Core Viewpoint - Wang & Lee Group, Inc. is facing potential delisting from Nasdaq due to non-compliance with minimum bid price requirements and public interest concerns related to its recent issuance of convertible notes [1][2]. Group 1: Compliance Issues - The company received a Notification Letter from Nasdaq indicating it is not in compliance with the minimum bid price requirement of $1.00 per share, as its shares closed at $0.10 or less for the last ten consecutive trading days [1]. - An additional Notification Letter was issued, stating that Nasdaq has determined to delist the company's securities based on public interest concerns [2]. Group 2: Appeal Process - The company has filed a notice of appeal and requested a hearing before a Nasdaq Listing Qualifications Panel, which will stay the delisting process pending the Panel's decision [3]. - The company is evaluating options to regain compliance with Nasdaq Listing Rules, although there are no guarantees of success in the appeal or compliance efforts [3]. Group 3: Company Overview - Wang & Lee Group, Inc. is a Hong Kong-based construction prime and subcontractor specializing in the installation of Electrical & Mechanical Systems, including low voltage electrical systems, mechanical ventilation, air-conditioning systems, fire service systems, and water supply and sewage disposal systems [4]. - The company provides design and contracting services across all trades in the construction industry, serving clients from small startups to large corporations [4].

PART I [Key Information](index=8&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section presents key financial data and significant risks, highlighting the company's BVI holding structure, Hong Kong operations, and potential HFCA Act delisting risks despite current PCAOB auditor inspectability [Selected Financial Data](index=10&type=section&id=A.%20Select%20Financial%20Data) The company's 2024 financial performance significantly declined, with contract revenue dropping **42%** to **$3.95 million**, gross profit decreasing **83%**, and net loss widening to **$2.54 million** Summary Consolidated Statements of Operations and Comprehensive Income (For the years ended December 31) | | 2024 ($) | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | :--- | | **Contract revenue** | $3,951,649 | $6,825,879 | $4,169,931 | | **Gross Profit** | $412,171 | $2,440,600 | $785,704 | | **Net Loss** | $(2,543,959) | $(648,854) | $(596,881) | | **Total comprehensive loss** | $(2,513,926) | $(627,630) | $(597,011) | Summary Consolidated Balance Sheet (As of December 31) | | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Total Assets** | $8,721,050 | $11,790,806 | | **Total Liabilities** | $5,226,051 | $5,781,881 | | **Total Equity** | $3,494,999 | $6,008,925 | Summary Consolidated Statements of Cash Flow (For the years ended December 31) | | 2024 ($) | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | :--- | | **Net cash used in Operating activities** | $(1,569,940) | $(3,814,384) | $(352,764) | | **Net cash provided by Financing activities** | $634,683 | $8,413,951 | $422,531 | | **Net (decrease) / increase in cash and cash equivalents** | $(905,679) | $4,600,577 | $71,878 | [Risk Factors](index=12&type=section&id=D.%20Risk%20Factors) The company faces diverse risks across business operations, Hong Kong's evolving regulatory and political landscape, and share ownership, including potential HFCA Act delisting - Inaccurate estimation of project risks, revenues, or costs could lead to contract losses or lower-than-anticipated profits, influenced by factors like bidding errors, project delays, and supplier failures[49](index=49&type=chunk)[51](index=51&type=chunk) - The business is susceptible to risks from the cancellation of significant contracts or disqualification from bidding, which could idle equipment and result in lost revenues[52](index=52&type=chunk) - The company's operations are primarily in Hong Kong, making it subject to risks from the evolving legal system and potential influence from the PRC government, which could impact contractual rights and business operations[36](index=36&type=chunk)[39](index=39&type=chunk)[76](index=76&type=chunk) - The company's shares could be delisted from Nasdaq under the Holding Foreign Companies Accountable Act (HFCA Act) if the PCAOB is unable to inspect its auditors for two consecutive years. While the PCAOB vacated its previous negative determination in December 2022, the situation remains subject to future developments[38](index=38&type=chunk)[110](index=110&type=chunk)[116](index=116&type=chunk) - As a foreign private issuer and a controlled company, the company is exempt from certain U.S. corporate governance and disclosure requirements, which may offer less protection to shareholders compared to U.S. domestic issuers[133](index=133&type=chunk)[141](index=141&type=chunk) - The company's research and development