TROOPS, INC. ANNOUNCES RECEIPT OF INITIAL PAYMENT TOWARD STRATEGIC INVESTMENT BY WANG & LEE GROUP, INC.
HONG KONG, April 3, 2025 /PRNewswire/ -- TROOPS, Inc. (NASDAQ:TROO) (the "Company" or "TROOPS") today announced it has received the initial tranche of a strategic investment exceeding US$10 million from Wang & Lee Group, Inc. (NASDAQ:WLGS) ("Wang & Lee") which is expected to be complete by mid-April 2025. This milestone underscores the rapid progression of the partnership announced by Wang & Lee on March 31, 2025, aimed at integrating cutting-edge AI, IoT, and blockchain technologies across TROOPS' portfolio.
Accelerating Innovation in Smart Communities
This initial investment marks a critical step in realizing the shared vision of TROOPS and Wang & Lee of creating smarter, greener communities. With Wang & Lee's expertise and resources, TROOPS is poised to redefine urban living through technology that prioritizes sustainability, convenience, and financial value for stakeholders.
- AI-Driven Advertising Platforms: Hyper-targeted advertising solutions to enhance tenant engagement and building revenue.
- IoT Smart Home Devices: Installation of energy-efficient, security-enhanced systems in select properties.
- Blockchain Environmental, Social, and Governance (ESG) Rewards: Development of a tokenized ecosystem to incentivize sustainable practices among tenants and visitors.
Strategic Roadmap
- Technology Integration: potential scaling IoT and AI smart home systems across up to 200 buildings.
- ESG Token Rollout: partnerships with electric vehicle insurers, lenders, and eco-product vendors to expand token redemption opportunities.
- Operational Synergies: Leveraging Wang & Lee's recent acquisition of Solar (HK) Limited to integrate renewable energy solutions.
Financial and Market Outlook
TROOPS' collaboration with Wang & Lee aligns with its strategy to enhance asset value and tenant retention while addressing global ESG priorities while the investment further strengthens TROOPS' liquidity position.
Safe Harbor and Informational Statement
This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Forward-looking statements in this release include, without limitation, the effectiveness of the Company's multiple-brand, multiple channel strategy and the transitioning of its product development and sales focus and to a "light-asset" model, Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company, which may include, without limitation, our ability to have effective internal control over financial reporting; our success in designing and distributing products under brands licensed from others; management of sales trend and client mix; possibility of securing loans and other financing without efficient fixed assets as collaterals; changes in government policy in China; China's overall economic conditions and local market economic conditions; our ability to expand through strategic acquisitions and establishment of new locations; compliance with government regulations; legislation or regulatory environments; geopolitical events, and other events and/or risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About TROOPS, Inc.
TROOPS, Inc. is a conglomerate group of various businesses with its headquarters based in Hong Kong. The group is principally engaged in (a) money lending business in Hong Kong providing mortgage loans to high quality target borrowers (b) property investment to generate rental income and (c) the development, operation and management of an online financial marketplace that provides one-stop financial technology solutions including API services by leveraging artificial intelligence, big data and blockchain, and cloud computing (SaaS). The group's vision is to operate as a conglomerate to build synergy within its own sustainable ecosystem thereby creating value to its shareholders.
For more information about TROOPS, Inc., please visit our investor relations website: www.troops.co
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SOURCE TROOPS