HONG
KONG, Sept. 9, 2024 /PRNewswire/ -- SU Group
Holdings Limited (Nasdaq: SUGP) ("SU Group" or the "Company"), an
integrated security-related engineering services company in
Hong Kong, today announced it has
entered into a joint development memorandum of understanding (the
"MOU") with UrbanChain Group, a pioneering technology company
specializing in next-generation Artificial Intelligence of Things
("AIoT") mobility solutions.
Under the MOU, the two companies will jointly collaborate on
integrated AIoT car parking, security and access control solutions
in Hong Kong, Macao and other South East Asian markets, with
EV charging used to trigger the demand for more automatic car park
and fee collection systems. The two companies will collaboratively
design a comprehensive trial to evaluate the functional
capabilities of the integrated platforms, as well as various
monetization opportunities, including but not limited to parking,
EV charging, access control, security, and mobility on a project
and/or profit sharing basis.
UrbanChain Group will provide SU Group with cutting-edge
software and hardware solutions, including but not limited to B2B2C
platforms, such as vehicle recognition technology, reservation
systems, app-based payments, real-time data dashboards, dynamic
pricing and promotions, and receipt recognition technology. SU
Group will provide UrbanChain Group with the latest technologies in
security, access control, and traffic management, while applying
its expertise to assist with engineering support and business
connections. SU Group will additionally explore the opportunity to
participate directly in UrbanChain Group's growth by providing
funding through equity, debt or convertible financial
instruments.
SU Group's Chairman and CEO, Dave
Chan, commented, "We are excited to be collaborating with
UrbanChain Group on the next generation of Artificial Intelligence
of Things powered security, access control and integrated car
parking solutions. We were impressed with our new partner's
outstanding team of engineers and IT professionals, which are known
for delivering affordable, reliable, sustainable profit-making
solutions that enable cities to be connected using next-generation
Artificial Intelligence of Things systems."
"By leveraging UrbanChain's expertise, with SU Group's
engineering expertise and vast experience in designing, installing
and maintaining comprehensive security and monitoring solutions, we
will be able to bring customers the latest in enhanced solutions,
while expanding the addressable market we are servicing. Opening
new markets and expanding addressable opportunities within existing
markets are important elements of our business strategy, as we
remain focused on driving revenue growth, profit expansion and
unlocking shareholder value."
About UrbanChain Group
UrbanChain Group is a technology company that specializes in
developing software and hardware solutions using AI and IoT
technologies. Its key technology, automated vehicle recognition,
connects properties with mobility and transforms cars into credit
cards. By utilizing UrbanChain Group's solutions, property owners
and cities can improve the utilization of existing spaces and
increase profitability. For more information visit
www.urbanchaingroup.com.
About SU Group Holdings Limited
SU Group (Nasdaq: SUGP) is an integrated security-related
services company that primarily provides security-related
engineering services, security guarding and screening services, and
related vocational training services in Hong Kong. Through its
subsidiaries, SU Group has been providing turnkey services to the
existing infrastructure or planned development of its customers
through the design, supply, installation, and maintenance of
security systems for over two decades. The security systems that SU
Group provides services include threat detection systems, traffic
and pedestrian control systems, and extra-low voltage systems in
private and public sectors, including commercial properties, public
facilities, and residential properties in Hong Kong. For more information visit
www.sugroup.com.hk.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company's
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "anticipate," "estimate," "plan," "project," "continuing,"
"ongoing," "expect," "we believe," "we intend," "may," "should,"
"will," "could" and similar expressions. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's ability to renew contracts with
recurring customers; the Company's ability to secure new contracts;
the Company's ability to accurately estimate risks and costs and
perform contracts based on the Company's estimates; the Company's
relationship with the Company's suppliers and ability to manage
quality issues of the systems; the Company's ability to obtain or
renew the Company's registrations, licenses, and certificates; the
Company's ability to manage the Company's subcontractors; the labor
costs and the general condition of the labor market; the Company's
ability to effectively manage inventories; the Company's ability to
compete effectively; the Company's dependence on a small number of
suppliers for a substantial portion of the Company's supplies; the
Company's ability to successfully manage the Company's capacity
expansion and allocation in response to changing industry and
market conditions; implementation of the Company's expansion plans
and the Company's ability to obtain capital resources for planned
growth; the Company's ability to acquire sufficient products and
obtain equipment and services from the Company's suppliers in
suitable quantity and quality; the Company's dependence on key
personnel; the Company's ability to expand into new businesses,
industries, or internationally and to undertake mergers,
acquisitions, investments, or divestments; changes in technology
and competing products; general economic and political conditions,
including those related to the security-related engineering
services industry; possible disruptions in commercial activities
caused by events such as natural disasters, terrorist activities,
political, economic, and social instability, and fluctuations in
foreign currency exchange rates, and assumptions underlying or
related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission (the "SEC"), including the Company's most recently filed
Annual Report on Form 20-F and its subsequent filings. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the SEC.
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SOURCE SU Group Holdings Limited