Company to Hold Conference Call on Wednesday, May 18, 2022, at 8:30 AM ET
FUZHOU, China, May 17, 2022 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China (PRC), today announced financial results for its fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Financial Highlights (Year over Year Comparison)
- Revenue was $62.8 million, representing a 102.5% year-over-year increase.
- Gross loss was $7.4 million, compared to gross loss of $12.0 million, and gross loss margin was 11.8%, compared to gross loss margin of 38.7%.
- Net income attributable to owners of the Company was $6.7 million, or $0.08 per basic and diluted share, compared to net loss attributable to owners of the Company of $79.7 million, or $(1.00) per basic and diluted share.
2021 Financial Highlights (Year over Year Comparison)
- Revenue was $164.1 million, representing an 88.1% year-over-year increase.
- Gross loss was $12.6 million, compared to gross loss of $2.4 million, and gross loss margin was 7.7%, compared to gross loss margin of 2.8%.
- Net loss attributable to owners of the Company was $2.5 million, or $(0.03) per basic and diluted share, compared to net loss attributable to owners of the Company of $72.9 million, or $(0.92) per basic and diluted share.
Management Comments
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In 2021, various businesses were challenged by the COVID-19 as it resurged from time to time in many localities across China throughout the year. Despite the overall difficulties, we were able to deliver an 88.1% increase in revenue and a 54.4% increase in sales volumes for 2021. However, due to the market downturn, the company recorded a decreased gross margin for the 2021 fiscal year, albeit a slightly increased gross profit margin in the second half of the year.
As such, the management believes that it is necessary to continue to strengthen the Company's production capacity and all aspects of product sales in the new year. Meanwhile, the management has decided to make certain strategic adjustments, including suspending the construction of the Antarctic krill vessel to recover funds, as well as expediting the modification and rebuilding progress of a new batch of fishing vessels to further increase harvest capacity and volume. The Company has also intensified its efforts to connect with large-scale distributors to improve the delivery speed through online-offline linkage, reduce frozen storage costs and selling expenses, and improve corporate efficiency."
Factors Affecting Pingtan's Results of Operations
COVID-19 pandemic
The COVID-19 pandemic has adversely affected the global economy, our markets in the PRC and our business.
In reaction to the pandemic, many provinces and municipalities in the PRC, where our business is currently conducted, activated the highest response to the emergency public health incident. Emergency quarantine measures and travel restrictions have had a significant impact on many sectors across China, which has also adversely affected the Company's operations. To reduce the impact on its production and operations, the Company has implemented a series of safety measures, and has resumed normal operations since March 2020. Management is focused on mitigating the impact of COVID-19 on its business operations while protecting the employees' health and safety. The Company will continue to actively monitor the situation and may take further actions that alter its business operations as may be required by local authorities or that the Company determines are in the best interests of its employees, customers, partners, suppliers and other stakeholders.
Some of the Company's customers are fish processing plants that export processed fish products to foreign countries. These customers reduced or postponed their purchases from us and adjusted their business strategies in relation to exportation or domestic sale in light of the development of the pandemic. These changes may cause a decrease in our unit selling price, an increase in inventory and delayed settlement of our accounts receivable. If the economic effects caused by the pandemic continue or increase in the PRC, overall customer demand may continue to decrease, which could have an adverse effect on our business, results of operations and financial condition.
The Company anticipates that its results of operations will continue to be affected by this pandemic in fiscal year 2022, as the COVID-19 pandemic has continued to caused disruptions to domestic and global businesses and markets. However, the extent of the impact on the Company's financial condition and results of operations is still highly uncertain and will depend on future developments, such as the ultimate duration and scope of the pandemic, its continuing impact on our customers, how quickly normal economic conditions, operations, and the demand for the Company's products can fully resume and whether the pandemic leads to recessionary conditions in the PRC, the United States or globally. As such, the Company may not reasonably estimate the extent of the impact on its full-year results of operations, its liquidity or its overall financial position.
The Company's Fishing Fleet
As of December 31, 2021, of the Company's 142 vessels, 100 were located in international waters, 12 were located in the Bay of Bengal in India, 13 were located in the PRC, and the remaining 17 were located in the Arafura Sea in Indonesia and not in operation.
Pingtan's Revenue Break-down By PRC Provincial Division
|
Year Ended December 31, |
||||||||||||
|
2021 |
2020 |
2019 |
||||||||||
|
Fujian province |
50 |
% |
68 |
% |
66 |
% |
||||||
|
Shandong province |
29 |
% |
24 |
% |
28 |
% |
||||||
|
Zhejiang province |
9 |
% |
7 |
% |
4 |
% |
||||||
|
Guangdong province |
4 |
% |
0 |
% |
1 |
% |
||||||
|
Liaoning province |
3 |
% |
0 |
% |
0 |
% |
||||||
|
Other areas |
5 |
% |
1 |
% |
1 |
% |
||||||
|
Total |
100 |
% |
100 |
% |
100 |
% |
||||||
2021 Selected Financial Highlights
|
($ in millions, except share and per share data) |
Three Months ended December 31, |
Years Ended December 31, |
|||
|
2021 |
2020 |
2021 |
2020 |
2019 |
|
|
Revenue |
$62.8 |
$31.0 |
$164.1 |
$87.2 |
$89.6 |
|
Cost of Revenue |
$70.2 |
$43.0 |
$176.7 |
$89.7 |
$64.4 |
|
Gross (Loss) Profit |
$ (7.4) |
$(12.0) |
$(12.6) |
$(2.4) |
$25.2 |
|
Gross (Loss) Profit Margin |
(11.8)% |
(38.7)% |
(7.7)% |
(2.8)% |
28.1% |
|
Net (Loss) Income |
$7.3 |
$(85.2) |
$(2.4) |
$(77.6) |
$6.4 |
|
Basic and Diluted Weighted Average Shares Outstanding |
85.9 |
79.3 |
84.9 |
79.1 |
79.1 |
|
EPS (in $) |
$0.08 |
$(1.00) |
$(0.04) |
$(0.92) |
$0.07 |
Balance Sheet Highlights
|
As of December 31, |
||
|
($ in millions, except for book value per share) |
2021 |
2020 |
|
Cash and Cash Equivalents |
$5.8 |
$0.7 |
|
Total Current Assets |
$240.4 |
$114.2 |
|
Total Assets |
$576.2 |
$463.5 |
|
Total Current Liabilities |
$243.4 |
$133.4 |
|
Total Long-term bank loans-non-current |
$240.7 |
$245.1 |
|
Total Liabilities |
$484.1 |
$378.5 |
|
Shareholders' Equity |
$92.1 |
$85.0 |
|
Total Liabilities and Shareholders' Equity |
$576.2 |
$463.5 |
|
Book Value Per Share (in $) |
$1.08 |
$1.07 |
Consolidated Financial and Operating Review
Revenue
The Company's revenue for the three months ended December 31, 2021 was $62.8 million, as compared to $31.0 million for the same period of 2020.
The Company's revenue was $164.1 million in 2021, representing an increase of 88.1% from $87.2 million in 2020.
In 2021, the Company's sales volumes increased by 54.4% to 129,993,532 kg from 84,185,002 kg in 2020. The average unit selling price increased by 21.2% from 2020 to 2021. The increase in revenue was mainly attributable to the different sales mix, an increase in the average unit selling price, and the increased sales volume as a result of more vessels were put into operations.
Gross Margin
The Company's gross loss margin was 11.8 % for the three months ended December 31, 2021, as compared to gross loss margin of 38.7% for the same period of 2020.
The Company's gross loss margin was 7.7% in 2021, as compared to gross loss margin of 2.8% in 2020.
Selling Expense
For the three months ended December 31, 2021, total selling expense was $2.5 million, as compared to $1.6 million for the same period of 2020.
In 2021, total selling expense was $7.6 million, as compared to $4.9 million in 2020, representing an increase of 57.4%. The increase was primarily due to the increases in insurance fees, storage fees, customs clearance charges, shipping and handling fees, and miscellaneous selling expense.
General & Administrative Expense
For the three months ended December 31, 2021, general and administrative expense was $0.7 million, as compared to $2.0 million for the same period of 2020.
In 2021, total general and administrative expense was $6.8 million, as compared to $7.2 million in 2020, representing a decrease of 6.0%, primarily due to a decrease in depreciation expense, partially offset by an increase in professional fees due to the increases in accounting fees and legal fees.
Net Income/(Loss)
Net income for the three months ended December 31, 2021 was $7.3 million, as compared to net loss of $85.2 million for the same period of 2020.
In 2021, net loss was $2.4 million, as compared to net loss of $77.6 million in 2020.
Net Income/(Loss) Attributable to Ordinary Shareholders of the Company
Net income attributable to ordinary shareholders of the Company for the three months ended December 31, 2021 was $6.7 million, or $0.08 per basic and diluted share, as compared to net loss attributable to ordinary shareholders of the Company of $79.7 million, or $(1.00) per basic and diluted share, for the same period of 2020.
Net loss attributable to ordinary shareholders of the Company in 2021 was $2.5 million, or $(0.03) per basic and diluted share, as compared to net loss attributable to ordinary shareholders of the Company of $72.9 million, or $(0.92) per basic and diluted share, in 2020.
Conference Call Details
Pingtan also announced that it will discuss financial results in a conference call on Wednesday, May 18, 2022 – 8:30 a.m. ET (May 18, 2022, at 8:30 p.m. Beijing Time).
The dial-in numbers are:
|
Live Participant Dial-in (Toll Free): |
877-407-0310 |
|
Live Participant Dial-in (International): |
201-493-6786 |
To listen to the live webcast, please go to http://www.ptmarine.com and click on the conference call link at the top of the page or go to: https://event.choruscall.com/mediaframe/webcast.html?webcastid=XgNdUfYE.html.This webcast will be archived and accessible through the Company's website for approximately 30 days following the call.
