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ZW Data Action Technologies Reports Third Quarter and First Nine Months 2022 Unaudited Financial Results

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1 year ago

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BEIJING, China, Nov. 18, 2022 (GLOBE NEWSWIRE) — ZW Data Action Technologies Inc. (Nasdaq: CNET) (the “Company”), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and nine months ended September 30, 2022.

Third Quarter 2022 Financial Results

Revenues

For the third quarter of 2022, revenues decreased by $4.68 million, or 39.4%, to $7.22 million from $11.90 million for the same period last year. The decrease in revenues was primarily attributable to the decrease in our main stream service revenues from the distribution of the right to use search engine marketing services business segment, as a result of the repeated regional COVID-19 rebound in many provinces in China during the first nine months of fiscal 2022, which adversely affected business of most of our small medium enterprises (“SMEs”) clients.

Cost of revenues

Total cost of revenues decreased by $4.59 million, or 38.7%, to $7.27 million for the third quarter of 2022 from $11.86 million for the same period last year. The decrease in cost of revenues was primarily attributable to the decrease in costs associated with the distribution of the right to use search engine marketing service we purchased from key search engines, which was in line with the decrease in revenues from the related business category.

Gross profit (loss) and gross profit (loss) margin

Gross loss was $0.05 million for the third quarter of 2022, compared to a gross profit of $0.04 million for the same period last year. Overall gross loss margin rate was 0.7% for the third quarter of 2022, compared to a gross profit margin of 0.4% for the same period last year.

Operating expenses

Sales and marketing expenses were $0.07 million for the third quarter of 2022, compared to $0.06 million for the same period last year. The increase in sales and marketing expenses was mainly attributable to the increase in staff salaries, staff benefits and other general office expenses of our sales department in Guangzhou, as a result of the increase in business development activities of our Guangzhou office since the fourth fiscal quarter of 2021.

General and administrative expenses increased by $0.18 million, or 12.2%, to $1.65 million for the third quarter of 2022 from $1.47 million for the same period last year. The increase in general and administrative expenses was mainly attributable to the increase in amortization of administrative assets of $0.38 million, which was partially offset by the decrease in share-based compensation expenses of $0.04 million and other general administrative expenses of $0.16 million.

Research and development expenses decreased by $0.03 million, or 35.2%, to $0.06 million for the third quarter of 2022 from $0.09 million for the same period last year. The decrease in research and development expenses was primarily due to a reduction in headcount in the research and development department.

Operating loss

Loss from operations was $1.83 million for the third quarter of 2022, compared to $1.57 million for the same period last year. Operating loss margin was 25.4% for the third quarter of 2022, compared to 13.2% for the same period last year.

Other income (expenses), net

Net other expenses were $1.01 million for the third quarter of 2022, compared to a net other income of $2.82 million for the same period last year. The decrease was primarily attributable to the decrease in change in fair value of warrant liabilities of $3.88 million.
   
Net income (loss) attributable to CNET and earnings (loss) per share

Net loss attributable to CNET was $2.84 million, or loss per share of $0.08, for the third quarter of 2022. This was compared to a net income attributable to CNET of $1.38 million, or earnings per share of $0.04, for the same period last year.

First Nine Months 2022 Financial Results

Revenues

For the first nine months of 2022, revenues decreased by $13.03 million, or 37.4%, to $21.81 million from $34.85 million for the same period last year. The decrease in revenues was primarily attributable to the decrease in revenues from our distribution of the right to use search engine marketing services business segment, as a result of the repeated regional COVID-19 rebound in many provinces in China during the first nine months of fiscal 2022, which adversely affected business of most of our small medium enterprises (“SMEs”) clients.

Cost of revenues

Total cost of revenues decreased by $13.93 million, or 39.0%, to $21.81 million for the first nine months of 2022 from $35.74 million for the same period last year. The decrease in cost of revenues was primary attributable to the decrease in costs associated with the distribution of the right to use search engine marketing service we purchased from key search engines, which was in line with the decrease in revenues from the related business category.

