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Primech Holdings Ltd., listed under the symbol PMEC, is a prominent technology-driven facilities services provider based in Singapore. The company is a key player in both public and private sectors, delivering a variety of services that enhance operational efficiency and maintain high standards of cleanliness and facility management.
Primech's primary offerings include facilities services, stewarding services, and a range of cleaning services tailored to offices and homes. They also supply high-quality cleaning products, establishing themselves as a comprehensive provider in the industry. Leveraging technology and a commitment to sustainability, Primech integrates eco-friendly practices and smart solutions into their operations.
Recent achievements highlight Primech's robust growth trajectory. As of March 28, 2024, the company announced its financial results for the six months ending September 30, 2023, coinciding with their initial public offering (IPO) in October 2023. These financial updates reflect Primech's solid performance and strategic expansion plans in Singapore and Malaysia.
Primech's strategic partnerships and ongoing projects underscore their industry leadership. Their service portfolio includes advanced general facilities maintenance, specialized cleaning solutions like marble polishing and facade cleaning, and meticulous stewarding services.
For more detailed information and the latest updates, visit the official website at www.primechholdings.com.
Primech AI, a subsidiary of Primech Holdings (Nasdaq: PMEC), has signed a two-year MoU with Golden Rim Investment , a Japanese hotel owner, for the pilot deployment of HYTRON, an AI-powered toilet-cleaning robot. The deployment will take place in selected hotels across Hakata, Kagoshima, and Sapporo, covering facilities within three hotels comprising approximately 260 rooms.
The agreement, signed on December 09, 2024, includes comprehensive maintenance, technical support, and staff training by Primech AI. The pilot project aims to demonstrate HYTRON's capabilities in enhancing cleanliness standards and operational efficiency through automated robotic solutions. This initiative represents the first phase of Primech AI's strategic plan to deploy HYTRON cleaning robots in Japan through targeted partnerships.
Primech Holdings (Nasdaq: PMEC) has received a 180-day extension from Nasdaq until May 12, 2025, to regain compliance with the minimum $1 bid price requirement. The company failed to meet this requirement during the initial compliance period ending November 11, 2024. To maintain listing, PMEC must achieve a closing bid price of $1 or above for at least 10 consecutive trading days before the deadline. The company may implement a reverse share split if necessary. Currently, the Ordinary Shares continue trading on the Nasdaq Capital Market without immediate impact.
Primech Holdings (Nasdaq: PMEC) announced significant achievements at the LOO Awards 2024, with its subsidiary Primech A&P earning notable recognition for excellence in cleaning and hygiene standards. The company received the Best Market Award for its outstanding work at Beo Crescent Market & Food Centre. Additionally, six of Primech A&P's cleaning associates were individually honored for their dedication.
The LOO Awards, organized by the Restroom Association (Singapore), evaluate organizations based on innovative restroom design, advanced cleanliness practices, skill development, staff welfare initiatives, and customer service excellence. Chairman and CEO Kin Wai Ho emphasized that these achievements demonstrate the company's commitment to elevating industry cleaning standards and creating shareholder value through innovation and workforce development.
Primech AI, a subsidiary of Primech Holdings (Nasdaq: PMEC), has announced expansion plans for HYTRON, its AI-powered public toilet cleaning robot. The company plans a three-phase global rollout starting in 2025 with 300 robots deployed across Singapore, Hong Kong, and Dubai. Phase 2 targets Australia in 2026 with 1,000 robots, followed by Phase 3 in 2027 with 1,200 robots for US and European markets. The initiative aims to capture a share of the global cleaning market, projected to reach $74 billion by 2025. HYTRON combines advanced AI with practical cleaning applications, focusing on efficiency and environmental sustainability.
Primech Holdings (PMEC) and its subsidiary Primech AI have established strategic partnerships with Unity Group Holdings International through separate MOUs. The collaboration aims to implement energy solutions in Singapore's facilities management operations and deploy the Hytron restroom cleaning robot in Dubai properties. Unity Group, listed on the Hong Kong Stock Exchange, operates in over 20 countries providing energy solutions focused on reducing carbon footprints and operational costs. The partnership focuses on combining Unity Group's energy expertise with Primech AI's robotic innovations to advance sustainability and technological solutions.
Primech AI, a subsidiary of Primech Holdings (Nasdaq: PMEC), has launched Hytron, an AI-powered automated toilet cleaning robot, at Temasek Polytechnic. The robot features advanced AI navigation, force-sensitive sensors, and 3D recognition technologies, enabling precise cleaning within one millimeter accuracy. Hytron targets high-traffic areas like offices, malls, and hospitals, addressing the growing demand for automated cleaning solutions. The global commercial cleaning products market is projected to reach USD 121.29 billion by 2023, with a CAGR of 7.91% from 2024 to 2030.
Primech Holdings (Nasdaq: PMEC) has announced several new contracts with a total value exceeding SG$5.6 million (US$4.3 million), demonstrating strong growth across multiple sectors. The key contracts include:
- A 5-year contract worth SG$4.59 million for cleaning and pest control services at a major biomedical research hub
- A 2-year contract valued at SG$542,400 for cleaning services at a private residential condominium development
- A 1-year contract worth SG$216,840 for cleaning services at an upscale residential condominium in Bukit Timah
- A 2-year contract valued at SG$30,000 for cleaning services at a non-profit social service institution
CEO Kin Wai Ho emphasized that these contracts reinforce Primech's role as a key facility services provider, highlighting their tailored approach and integration of AI and advanced technological solutions.
Primech Holdings (Nasdaq: PMEC) announces its subsidiary, Primech A & P Pte. , has been nominated as a finalist for The Singapore Apex Corporate Sustainability Awards in the 'LowCarbonSG' category. This recognition is for businesses achieving at least 5% improvement in Scope 1 and 2 carbon emissions over the past 24 months.
Primech A & P has implemented several sustainability initiatives, including adopting autonomous cleaning technologies, using eco-friendly cleaning agents, and investing in electric vehicles and energy-efficient equipment. The company's 'HomeHelpy' platform enhances service efficiency, reducing the carbon footprint of traditional service methods.
CEO Kin Wai Ho emphasized Primech's commitment to sustainability and its ambition to transform the cleaning industry through high-tech solutions, including cleaning robotics and smart workflow controls. The company aims to evolve into a scalable, globally replicable automation business model that revolutionizes cleaning services worldwide.
Primech Holdings (Nasdaq: PMEC) reported a 5.1% increase in revenue to $72.5 million for fiscal year 2024, driven by new government customers and increased demand in facilities services. The company's future contracted revenues stand at $144.4 million, indicating strong demand for its services. Primech's newly launched AI subsidiary has generated significant commercial interest in its autonomous toilet-cleaning robot.
Despite revenue growth, Primech reported a net loss of $3.2 million for FY 2024, compared to a $2.5 million loss in FY 2023. The company's cash and cash equivalents decreased by $1.4 million to $7.6 million. Primech's balance sheet shows total assets of $45.5 million and total liabilities of $30.5 million, with stockholders' equity increasing to $15.0 million from $8.8 million in the previous year.
Primech Holdings has launched Primech AI, a subsidiary dedicated to creating autonomous robotic cleaning solutions. Their flagship product, the Hytron Mark 1, is a fully autonomous AI-powered toilet-cleaning robot scheduled for release by the end of Q4 2024. The robot features advanced 3D-cleaning technology and uses electrolyzed water for enhanced efficiency, targeting facilities like airports, hospitals, and commercial buildings. Primech AI will showcase the Hytron Mark 1 at the CleanEnviro Summit Singapore, from June 19-21, 2024.
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