About Pingtan
Pingtan is a fishing company that engages in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Pingtan's business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will" and similar expressions intended to identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; delays in deploying vessels; conducting fishing operations and locating or re-locating vessels, in foreign waters and related license requirements; actions taken by government regulators, such as the Indonesian moratorium, or reports or allegations of illegal activity by us, related parties or those with which we conduct business; our ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; operational, mechanical, climatic or other unanticipated issues; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; the impact of the coronavirus (COVID-19) on the Company's financial condition, business operations and liquidity; the impact of COVID-19 on our customers and distributors global or national health concerns, including the outbreak of pandemic or contagious diseases such as the COVID-19 pandemic; legislative or regulatory changes that may adversely affect our business; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
|
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | |||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||
|
(IN U.S. DOLLARS) | |||||||||||
|
For the three Months Ended |
|||||||||||
|
December 31, 2021 |
December 31, 2020 |
||||||||||
|
REVENUE |
$ |
62,807,077 |
$ |
31,022,204 |
|||||||
|
COST OF REVENUE |
70,194,063 |
43,019,999 |
|||||||||
|
GROSS PROFIT |
(7,386,986) |
(11,997,795) |
|||||||||
|
OPERATING EXPENSES: |
|||||||||||
|
Selling |
2,519,748 |
1,567,947 |
|||||||||
|
General and administrative |
987,971 |
1,216,266 |
|||||||||
|
General and administrative-Depreciation |
(310,673) |
791,943 |
|||||||||
|
Subsidy |
(561,642) |
(881,465) |
|||||||||
|
Impairment loss |
4,830,150 |
67,713,324 |
|||||||||
|
Settlement of contract |
(26,408,130) |
- |
|||||||||
|
Total Operating Expenses |
(18,942,576) |
70,408,015 |
|||||||||
|
INCOME FROM OPERATIONS |
11,555,590 |
(82,405,810) |
|||||||||
|
OTHER INCOME (EXPENSE): |
|||||||||||
|
Interest income |
298,966 |
409,734 |
|||||||||
|
Interest expenses |
(5,650,377) |
(3,560,970) |
|||||||||
|
Foreign currency transaction gain |
1,047,466 |
204,687 |
|||||||||
|
Gain(Loss) from cost method investment |
7,518 |
1,821 |
|||||||||
|
Gain(Loss) on equity method investment |
57,081 |
195,044 |
|||||||||
|
Other expense |
2,638 |
(477) |
|||||||||
|
Total Other Expense, net |
(4,236,708) |
(2,750,161) |
|||||||||
|
LOSS BEFORE INCOME TAXES |
7,318,882 |
(85,155,971) |
|||||||||
|
INCOME TAXES |
1,749 |
- |
|||||||||
|
NET INCOME (LOSS) |
$ |
7,317,133 |
$ |
(85,155,971) |
|||||||
|
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON- |
642,211 |
(5,499,859) |
|||||||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS |
$ |
6,674,922 |
$ |
(79,656,112) |
|||||||
|
COMPREHENSIVE INCOME: |
|||||||||||
|
NET INCOME/LOSS |
7,317,133 |
(85,155,971) |
|||||||||
|
OTHER COMPREHENSIVE INCOME (LOSS) |
|||||||||||
|
Unrealized foreign currency translation gain (loss) |
(187,190) |
3,310,552 |
|||||||||
|
TOTAL COMPREHENSIVE INCOME/LOSS |
$ |
7,129,943 |
$ |
(81,845,419) |
|||||||
|
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO |
625,298 |
(5,170,963) |
|||||||||
|
COMPREHENSIVE INCOME (LOSS)ATTRIBUTABLE TO |
$ |
6,504,645 |
$ |
(76,674,456) |
|||||||
|
NET INCOME (LOSS)PER ORDINARY SHARE ATTRIBUTABLE TO |
|||||||||||
|
Basic and diluted earnings per share |
$ |
0.08 |
$ |
(1.00) |
|||||||
|
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: |
|||||||||||
|
Basic and diluted |
85,940,965 |
79,302,428 |
|||||||||
|
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||
|
(IN U.S. DOLLARS) | ||||||||||||
|
For the Years Ended December 31, |
||||||||||||
|
2021 |
2020 |
2019 |
||||||||||
|
REVENUE |
$ |
164,083,044 |
$ |
87,240,420 |
$ |
89,622,156 |
||||||
|
COST OF REVENUE |
176,724,581 |
89,661,883 |
64,396,571 |
|||||||||
|
GROSS (LOSS)/ PROFIT |
(12,641,537) |
(2,421,463) |
25,225,585 |
|||||||||
|
OPERATING EXPENSE (INCOME): |
||||||||||||
|
Selling |
7,632,730 |
4,850,044 |
2,715,599 |
|||||||||
|
General and administrative |
5,892,080 |
4,091,729 |
4,163,873 |
|||||||||
|
General and administrative - depreciation |
836,142 |
3,066,522 |
3,726,061 |
|||||||||
|
Government subsidy |
(20,449,471) |
(13,660,284) |
(6,440,299) |
|||||||||
|
Impairment loss |
6,301,373 |
67,713,324 |
7,951,635 |
|||||||||
|
Settlement of contract |
(26,408,130) |
- |
- |
|||||||||
|
(Gain) on fixed assets disposal |
- |
- |
(59,432) |
|||||||||
|
Total Operating (Income) Expense, Net |
(26,195,276) |
66,061,335 |
12,057,437 |
|||||||||
|
INCOME (LOSS) FROM OPERATIONS |
13,553,739 |
(68,482,798) |
13,168,148 |
|||||||||
|
OTHER INCOME (EXPENSE): |
||||||||||||
|
Interest income |
371,695 |
3,745,611 |
780,604 |
|||||||||
|
Interest (expense) |
(17,371,089) |
(13,432,919) |
(6,055,310) |
|||||||||
|
Foreign currency transaction gain (loss) |
1,231,614 |
607,674 |
(298,304) |
|||||||||
|
Dividend income from cost method investment |
612,734 |
135,338 |
312,727 |
|||||||||
|
(Loss) on the interest sold |
- |
- |
(86,603) |
|||||||||
|
(Loss) on equity method investment |
(708,020) |
(156,085) |
(486,803) |
|||||||||
|
Other (expense) |
(74,223) |
(35,401) |
(954,394) |
|||||||||
|
Total Other Expense, net |
(15,937,289) |
(9,135,782) |
(6,788,083) |
|||||||||
|
(LOSS) INCOME BEFORE INCOME TAXES |
(2,383,550) |
(77,618,580) |
6,380,065 |
|||||||||
|
INCOME TAXES |
1,749 |
- |
- |
|||||||||
|
NET (LOSS) INCOME |
(2,385,299) |
(77,618,580) |
6,380,065 |
|||||||||
|
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST |
95,420 |
(4,740,332) |
698,041 |
|||||||||
|
NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY |
(2,480,719) |
(72,878,248) |
5,682,024 |
|||||||||
|
LESS: PREFERRED DIVIDENDS |
(640,922) |
|||||||||||
|
NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY |
$ |
(3,121,641) |
$ |
(72,878,248) |
$ |
5,682,024 |
||||||
|
COMPREHENSIVE (LOSS) INCOME: |
||||||||||||
|
NET (LOSS) INCOME |
$ |
(2,385,299) |
$ |
(77,618,580) |
$ |
6,380,065 |
||||||
|
OTHER COMPREHENSIVE (LOSS) INCOME |
||||||||||||
|
Unrealized foreign currency translation gain (loss) |
2,895,972 |
7,156,773 |
(2,861,319) |
|||||||||
|
COMPREHENSIVE INCOME (LOSS) |
510,673 |
(70,461,807) |
3,518,746 |
|||||||||
|
Less: comprehensive income (loss) attributable to the non-controlling interest |
342,401 |
(4,095,594) |
469,583 |
|||||||||
|
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY |
$ |
168,272 |
$ |
(66,366,213) |
$ |
3,049,163 |
||||||
|
NET (LOSS) INCOME PER ORDINARY SHARE; |
||||||||||||
|
Basic and diluted |
$ |
(0.03) |
$ |
(0.92) |
$ |
0.07 |
||||||
|
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: |
||||||||||||
|
Basic and diluted |
84,906,368 |
79,121,471 |
79,055,053 |
|||||||||
|
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(IN U.S. DOLLARS) | ||||||||
|
December 31, |
||||||||
|
2021 |
2020 |
|||||||
|
ASSETS |
||||||||
|
CURRENT ASSETS: |
||||||||
|
Cash |
$ |
5,789,508 |
$ |
691,933 |
||||
|
Restricted cash |
14,831,138 |
9,912,666 |
||||||
|
Accounts receivable, net of allowance for doubtful accounts |
26,861,827 |
31,946,561 |
||||||
|
Accounts receivable-related parties |
5,660,857 |
- |
||||||
|
Inventories, net of reserve |
54,969,973 |
67,611,136 |
||||||
|
Prepaid expenses |
18,559,252 |
170,706 |
||||||
|
Prepaid expenses-related party |
- |
2,015,357 |
||||||
|
Other receivables |
113,765,721 |
1,901,094 |
||||||
|
Total Current Assets |
240,438,276 |
114,249,453 |
||||||
|
OTHER ASSETS: |
||||||||
|
Cost method investment |
3,293,756 |
3,218,440 |
||||||
|
Equity method investment |
29,674,764 |
29,689,813 |
||||||
|
Prepayment for long-term assets |
30,114,340 |
66,083,041 |
||||||
|
Right-of-use asset |
465,016 |
64,220 |
||||||
|
Property, plant and equipment, net |
272,249,346 |
250,155,011 |
||||||
|
Total Other Assets |
335,797,222 |
349,210,525 |
||||||
|
Total Assets |
$ |
576,235,498 |
$ |
463,459,978 |
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
|
CURRENT LIABILITIES: |
||||||||
|
Accounts payable |
$ |
54,153,711 |
$ |
18,792,983 |
||||
|
Accounts payable - related parties |
4,960,300 |
9,966,708 |
||||||
|
Short-term bank loans |
72,305,786 |
52,414,596 |
||||||
|
Long-term bank loans - current |
76,856,590 |
39,987,577 |
||||||
|
Accrued liabilities and other payables |
27,531,333 |
12,151,633 |
||||||
|
Lease liabilities- current |
400,557 |
32,349 |
||||||
|
Due to related parties |
7,175,988 |
18,354 |
||||||
|
Total Current Liabilities |
243,384,265 |
133,364,200 |
||||||
|
OTHER LIABILITIES: |
||||||||
|
Lease liabilities |
32,161 |
- |
||||||
|
Long-term bank loans - non-current |
240,729,193 |
245,116,088 |
||||||
|
Total Liabilities |
484,145,619 |
378,480,288 |
||||||
|
COMMITMENTS AND CONTINGENCIES |
||||||||
|
SHAREHOLDERS' EQUITY: |
||||||||
|
Equity attributable to owners of the Company: |
||||||||
|
