WANG & LEE GROUP, Inc. - WLGS STOCK NEWS

Wang & Lee Group (NASDAQ: WLGS) has announced a pioneering initiative to distribute shareholder dividends in cryptocurrency mined through their solar battery crypto farms. This marks a historic first for a Hong Kong company, following their US$100 million crypto mining deal.

The company's innovative approach combines renewable energy solutions with blockchain technology, utilizing excess solar power generated during peak hours for crypto mining operations. The system powers local communities in Hong Kong's New Territories while mining cryptocurrency for dividends.

Shareholders will receive crypto dividends with three options:

• Convert to traditional currency through partner exchanges
• Reinvest in additional crypto-mining farms or services
• Redeem within Wang & Lee's ecosystem for products including lithium-ion batteries, AI smart home devices, and solar panels

The company aims to use this crypto dividend strategy to identify naked short sellers, as shareholders with fake shares from these sellers will not be eligible for dividend payments.

Wang & Lee Group (NASDAQ: WLGS) has announced a groundbreaking US$100 million sales agreement with Sino Wealth and Hong Kong landowners to establish Hong Kong's first solar-powered crypto battery farm. The project, secured with a US$1 million non-refundable deposit, will span seven land plots, combining renewable energy with crypto-mining operations.

The initiative leverages Hong Kong's solar potential with 3.8-4.2 kWh/m²/day irradiance levels and utilizes Wang & Lee's proprietary lithium-ion battery systems developed with City University of Hong Kong. The project aims to power sustainable crypto-mining operations while supplying clean energy to New Territories villages, supporting Hong Kong's 2050 Carbon Neutrality goals.

The system features AI-driven panels and 24/7 lithium-ion storage, achieving 85% efficiency compared to desert-based projects. With 4,000+ hectares of fallow agricultural land available in Hong Kong, the model is scalable across 40+ potential sites.

Wang & Lee Group (WLGS) has announced the acquisition of Solar (HK) (SolarHK) through a share allotment valued at HK$15 million. The strategic acquisition combines SolarHK's solar expertise with WLGS's lithium-ion battery initiatives to advance Hong Kong's renewable energy transition.

Founded in 2019, SolarHK specializes in solar PV system design, installation, and green energy project approvals, serving over 50 locations across Hong Kong. The company has completed notable installations at various facilities including Tsing Yi Shipyard and subsidiaries of New World Development.

The merger leverages WLGS's partnership with Linko Smart Technology to integrate IoT-enabled services and AI-powered smart home solutions into SolarHK's existing infrastructure. The transaction is expected to complete within the week, positioning WLGS to deliver comprehensive energy storage and solar solutions across commercial, industrial, and residential sectors.

Wang & Lee Group (WLGS) has announced its role as exclusive collaborator of Cystar in a strategic partnership with City University of Hong Kong to develop advanced lithium-ion battery technology. The collaboration focuses on creating a 52-voltage, 500W lithium-ion battery pack specifically designed for electric bicycles, with applications extending to automotive and robotics industries.

The project aims to develop a pouch-type lithium-ion battery featuring specialized electrolyte combinations for enhanced electrochemical stability, improved capacity, and superior cycling performance. The battery design prioritizes weight reduction and performance advantages compared to traditional cylindrical cells, targeting key challenges in e-bike technology including energy density, safety, and longevity.

The initiative specifically targets applications in e-bikes, mobility scooters, 3-wheel vehicles, ATV and LEV (light electric vehicles), positioning the company to capitalize on growing demand for sustainable urban mobility solutions.

Wang & Lee Group (WLGS) has announced a strategic partnership with City University of Hong Kong to develop innovative kinetic technology that converts footstep energy into renewable power through energized panels. The collaboration aims to revolutionize sustainable energy solutions by harnessing human kinetic energy for off-grid electricity generation.

The company is currently implementing the technology by installing energized panels at Hangseng Bank's headquarters in Central, Hong Kong, specifically on a high-traffic pedestrian footbridge. To support project expansion, WLGS is considering issuing an ESG bond in Luxembourg.

The initiative focuses on both technological advancement and educational outreach, promoting Environmental, Social, and Governance (ESG) principles while demonstrating practical applications of renewable energy generation.

Wang & Lee Group (WLGS) has announced a strategic partnership with Jinshan Hi-Tech Group through a Memorandum of Understanding (MOU) to develop innovative waste treatment solutions in Hong Kong. The collaboration aims to introduce the third generation of overall solutions for harmless domestic waste treatment, combining Wang & Lee's expertise in green energy and ESG solutions with Jinshan Hi-Tech Group's innovative technologies.

The partnership focuses on establishing new benchmarks in sustainability and efficiency for waste management practices. Mr. Ho, CEO of Wang & Lee, emphasized their commitment to minimizing environmental impact and creating a cleaner future for Hong Kong. Mr. Yang, Chairman of Jinshan Hi-Tech Group, expressed excitement about the collaboration's potential to create sustainable solutions.

Additionally, Wang & Lee is considering issuing an ESG bond in Luxembourg to fund this innovative project, demonstrating their commitment to environmental sustainability and technological advancement in waste management.

WANG & LEE GROUP, Inc. reported strong financial results for Fiscal Year 2023, with revenue increasing by 63.7% to $6.83 million, gross profit increasing by 210.6% to $2.44 million, and total shareholders' equity increasing by 449.0% to $5.98 million. The Company's CEO highlighted product diversification and sales growth of over 63% in FY 2023. Adjusted EBITDA margin was 25.32% for 2023, showcasing operational efficiency. However, general and administrative expenses increased by 102.6% to $2.89 million, impacting net profit. Interest expenses and other income also saw significant changes, contributing to a net loss of $0.33 million for FY 2023.

WANG & LEE GROUP, Inc. (Nasdaq: WLGS) announced its unaudited operating results for the six months ended June 30, 2023, reporting a 15.2% increase in revenue to $1.44 million. However, the cost of revenues also increased by 35.6%, resulting in a gross profit of $0.25 million, down from $0.38 million in the same period of 2022. General and administrative expenses rose by 204.8% to $1.89 million, leading to a net loss of $1.62 million, significantly higher than the $0.24 million loss in 2022.

WANG & LEE GROUP, Inc. has received notification from Nasdaq that it no longer complies with the minimum bid price requirement for continued listing. The company has 180 calendar days to regain compliance.