Gross profit (loss) and gross profit (loss) margin

Gross profit was $0.002 million for the first nine months of 2022, compared to a gross loss of $0.89 million for the same period last year. Overall gross profit margin rate was 0.01% for the first nine months of 2022, compared to a gross loss margin of 2.6% for the same period last year. The generation of gross profit and improvement of our overall gross margin rate for the first nine months year of 2022 was mainly attributable to the improvement of gross margin rate of our main stream of service revenues, i.e., distribution of the right to use search engine marketing services, and the termination of the outdoor billboards advertising business in the four quarter of 2021, which suffered from a significant loss in fiscal 2021.

Operating expenses

Sales and marketing expenses increased by $0.06 million, or 37.7%, to $0.22 million for the first nine months of 2022, compared to $0.16 million for the same period last year. The increase in sales and marketing expenses was mainly attributable to the increase in staff salaries, staff benefits and other general office expenses of our sales department in Guangzhou, as a result of the increase in business development activities of our Guangzhou office since the fourth fiscal quarter of 2021.

General and administrative expenses decreased by $4.67 million, or 45.0%, to $5.70 million for the first nine months of 2022 from $10.37 million for the same period last year. The decrease in general and administrative expenses was mainly attributable to the decrease in share-based compensation expenses of $6.81 million, which was partially offset by the increase in allowance for doubtful accounts of $0.95 million, amortization of administrative assets of $1.16 million, and other administrative expenses of $0.03 million, respectively.

Research and development expenses decreased by $0.07 million, or 27.9%, to $0.18 million for the first nine months of 2022 from $0.25 million for the same period last year. The decrease in research and development expenses was primarily due to a reduction in headcount in the research and development department.

Operating loss

Loss from operations was $6.10 million for the first nine months of 2022, compared to $11.67 million for the same period last year. Operating loss margin was 27.9% for the third quarter of 2022, compared to 33.5% for the same period last year.

Other income (expenses), net

Net other income decreased to $0.82 million for the first nine months of 2022 from $9.91 million for the same period last year. The decrease was primarily attributable to the decrease in gain from change in fair value of warrant liabilities of $8.92 million.
   
Net loss attributable to CNET and loss per share

Net loss attributable to CNET was $5.27 million, or loss per share of $0.15, for the first nine months of 2022. This was compared to a net loss attributable to CNET of $1.59 million, or loss per share of $0.05, for the same period last year.

Financial Condition

As of September 30, 2022, the Company had cash and cash equivalents of $2.15 million, compared to $7.17 million as of December 31, 2021. Accounts receivable, net was $3.00 million as of September 30, 2022, compared to $3.44 million as of December 31, 2021. Working capital was $7.82 million as of September 30, 2022, compared to $11.10 million as of December 31, 2021.

Net cash used in operating activities was $4.41 million for the third quarter of 2022, compared to $6.60 million for the same period last year. Net cash used in investing activities was $0.48 million for the third quarter of 2022, compared to $6.10 million for the same period last year.

About ZW Data Action Technologies Inc.

Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the “Company”) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, the Company delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain and artificial intelligence enabled web/mobile applications and software solutions for clients. More information about the Company can be found at: http://www.zdat.com/.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of ZW Data Action Technologies Inc., which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ZW Data Action Technologies Inc.’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ZW Data Action Technologies Inc. will be those anticipated by ZW Data Action Technologies Inc. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ZW Data Action Technologies Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

For more information, please contact:

Sherry Zheng        
Weitian Group LLC
Email: [email protected]
Phone: +1 718-213-7386

ZW DATA ACTION TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for number of shares and per share data)

      September 30,
2022		   December 31,
2021
      (US $)   (US $)
      (Unaudited)    
Assets          
Current assets:          
Cash and cash equivalents     $ 2,154     $ 7,173  
Accounts receivable, net of allowance for doubtful accounts of $2,337 and $2,236, respectively       2,999       3,439  
Prepayment and deposit to suppliers       7,593       7,559  
Due from related parties       15       90  
Other current assets, net       1,623       1,657  
Total current assets       14,384       19,918  
           
Long-term investments       2,149       2,280  
Operating lease right-of-use assets       1,838       2,019  
Property and equipment, net       267       375  
Intangible assets, net       5,896       7,523  
Long-term deposits and prepayments       68       75  
Deferred tax assets, net       398       441  
Total Assets     $ 25,000     $ 32,631  
           