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and |
85,941 |
79,302 |
||||||
|
Additional paid-in capital |
89,279,792 |
82,045,993 |
||||||
|
(Deficit) |
(21,842,858) |
(18,594,755) |
||||||
|
Statutory reserve |
15,878,174 |
15,751,712 |
||||||
|
Accumulated other comprehensive (loss) |
(6,919,882) |
(9,568,873) |
||||||
|
Total equity attributable to owners of the Company |
76,481,167 |
69,713,379 |
||||||
|
Non-controlling interest |
15,608,712 |
15,266,311 |
||||||
|
Total Shareholders' Equity |
92,089,879 |
84,979,690 |
||||||
|
Total Liabilities and Shareholders' Equity |
$ |
576,235,498 |
$ |
463,459,978 |
||||
|
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
|
(IN U.S. DOLLARS) | ||||||||||||
|
For the Years Ended December 31, |
||||||||||||
|
2021 |
2020 |
2019 |
||||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||
|
Net (loss) income |
$ |
(2,385,299) |
$ |
(77,618,580) |
$ |
6,380,065 |
||||||
|
Adjustments to reconcile net income from operations to net cash provided by (used in) operating |
||||||||||||
|
Depreciation |
16,129,686 |
14,722,446 |
11,308,882 |
|||||||||
|
Bad debt expense |
178,244 |
380,866 |
8,050 |
|||||||||
|
Inventory reserve (reversal) |
9,366,467 |
14,984,980 |
(142,370) |
|||||||||
|
Loss on equity method investment |
708,020 |
156,085 |
486,803 |
|||||||||
|
Stock issued for professional fees |
- |
209,793 |
- |
|||||||||
|
Loss on the interest sold |
- |
- |
86,603 |
|||||||||
|
(Gain) on disposal of fixed assets |
- |
- |
(59,432) |
|||||||||
|
Impairment loss |
6,301,372 |
67,713,324 |
7,943,585 |
|||||||||
|
Settlement of contract |
(26,408,129) |
- |
- |
|||||||||
|
Changes in operating assets and liabilities: |
||||||||||||
|
Accounts receivable |
5,669,874 |
(21,222,129) |
(3,110,730) |
|||||||||
|
Inventories |
4,820,618 |
(48,067,241) |
(24,918,904) |
|||||||||
|
Prepaid expenses |
(18,341,059) |
1,199,764 |
(727,857) |
|||||||||
|
Prepaid expenses - related parties |
2,057,259 |
(1,906,460) |
- |
|||||||||
|
Due from related parties |
(5,646,422) |
- |
- |
|||||||||
|
Other receivables |
(8,091,258) |
(1,177,998) |
74,967 |
|||||||||
|
Accounts payable |
35,780,524 |
8,933,807 |
(22,443,999) |
|||||||||
|
Accounts payable - related parties |
(5,226,281) |
7,701,504 |
(1,501,793) |
|||||||||
|
Accrued liabilities and other payables |
14,108,415 |
738,755 |
5,527,508 |
|||||||||
|
Accrued liabilities and other payables - related party |
- |
- |
(1,290) |
|||||||||
|
Due to related parties |
297,678 |
672,932 |
(9,483,868) |
|||||||||
|
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
29,319,709 |
(32,578,152) |
(30,573,780) |
|||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||||||
|
Prepayment for long-term assets |
(54,141,296) |
(12,913,191) |
(49,592,695) |
|||||||||
|
Purchase of property, plant and equipment |
(30,718,417) |
(86,611,283) |
(118,468,793) |
|||||||||
|
Proceeds from disposal of property, plant and equipment |
- |
- |
72,480 |
|||||||||
|
Proceeds from government grants for fishing vessels construction |
18,460,576 |
29,358,038 |
35,524,824 |
|||||||||
|
NET CASH (USED IN) INVESTING ACTIVITIES |
(66,399,137) |
(70,166,436) |
(132,464,184) |
|||||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||||
|
Proceeds from short-term bank loans |
72,121,401 |
93,075,852 |
10,147,133 |
|||||||||
|
Repayment of short-term bank loans |
(53,504,380) |
(53,641,846) |
(5,062,771) |
|||||||||
|
Proceeds from long-term bank loans |
98,315,781 |
108,821,094 |
208,023,483 |
|||||||||
|
Repayment of long-term bank loans |
(72,571,291) |
(58,952,604) |
(18,880,916) |
|||||||||
|
Advances from (to) related parties |
6,992,000 |
- |
(22,664,328) |
|||||||||
|
Proceeds from Due from related party |
- |
12,619,964 |
- |
|||||||||
|
Proceeds from Issue of Ordinary Shares |
4,351,243 |
- |
- |
|||||||||
|
Proceeds from Issue of Preferred Shares |
3,698,273 |
- |
- |
|||||||||
|
Repayment to related party |
(11,913,633) |
- |
- |
|||||||||
|
Repurchase shares |
(1,450,000) |
- |
- |
|||||||||
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
46,039,394 |
101,922,460 |
171,562,601 |
|||||||||
|
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
1,056,081 |
1,334,522 |
(399,287) |
|||||||||
|
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
10,016,047 |
512,394 |
8,125,350 |
|||||||||
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period |
10,604,599 |
10,092,205 |
1,966,855 |
|||||||||
|
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period |
$ |
20,620,646 |
$ |
10,604,599 |
$ |
10,092,205 |
||||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
||||||||||||
|
Cash paid for: |
||||||||||||
|
Interest |
$ |
17,759,215 |
$ |
20,549,990 |
$ |
6,419,569 |
||||||
|
Income taxes |
$ |
- |
$ |
- |
$ |
- |
||||||
|
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS: |
||||||||||||
|
Cash and cash equivalents |
$ |
5,789,508 |
$ |
691,933 |
$ |
10,092,205 |
||||||
|
Restricted cash |
14,831,138 |
9,912,666 |
- |
|||||||||
|
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
20,620,646 |
$ |
10,604,599 |
$ |
10,092,205 |
||||||
|
NON-CASH INVESTING AND FINANCING ACTIVITIES: |
||||||||||||
|
Acquisition of property and equipment by decreasing prepayment for long-term assets |
$ |
37,419,467 |
$ |
- |
$ |
- |
||||||
View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2021-301549579.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Dec. 30, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, today announced that it received a notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on December 28, 2021, which granted the Company's request for a 180-day extension to regain compliance with Nasdaq's minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). The Company now has until June 27, 2022 to regain compliance with the Bid Price Rule. Nasdaq's extension notice has no immediate effect on the continued listing status of the Company's ordinary shares, which remain listed on The Nasdaq Capital Market.
If at any time before June 27, 2022, the bid price of the Company's ordinary shares closes at or above $1.00 per share for a minimum of 10 consecutive trading days, the Company will regain compliance with the Bid Price Rule, and the matter will be closed. The Company will continue to monitor the bid price for its ordinary share and consider various available options to achieve compliance if its ordinary share does not trade at a level that is likely to regain compliance with the Bid Price Rule.
About Pingtan
Pingtan is a fishing company that engages in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd.
Forward-Looking Statements
This press release contains ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to statements regarding the Company's compliance with Nasdaq listing rules. Actual results and the timing of relevant events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These forward-looking statements are based on the Company's current expectations and involve known and unknown risks and uncertainties. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-receives-extension-from-nasdaq-to-meet-bid-price-requirement-301451854.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Dec. 29, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China, today announced that each of the following proposed resolutions submitted for shareholder approval has been duly adopted at its annual general meeting of shareholders held in Fuzhou on December 23, 2021:
- The election of XingAn Lin and Lin Lin as Class C directors to the Board of Directors and to serve for a three-year term to expire at the 2024 annual general meeting or until a successor is duly elected and qualified; and
- The ratification of the appointment of Wei, Wei & Co, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2021.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd..
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-announces-results-of-annual-general-meeting-301451478.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Dec. 20, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China, today announced that the Company will hold its Annual General Meeting of Members ("AGM") on December 23, 2021, at 10:00 a.m. China Standard Time. The meeting will be held at 18 Floor, Zhongshan Building A, No. 154 Hudong Road, Fuzhou, Fujian, People's Republic of China.
At the meeting, the following proposals will be submitted to shareholders to vote upon, as fully described in the proxy statement filed with the U.S. Securities and Exchange Commission and first made available to shareholders on November 12, 2021:
- The election of two Class C directors to the Board of Directors and to serve for a three-year term to expire at the 2024 annual general meeting or until his successor is duly elected and qualified;
- The ratification of the appointment of Wei, Wei & Co, LLP as the Company's independent registered public accounting firm for the year ending December 31, 2021; and
- Transacting such other business as may properly come before the meeting or any adjournment or postponement thereof.
