWS." said Anand Jain, Co-Founder & Chief Product Officer, CleverTap. "Providing our services through local data centers will ensure our customers in UAE seamlessly comply with their respective data residency requirements. This is yet another example of our commitment to delivering not just business value and growth to our customers, but also ensuring that their data is safe and compliant at all times." he added.

About CleverTap

CleverTap is the all-in-one customer engagement platform that helps brands personalize and optimize all consumer touch points to improve user engagement, retention, and lifetime value. It's the only solution built to address the needs of retention and growth teams, with audience analytics, deep-segmentation, multi-channel engagement, product recommendations, and automation in one unified product.

The platform is powered by TesseractDB(TM) – the world's first purpose-built database for customer engagement, offering both speed and economies of scale. CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John's, and Tesco.

Backed by leading investors such as Sequoia India, Tiger Global, Accel, and CDPQ the company is headquartered in Mountain View, California, with presence in San Francisco, New York, Sao Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Singapore, and Jakarta. For more information, visit clevertap.com or follow on LinkedIn and Twitter.

Forward-Looking Statements

Some of the statements in this press release may represent CleverTap's belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.

Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.

For more information:

SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com

VISHAAL MUDHOLKAR
Consultant
Archetype
+91 9724309069
vishaal.mudholkar@archetype.co

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Sandline Global Announces Strategic Partnership With Everlaw for German eDiscovery Market

FRANKFURT, DE, May 2, 2023 – (ACN Newswire) – Sandline Global, a premier eDiscovery, iManage and Litera service provider with primary offices in Frankfurt, Germany, and New York, announced today it has entered into a multi-year strategic partnership to bring Everlaw's cloud-based service eDiscovery platform to Germany and the wider European market. The agreement enables Sandline to provide its best-in-class services to legal teams, law firms and corporations in Germany with Everlaw's state-of-the-art technology, rich collaboration features, advanced AI and a modern, intuitive interface for efficient and effective eDiscovery.

"We are thrilled to expand our partnership with Everlaw to serve our law firm and corporate clients in Europe," said Ralf Kaiser, CTO of Sandline Global. "We look forward to educating the European market on the combined Everlaw-Sandline service offering. And to provide a more comprehensive and streamlined approach to eDiscovery. As a local German team, we help clients navigate the complexities of the German eDiscovery market."

As regulators in Germany and the EU continue to ramp up new policies and GDPR requirements, legal teams are looking to shore up their privacy, security and compliance stance for litigation and investigations. Legal teams need to be agile and move quickly in order to efficiently and accurately uncover the evidence needed to argue and win cases, but legacy tools based on hosted services and manual processes hold them back.

"As the eDiscovery landscape in Germany becomes more complex with new regulations, Sandline's expertise plays a critical role in bridging the gap with needed staffing, skills and project management," said Rich Liu, chief revenue officer at Everlaw. "Legal teams will benefit from an all-in-one eDiscovery service on a cloud-native platform with expertise from a trusted partner who knows the local market. This partnership ensures game-changing outcomes to chart a straighter and more secure path to the truth."

The combined strengths of Sandline Global and Everlaw, along with their successful track record in supporting United States clients, creates a unique and unparalleled offering for European clients.

On May 3rd and 4th, Sandline Global will showcase Everlaw capabilities at the Legal Revolution Conference in Nuremberg, Germany, with an interactive workshop on the Everlaw platform.

About Sandline

Sandline Global is a premier litigation support and eDiscovery service provider, supporting legal teams in the United States and globally. Sandline specializes in delivering innovative digital evidence solutions with exceptional, high-touch service. With Sandline's global network of offices and data centers in Frankfurt, Washington D.C., New York City, Taipei, Dubai and Karachi, the firm utilizes best-of-breed technology, custom workflows, and deep industry experience to support complex investigations and litigation matters. In addition to providing forensics, eDiscovery and document review services, Sandline also designs and supports iManage deployments for law firms and legal departments. Learn more: https://www.sandlineglobal.com.

About Everlaw

Everlaw helps legal teams navigate the increasingly complex eDiscovery landscape to chart a straighter path to the truth. Trusted by Fortune 100 corporate counsel, 91 of the Am Law 200, and all 50 state attorneys general, Everlaw's combination of intuitive experience, advanced technology, and partnership with customers empowers organizations to tackle the most pressing technological challenges-and transform their approach to discovery and litigation in the process. Founded in 2010 and based in Oakland, Calif., Everlaw is funded by top-tier investors, including Andreessen Horowitz, CapitalG, HIG Growth Partners, K9 Ventures, Menlo Ventures, and TPG Growth. Learn more: https://www.everlaw.com.

Contact Information
Cara Lemire
VP of Sales & Marketing
clemire@sandlineglobal.com
(703) 520-1001

Colleen Haikes
press@everlaw.com

SOURCE: Sandline Global

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ASTI Says Requisitioners’ Call for Board Overhaul Could Disrupt Operations After Recent Financial Turnaround, and Be Counter-Productive to An Exit Offer

SINGAPORE, Apr 27, 2023 – (ACN Newswire) – ASTI Holdings ("ASTI" or the "Company") said today that any attempt to overhaul the composition of its current board of directors would potentially disrupt operations and financial performance after a recent turnaround, and be counter-productive to ongoing efforts to secure an exit offer to unlock value for shareholders.