Liabilities and Equity          
Current liabilities:          
Accounts payable *     $ 276     $ 1,119  
Advance from customers *       951       1,245  
Accrued payroll and other accruals *       170       389  
Taxes payable *       3,199       3,534  
Operating lease liabilities *       389       202  
Lease payment liability related to short-term leases *       99       152  
Other current liabilities *       197       141  
Warrant liabilities       1,280       2,039  
Total current liabilities       6,561       8,821  
Long-term liabilities:            
Operating lease liabilities-Non current *       1,557       1,907    
Long-term borrowing from a related party       123       137    
Total Liabilities       8,241       10,856    
             
Commitments and contingencies            
             
Equity:            
ZW Data Action Technologies Inc.’s stockholders’ equity            
Common stock (US$0.001 par value; authorized 100,000,000; issued and outstanding 35,827,677 shares and 35,332,677 shares at September 30, 2022 and December 31, 2021, respectively)       36       35    
Additional paid-in capital       61,972       61,785    
Statutory reserves       2,598       2,598    
Accumulated deficit       (49,005 )     (43,734 )  
Accumulated other comprehensive income       1,158       1,082    
Total ZW Data Action Technologies Inc.’s stockholders’ equity       16,759       21,766    
             
Total equity       16,759       21,766    
             
Total Liabilities and Equity     $ 25,000     $ 32,631    

* Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets.

ZW DATA ACTION TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME
(In thousands, except for number of shares and per share data)

    Nine Months Ended September 30,   Three Months Ended September 30,
      2022       2021       2022       2021  
    (US $)   (US $)   (US $)   (US $)
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Revenues                
From unrelated parties   $ 21,813     $ 34,843     $ 7,216     $ 11,896  
From a related party     –       4       –       4  
Total revenues     21,813       34,847       7,216       11,900  
Cost of revenues     21,811       35,739       7,267       11,857  
Gross profit/(loss)     2       (892 )     (51 )     43  
                 
Operating expenses                
Sales and marketing expenses     219       159       72       58  
General and administrative expenses     5,697       10,366       1,651       1,471  
Research and development expenses     181       251       57       88  
Total operating expenses     6,097       10,776       1,780       1,617  
                 
Loss from operations     (6,095 )     (11,668 )     (1,831 )     (1,574 )
                 
Other income/(expenses)                
Interest income     96       3       21       1  
Other (expenses)/income, net     (33 )     265       (5 )     (37 )
Loss on disposal of long-term investments     –       (38 )     –       –  
Change in fair value of warrant liabilities     759       9,682       (1,023 )     2,853  
Total other income/(expenses)     822       9,912       (1,007 )     2,817  
                 
(Loss)/income before income tax benefit/(expense) and noncontrolling interests     (5,273 )     (1,756 )     (2,838 )     1,243  
Income tax benefit/(expenses)     2       171       (2 )     131  
Net (loss)/income     (5,271 )     (1,585 )     (2,840 )     1,374  
Net (income)/loss attributable to noncontrolling interests     –       (1 )     –       1  
Net (loss)/income attributable to ZW Data Action Technologies Inc.  

$

(5,271

)

  

$

(1,586

)

  

$

(2,840

)

  

$

1,375

  
Net (loss)/income   $ (5,271 )   $ (1,585 )   $ (2,840 )   $ 1,374  
Foreign currency translation income/(loss)     76       (25 )     93       (2 )
Comprehensive (loss)/income   $ (5,195 )   $ (1,610 )   $ (2,747 )   $ 1,372  
Comprehensive income attributable to noncontrolling interests     –       (1 )     –       –  
Comprehensive (loss)/income attributable to ZW Data Action Technologies Inc.  