Only shareholders of record of the Company's ordinary shares at the close of business on November 3, 2021, will be entitled to receive notice of and attend the AGM and any adjournment or postponement thereof.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-to-hold-annual-general-meeting-of-members-on-december-23-2021-301448077.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Nov. 16, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China (PRC), today announced financial results for its third quarter and nine months ended September 30,2021.
Third Quarter 2021 Financial Highlights (Year-on-Year Comparisons)
- Revenue was $36.1 million, increased by 133.7%from$15.4 million.
- Gross loss was $4.1 million compared to gross profit of $1.7million.
- Net income was $2.9 million, compared to net income of $0.8 million.
- Net income attributable to ordinary shareholders of the Company was $2.6 million, or $0.03per basic and diluted share, compared to net income attributable to ordinary shareholders of the Company of $0.7 million, or $0.01 per basic and diluted share.
Management Comments
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are glad to report an over 130% increase in revenue and an over 110% increase in sales volume for the third quarter of 2021.However, with the number of global COVID-19 cases surpassing 250 million as of today, the recent COVID-19 outbreak in many regions of China had certain impact on Pingtan and the Company was faced with a situation of a growth in revenue and sales volume but a decline in gross margin. Although we remain on the sidelines of the follow-up market situation in 2021, we are confident in the sustainable development of China's fishery industry. We believe that for companies like Pingtan that focuses on pelagic fishery development, our advantages will become more apparent as the market gradually recovers."
Factors Affecting Pingtan's Results of Operations
COVID-19 pandemic
In December 2019, a novel strain of coronavirus (COVID-19) surfaced in the PRC. In reaction to this outbreak, many provinces and municipalities in the PRC activated the highest Level-I Response to the emergency public health incident. As a result, business activities in the PRC were significantly affected.
Emergency quarantine measures and travel restrictions have had a significant impact on many sectors across the PRC, which has also adversely affected the Company's operations. To reduce the impact on production and operation, the Company implemented certain safety measures to allow us to gradually resume work in mid-February. For the employees who left Fuzhou during the Spring Festival holiday and could not return to Fuzhou as scheduled, or those who could only resume work after satisfying the 14-day quarantine requirement, the Company provided paid leave. Since resuming work in mid-February, the Company have been using a shift system and adopted additional health and safety procedures to protect its employees. With these measures, the Company was able to maintain sales and operations from mid-February to mid-March. On March 23, 2020, the Company resumed normal operations and is conducting business as usual with health and safety procedures to protect employees. Management is focused on mitigating the effects of COVID-19 on its business operations while protecting the employees' health and safety. the Company will continue to actively monitor the situation and may take further actions that alter its business operations, as may be required by local authorities or that the Company determines are in the best interests of its employees, customers, partners, suppliers and other stakeholders.
Some of the Company's customers are fish processing plants that export processed fish products to foreign countries. These customers reduced or postponed their purchases from the Company in the initial stage of the pandemic, but since the middle of the second quarter of 2020, they have adjusted their business strategies in relation to exportation or domestic sale. Because of the reduction or postponement, the Company's unit selling price decreased, its inventory levels increased, and accounts receivables were not timely paid as anticipated.
The COVID-19 pandemic continues to cause major disruptions to businesses and markets worldwide as the virus spreads or a resurgence in certain jurisdictions. The effects of the outbreak are still evolving, and the ultimate severity and duration of the pandemic and the implications on global economic conditions remains uncertain. Therefore, the extent of the impact of the pandemic on its financial condition and results of operations is still highly uncertain and will depend on future developments, such as the ultimate duration and scope of the outbreak, its impact on the Company's customers and exporters, how quickly normal economic conditions, operations, and the demand for its products can resume and whether the pandemic leads to recessionary conditions in the PRC, United States, or globally.
While the Company anticipates its results of operations will continue to be impacted by this pandemic for the remainder of the year, the Company is unable to reasonably estimate the extent of the impact on its full-year results of operations, its liquidity or its overall financial position.
The Company's Fishing Fleet
As of September 30, 2021, of the Company's 142vessels, 100 were located in international waters, 12 were located in the Bay of Bengal in India, 13 were located in the PRC and17 were located in the Arafura Sea in Indonesia and not in operation. The Company has another 1 krill fishing vessel located in the shipbuilding factory in China that was suspended for construction and the Company has initiated negotiations with the shipbuilding company for the purpose of terminating the vessel construction contract.
Third Quarter 2021Selected Financial Highlights
|
($ in millions, except shares and per share data) |
Three Months endedSeptember30, |
|
|
2021 |
2020 |
|
|
Revenue |
$36.1 |
$15.4 |
|
Cost of Revenue |
$40.2 |
$13.8 |
|
Gross Profit |
$(4.1) |
$1.7 |
|
Gross Margin |
(11.3) % |
10.7% |
|
Net Income (Loss) |
$2.9 |
$0.8 |
|
Basic Weighted Average Shares Outstanding |
86.4 |
79.1 |
|
Diluted Weighted Average Shares Outstanding |
86.8 |
79.1 |
|
Basic and Diluted EPS (in $) |
$0.03 |
$0.01 |
Balance Sheet Highlights
|
($ in millions, except for book value per share) |
9/30/2021 |
12/31/2020 |
|
|
Cash and Cash Equivalents |
$15.8 |
$0.7 |
|
|
Total Current Assets |
$125.6 |
$114.2 |
|
|
Total Assets |
$563.0 |
$463.5 |
|
|
Total Current Liabilities |
$227.8 |
$133.4 |
|
|
Long-term bank loans, non-current portion |
$250.1 |
$245.1 |
|
|
Total Liabilities |
$478.1 |
$378.5 |
|
|
Shareholders' Equity |
$85.0 |
$85.0 |
|
|
Total Liabilities and Shareholders' Equity |
$563.0 |
$463.5 |
Consolidated Financial and Operating Review
Revenue& Sales volume
Revenue for the three months ended September30, 2021was $36.1million, an increase of $20,655,591, or133.7%, from $15.4million for the same period in 2020. Sales volume increased by 110.1% to30.9 million KG in the three months ended September 30, 2021from 14.7 million KG in the same period of 2020.Average unit sale price increased 11.4% in the three months ended September30, 2021as compared to the three months ended September 30, 2020.
For the nine months ended September 30, 2021, the Company's revenues were $101.3 million compared to $56.2 million in the nine months of 2020, an increase of $45,057,751, or 80.1%. Sales volumes increased by 43.7% to 71.8 million KG in the nine months ended September 30, 2020, from 50 million KG in the same period of 2020. Average unit sale price increased25.9% in the nine months ended September 30, 2021as compared to the nine months ended September 30, 2020.
For the three and nine months ended September 30, 2021, the increase in revenue was primarily attributable to the different sales mix, average unit sale price increased, and increase in sales volume as more vessels were in operation.
Gross Margin
The Company's gross margin was (11.3) % for the three months ended September 30, 2021, compared to gross margin of 10.7% in the prior year period. The decrease was due to the increase in unit production cost of fish.
For the nine months ended September 30, 2021, gross margin was (5.2) %, compared to gross margin of 17.0% in the same period of 2020. The decrease in gross margin for the nine months ended September 30, 2021 was primarily due to more vessels were put into operation, which drove up refueling costs and other related costs of revenue, and the purchase cost of fishery products.
Selling Expenses
For the three months ended September 30, 2021, selling expenses were $2.0 million compared to $1.3 million in the prior year period. The increase was primarily due to the increase in insurance, storage fees and customs clearance charge, shipping and handling fees, adverting and other miscellaneous selling expense.
For the nine months ended September 30, 2021, selling expenses were $5.1million compared to $3.3million in the same period of 2020. The increase was due to the increase in insurance, storage fees and customs clearance charge, and adverting, partially offset by the decrease in Shipping and handling fees and other miscellaneous selling expense.
General & Administrative Expenses
For the three months ended September 30, 2021, general and administrative expenses were $2.2 million, compared to $1.6 million in the prior year period. The increase was mainly due to the increase in depreciation, professional fees and rent and related administrative service charge.
For the nine months ended September 30, 2021, general and administrative expenses were $6.1 million, compared to $5.2 million in the prior year period. The increase was mainly due to increase in professional fees, bad debt expense, travel and entertainment and other general and administrative expenses, partially offset by the decrease in depreciation.
Net Income (Loss)
Net Income for the three months ended September 30, 2021 was $2.9million, compared to net income of $0.8 million in the same period of 2020.
Net loss for the nine months ended September 30, 2021 was $9.7 million, compared to net income of $7.5 million in the same period of 2020.
Net Income (Loss) Attributable to Ordinary Shareholders of the Company
Net income attributable to ordinary shareholders of the Company for the three months ended September 30, 2021 was $2.6 million, or $0.03 per basic and diluted share, compared to net income attributable to owners of the Company of $0.7million, or $0.01 per basic and diluted share, in the same period of 2020.