of kinetic technology for footstep-energized panels faces risks, including potential failure to generate expected revenue, design challenges, and the need for intellectual property protection[68](index=68&type=chunk) [Information on the Company](index=38&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) WANG & LEE GROUP, Inc. is a BVI holding company operating through its Hong Kong E&M construction subsidiary, diversifying into renewable energy and subject to extensive Hong Kong regulations [History and Development of the Company](index=38&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) WANG & LEE GROUP, Inc., a BVI holding company, operates via its Hong Kong subsidiary, completed its Nasdaq IPO in April 2023, and acquired Solar (HK) Limited in March 2025 for **$1.94 million** - The company is a BVI holding company, with its primary business operated through its Hong Kong subsidiary, WANG & LEE CONTRACTING LIMITED, established in **1992**[177](index=177&type=chunk)[178](index=178&type=chunk) - The company completed its IPO on the Nasdaq Capital Market on April 24, 2023, with gross proceeds of **$8,000,000**[180](index=180&type=chunk) - On March 31, 2025, the company acquired Solar (HK) Limited for HK$15,000,000 (approx. **$1.94 million**) to expand into solar energy solutions[181](index=181&type=chunk)[207](index=207&type=chunk) [Business Overview](index=39&type=section&id=B.%20Business%20Overview) The company, through its Hong Kong subsidiary, is an E&M prime and subcontractor diversifying into renewable energy, characterized by high customer concentration and strong supplier relationships - The company is a construction prime and subcontractor for E&M systems, including low voltage electrical, MVAC, fire services, and fitting out for public and private sectors in Hong Kong[182](index=182&type=chunk) - The company is expanding its services to include renewable energy solutions, such as solar panel installations and developing kinetic energy harvesting technology (footstep-energized panels)[183](index=183&type=chunk) Revenue from E&M Engineering Services | Year | Revenue (HKD) | Revenue (USD) | | :--- | :--- | :--- | | 2024 | HK$30,710,244 | $3,951,649 | | 2023 | HK$53,239,808 | $6,825,879 | | 2022 | HK$32,649,726 | $4,169,931 | - The company has a high customer concentration, with the five largest customers accounting for **88%**, **98%**, and **89%** of total revenue in 2024, 2023, and 2022, respectively[194](index=194&type=chunk) - The five largest suppliers accounted for approximately **54%**, **51%**, and **51%** of total actual costs for the years 2024, 2023, and 2022, respectively[197](index=197&type=chunk) [Regulations](index=44&type=section&id=C.%20Regulations) The company's Hong Kong operations are subject to a comprehensive regulatory framework, including contractor registration, E&M licensing, labor, health, safety, and environmental laws - The company must adhere to contractor registration systems for building works as stipulated by the Buildings Ordinance in Hong Kong[209](index=209&type=chunk) - For its E&M engineering business, the company requires specific licenses and registrations, including being a Registered Electrical Contractor with the EMSD and a Registered Fire Service Installation Contractor (Classes 1 & 2) with the Fire Services Department[215](index=215&type=chunk)[222](index=222&type=chunk)[224](index=224&type=chunk) - Operations are subject to stringent labor, health, and safety laws, including the Factories and Industrial Undertakings Ordinance and the Occupational Safety and Health Ordinance, which mandate providing a safe work environment[231](index=231&type=chunk)[232](index=232&type=chunk)[234](index=234&type=chunk) - The company must comply with environmental protection laws in Hong Kong, including the Air Pollution Control Ordinance, Noise Control Ordinance, and Waste Disposal Ordinance[246](index=246&type=chunk)[247](index=247&type=chunk)[250](index=250&type=chunk) [Operating and Financial Review and Prospects](index=54&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) The company experienced a significant operational downturn in 2024 with revenue down **42%** to **$3.95 million**, leading to a **$2.55 million** operating loss, prompting diversification into sustainable energy and strategic operational shifts [Operating Results](index=55&type=section&id=A.