$

(5,195

)

  

$

(1,611

)

  

$

(2,747

)

  

$

1,372

  
                 
(Loss)/earnings per share                
(Loss)/earnings per common share                
Basic and diluted   $ (0.15 )   $ (0.05 )   $ ( 0.08 )   $ 0.04  
                 
Weighted average number of common shares outstanding:                
Basic and diluted     35,572,200       32,279,304       35,827,677       35,332,220  

ZW DATA ACTION TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

    Nine Months Ended September 30,
      2022       2021  
    (US $)   (US $)
    (Unaudited)   (Unaudited)
Cash flows from operating activities        
Net loss   $ (5,271 )   $ (1,585 )
Adjustments to reconcile net loss to net cash used in operating activities        
Depreciation and amortization     1,660       450  
Amortization of operating lease right-of-use assets     239       149  
Share-based compensation expenses     135       6,945  
Provision for allowances for doubtful accounts     947       –  
Loss on disposal of long-term investments     –       38  
Deferred taxes     (2 )     (171 )
Change in fair value of warrant liabilities     (759 )     (9,682 )
Other non-operating income/(losses)     (93 )     24  
Changes in operating assets and liabilities        
Accounts receivable     (211 )     (257 )
Prepayment and deposit to suppliers     (459 )     (1,698 )
Due from related parties     59       –  
Other current assets     25       6  
Long-term deposits and prepayments     –       (314 )
Accounts payable     (784 )     142  
Advance from customers     (179 )     (133 )
Accrued payroll and other accruals     (205 )     (126 )
Other current liabilities     735       (230 )
Taxes payable     4       (31 )
Lease payment liability related to short-term leases     (40 )     (54 )
Operating lease liabilities     (210 )     (73 )
Net cash used in operating activities     (4,409 )     (6,600 )
         
Cash flows from investing activities        
Payment for leasehold improvements and purchase of vehicles, furniture and office equipment     –       (306 )
Cash effect of deconsolidation of VIEs’ subsidiaries     –       (8 )
Investments and advances to ownership investee entities     –       (1,919 )
Repayment from ownership investee entities     12       –  
Short-term loans to unrelated parties     (2,600 )     (1,507 )
Repayment of short-term loans and interest income from unrelated parties     2,109       1,303  
Payment for purchase of software technologies     –       (1,160 )
Deposit and prepayment paid for contracts of other investing activities     –       (2,500 )
Net cash used in investing activities     (479 )     (6,097 )
         
Cash flows from financing activities        
Proceeds from issuance of common stock and warrant (net of cash offering cost of US$1,600)     –       17,111  
Net cash provided by financing activities     –       17,111  
         
Effect of exchange rate fluctuation on cash and cash equivalents     (131 )     20  
         
Net (decrease)/increase in cash and cash equivalents     (5,019 )     4,434  
         
Cash and cash equivalents at beginning of the period     7,173       4,297  
Cash and cash equivalents at end of the period   $ 2,154     $ 8,731  

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Artificial Intelligence

Forum Systems Releases GenAI Productivity-Risk Framework and two Fine-tuned Models for Enterprise Customers

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38 mins ago

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May 13, 2024

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Announcing a framework to balance productivity and risk for enterprise deployments of GenAI models and releasing two fine-tuned models—Mistral QS-Sentry and Llama 3 QS-Sentry—with optimized productivity-risk profiles
Gartner Data & Analytics Summit 2024, LONDON, May 13, 2024 /PRNewswire/ — Forum Systems, a leader in LLM and API technologies, today announced the public release of two language models fine-tuned to optimize their productivity-risk profile from the Gartner® Data & Analytics Summit 2024. The research is discussed at length in two recent articles, Framework for LLM Selection by Balancing Model Risk with Workforce Productivity and Improving Productivity-Risk Profile through LLM Fine-tuning. This groundbreaking work presents a framework for balancing productivity and risk in GenAI deployments, an urgent question among business leaders today.