Net loss attributable to ordinary shareholders of the Company for the nine months ended September 30, 2021 was $9.5 million, or $(0.11) per basic and diluted share, compared to net income attributable to owners of the Company of $6.8 million, or $0.09per basic and diluted share, in the same period of 2020.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; locating or re-locating vessels, in foreign waters and related license requirements; our ability to successfully manage relationships with customers, distributors and other important relationships; actions taken by government regulators, such as the Indonesian moratorium; technological changes; competition; demand for our products and services; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; the impact of the current coronavirus (COVID-19) pandemic; legislative or regulatory changes that may adversely affect our business; operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company's fishing vessels and their ability to generate expected annual revenue and net income; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
|
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||
|
(IN U.S. DOLLARS) | ||||||||||||||||
|
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
REVENUE |
$ |
36,103,674 |
$ |
15,448,083 |
$ |
101,275,967 |
$ |
56,218,216 |
||||||||
|
COST OF REVENUE |
40,165,352 |
13,787,521 |
106,530,518 |
46,641,884 |
||||||||||||
|
GROSS (LOSS) PROFIT |
(4,061,678) |
1,660,562 |
(5,254,551) |
9,576,332 |
||||||||||||
|
OPERATING EXPENSES (INCOME): |
||||||||||||||||
|
Selling |
1,976,187 |
1,333,927 |
5,112,982 |
3,282,097 |
||||||||||||
|
General and administrative |
1,172,102 |
809,988 |
4,904,109 |
2,875,463 |
||||||||||||
|
General and administrative - depreciation |
1,001,961 |
773,812 |
1,146,815 |
2,274,579 |
||||||||||||
|
Subsidy |
(16,284,032) |
(4,440,731) |
(19,887,829) |
(12,778,819) |
||||||||||||
|
Impairment loss |
495,857 |
- |
1,471,223 |
- |
||||||||||||
|
Total Operating (INCOME) |
(11,637,925) |
(1,523,004) |
(7,252,700) |
(4,346,680) |
||||||||||||
|
INCOME FROM OPERATIONS |
7,576,247 |
3,183,566 |
1,998,149 |
13,923,012 |
||||||||||||
|
OTHER INCOME (EXPENSE): |
||||||||||||||||
|
Interest income |
23,276 |
973,265 |
72,729 |
3,335,877 |
||||||||||||
|
Interest (expense) |
(4,055,798) |
(4,036,524) |
(11,720,712) |
(9,871,949) |
||||||||||||
|
Foreign currency transaction gain (loss) |
(365,513) |
747,678 |
184,148 |
402,987 |
||||||||||||
|
Gain from cost method investment |
38 |
764 |
605,216 |
133,517 |
||||||||||||
|
(Loss) on equity method investment |
(308,921) |
(82,586) |
(765,101) |
(351,129) |
||||||||||||
|
Other income (expense) |
(5) |
(4,468) |
(76,861) |
(34,924) |
||||||||||||
|
Total Other (Expense), net |
(4,706,923) |
(2,401,871) |
(11,700,581) |
(6,385,621) |
||||||||||||
|
INCOME (LOSS) BEFORE INCOME TAXES |
2,869,324 |
781,695 |
(9,702,432) |
7,537,391 |
||||||||||||
|
INCOME TAXES |
- |
- |
- |
- |
||||||||||||
|
NET INCOME (LOSS) |
$ |
2,869,324 |
$ |
781,695 |
$ |
(9,702,432) |
$ |
7,537,391 |
||||||||
|
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST |
284,700 |
92,511 |
(546,791) |
759,527 |
||||||||||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY BEFORE PREFERRED DIVIDENDS |
2,584,624 |
689,184 |
(9,155,641) |
6,777,864 |
||||||||||||
|
LESS: PREFERRED SHARE DIVIDENDS |
- |
- |
(300,000) |
- |
||||||||||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY |
$ |
2,584,624 |
$ |
689,184 |
$ |
(9,455,641) |
$ |
6,777,864 |
||||||||
|
COMPREHENSIVE INCOME (LOSS): |
||||||||||||||||
|
NET INCOME (LOSS) |
2,869,324 |
781,695 |
(9,702,432) |
7,537,391 |
||||||||||||
|
OTHER COMPREHENSIVE (LOSS) INCOME |
||||||||||||||||
|
Unrealized foreign currency translation gain |
4,111,818 |
5,700,836 |
3,083,162 |
3,846,221 |
||||||||||||
|
COMPREHENSIVE INCOME (LOSS) |
6,981,142 |
6,482,531 |
(6,619,270) |
11,383,612 |
||||||||||||
|
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST |
613,410 |
556,889 |
(282,897) |
1,075,369 |
||||||||||||
|
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY |
$ |
6,367,732 |
$ |
5,925,642 |
$ |
(6,336,373) |
$ |
10,308,243 |
||||||||
|
NET INCOME (LOSS) PER ORDINARY SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE COMPANY |
||||||||||||||||
|
Basic |
$ |
0.03 |
$ |
0.01 |
$ |
(0.11) |
$ |
0.09 |
||||||||
|
Diluted |
$ |
0.03 |
$ |
0.01 |
$ |
(0.11) |
$ |
0.09 |
||||||||
|
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: |
||||||||||||||||
|
Basic |
86,389,548 |
79,071,363 |
83,854,623 |
79,060,490 |
||||||||||||
|
Diluted |
86,797,148 |
79,071,363 |
83,854,623 |
79,060,490 |
||||||||||||
|
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(IN U.S. DOLLARS) | ||||||||
|
September 30, |
December 31, |
|||||||
|
2021 |
2020 |
|||||||
|
(Unaudited) |
||||||||
|
ASSETS |
||||||||
|
CURRENT ASSETS: |
||||||||
|
Cash and cash equivalents |
$ |
15,756,293 |
$ |
691,933 |
||||
|
Restricted cash |
13,018,350 |
9,912,666 |
||||||
|
Accounts receivable, net |
21,823,247 |
31,946,561 |
||||||
|
Inventories, net |
72,839,826 |
67,611,136 |
||||||
|
Prepaid expenses |
1,517,569 |
170,706 |
||||||
|
Prepaid expenses - related party |
- |
2,015,357 |
||||||
|
Other receivables |
606,298 |
1,901,094 |
||||||
|
Total Current Assets |
125,561,583 |
114,249,453 |
||||||
|
OTHER ASSETS: |
||||||||
|
Cost method investment |
3,238,042 |
3,218,440 |
||||||
|
Equity method investment |
29,107,193 |
29,689,813 |
||||||
|
Prepayment for long-term assets |
98,454,667 |
66,083,041 |
||||||
|
Right-of-use asset |
559,296 |
64,220 |
||||||
|
Property, plant and equipment, net |
306,123,374 |
250,155,011 |
||||||
|
Total Other Assets |
437,482,572 |
349,210,525 |
||||||
|
Total Assets |
$ |
563,044,155 |
$ |
463,459,978 |
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
|
CURRENT LIABILITIES: |
||||||||
|
Accounts payable |
$ |
38,929,872 |
$ |
18,792,983 |
||||
|
Accounts payable - related parties |
10,427,554 |
9,966,708 |
||||||
|
Short-term bank loans |
55,509,298 |
52,414,596 |
||||||
|
Long-term bank loans - current portion |
70,676,635 |
39,987,577 |
||||||
|
Accrued liabilities and other payables |
20,914,632 |
12,151,633 |
||||||
|
Lease liability- current |
398,909 |
32,349 |
||||||
|
Due to related parties |
30,973,032 |
18,354 |
||||||
|
Total Current Liabilities |
227,829,932 |
133,364,200 |
||||||
|
OTHER LIABILITIES: |
||||||||
|
Lease liability |
128,036 |
- |
||||||
|
Long-term bank loans - non-current portion |
250,126,251 |
245,116,088 |
||||||
|
Total Liabilities |
478,084,219 |
378,480,288 |
||||||
|
COMMITMENTS AND CONTINGENCIES |
||||||||
|
SHAREHOLDERS' EQUITY: |
||||||||
|
Equity attributable to ordinary shareholders of the Company: |
||||||||
|
Preferred shares ($0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding at September 30, 2021 |
- |
- |
||||||
|
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and outstanding |
85,941 |
79,302 |
||||||
|
Additional paid-in capital |
88,938,870 |
82,045,993 |
||||||
|
(Deficit) |
(28,050,396) |
(18,594,755) |
||||||
|
Statutory reserve |
15,751,712 |
15,751,712 |
||||||
|
Accumulated other comprehensive (loss) |
(6,749,605) |
(9,568,873) |
||||||
|
Total equity attributable to ordinary shareholders of the Company |
69,976,522 |
69,713,379 |
||||||
|
Non-controlling interest |
14,983,414 |
15,266,311 |
||||||
|
Total Shareholders' Equity |
84,959,936 |
84,979,690 |
||||||
|
Total Liabilities and Shareholders' Equity |
$ |
563,044,155 |
$ |
463,459,978 |
||||
|
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
|
(IN U.S. DOLLARS) | ||||||||
|
For the Nine Months Ended |
||||||||
|
2021 |
2020 |
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
|
Net (loss) income |
$ |
(9,702,432) |
$ |
7,537,391 |
||||
|
Adjustments to reconcile net income from operations to net cash provided by (used in) operating activities: |
||||||||
|
Depreciation |
12,510,131 |
10,616,935 |
||||||
|
Bad debt expense |
756,463 |
245,498 |
||||||
|
(Decrease) increase in inventory allowance |
740,084 |
1,711,666 |
||||||
|
Loss on equity method investment |
765,101 |
351,129 |
||||||
|
Common stock issuance for professional fee |
- |
25,974 |
||||||
|
Impairment loss for fishing vessels |
1,471,223 |
- |
||||||
|
Changes in operating assets and liabilities: |
||||||||
|
Accounts receivable |
9,583,745 |
(5,191,192) |
||||||
|
Inventories |
(5,567,403) |
(35,027,650) |
||||||
|
Prepaid expenses |
(1,350,006) |
(432,033) |
||||||
|
Prepaid expenses - related party |
2,032,018 |
- |
||||||
|
Other receivables |
1,309,201 |
(328,396) |
||||||
|
Accounts payable |
20,065,745 |
(4,641,514) |
||||||
|
Accounts payable - related parties |
401,008 |
218,739 |
||||||
|
Accrued liabilities and other payables |
8,070,980 |
1,553,556 |
||||||
|
Accrued liabilities and other payables - related party |
29,568,507 |
- |
||||||
|
Advance from customers |
636,865 |
(619,235) |
||||||
|
Due to related parties |
77,476 |
140,210 |
||||||
|
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
71,368,706 |
(23,838,922) |
||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
|
Purchase of property, plant and equipment |
(32,038,302) |
(93,357,444) |
||||||
|
Prepayment made for long-term assets |
(68,553,308) |
- |
||||||
|
Proceeds from government grants for fishing vessel construction |
- |
28,962,913 |
||||||
|
NET CASH USED IN INVESTING ACTIVITIES |
(100,591,610) |
(64,394,531) |
||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
|
Proceeds of short-term bank loans |
44,812,560 |
81,811,291 |
||||||
|
Repayments of short-term bank loans |
(42,031,091) |
(42,908,020) |
||||||
|
Proceeds from long-term bank loans |
78,720,177 |
104,640,414 |
||||||
|
Repayments of long-term bank loans |
(44,683,935) |
(46,325,253) |
||||||
|
Proceeds from issuance of ordinary shares |
4,351,243 |
|||||||
|
Proceeds from issuance of series A preferred shares |
3,698,273 |
- |
||||||
|
Proceeds from related party |
1,450,000 |
|||||||
|
Repurchase of preferred shares |
(1,450,000) |
|||||||
|
Loans issued to related parties |
(160,070,480) |
|||||||
|
Repayments of loans issued to related parties |
- |
157,692,576 |
||||||
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
44,867,227 |
94,840,528 |
||||||
|
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
2,525,721 |
935,670 |
||||||
|
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
18,170,044 |
7,542,745 |
||||||
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period |
10,604,599 |
10,092,205 |
||||||
|
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period |
$ |
28,774,643 |
$ |
17,634,950 |
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
||||||||
|
Cash paid for: |
||||||||
|
Interest |
$ |
13,191,936 |
$ |
11,012,593 |
||||
|
Income taxes |
$ |
- |
$ |
- |
||||
|
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS: |
||||||||
|
Cash and cash equivalents |
15,756,293 |
3,397,018 |
||||||
|
Restricted cash |
13,018,350 |
14,237,932 |
||||||
|
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
28,774,643 |
$ |
17,634,950 |
||||
|
NON-CASH INVESTING AND FINANCING ACTIVITIES: |
||||||||
|
Acquisition of property and equipment paid by related party on behalf |
$ |
(32,038,302) |
- |
|||||
|
Acquisition of property and equipment by decreasing prepayment for long-term assets |
$ |
- |
$ |
(20,594,592) |
||||
View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2021-301425832.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Oct. 19, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, announced today that it received a determination notice letter dated October 13, 2021 (the "Determination Notice") from the Listing Qualification Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying that the Company did not meet the terms of exception granted by Staff.