%20Operating%20Results) The company's 2024 operating results show a sharp decline, with revenue down **42%** to **$3.95 million** and gross profit plummeting **83%**, leading to a **$2.55 million** operating loss Comparison of Operating Results (2024 vs. 2023) | | 2024 ($) | 2023 ($) | Change (%) | | :--- | :--- | :--- | :--- | | **Contract revenue** | $3,951,649 | $6,825,879 | -42% | | **Contract costs** | $(3,539,478) | $(4,385,279) | -19% | | **Gross Profit** | $412,171 | $2,440,600 | -83% | | **Operating Loss** | $(2,548,875) | $(771,090) | +231% | - The decrease in 2024 revenue was due to a construction industry downturn and fewer available bids. The company responded by diversifying into the sustainable energy market and adopting a site project management strategy for large projects[304](index=304&type=chunk)[306](index=306&type=chunk) Comparison of Operating Results (2023 vs. 2022) | | 2023 ($) | 2022 ($) | Change (%) | | :--- | :--- | :--- | :--- | | **Contract revenue** | $6,825,879 | $4,169,931 | +64% | | **Contract costs** | $(4,385,279) | $(3,384,227) | +30% | | **Gross Profit** | $2,440,600 | $785,704 | +211% | | **Operating Loss** | $(771,090) | $(641,452) | +20% | - The revenue increase in 2023 was driven by a focus on smaller scale projects and the resumption and successful claim for loss and damage on a major suspended construction project[317](index=317&type=chunk)[318](index=318&type=chunk) Reconciliation to Adjusted EBITDA (Non-GAAP) | | 2024 ($) | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | :--- | | **Consolidated Net Loss (GAAP)** | $(2,543,959) | $(648,854) | $(596,881) | | **Interest expenses** | $129,803 | $61,564 | $35,377 | | **Depreciation and amortization** | $15,037 | $32,413 | $2,603 | | **Adjusted EBITDA (Non-GAAP)** | $(2,399,119) | $(554,877) | $(558,901) | | **Adjusted EBITDA Margin** | (60.71)% | (8.13)% | (13.40)% | [Liquidity and Capital Resources](index=65&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) As of December 31, 2024, the company held **$4.3 million** in cash, with net cash used in operations at **$1.57 million**, and plans to enhance service diversity and potentially raise additional capital Summary of Cash Flows (For the years ended December 31) | | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Net cash used in Operating activities** | $(1,569,940) | $(3,814,384) | | **Net cash provided by Financing activities** | $634,683 | $8,413,951 | | **Net (decrease) / increase in cash and cash equivalents** | $(935,257) | $4,599,567 | - The decrease in cash from financing activities in 2024 was mainly due to the absence of capital injection comparable to the IPO in 2023[333](index=333&type=chunk) - Management plans to enhance service diversity and may raise capital through an additional public offering to ensure sufficient liquidity if current resources prove insufficient[329](index=329&type=chunk) - In March 2025, the company entered into a registered direct offering to sell shares and warrants, expecting to receive gross proceeds of approximately **$12 million**[341](index=341&type=chunk) [Directors, Senior Management, and Employees](index=69&type=section&id=ITEM%206.%20DIRECTORS,%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) The company is led by CEO Pui Lung Ho, with a board including four independent directors, and in 2024 adopted an Equity Incentive Plan, employing **10** people in Hong Kong - The executive team is led by Pui Lung Ho (CEO and Chairman) and Yuk Ming, Gary MA (CFO). The board includes four independent directors: Olivia Sarah Annabel Marion SERRE, Juan RUIZ-COELLO, Chun Yip, Edmund CHAN, and Wood Shing Kei SZE[347](index=347&type=chunk)[348](index=348&type=chunk)[350](index=350&type=chunk) Executive Compensation Summary | Name and Principal Position | Year | Total Compensation ($) | | :--- | :--- | :--- | | Mr. Pui Lung, HO (CEO) | 2024 | 56,038 | | | 2023 | 60,131 | | | 2022 | 51,342 | | Mr. Yuk Ming, Gary MA (CFO) | 2024 | 46,323 | | | 2023 | 46,156 | | | 2022 | 45,978 | - On December 2, 2024, the Board adopted the 2024 Equity Incentive Plan, authorizing up to **2,264,077** ordinary shares. All **2,264,077** shares were awarded in December 2024 to an executive director and employees[373](index=373&type=chunk) Share Ownership of Directors and Executive Officers | Name | Position | Ordinary Shares Beneficially Owned | Percent | | :--- | :--- | :--- | :--- | | Pui Lung, Ho | CEO | 8,150,477 | 25.67% | | WANG & LEE BROTHERS, Inc. | 5% Beneficial Owner | 8,000,000 | 25.19% | - As of the report date, the company had **10** employees in Hong Kong, broken down into management, project/safety, administration, and finance[395](index=395&type=chunk) [Major Shareholders and Related Party Transactions](index=79&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) CEO Pui Lung Ho is the major shareholder with over **25%** beneficial ownership, and related party transactions primarily involve non-interest-bearing amounts due to him - CEO and Chairman Mr. Pui Lung Ho beneficially owns **25.67%** of the company's Ordinary Shares through his **100%** ownership of WANG & LEE BROTHERS, Inc. and direct holdings[398](index=398&type=chunk) Amounts Due to/from Related Parties (Year-End) | Related Party | 2024 ($) | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | :--- | | **Due to Pui Lung Ho (Director)** | $(1,366,738) | $(1,347,019) | $(1,853,263) | | **Due from WANG & LEE BROTHERS., Inc** | $1,293 | $1,286 | $1,282 | - Amounts