“LLMs security has its tradeoffs. More restrictive models will be safer but may hamper productivity. If enterprises aren’t measuring the productivity-risk balance of their models, they are in the dark about whether they’ve achieved an optimal tradeoff,” remarked Mamoon Yunus, CEO of Forum Systems. He continued, “classic machine learning metrics like precision and recall can serve as proxies for productivity and risk. Fine-tuning on extensive manual multi-vote labeled data, our LLMs show superior performance compared to base models.” 
The fine-tuned models—Mistral QS-Sentry and Llama 3 QS-Sentry—are based on Mistral-7B-Instruct-v0.2 and Meta-Llama-3-8B-Instruct.
In the first article, Forum Systems developed a framework for balancing risk and productivity and assessed the productivity-risk profile of Mistral and Llama 3 before fine-tuning. It found that, when asked to classify prompts as either safe or unsafe, Mistral was more precise and thus aligned with higher productivity, while Llama 3 was more restrictive and thus aligned with lower risk.
The second article analyzed the models after they were fine-tuned on a hand-curated dataset of about 20,000 prompts. The study showed that the productivity-risk profile of both models can see meaningful improvements after fine-tuning. Forum Systems has released both fine-tuned models on Hugging Face to contribute to the broader community of researchers and those working in AI governance and AI alignment, believing its framework for analyzing the trade-offs between productivity will also prove valuable to business leaders deploying safe and effective GenAI offerings.
As Gartner analyst Arun Chandrasekaran recently stated, “Generative AI (GenAI) has the potential to transform businesses across industries. Most business and technology leaders believe that the benefits of GenAI far outweigh its risks.” He recommends, “Put responsible AI at the heart of your generative efforts. Promote harmonious interaction among humans and machines with design thinking and by incorporating human feedback into GenAI applications.” Forum Systems agrees with Chandrasekaran’s analysis and recommendation. Its work in optimizing productivity-risk profiles of small models demonstrates that enterprise-class responsible AI deployments are within reach through fine-tuning.
Source: Gartner, 10 Best Practices for Scaling Generative AI Across the Enterprise, Arun Chandrasekaran, Leinar Ramos, Alberto Pietrobon, 10 January 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About the Gartner Data & Analytics Summit 2024 Gartner analysts will provide additional analysis on data and analytics trends at the Gartner Data & Analytics Summits, taking place March 11-13 in Orlando, FL., March 26-27 in São Paulo, April 24-25 in Mumbai, May 13-15 in London May 21-23 in Tokyo, and July 29-30 in Sydney. Follow news and updates from the conferences on X using #GartnerDA.
About Forum SystemsForum Systems is leading the Enterprise GenAI revolution. Forum’s patent-pending QuantumSim™, together with Forum Sentry, mitigate the unpredictable nature of LLMs through integration with corporate APIs, ensuring LLM output is truthful and accurate. QuantumSim™ is secure by design and ships with industry-leading guardrails, moderation, data obfuscation, and observability for LLM-enabled offerings. Used by some of the largest global companies for building intelligent business workflows, Forum’s suite of products provides unique solutions that allow enterprises to reinvent themselves with GenAI.
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LG CEO EMBARKS ON STRATEGIC U.S. VISIT TO ENHANCE AI INITIATIVES

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May 13, 2024

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AI as Key Driver for Future Growth and Customer Experience Innovation
SEOUL, South Korea, May 13, 2024 /PRNewswire/ — LG Electronics’ (LG) CEO, William Cho, has embarked on a strategic business trip to the tech-rich western United States, a hotspot for global tech titans and dynamic AI dialogues. Throughout his week-long visit, Cho will focus on key tasks such as attracting top-tier AI talent, communicating the company’s vision and strategy to global investors and attending the influential MS CEO Summit. These endeavors are integral to LG’s comprehensive strategy to accelerate the incorporation of AI into all its business sectors.

