Wang and Lee Group CEO and NQ Marble Director to Conduct Onsite Quarry Inspection in Australia, Eyeing Dual Revenue Streams and ESG Leadership
Rhea-AI Summary
Wang and Lee Group (NASDAQ: WLGS) has announced that CEO Joe Ho and NQ Marble Director Kim Cheng will conduct an onsite inspection of their Australian marble quarry within 10 days. This visit follows the company's recently secured US$71 million contract and aims to evaluate operational readiness and integration plans for dual revenue streams.
The project combines high-quality marble extraction for global construction markets with solar battery crypto mining operations. This innovative approach aligns with the company's ESG leadership goals and sustainable infrastructure strategy.
The initiative focuses on converting mining byproducts into renewable energy sources, aiming to reduce waste and carbon emissions while creating scalable clean energy solutions. CEO Ho expressed optimism about Bitcoin potentially reaching US$100,000 and above, while Director Cheng emphasized the importance of eco-conscious resource management and meeting global demand for sustainable building materials.
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News Market Reaction – WLGS
On the day this news was published, WLGS declined 85.48%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Hong Kong, March 24, 2025 (GLOBE NEWSWIRE) -- Wang and Lee Group, Inc. (NASDAQ: WLGS) today announced that its CEO, Mr. Joe Ho, and Ms. Kim Cheng, Director of NQ Marble Pty Ltd, will travel to Australia, within the next 10 days to conduct an onsite inspection of the marble quarry central to the Group’s recently awarded US
The inspection will focus on operational readiness, resource evaluation, and integration plans for the quarry’s marble extraction and solar crypto mining initiatives. Mr. Ho emphasized that the project is poised to unlock two new revenue streams for the group: high-quality Australian natural marble production for global construction markets and solar battery crypto mining. Additionally, the project aligns with the Group’s strategic push into the ESG (Environmental, Social, and Governance) sector, reinforcing its leadership in sustainable development.
CEO Joe Ho: Vision for Growth and Sustainability
“This onsite visit marks a critical step in transforming our vision into actionable progress,” said Mr. Ho. “The Australian quarry is not just a source of premium marble; it is a launchpad for pioneering ESG-driven technologies. By harnessing renewable energy potential, we aim to set a new industry benchmark while diversifying our revenue base. This project exemplifies how economic growth and environmental stewardship can coexist. We are also bullish on Bitcoin reaching US
NQ Marble Director Kim Cheng: Operational Excellence
Ms. Kim Cheng added, “Our team is eager to assess the quarry’s capabilities firsthand and collaborate with local partners to ensure operational excellence. This venture will not only meet rising global demand for sustainable building materials but also position NQ Marble as a leader in eco-conscious resource management.”
Strategic Implications
The Australia quarry project, part of Wang and Lee Group’s broader expansion into green energy, is expected to bolster the company’s margins and ESG credentials. By converting mining byproducts into renewable energy sources, the Group aims to reduce waste, lower carbon emissions, and create scalable clean energy solutions for adjacent industries.
About WANG & LEE GROUP, Inc.
WANG & LEE GROUP, Inc. is a Hong Kong-based construction prime and subcontractor engaging in the installation of Electrical & Mechanical Systems, which includes low voltage (220v/phase 1 or 380v/phase 3) electrical system, mechanical ventilation and air-conditioning system, fire service system, water supply and sewage disposal system installation and fitting out for the public and private sectors. It is also able to provide design and contracting services to all trades in the construction industry. Their clients range from small startups to large companies.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
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WANG & LEE GROUP, Inc.: https://www.wangnleegroup.com/
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