Value Exchange International, Inc. (OTCQB: VEII) announced the appointment of three seasoned business professionals as non-executive directors and audit committee members. This strategic addition aims to enhance the Board's capabilities in steering the company's growth initiatives. Kenneth Tan, CEO, emphasized that their extensive international experience in finance and corporate governance will significantly contribute to the company's commitment to future success.
Value Exchange International, Inc. (OTCQB: VEII) has appointed Mr. Heng Fai Ambrose Chan to its Board of Directors as a non-executive director. Mr. Chan brings over 45 years of experience in financial restructuring and corporate transformation, having successfully restructured more than 35 companies across various sectors. Notably, five of these companies have a combined market capitalization exceeding USD 18 billion and generate over USD 1.4 billion in annual profits. This appointment is expected to enhance the company's leadership and strategic direction.
Value Exchange International, Inc. (OTCQB: VEII) has announced a one-time cash dividend of $0.005 per share, payable on July 30, 2021, to shareholders of record as of April 16, 2021. The company provides IT services across Asia, focusing on Point-of-Sale solutions. It processes millions of transactions annually at 20,000 retail locations. Future dividend declarations depend on board approval and the company’s financial health, with risks including cash flow needs and regulatory compliance.
Value Exchange International, Inc. (OTCQB: VEII) reported improved financial results for Q1 2021. Gross profit reached $737,540, a 51.1% increase from Q1 2020, while operating income surged by 471% to $305,381. Net income also rose 176% to $376,611, with net income per share at $0.01. However, net revenues dropped 73.1% to $2,203,772 due to a focus on higher-margin projects. The company is exploring strategic partnerships following an investment from GigWorld, Inc. Additionally, a cash dividend payment has been postponed until late June 2021.
Value Exchange International, Inc. (OTCQB: VEII) declared a one-time cash dividend of $0.005 per share, payable on May 15, 2021, to shareholders of record by April 16, 2021. This marks the company's first cash dividend. The company is also participating in a pilot program to install Smart Vending Machines (SVMs) at select locations of a major Chinese gas station chain, with potential for future expansion if successful. Notably, VEII reported a 147% increase in gross revenues for FY2020 compared to FY2019.
Value Exchange International, Inc. (OTCQB: VEII) announced a private sale of an 18% common stock interest to GigWorld, Inc., a subsidiary of Alset EHome International Inc. (NASDAQ: AEI), for $650,000. This investment aims to provide fresh capital and foster strategic business cooperation between the companies. CEO Kenneth Tan highlighted the potential for market expansion in Asia, leveraging Alset's management expertise. The funds will support general working capital, while forward-looking statements caution investors about the risks related to liquidity and business growth.