due to the director, Pui Lung Ho, are unsecured, interest-free, and repayable on demand[407](index=407&type=chunk) [Financial Information](index=80&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section confirms appended financial statements, reports no material legal proceedings, and states the company's policy to retain earnings for business development rather than paying dividends - The company is not currently a party to any pending legal proceedings and is not aware of any threatened proceedings[410](index=410&type=chunk) - The company does not expect to pay any cash dividends in the foreseeable future, intending to retain earnings to fund business growth[412](index=412&type=chunk) - As a holding company, its ability to pay dividends depends on receiving funds from its operating subsidiaries, subject to various potential restrictions[413](index=413&type=chunk) [Additional Information](index=82&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section details corporate governance under BVI law, potential PFIC tax implications for U.S. investors, and tax regimes in Hong Kong and the British Virgin Islands - The company is incorporated in the British Virgin Islands (BVI) and its corporate affairs are governed by its Amended Memorandum and Articles and the BVI Business Companies Act, which differs from U.S. corporate law[424](index=424&type=chunk)[445](index=445&type=chunk) - The company may be classified as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, which could result in adverse tax consequences for U.S. Holders on distributions and dispositions of shares. The company does not intend to provide the information necessary for a Qualified Electing Fund (QEF) election[168](index=168&type=chunk)[510](index=510&type=chunk)[517](index=517&type=chunk) - Under Hong Kong's two-tiered profits tax regime, the first HK$2 million of profits are taxed at **8.25%** and profits above that at **16.5%**. Hong Kong does not impose tax on capital gains or withholding tax on dividends paid to foreign shareholders[526](index=526&type=chunk)[527](index=527&type=chunk) - The British Virgin Islands does not impose any income tax, capital gains tax, withholding tax, or stamp duty on the company or its non-resident shareholders[532](index=532&type=chunk)[534](index=534&type=chunk)[535](index=535&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=106&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks including credit, interest rate, and foreign currency, with credit risk from receivables at **$3.37 million** and a **1%** interest rate change impacting post-tax loss by **$23,730** - The company faces credit risk from its accounts receivables and contract assets. The maximum potential loss from these for the year ended December 31, 2024, is **$3,365,746** and **$109,255**, respectively[543](index=543&type=chunk) - The company is exposed to cash flow interest rate risk from its variable-rate bank loans. A **1%** change in interest rates would impact the post-tax loss for 2024 by approximately **$23,730**[544](index=544&type=chunk)[730](index=730&type=chunk) - Foreign currency risk is considered insignificant because the company's monetary assets and liabilities are mainly denominated in Hong Kong Dollars (HK$), which is pegged to the U.S. Dollar[547](index=547&type=chunk)[733](index=733&type=chunk) - The company's operations are mainly in Hong Kong, exposing it to political, economic, and legal environment risks specific to the region[548](index=548&type=chunk)[733](index=733&type=chunk) PART II [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=109&type=section&id=ITEM%2014.%20MATERIAL%20MODIFICATIONS%20TO%20THE%20RIGHTS%20OF%20SECURITY%20HOLDERS%20AND%20USE%20OF%20PROCEEDS) No material modifications to security holder rights have occurred, and the company raised approximately **$6.0 million** in net proceeds from its April 2023 IPO - The company raised approximately **$6.0 million** in net proceeds from its initial public offering, which closed on April 24, 2023[559](index=559&type=chunk) [Controls and Procedures](index=109&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) This report omits management assessment and auditor attestation on internal controls due to transition rules, with no changes reported in internal control over financial reporting - The report does not include a management assessment or auditor attestation on internal control over financial reporting due to the transition period for newly public companies[560](index=560&type=chunk) - There were no changes in the company's internal control over financial reporting during the period[562](index=562&type=chunk) [Corporate Governance and Other Disclosures](index=110&type=section&id=ITEM%2016) This section details corporate governance, including the audit committee financial expert, a change in independent auditors due to prior material weaknesses, and the implementation of a