The directors were responding to the 53-page 3 April 2023 Circular released by four shareholders – Mr. Ng Yew Nam ("Mr. Ng"), Mr. Lim Chee San, Mr. Toh Cheng Hai and Mr. Ng Kok Hian – who had requisitioned to replace the current board of SGX Mainboard-listed ASTI with new directors. The directors consider several statements in the circular to be "wrong or misleading or give an incomplete picture".

While the requisitioners had highlighted "adverse developments… and the deteriorating value of the Company's shares", the directors said ASTI had declared an interim dividend of 0.45 Singapore cent for the financial year ended 31 December 2022 ("FY2022") – its first from operating profits in a decade – after recording a profit after tax of S$3.0 million that reversed a pre-tax loss of S$8.1 million in FY2021.

The Board said the FY2022 turnaround led by Mr. Anthony Loh (the CFO who was given additional duties on 31 December 2021 as Acting CEO) was achieved after retrenchments at ASTI and its 40.9%-held subsidiary Dragon Group International Limited ("DGI"), ceasing loss-making units, downsizing corporate and administrative functions and relocating to a smaller office.

Notably, the Directors added, the cost-cutting included reducing the remuneration of the then CEO, Dato' Michael Loh and the then Group Business Development Director Mr. James Soh ("Mr. Soh") which reduced total employee remuneration by S$3.3 million per year. The latter is one of two candidates proposed by the requisitioners as incoming executive directors.

Mr. Soh was ASTI's Vice President of Business Development from 2019 up to his retrenchment in 2021, a tenure which coincided with the Company's recent loss-making years. He was concurrently the Vice President of Business Development at DGI. In FY2020, Mr. Soh was ASTI Group's highest-earning employee (excluding the CEO and directors) with an annual remuneration range of S$500,000 to S$599,999. In FY2019, he was one of the top four earners in the Group, with annual remuneration of between S$250,000 to S$499,999, ASTI said.

Despite the FY2022 performance, ASTI could not meet the deadline of 5 June 2022 to exit the SGX-ST Watch-list as its six-month average daily market capitalisation was short of the S$40 million threshold. After several attempts to extend the deadline were rejected, ASTI's shares were suspended from 5 July 2022 pending the completion of an exit offer. ASTI is currently in discussions with Thailand-listed Capital Engineering Network Public Company Limited on a potential exit offer.

"The Company's positive performance in FY2022 puts it in a stronger position to secure a fair and reasonable exit offer for shareholders as part of its directed delisting. This remains the Board's immediate priority, and it is presently working hard to secure the same in order to maximise value to the Company's shareholders," ASTI said.

An overhaul of the management team and the removal of Acting CEO Mr. Anthony Loh "would potentially disrupt the Company's operations and affect the Group's financial performance moving forward. The Proposed Resolutions would also be counter-productive to the Board's efforts to secure an exit offer in the near future" ASTI added.

ASTI also expressed concerns relating to the two persons that the requisitioners had proposed as incoming executive directors – Mr. Ng and Mr. Soh.

ASTI directors believe Mr. Ng has limited experience managing a listed company and "in navigating the company through the delisting and exit offer processes." While the requisitioners' circular had cited Mr. Ng as the current managing director of iTrue Technologies Pte. Ltd. and iTrue China Private Limited, a search of the ACRA business registry did not find any company registered under the latter name. ASTI urged shareholders to seek clarification as to whether there may be any other omissions, errors, or inconsistencies in the information provided by Mr. Ng in the Circular.

As to the other proposed executive director, Mr. Soh – a former Vice President of Business Development of the Company – who is now a business consultant to ASTI "had on several occasions declined the Board's various invitations to familiarise himself with the Company's business". Also, he has no prior understanding of the Company's tape and reel business operations in the Philippines, the Directors said.

The Directors also asked if the Proposed Directors including Mr. Soh and Mr. Ng had "a reasonable timeframe in which they aim to achieve a successful exit offer should they be appointed, whether they currently already have viable leads on an exit offer and whether they would be prepared to share these with the Company now that the Requisitioning Members have failed to call the Proposed EGM."

The Board announced last week that the Extraordinary General Meeting originally proposed to be held on 5 May 2023 ("Proposed EGM") was invalid and does not and cannot constitute a proper EGM as the requisitioners had failed to despatch relevant documents to shareholders on time.

The Board warned requisitioners "not to take any further step towards any purported 'postponement' of the Proposed EGM", and that such actions "would be treated as deliberatively disruptive… as well as an attempt to sow confusion on the other shareholders."

The Board also "exhorts the Requisitioning Shareholders as well as Mr. Soh to be "transparent and forthcoming", and requested that Mr. Ng "should be transparent as to his possession or control of, or access to, one or more shareholding list(s) of the Company, or else he should issue an unequivocal denial. He should also explain the several sale and purchase agreements he entered into in February 2023… the price(s) he agreed to pay for the shares in question, and his motivations for so doing despite the fact that the trading of shares in the Company is suspended."

Media & Investor Contact
Isaac Tang
WhatsApp (Text): +65 9748 0688
asti@wer1.net

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com