As previously disclosed, the Company received notices on April 15, 2021, May 25, 2021 and August 23, 2021 from the Staff notifying that the Company did not comply with listing requirements set forth in Listing Rule 5250(c)(1) (the "Rule") because it had not filed its Form 10-K for the period ended December 31, 2020 (the "Form 10-K"), and its Forms 10-Q for the periods ended March 31, 2021 and June 30, 2021 (the "Forms 10-Q") with the Securities and Exchange Commission (the "SEC"). As required by these notices, Pingtan submitted a plan and supporting materials to Nasdaq outlining its plan to regain compliance with respect to these delinquent reports and the Staff granted the Company an exception until October 12, 2021 to regain compliance with the Rule.
While the Company filed its Form 10-K on October 13, 2021, it was unable to file the Forms 10-Q with the SEC prior to October 12, 2021. As detailed in the Determination Notice, unless the Company requests an appeal of this determination to a Hearings Panel on or before October 20, 2021, trading of the Company's ordinary shares will be suspended at the opening of business on October 22, 2021 and a Form 25-NSE will be filed with the SEC, which will remove the Company's securities from listing and registration on the Nasdaq Capital Market.
The Company intends to submit a request for a hearing to appeal the determination and a request for a stay of the suspension of the Company's securities for up to 15 days from the date of request, pending the hearing. Before the Hearings Panel notifies the Company of its conclusion, the Determination Notice does not have an immediate effect on the trading of the Company's securities.
The Company is currently working diligently to finalize and file the Forms 10-Q.
About Pingtan
Pingtan is a fishing company that engages in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, which may include statements regarding the Company's ability to file its Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 and its ability to regain compliance with the continued listing requirements of Nasdaq. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; delays in deploying vessels; conducting fishing operations and locating or re-locating vessels, in foreign waters and related license requirements; actions taken by government regulators, such as the Indonesian moratorium, or reports or allegations of illegal activity by us, related parties or those with which we conduct business; our ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; operational, mechanical, climatic or other unanticipated issues; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; the impact of the coronavirus (COVID-19) on the Company's financial condition, business operations and liquidity; the impact of COVID-19 on our customers and distributors global or national health concerns, including the outbreak of pandemic or contagious diseases such as the COVID-19 pandemic; legislative or regulatory changes that may adversely affect our business and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-receives-nasdaqs-determination-letter-301403150.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Aug. 26, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, announced that it has received an additional delinquency notification letter from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") on August 23, 2021, indicating that, since the Company remains delinquent in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "Form 10-K") and its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the "Q1 Form 10-Q"), and the delay in the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2021 (the "Q2 Form 10-Q"), the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1) (the "Rule"). The Rule requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the "SEC").
As previously disclosed, the Company received a notice from the Staff on April 15, 2021 regarding its non-compliance with the Rule following the Company's delay in filing its Form 10-K and a notice from the Staff on May 25, 2021 regarding its non-compliance with the Rule following the Company's delay in filing its Q1 Form 10-Q. As required by these notices, Pingtan submitted a plan to Nasdaq on June 14, 2021 outlining its plan to regain compliance with respect to these delinquent reports. The Company continues to engage in discussions with Nasdaq regarding its plan to regain compliance.
On August 16, 2021, Pingtan filed a Notification of Late Filing on Form 12b-25 with the SEC, disclosing that, given the delay in filing the Form 10-K, the Q1 Form 10-Q and the appointment of new independent public accounting firm effective as of May 31, 2021, the Company was unable to file the Q2 Form 10-Q within the prescribed time period without unreasonable effort or expense and that it anticipated filing the Form 10-K, Q1 Form 10-Q and Q2 Form 10-Q on or before October 12, 2021.
The Company will continue to work diligently to complete and file the delinquent reports as soon as practicable.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, which may include statements regarding the Company's ability to file its Form 10-K for the year ended December 31, 2020 or Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 within the extension period and meet the continued listing requirements of Nasdaq. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements, including general economic and market conditions and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-ltd-receives-nasdaq-notice-of-additional-delinquency-301363508.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, May 28, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, announced that it has received an additional delinquency notification letter from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") on May 25, 2021, due to the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") as a result of the Company's failure to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the "Q1 Form 10-Q") with the Securities and Exchange Commission (the "SEC").
As previously disclosed, the Company received a notice from the Staff on April 15, 2021 regarding its non-compliance with the Rule following the Company's delay in the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "Form 10-K"). As per these notices, Pingtan shall submit a plan to Nasdaq on or before June 14, 2021 to regain compliance with respect to these delinquent reports.
On May 18, 2021, Pingtan filed a Notification of Late Filing on Form 12b-25 with the SEC, disclosing that, given the delay in filing the Form 10-K, the Company was unable to file the Q1 Form 10-Q within the prescribed time period without unreasonable effort or expense and that it did not anticipate filing the Q1 Form 10-Q on or before May 24, 2021, the extended period provided for the filing under Rule 12b-25(b) of the Securities Exchange Act of 1934, as amended.
The Company will continue to work diligently to complete and file the Form 10-K and the Q1 Form 10-Q as soon as practicable.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, which may include statements regarding the Company's ability to file its Form 10-K for the year ended December 31, 2020 or Form 10-Q for the quarter ended March 31, 2021 within the extension period and meet the continued listing requirements of Nasdaq. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements, including general economic and market conditions and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-ltd-receives-nasdaq-notice-of-additional-delinquency-301301669.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, April 19, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China (PRC), today announced that it received a notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, because of Pingtan's delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "Form 10-K") with the U.S. Securities and Exchange Commission (the "SEC"), Pingtan is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The Notice has no immediate effect on the listing or trading of Pingtan's ordinary shares on the Nasdaq Capital Market.
Pingtan filed a Notification of Late Filing on Form 12b-25 with the SEC on April 1, 2021, indicating that the filing of the Form 10-K would be delayed due to the Company having had difficulty obtaining certain financial data and as a result, the complete preparation and review of the Form 10-K is taking longer than anticipated.
Nasdaq has informed the Company that it must submit a plan to regain compliance (the "Plan") within 60 calendar days of receipt of the Notice, or until June 14, 2021, addressing how Pingtan intends to regain compliance with Nasdaq's listing rules. If Nasdaq accepts the Plan, it may grant an extension of up to 180 calendar days from the Form 10-K filing due date, or until October 12, 2021, to regain compliance.
The Company's management is working diligently to complete the Form 10-K and intends to file the Form 10-K with the SEC as soon as practicable.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, which may include statements regarding the Company's ability to file its Form 10-K for the year ended December 31, 2020 within the extension period and meet the continued listing requirements of Nasdaq. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements, including general economic and market conditions and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-receives-notification-from-nasdaq-related-to-delayed-annual-report-on-form-10-k-301271478.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, March 9, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, announced that it has closed its previously announced registered direct offering of 3,625,954 ordinary shares at a price of $1.31 per share, and 2,719,464 five-year warrants to purchase ordinary shares at an exercise price of $1.31 per share.
Spartan Capital Securities, LLC acted as sole placement agent for the offering.