cybersecurity risk management program - The board of directors has determined that Mr. Edmund CHAN qualifies as an audit committee financial expert[563](index=563&type=chunk) Principal Accountant Fees (USD) | Fee Type | Firm | 2024 ($) | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | :--- | :--- | | **Audit fees** | WWC P.C. | - | - | 170,000 | | | AOGB CPA Limited | 85,000 | 170,000 | - | | **Audit-related fees** | AOGB CPA Limited | 8,000 | - | - | - On December 15, 2023, the company dismissed WWC, P.C. and engaged AOGB CPA Limited as its new independent registered public accounting firm. A material weakness related to a lack of U.S. GAAP and SEC reporting expertise was identified during WWC's tenure[570](index=570&type=chunk)[572](index=572&type=chunk)[574](index=574&type=chunk) - The company has implemented a cybersecurity risk management program, with oversight provided by the Audit Committee, which receives regular updates from third-party assessors and consultants[580](index=580&type=chunk)[581](index=581&type=chunk)[594](index=594&type=chunk) PART III [Financial Statements](index=115&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section presents the audited consolidated financial statements with an unqualified opinion, highlighting revenue recognition for construction contracts as a critical audit matter due to significant management judgment - The independent auditor, AOGB CPA Limited, issued an unqualified opinion on the consolidated financial statements as of December 31, 2024 and 2023, and for the three years ended December 31, 2024[611](index=611&type=chunk) - A critical audit matter was identified concerning Revenue Recognition for Engineering and Construction Contracts. This was due to the significant management judgment involved in estimating total contract revenue and costs, which are used to measure progress towards completion[617](index=617&type=chunk)[618](index=618&type=chunk) - The company's going concern assessment concludes that there is no substantial doubt about its ability to continue, based on adequate resources and management's plans, despite incurring a net loss of **$2.54 million** in 2024[630](index=630&type=chunk) Consolidated Balance Sheet Summary (as of Dec 31) | | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Total Current Assets** | $6,833,774 | $11,298,237 | | **Total Assets** | $8,721,050 | $11,790,806 | | **Total Current Liabilities** | $4,754,476 | $5,104,704 | | **Total Liabilities** | $5,226,051 | $5,781,881 | | **Total Shareholders' Equity** | $3,494,999 | $6,008,925 | Consolidated Statement of Operations Summary (for year ended Dec 31) | | 2024 ($) | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | :--- | | **Contract revenues** | $3,951,649 | $6,825,879 | $4,169,931 | | **Gross profit** | $412,171 | $2,440,600 | $785,704 | | **Operating loss** | $(2,548,875) | $(771,090) | $(641,452) | | **Net loss** | $(2,543,959) | $(648,854) | $(596,881) | | **Loss per share – Basic and diluted** | $(0.17) | $(0.04) | $(0.05) |

Core Viewpoint - WANG & LEE GROUP, Inc. has received notification from Nasdaq regarding non-compliance with minimum bid price requirements for continued listing due to its share price falling below $1.00 for 30 consecutive business days [1][2]. Compliance Period and Actions - The company has a compliance period of 180 calendar days, until November 3, 2025, to regain compliance by ensuring the closing bid price is at least $1.00 for a minimum of ten consecutive business days [2][3]. - If the company does not regain compliance, it may be eligible for an additional 180-day period, provided it meets other listing requirements and notifies Nasdaq of its intention to cure the deficiency [4]. Company Response - The company is currently considering actions to respond to the notification but has not made any decisions yet [5]. Company Overview - WANG & LEE GROUP, Inc. is a Hong Kong-based construction prime and subcontractor specializing in the installation of Electrical & Mechanical Systems, including low voltage electrical systems, mechanical ventilation, air-conditioning systems, fire service systems, and water supply and sewage disposal systems [6]. - The company provides design and contracting services across all trades in the construction industry, serving clients from small startups to large corporations [6].

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' portfo ...

Hong Kong, April 01, 2025 (GLOBE NEWSWIRE) -- WANG & LEE GROUP, Inc. (NASDAQ:WLGS) today announced the successful closing of its acquisition of Solar (HK) Limited ("SolarHK"). The transaction, initially announced on March 3, 2025, has now been finalized, marking a transformative step in WLGS's mission to accelerate Hong Kong's renewable energy transition through integrated solar and energy storage solutions. Mr. Ho, CEO of WANG & LEE GROUP, remarked: "The closing of this acquisition is a milestone in our co ...

