SON Destroys N480m Substandard Mobile Phone Accessories

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Cityneon Raises S$235 Million; Well Positioned for Next Growth Chapter

  • The global experience entertainment company gets a S$235 million shot in the arm, closes its private fund raising in April 2021
  • Investors both new and existing include Singapore's Pavilion Capital, Seatown Holdings International and EDBI, Qatar's Doha Venture Capital and financial institutions and family offices in Singapore and China
  • These now join other existing Cityneon shareholders CITIC Capital, veteran entrepreneur and investor Mr. Johnson Ko, and Executive Chairman & Group CEO Mr. Ron Tan
  • Funding comes just after the Group acquired multi-year licensing rights for James Cameron's AVATAR touring exhibition, and two original artefacts IP on the ancient civilization Machu Picchu from Peru and Ramses the Great (Ramses II) from Egypt
  • Investments position the Group well to bring experiences across the globe, targeting to launch six experiences in China and five in the U.S. by the end of 2021, with more in other parts of the world

SINGAPORE - Media OutReach - 21 April 2021 - Cityneon Holdings ("Cityneon", the "Company"/collectively with its subsidiaries, the "Group") raised S$235 million in the most recent round of private funding. The latest round of funding adds seasoned investors to Cityneon's already strong stable of shareholders.

This funding round was led by Singapore's Pavilion Capital, Seatown Holdings International, EDBI, and Cityneon's Executive Chairman & Group CEO, Mr. Ron Tan. EDBI and Pavilion Capital are existing shareholders of Cityneon whilst new investors include Seatown Holdings International, Qatar's Doha Venture Capital, which will now own approximately 4 per cent of the Group, and other financial institutions and family offices in Singapore and China.

These now join other existing Cityneon shareholders CITIC Capital, veteran entrepreneur and investor Mr. Johnson Ko, and Executive Chairman & Group CEO Mr. Ron Tan to form a new and strong shareholder base for the Group. Mr. Johnson Ko and Mr. Ron Tan remain as the largest shareholders of the company via their combined entity, West Knighton Limited.

The Group is now well positioned for its next growth chapter and will use the proceeds for capital expenditure that includes building more of its various intellectual property (IP) exhibition sets, totaling 24 travelling and four semi-permanent sets under the Studio IP partnerships and three travelling sets under the original artefact IP partnerships by the end of 2022.

Already, the Group just signed its fifth IP rights with Avatar from 20th Century Studios last year. Amidst the anticipation from Avatar fans worldwide, Cityneon will debut a multi-sensory Avatar exhibition in Chengdu, China in May 2021, ahead of the Avatar movie sequel which is slated for release in 2022. Avatar is the world's top grossing film of all time at over US$2.8 billion, and adding millions more after its successful re-release in China in March 2021. Avatar's director James Cameron has announced that he will be producing four sequels with 20th Century Studios, with the first sequel slated for release next year. Disney acquired 20th Century Studios for US$71 billion in 2019.

The Company also recently entered the original artefacts IPs space and will stage international exhibitions of the treasures of the ancient civilization Machu Picchu from Peru in Boca Raton, Florida and Pharaoh Ramses II from Egypt in Houston, Texas. These two experiences will start welcoming visitors in October and November 2021, respectively.

Other IP rights that the Group holds include partnerships with Universal Studios for Jurassic World: The Exhibition, Marvel for Avengers S.T.A.T.I.O.N., Lionsgate for The Hunger Games: The Exhibition and Hasbro for Transformers Autobot Alliance. All in, Cityneon holds the IP rights for five of the top 10 worldwide box office hits and two artefacts IP from Peru and Egypt. The Group expects to have six sets of its various IP rights travelling across China, and five travelling and permanent sets in the United States, with a few more in other parts of the globe.

The Group will also be reopening experiences that were temporarily closed in 2020, aiming to provide visitors with a safe entertainment option. These include the Marvel Avengers S.T.A.T.I.O.N. in Toronto, Canada that will be re-opening in May 2021; and the Marvel Avengers S.T.A.T.I.O.N. exhibition in Lotte Mall in Seoul, Korea in April 2021; the same exhibition space which previously housed Jurassic World: The Exhibition, another IP experience exhibition by the Group in 2019. In the past month, the Group also witnessed record visitor numbers at their semi-permanent installations in Las Vegas, USA, signaling a strong comeback and demand for their immersive experiences, as they step into the 6th year of operations there.

While there are exciting plans lined up, the Group is not resting on its laurels. More Hollywood IPs and artefact IPs can be expected, and there will be further announcements on new IP verticals in entertainment experiences that the Group is looking to enter.

Mr. Ron Tan, Executive Chairman & Group CEO of Cityneon, said: "It is exciting that the Company is going through such strategic expansion as one of the largest providers of exhibition entertainment experiences globally. The S$235 million funding round sets a solid foundation for us to invest in developing more of our entertainment experiences, to stage even more exhibitions of the five box office hits and two artefact IPs that we hold the rights to all over the world. I'm thankful that our strong investors base, now from Singapore, Hong Kong, China and the Middle East, have trust in our vision, and believe alongside us that this space of big ideas and big experiences will only grow."

By the end of this year, Cityneon will arguably be the largest provider of exhibition entertainment experiences internationally; with global footprints in more than 50 cities and welcoming 10 million unique visitors across the world by 2022.