Pingtan intends to use the net proceeds from this offering for working capital, general corporate purposes and transaction expenses. Pingtan may also use a portion of the net proceeds from the offering to finance acquisitions of, or investments in, competitive and complementary businesses, products or services as a part of its growth strategy.
The securities were offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333-248620) that Pingtan previously filed with the U.S. Securities and Exchange Commission ("SEC"). The offering was made only by means of a written prospectus supplement and the accompanying prospectus that form a part of the registration statement. An electronic prospectus supplement and the accompanying prospectus relating to the offering were filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus relating to these securities are available on the SEC's website at www.sec.gov and may also be obtained by contacting Spartan Capital Securities, LLC 45 Broadway, New York, NY 10006 by telephone at (212) 293-0123 or by email to [email protected].
The offering of these securities was made under an effective shelf registration statement on file with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include, but are not limited to, the anticipated use of net proceeds from the offering; anticipated issuance of new fisheries policy by the Indonesian government and fishing operations in Indonesia by the Company thereafter; Pingtan's ability to assist in the renewal of fisheries cooperation and to promote the economic and trade exchanges and cooperation between China and Indonesia; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-ltd-closes-registered-direct-offering-301243217.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, March 4, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, today announced that it has agreed to sell 3,625,954 ordinary shares at a price of $1.31 per share, and 2,719,464 five-year warrants to purchase ordinary shares at an exercise price of $1.31 per share, in a registered direct offering. The net proceeds to Pingtan from this offering are expected to be approximately $4.2 million. The offering is expected to close on or about March 8, 2021, subject to customary closing conditions.
Spartan Capital Securities, LLC is acting as sole placement agent for the offering.
Pingtan intends to use the net proceeds from this offering for working capital, general corporate purposes and transaction expenses. Pingtan may also use a portion of the net proceeds from the offering to finance acquisitions of, or investments in, competitive and complementary businesses, products or services as a part of its growth strategy.
The securities are being offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333-248620) that Pingtan previously filed with the U.S. Securities and Exchange Commission ("SEC"). The offering will be made only by means of a written prospectus supplement and the accompanying prospectus that form a part of the registration statement. An electronic prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus relating to these securities will be available on the SEC's website at www.sec.gov and may also be obtained, when available, by contacting Spartan Capital Securities, LLC 45 Broadway, New York, NY 10006 by telephone at (212) 293-0123 or by email to [email protected].
The offering of these securities is being made under an effective shelf registration statement on file with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include, but are not limited to, whether or not the Company will be able to raise capital through this offering or consummate this offering, including the satisfaction of customary closing conditions; the anticipated use of net proceeds from the offering; anticipated issuance of new fisheries policy by the Indonesian government and fishing operations in Indonesia by the Company thereafter; Pingtan's ability to assist in the renewal of fisheries cooperation and to promote the economic and trade exchanges and cooperation between China and Indonesia; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-ltd-announces-4-750-000-registered-direct-offering-of-ordinary-shares-and-warrants-301240500.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Feb. 4, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China, today announced it has signed a Cooperation Agreement (the "Agreement") with Scienjoy Holding Corporation ("Scienjoy") (NASDAQ: SJ), and Hangzhou Liyumen Technology Development Limited ("Liyumen"), for strategic cooperation in the field of live broadcast e-commerce, and jointly to build a pelagic aquatic live broadcast brand.
Pursuant to the Agreement, the three parties will jointly formulate the details of pelagic aquatic live broadcast related business cooperation, including product standards, price systems and brand operations along with other aspects.
In recent years, live broadcast e-commerce and multi-channel network (MCN) have developed rapidly in China. Live broadcast e-commerce has been further developed especially after the COVID-19 pandemic, and the business model is well established. The market predicts that the scale of China's live broadcast e-commerce gross merchandise value (GMV) will exceed RMB 1.2 trillion (US$185 billion) in 2021.
Scienjoy is a leading supplier in the field of live video streaming broadcast in China. In addition to operating its own multiple live streaming platforms, Scienjoy provides technical infrastructure to enable live broadcast companies, online users, and viewers to communicate with each other. Liyumen has rich experience in live broadcast e-commerce operations and MCN anchor training experience. Through this strategic cooperation, Scienjoy and Liyumen will assist Pingtan to start live broadcast marketing of Pingtan's pelagic aquatic products in Tik Tok, SnackVideo, Tmall, Taobao, JD, and WeChat Video Account, and in Scienjoy's own live broadcast platforms and private traffic e-commerce fields; and to provide market analysis, channels and technical support.
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "In the last week, we have signed a strategic cooperation framework agreement with World Telecom Satellite Technology Limited and Wuhan Incar Technology Limited to develop the high-speed data communication platform, PME-Live, for pelagic fishing vessels based on the integration of satellite and 5G technologies, and to establish and deploy our supply chain platform, PME-Track, based on blockchain technology.
We believe that once we complete these technology platforms, Pingtan will become the first fishery company in China to engage in the live broadcast e-commerce for pelagic aquatic products, which will be a great result from the cooperation with Scienjoy and Liyumen, as this cooperation will greatly strengthen our position in live broadcast e-commerce.
As a high-quality content for livestreaming, our pelagic aquatic products will be broadcasted by the experienced MCN company through advanced communication technology and live broadcast platforms and will provide viewers and consumers with high degree of visual and taste satisfaction. We expect the development of the vertical e-commerce business will bring Pingtan's operating performance to a higher level, and we are very much looking forward to the future."
About Scienjoy
Founded in 2011, Scienjoy is a leading mobile live streaming platform in China, and its core mission is to build a live streaming service matrix that delivers pleasant experience to users. With more than 243 million registered users, Scienjoy currently operates four brands of live streaming platforms, consisting of: Showself, Lehai, Haixiu, and BeeLive (including Mifeng, BeeLive Chinese version, and BeeLive International for international markets). Scienjoy adopts multi-platform operation strategies and is committed to providing high quality and value-added services for users with innovative thinking. Based on the in-depth understanding of and research on the live streaming industry and user behavior, Scienjoy is devoted to building a second life world in which the virtual world and the reality are integrated within the live streaming scenario, to deeply integrating the industry through diversified live broadcasting scenarios, and to empowering the industry by building a content-rich and vibrant Live Streaming Full Ecosystem. http://www.scienjoy.com/
About Liyumen
Liyumen is an emerging technologies and applications company engaging in livestreaming E-Commerce and Internet data services.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements, including general economic and market conditions and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-to-enter-live-boardcast-e-commerce-301222111.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Feb. 2, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China, today announced it has signed a Strategic Cooperation Framework Agreement (the "Agreement") with World Telecom Satellite Technology Limited ("Wotelsat"), a leading private satellite communications operator in China, and Wuhan Incar Technology Limited ("Incar"), an Internet of Things (IoT) platform company.
This strategic cooperation intends to explore the construction of a new generation of high-speed information platform, PME-Live, for pelagic fishing vessels based on Wotelsat's Dragon X global satellite broadband network and China Unicom's 5G communication technology, and to establish an aquatic products production, supply and marketing tracking management platform, PME-Track.
PME-Live will have technical support from satellite+5G integrated communication technology in order to establish the direct communication channel between pelagic fishing vessels and mass urban consumers located thousands of kilometers away from the ocean. PME-Live also aims to provide entertainment and leisure services for the Company's crew members, to relieve fatigue and stress from working in the ocean for a long period of time and to improve work efficiency and satisfaction. The tracking management platform, PME-Track, will be supported by blockchain technology to provide transparency and quality assurance to the Company's consumers. Pursuant to the Agreement, the Company along with Wotelsat and Incar will soon start a joint project working group to carry out preparatory work and test pilot.
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "In recent years, a new channel of DTC (Direct to Customer), which combined with the live broadcast and new retail model, has been developed and applied in various industries as a result of the popularization of 5G communication technology and mobile Internet. For traditional fishery companies like Pingtan, Internet Plus is not only a means for companies to improve their internal management capabilities through information technology, but also provides a "new gameplay" for companies to explore new markets and create new revenue. We believe PME-Live and PME-Track will greatly enhance our management of pelagic fishery production and allow us to further explore new market for income and expand our business."
About Wotelsat
Wotelsat is a Chinese local satellite communications company engaged in satellite communications network operation and satellite communications technology research and development, equipment manufacturing, and system solutions. Wotelsat has signed strategic cooperation agreements with many domestic and international satellite and communication companies. Its self-developed Dragon Xpress, which integrates air, space, and ground, has creatively integrated domestic and foreign satellite resources to achieve global coverage. In 2017, China Unicom invested Wotelsat and established a strategic partnership. Wotelsat's two R&D centers are in Beijing of China and Plymouth of UK. http://www.worsat.com
About Incar
Incar is a wholly owned subsidiary of Shenzhen Soling Industrial Co., Ltd. (002766.SZ), and is a leading company in the research and development of Internet of Vehicles ("IoV") and IoT in China. Incar's R&D center is in Wuhan, China, with hundreds of professional R&D personnel. https://www.incarcloud.com
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements, including general economic and market conditions and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-to-establish-satellite-live-broadcasting-network-for-pelagic-fishing-301219901.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Jan. 14, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), a fishing company based in the People's republic of China, today announced a substantial year-on-year revenue guidance increase of over 100% for the fiscal year 2021.
The Company currently operates a fishing fleet of 92 vessels, including 89 harvesting vessels and 3 refrigerated transport vessels, with a total gross tonnage of over 110,000. Among the 89 active harvesting vessels, approximately 77 were operating in their respective fishing grounds during the 4th quarter of 2020. Based on this, the Company estimates that the revenue for the full fiscal year 2020 would be approximately $85 million.
Previously in December 2020, the Company announced the approval of modification and rebuilding for 20 inactive vessels. Upon the completion of these 20 vessels, the number of active harvesting vessels of the Company is expected to reach 109 by the end of 2021. In addition, the Company has discovered new seasonal fishery stock in international waters early this year and have arranged a group of harvesting vessels to the waters for fishing operations. Given the above, the Company expects the revenue for the full fiscal year 2021 to increase by 100% or higher.