AI as a Crucial Catalyst for Future Growth and Customer Experience Innovation
Throughout his trip, Cho aims to secure top-notch expertise in the AI field, an area that has recently surfaced as a critical turning point in the industry. He plans to leverage this as a springboard for transforming LG’s future business portfolio and revolutionizing the customer experience.
Annually, LG introduces approximately 100 million products to the market. Given a product lifespan of seven years, it’s estimated that nearly 700 million LG products are currently in use worldwide. Furthermore, the usage data gained from customers interacting with these devices exceeds 700 billion hours. Cho anticipates this enormous pool of usage data will help accelerate LG’s AI progression and the 700 million products will function not just as customer touchpoints but also as service platforms.
“AI, Cloud, and Big Data are new opportunities for LG”
Cho commenced his itinerary by hosting a tech conference in North America on the 11th in Cupertino, California. This program is aimed at drawing in top-notch talent from abroad. Key participants included LG’s AI Lab management team and executives from LG’s various businesses including Park Hyoung-sei, president of the LG Home Entertainment Company; Eun Seok-hyun, president of LG Vehicle component Solutions Company; Dr. Kim Byoung-hoon, CTO and executive vice president; Kim Weon-bum, CHO and executive vice president; and Dr. Sokwoo Rhee, head of LG’s North America Innovation Center.
LG extended invitations to about 50 AI experts currently working in large tech firms and startups in the Bay Area, as well as doctoral researchers from renowned universities in North America. The conference focused on discussions about the company’s vision, R&D strategy and the future trajectory of AI technology development.
Cho expressed, “In the face of transformative shifts such as electrification, servitization and digitalization sweeping across diverse industries, the application of AI, cloud and big data is paving the way for novel approaches and opportunities.” He further elaborated, “These emerging opportunities represent a new potential frontier for us, given our extensive accumulation of core technologies and expertise.”
He also provided detailed insights into LG’s AI vision of ‘Affectionate Intelligence’, which was unveiled earlier this year at CES 2024. Cho emphasized that “AI should fundamentally be used to care for and empathize with customers, provide tangible benefits and improve the customer experience,” a sentiment that deeply resonated with the attendees.
Following this, he announced, “LG is transcending its status from a global leader in the home appliance and consumer electronics to transform into a ‘Smart Life Solution Company’ that expands and interconnects various customer spaces and experiences.” He added, “I envision us collaborating to reinvent dreams as we undertake bold ventures, fueled by optimism for a brighter future and a better life.”
At the event, CTO Kim Byung-hoon spoke on the subjects of ‘Paradigm Shift’ and ‘LG’s Innovation Roadmap for the Future’, and vice president Han Eun-jung of AI Lab discussed ‘Daily Life with AI’. Professors from the University of Southern California and New York University were also invited to present on generative AI and robotics technology. A panel discussion on the theme of ‘Evolution of AI’ also attracted significant interest from the attendees.
Transition from a Leading Home Appliance Brand to a Smart Life Solution Company
Cho’s second agenda includes hosting a non-deal roadshow (NDR) on May 13, where he will interact with key executives from globally influential investment firms based in San Francisco. His strategy aims to depict LG’s transformation to a comprehensive ‘Smart Life Solution Company’. This transition is anchored in broadening the company’s business portfolio, which includes accelerating B2B business in areas such as EV components, HVAC, built-in appliances’ and signage solutions. The expansion of platform-based services like webOS, and venturing into new areas for LG such as robotics and EV charging, are also integral to this transformation plan.
In particular, Cho plans to highlight how LG is proactively engaging in the development and application of AI in its business operations. He aims to stress that creating tangible customer touchpoints is more crucial than merely having superior AI to provide authentic value and experience to customers.
In this regard, LG’s customer touchpoints, secured through its 700 million devices spanning diverse spaces from homes to vehicles and commercial areas, present a significant advantage that is unmatched by other global companies. LG’s goal is to realize Affectionate Intelligence in our daily lives by leveraging extensive real-time life data and expertise orchestrating devices and services to accelerate AI development using its devices as platforms.
Securing Global AI Allies and Discovering New Business Opportunities at the MS CEO Summit
Cho is also scheduled to attend the MS CEO Summit, a private, invitation-only event taking place in Seattle, where Microsoft’s headquarters is located, for three days starting from May 14. This summit serves as a platform for CEOs and representatives of globally leading companies to discuss and exchange ideas on various topics, including the economic and business environment, as well as industry trends.
LG is diligently working to establish world-class AI capabilities, guided by a ‘3B strategy’ that focuses on Building internal capabilities or Borrowing and Buying external resources. Given LG’s extensive global customer touchpoints and its possession of a vast amount of multi-faceted data and customer insights, the opportunities for future collaborations with globally influential tech companies are expected to become increasingly diverse.
About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
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Artificial Intelligence

Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

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2 days ago

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May 11, 2024

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elevate-your-virtual-reality-experience-with-kiwi-design-rgb-vertical-stand,-now-available-on-meta’s-website

LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
https://www.kiwidesign.com/
https://www.facebook.com/KIWIdesignOfficial
https://www.instagram.com/kiwidesignins/

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