Alset Inc 8-K, filed Mar 5, 2021
Alset Inc. (AEI)
8-K
2021-03-05
For: 2021-03-05
View Original
Added on
April 11, 2026
About this 8-K
Alset Inc filed this 8-K on March 5, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of earliest event reported): March 5,
2021
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ALSET EHOME INTERNATIONAL INC.
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(Exact
name of registrant as specified in its charter)
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Delaware
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001-39732
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83-1079861
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(State
of incorporation or organization)
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(Commission
File
Number)
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(IRS
Employer Identification No.)
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4800 Montgomery Lane, Suite 210
Bethesda, Maryland 20814
(Address of principal executive offices) (Zip
Code)
Registrant’s
telephone number, including area code (301) 971-3940
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common
Stock, $0.001 par value
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AEI
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The
Nasdaq Stock Market LLC
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01
Other
Events.
On
March 5, 2021, the Company issued a press release announcing
financial results by the Company’s majority-owned subsidiary,
Alset International Limited. A copy of the press release is
attached hereto as Exhibit 99.1, and is incorporated herein by
reference.
Item
9.01
Financial
Statements and Exhibits.
(d)
Exhibits.
Exhibit
Number
Exhibit
Press Release dated
March 5, 2021
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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ALSET EHOME INTERNATIONAL INC.
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Date:
March 5, 2021
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By:
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/s/ Rongguo Wei
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Name:
Rongguo Wei
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Title:
Co-Chief Financial Officer
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Exhibit 99.1
Alset EHome International Inc. Singapore Subsidiary Announces
Earnings
Turnaround with Net Profit Of US$45.0 Million For FY2020, Alongside
Plans
To Develop First-Of-Its-Kind Sustainable Healthy Living
Community
Friday,
March 5, 2021 9:00 AM
BETHESDA, MD / ACCESSWIRE / March 5, 2021 / Alset EHome
International Inc. (NASDAQ:AEI) (the “Company”), a
diversified holding company principally engaged through its
subsidiaries in property development, digital transformation
technology and biohealth activities, today announced that the
Company’s majority owned subsidiary, Alset International
Limited (“Alset International”) has released unaudited
financial results for the full year ended December 31, 2020
(“FY2020”) and provided an update on its latest
business developments.
Alset
International reported that for FY2020, Alset International’s
other income increased by US$52.0 million to US$52.9 million,
driven mainly by a US$50.5 million gain on the disposal of Impact
Biomedical, Alset International’s Biomedical arm, following
the completion of the US$50 million purchase by NYSE-listed
Document Security Systems Inc. on August 24, 2020.
Revenue
for Alset International posted a 24.0% year-on-year decline to
US$17.6 million, mainly attributable to a decline in revenue
generated from the Ballenger Run project in Frederick, Maryland to
US$16.0 million, and no revenue from Alset International’s
Lakes at Black Oak project near Houston, Texas, as it is currently
undergoing redevelopment.
As a
result, Alset International recorded a net profit attributable to
shareholders of US$45.0 million for FY2020, a significant
turnaround from a net loss of US$10.2 million in the preceding
year.
Alset
International recorded cash and cash equivalents of US$16.9 million
as at the end of December 31, 2020 (up from US$2.9 million at
December 31, 2019). Alset International remains in a net cash
position of US$16.0 million as at December 31, 2020 (up from US$2.8
million at December 31, 2019).
We note
that while our Singapore-based majority owned subsidiary reported
the unaudited, non-GAAP financial information described above, in
accordance with US GAAP, the Company will not recognize the gain on
the disposal of Impact Biomedical in its income
statement.
Building Sustainable Healthy Living System
Alset
International also provided the following update on its business
activities. Alset International has built up an eco-system of
businesses based around sustainable living for its novel and
first-of-its-kind sustainable healthy living communities. Driven by
its land development subsidiary, Alset EHome Inc., Alset
International intends to develop Alset EHomes, which are
eco-friendly single-family homes fully fitted with sustainable
transport, living and energy systems including solar systems and
energy storage as well as electric cars utilizing a vehicle-to-grid
(“V2G”) concept. Alset International has started the
infrastructure work for this sustainable healthy living community
project and intends to develop proof-of-concept Alset EHomes within
its Black Oak community development plot. Apart from Black Oak,
Alset International intends to bring this concept to other parts of
the US as well as markets abroad.
“Having
built up our sustainable healthy living ecosystem for a number of
years now, we are pleased to note that we are on the cusp helping
revolutionize the way people live, work and play. Supported by our
extensive and successful track record in property development, we
will harness the necessary skillsets, expertise, network and
production capabilities to provide high quality designer homes with
integrated smart technologies at affordable prices,” Alset
International’s Chairman and Chief Executive Officer, Chan
Heng Fai, stated. Mr. Chan also added: “Driven by our vision
to establish ourselves as the most prominent home builder of the
future, we have made it our mission to lead the world’s
transition and accelerate the advent of sustainable healthy living
systems globally.”
Situated
on approximately 136 acres of land, the Black Oak plot has been
subdivided into over 600 buildable lots. All lots will be completed
with full infrastructural works and recreational facilities
including parks and walking trails. At present, Phase 1 –
comprising a total of 124 lots – has been sold to Rausch
Coleman Homes, while the balance of 550 lots will be set aside for
the development of Alset EHomes.
About Alset EHome International Inc.
Alset
EHome International Inc. is a diversified holding company
principally engaged through its subsidiaries in property
development, digital transformation technology and biohealth
activities with operations in the United States, Singapore, Hong
Kong, Australia and South Korea. The Company's vision is to
accelerate sustainable healthy living. The Company's mission is to
provide a healthy living ecosystem, encompassing housing,
transport, energy, alternative healthy food and biohealth
products.
For
more information, please visit: www.alsetehomeintl.com.
Investor Contact:
Dave
Gentry, CEO
RedChip
Companies Inc.
407-491-4498
Dave@redchip.com
Forward-Looking Statement Disclaimer
Statements
in this press release contain “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as
“anticipate,” “believe,”
“contemplate,” “could,”
“estimate,” “expect,” “intend,”
“seek,” “may,” “might,”
“plan,” “potential,” “predict,”
“project,” “target,” “aim,”
“should,” "will” “would,” or the
negative of these words or other similar expressions, although not
all forward-looking statements contain these words. Forward-looking
statements are based on Alset EHome International Inc.’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict consequently, actual results may differ materially
from those expressed or implied by such forward-looking
statements. Further, certain forward-looking statements are
based on assumptions as to future events that may not prove to be
accurate. These and other risks and uncertainties are described
more fully in the section titled “Risk Factors” in the
final prospectus related to its initial public offering filed with
the SEC. Forward-looking statements contained in this announcement
are made as of this date, and Alset EHome International Inc.
undertakes no duty to update such information except as required
under applicable law.
SOURCE: Alset EHome International Inc.