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "There is a lot of positive inertia in our business right now. Whether it is more vessels fishing, new seasonal fishery stock discovered in the international waters, or the vertical integration of our business model into the retail sector, we are excited about the Company's prospects. The demand in China is increasingly great for our catches."
About Pingtan
Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements, including general economic and market conditions and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-announces-fy-2021-guidance-of-at-least-100-revenue-increase-301208452.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Jan. 12, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, announced on January 8, 2021 that it received $4 million investment through issuing 4,000,000 of its Series A Convertible Preferred Shares, par value $0.001 per share ("Series A Preferred Shares"), in a registered direct offering. Each Series A Preferred Share is convertible into the Company's ordinary shares at a conversion price per share equal to the lesser of (i) $2.00 and (ii) 90% of the lowest volume weighted average price of the ordinary shares on a trading day during the ten trading days prior to the conversion date, but not lower than $0.44, subject to certain adjustments. Holders of Series A Preferred Shares are entitled to receive dividends of 8.0% per annum.
For example, if all the 4 million Series A Preferred Shares were converted at $2.00, it would have resulted in the holder receiving approximately 2.36 million of the Company's ordinary shares.
As provided in the material terms of the Series A Preferred Shares, on each Monday following the 14th day after the original issue date, January 8, 2021, the holder of Series A Preferred Shares will convert a minimum of $250,000 of the stated valued of the Series A Preferred Shares into ordinary shares at the applicable conversion rate until there are no remaining Series A Preferred Shares held by such holder. The first conversion date is expected to occur on January 25, 2021. The conversion rate will be determined as of such conversion date as described above.
The offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-248620) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement and accompanying prospectus describing the terms of this offering have been filed by the Company with the SEC. Copies of the prospectus supplement, together with the accompanying prospectus, may be obtained from the SEC's website at www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospectus may also be obtained from Spartan Capital Securities, LLC, the exclusive placement agent for the offering, by email to [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include, but are not limited to, the anticipated use of net proceeds from the offering; the expected timing for the conversion of the Series A Preferred Shares; anticipated issuance of new fisheries policy by the Indonesian government and fishing operations in Indonesia by the Company thereafter; Pingtan's ability to assist in the renewal of fisheries cooperation and to promote the economic and trade exchanges and cooperation between China and Indonesia; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Jan. 8, 2021 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company"), a fishing company based in the People's Republic of China, announced today that it has sold $4.0 million of the Company's Series A Convertible Preferred Shares, par value $0.001 per share ("Series A Preferred Shares"), in a registered direct offering.
The Company entered into a definitive purchase agreement for the purchase of an aggregate of 4,000,000 Series A Preferred Shares at an offering price of $1.00 per share and a stated value of $1.10 that are convertible into the Company's ordinary shares. Each Series A Preferred Share is convertible into the Company's ordinary shares at a conversion price equal to the lesser of (i) $2.00 and (ii) 90% of the lowest volume weighted average price of the ordinary shares on a trading day during the ten trading days prior to the conversion date, but not lower than $0.44, subject to certain adjustments.
The estimated net proceeds from this offering, after deducting estimated offering expenses payable by the Company and placement agent fees, are expected to be approximately $3.43 million. The Company intends to use the net proceeds from this offering for working capital, general corporate purposes (including sales and marketing and the satisfaction of outstanding amounts payable to its vendors in connection with trade payables) and transaction expenses. The Company may also use a portion of the net proceeds from this offering to finance acquisitions of, or investments in, competitive and complementary businesses, products or services as a part of its growth strategy.
Spartan Capital Securities, LLC acted as the Company's exclusive placement agent for this offering.
This offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-248620) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement and accompanying prospectus describing the terms of this offering have been filed by the Company with the SEC. Copies of the prospectus supplement, together with the accompanying prospectus, may be obtained from the SEC's website at www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospectus may also be obtained from Spartan Capital Securities, LLC by email to [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include, but are not limited to, the anticipated use of net proceeds from this offering; anticipated issuance of new fisheries policy by the Indonesian government and fishing operations in Indonesia by the Company thereafter; Pingtan's ability to assist in the renewal of fisheries cooperation and to promote the economic and trade exchanges and cooperation between China and Indonesia; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-ltd-closes-4-0-million-registered-direct-offering-301203525.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Dec. 29, 2020 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), today announced that 20 fishing vessels operated by the Company received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China ("MARA") for modification and rebuilding.
The Company acquired the exclusive operating rights to the 20 vessels on December 4, 2013 and the vessels were placed in the Indonesian waters for operations. Due to the impact of the moratorium implemented by the Indonesian government in December 2014, these vessels ceased operations in 2015. For the purpose of recovering fishing operations as early as possible and expanding the fishing capacity of its fleet, the Company decided to initiate modification and rebuilding projects for these vessels.
The 20 fishing vessels will be modified into seine fishing vessels with vessel length of 57 meters and gross tonnage of 1,110. Among the 20 fishing vessels, 8 were approved by the MARA to operate in the international waters of the Indian Ocean, and 12 were approved to operate in the international waters of North Pacific Ocean after the completion of the modification and rebuilding.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprises-20-fishing-vessels-to-resume-operations-in-different-fishing-grounds-after-modification-and-rebuilding-301198970.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Dec. 22, 2020 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), today announced that the Company's rebuilt refrigerated transport vessel, Fu Yuan Yu Yun 992, and 6 large-scale squid jigging vessels set sail to sea in mid-December 2020.
The rebuilt refrigerated transport vessel, Fu Yuan Yu Yun 992, was completed in October 2020. Its vessel length is 132.06 meters and gross tonnage is 8374. It is the largest fishery support vessel in China so far as approved by the Ministry of Agriculture and Rural Affairs of the People's Republic of China. It left Shidao Port in Weihai City, Shandong Province on December 12, 2020 and will operate in the international waters.
The 6 large-scale squid jigging vessels are normally operating vessels that returned to China earlier this year from the waters of Southwest Atlantic Ocean for maintenance and repair. These vessels left the port of Mawei on December 17, 2020 and are sailing to the fishing grounds in the international waters of the Southeast Pacific Ocean for operation.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content to download multimedia:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-announces-chinas-largest-fishery-support-vessel-and-6-squid-jigging-vessels-sailing-to-sea-301197503.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Dec. 7, 2020 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company"), today announced that the Company will hold its Annual General Meeting of Members ("AGM") on December 23, 2020, at 10:00 a.m. China Standard Time. The meeting will be held at 18 Floor, Zhongshan Building A, No. 154 Hudong Road, Fuzhou, Fujian, People's Republic of China.
At the meeting, the following proposals will be submitted to shareholders to vote upon, as fully described in the proxy statement filed with the U.S. Securities and Exchange Commission and first made available to shareholders on November 12, 2020:
- The election of one Class B director to the Board of Directors and to serve for a three-year term to expire at the 2023 annual general meeting or until his successor is duly elected and qualified;
- The approval, on a non-binding advisory basis, of the compensation of the Company's executive officers;
- The consideration, on a non-binding advisory basis, of the frequency on future advisory votes on executive compensation; and
- The ratification of the appointment of BDO China Shu Lun Pan Certified Public Accountants LLP as the Company's independent registered public accounting firm for the year ending December 31, 2020;
Only shareholders of record of the Company's ordinary shares at the close of business on November 9, 2020 will be entitled to receive notice of and attend the AGM and any adjournment or postponement thereof.
About Pingtan
Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-to-hold-annual-general-meeting-of-members-on-december-23-2020-301187264.html
SOURCE Pingtan Marine Enterprise Ltd.
]]>FUZHOU, China, Nov. 19, 2020 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), today announced that on November 17, 2020, Pingtan's CEO led a team for a study visit to Zhanjiang Guolian Aquatic Products Co., Ltd. ("Guolian") that is headquartered in the Zhanjiang Economic and Technological Development Zone of Guangdong Province in China.
Guolian is an aquatic food company listed on the Shenzhen Stock Exchange that focuses on the whole-industry-chain development of the aquatic industry and places aquatic food R&D as its leading priority. Its key products are prawn and tilapia, which are safe, healthy, and cost-effective aquatic products. Guolian has now developed into a multi-national group company covering a variety of whole industry chains, including hatchery, factory farming, feed manufacturing and selling, fisheries research, marine food processing and trade.
During the visit, Pingtan's Chairman and CEO, Mr. Xinrong Zhuo, led the team in a study of Guolian's intelligent processing technology and whole-industry-chain operation model. Mr. Zhuo and Guolian's Chairman, Mr. Zhong Li, had in-depth discussions and exchanged views on a variety of topics, including aquatic food processing, food R&D and global sales networking, and agreed that there are opportunities for the companies to work together for development in a whole-industry-chain approach, which would benefit both companies and make respective advantages complementary to each other.
Mr. Zhuo commented: "Guolian is one of the largest aquatic food companies in China. We are honored to have an opportunity to visit its headquarters. The visit was very successful. In the future, we look forward to finding ways to cooperate with Guolian in the area of intensive processing of marine catches, such as squid and tuna products and especially series of intensively processed squid products. We believe the discussed potential cooperation would not only possibly expand our product mix but also have a positive impact on Pingtan's value-added product processing."
About Pingtan
Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements, including general economic and market conditions and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]
INVESTOR RELATIONS
PureRock Communications Limited
[email protected]
View original content to download multimedia:http://www.prnewswire.com/news-releases/pingtan-marine-enterprises-ceo-led-a-study-visit-on-the-intelligent-processing-technology-in-one-of-chinas-leading-aquatic-food-companies-301177219.html
SOURCE Pingtan Marine Enterprise Ltd.
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