Hong Kong, April 01, 2025 (GLOBE NEWSWIRE) -- WANG & LEE GROUP, Inc. (NASDAQ: WLGS) today announced the successful closing of its acquisition of Solar (HK) Limited ("SolarHK"). The transaction, initially announced on March 3, 2025, has now been finalized, marking a transformative step in WLGS's mission to accelerate Hong Kong's renewable energy transition through integrated solar and energy storage solutions. Accelerating Hong Kong's Green Energy Vision The acquisition of SolarHK strengthens WLGS's position ...

Core Viewpoint - Wang and Lee Group, Inc. has announced a strategic investment in TROOPS, Inc. to integrate AI-driven advertising media, smart home devices, and blockchain-powered token rewards into TROOPS' infrastructure, aiming to create synergies and enhance user engagement [1][2][3] Investment Details - The investment will allow Wang and Lee to deploy its AI-driven digital advertising platforms and IoT-enabled smart home solutions across TROOPS' potential 200-building portfolio, reaching a vast number of tenants and visitors [2] - The partnership includes the introduction of an ESG-aligned token rewards ecosystem, where users can earn redeemable tokens for engaging with the technologies [2][8] Strategic Vision - The collaboration aims to leverage TROOPS' established real estate footprint to accelerate the adoption of smart technologies and create a seamless ecosystem [3] - The CEO of Wang and Lee emphasized that this investment is a transformative step towards building smarter, more sustainable communities [3] ESG and Market Growth - The partnership aligns with global ESG priorities by promoting energy-efficient technologies and financially empowering users through tokenized rewards [4] - Wang and Lee anticipates increased demand for its smart devices and advertising services as TROOPS' buildings become innovation hubs [4] Company Background - Wang and Lee Group, Inc. is a Hong Kong-based construction prime and subcontractor specializing in the installation of Electrical & Mechanical Systems, including low voltage electrical systems and mechanical ventilation [6]

Core Insights - Wang & Lee Group, Inc. has successfully installed Hong Kong's first smart flooring system that converts kinetic energy from footsteps into usable electricity, marking a significant advancement in sustainable infrastructure [4][5][6] - The project, developed in collaboration with City University of Hong Kong, utilizes piezoelectric and electromagnetic technologies to harness energy from pedestrian movement, which is stored in batteries for powering low-voltage applications [5][6] - The company plans to expand the deployment of similar systems across various high-traffic locations in Hong Kong and is accelerating R&D in complementary technologies like solar-integrated pavements and AI-driven energy management systems [7][8] Company Overview - Wang & Lee Group, Inc. is a Hong Kong-based construction contractor specializing in the installation of Electrical & Mechanical Systems, including low voltage electrical systems, mechanical ventilation, and air-conditioning systems [8]

Innovative partnership with City University of Hong Kong paves the way for sustainable urban solutions HONG KONG, March 28, 2025 (GLOBE NEWSWIRE) -- Wang & Lee Group, Inc. (Nasdaq: ​WLGS) (the "Company") today announced the successful installation of the first ever developed and made in Hong Kong smart flooring system capable of converting kinetic energy from human footsteps into usable electricity. This milestone achievement, developed in collaboration with City University of Hong Kong ("CityU"), marks a t ...

Core Insights - Wang and Lee Group, Inc. announced a US$71 million contract for a marble quarry in Australia, highlighting its commitment to sustainable infrastructure and green energy strategies [1][2] - The onsite inspection will evaluate operational readiness and resource integration for marble extraction and solar crypto mining, aiming to create two new revenue streams [2][3] - The project aligns with the company's strategic focus on ESG (Environmental, Social, and Governance) initiatives, enhancing its leadership in sustainable development [2][4] Company Strategy - CEO Joe Ho emphasized the quarry as a source of premium marble and a platform for ESG-driven technologies, aiming to set new industry benchmarks while diversifying revenue [3][4] - The project is expected to improve margins and ESG credentials by converting mining byproducts into renewable energy, thus reducing waste and carbon emissions [4] Operational Focus - NQ Marble's Director, Kim Cheng, expressed eagerness to assess the quarry's capabilities and collaborate with local partners to ensure operational excellence, meeting global demand for sustainable building materials [4]