Cityneon Holdings

With its global reach and international partnerships, Cityneon has the capability to serve its clients anywhere in the world. Cityneon was listed on the Mainboard of the Singapore Stock Exchange since 2005, and was privatized on February 2019 by West Knighton Limited, a company wholly owned by Cityneon's Executive Chairman and Group CEO, Ron Tan, together with Hong Kong veteran entrepreneur and investor, Johnson Ko Chun Shun. Johnson is a capital markets veteran and has held controlling interests and directorships in many listed companies. In May 2019, Cityneon welcomed CITIC Capital as a new shareholder, who holds approximately 10% shares in Cityneon. CITIC Capital is part of CITIC Group, one of China's largest conglomerates, and has over US$25b of assets under its management across 100 funds and investment products globally. Other institutional shareholders of the Group include EDBI - a Singapore government-linked global investor, and Pavilion Capital - a Singapore-based investment institution which focuses on private equity investments, that made strategic investments in August and October 2019 respectively, to support the Group's further expansion globally. For more information, please visit www.cityneongroup.com.


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SON Destroys N480m Substandard Mobile Phone Accessories - Brand Spur


SON Destroys N480m Substandard Mobile Phone Accessories - Brand Spur
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The Standards Organisation of Nigeria (SON) has destroyed substandard mobile phone accessories worth N480 million at Epe in Lagos.

Addressing the media at the destruction site, the Director-General, Osita Aboloma Esq., stated that the organisation was on top of its game to ensure that substandard goods did not find their ways into the Nigerian markets.

Engr. Obiora Manafa (in the reflective jacket), SON Director, Inspectorate and Compliance and NCC Head of Enforcement, Lagos Office Mr Charles Amudipe holding samples of the substandard phone accessories for with other staff of SON and NCC

Represented by Engr. Obiora Manafa, Director, Inspectorate and Compliance, the SON Chief Executive stated that the mobile phone accessories were seized by SON for not meeting up with the required standards.

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Aboloma said the destruction was to serve as a deterrent to unscrupulous importers who indulge in illicit trade to short-change unsuspecting consumers of their hard-earned money spent purchasing those goods.

The SON Director General stressed that the safety of lives and property of Nigerians was of great importance to the organisation. “The mobile phone accessories are fake versions of major brands such as Samsung, Techno, Infinix, Huawei and lots of others. We seized these items late last year from a commercial warehouse in Lagos”.

According to him, the products failed critical parameters of the standards when subjected to Laboratory tests and analysis. He said the importers of the substandard mobile accessories have committed an offence by faking known brands. “First, they have contravened the law of the country. They faked known brands and when we showed these products to the original brand owners, they denied ownership which means that they are fake brands”, he said

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Aboloma said that the negative impact on the investment of the original brand owners was huge in addition to the economic and safety perspectives. “Such accessories may not last more than a week which does not make economic sense, because consumers do not get value for the money spent”.

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“Also these accessories pose a serious threat to the users as they failed insulation parameters woefully when tested. “The IEC standards on power states that the minimum power you get from these products should be 1000 megaohms, but the values we got after testing gave only 60 megaohms.

The SON Chief Executive said it was as bad as using naked wires because they do not prevent any flow of current, exposing the users to electric shocks and possible fire incidents,” he added.

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Aboloma noted that the products valued at over N480 million were destroyed after obtaining a court order, stressing that the organization is not happy burning the products because it is a loss to the owners as well as the Nigerian economy.

He stated that the organization we have its primary responsibility to protect the lives and property of Nigerians. “Life supersedes everything and we are not going to allow any such products found into the markets,” he said.

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The Director General said SON was still on the trail of the importers of the goods with no economic value, pointing out that the agency would stop at nothing until it got them prosecuted.

Also speaking at the event, the Head, Enforcement, Nigeria Copyright Commission (NCC), Lagos Office, Charles Amudipe, commended SON for its fight against substandard goods in the country, noting that the counterfeited products were not fit for use.

“At NCC, we deal with infringing materials, piracy and all the likes and just like these products, we are having here. “They are counterfeited and not fit for the end-users. What SON is doing today is a huge leap, that is the fight against counterfeit.

“People that have worked hard invested heavily and laboured to put their certified goods in the market will not reap the benefits of their investment if SON allowed these substandard accessories into the markets”, he said.

Amudipe assured Nigerians that the Federal Government was working hard to ensure that consumers got value for their hard-earned money spent on goods and services.

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Exceptional Attack Protection Proven in Rigorous MITRE Engenuity ATT&CK® Evaluations

Trend Micro’s flagship threat detection and response platform proves its advantages in sophisticated simulations

 

HONG KONG SAR - Media OutReach - 21 April 2021 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, excelled in the latest ATT&CK Evaluation performed by MITRE Engenuity. The Trend Micro Vision OneTM platform quickly detected 96% of attack steps from the simulation that mimicked the behavior of two infamous APT groups.


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About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro's cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk


About MITRE Engenuity ATT&CK Evaluations

MITRE Engenuity ATT&CK Evaluations are paid for by vendors and are intended to help vendors and end-users better understand their product's capabilities in relation to MITRE's publicly accessible ATT&CK® framework. MITRE developed and maintains the ATT&CK knowledge base, which is based on real world reporting of adversary tactics and techniques. ATT&CK is freely available, and is widely used by defenders in industry and government to find gaps in visibility, defensive tools, and processes as they evaluate and select options to improve their network defense. MITRE Engenuity makes the methodology and resulting data publicly available so other organizations may benefit and conduct their own analysis and interpretation. The evaluations do not provide scores, ranks, or endorsements.


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