Hong Kong, Aug. 29, 2024 (GLOBE NEWSWIRE) — Fenbo Holdings Limited (the “Company” or “Fenbo”), an established original equipment manufacturer (OEM) for Spectrum Brands, a global household essentials company, producing electric hair styling products under the “Remington” brand, today announced that the Company has entered into a subscription agreement (the “Agreement”) to make an initial strategic investment of $150,000 in a U.S.-based artificial intelligence (“AI”) investment fund (the “Fund”). This transaction allows Fenbo to leverage the Fund’s expertise in cutting-edge AI technologies and allows it to assess the potential impact of AI on the Company’s product development.
The Fund targets capital commitments of up to $20 million, although the General Partner may, in its sole discretion, accept capital commitments of less or more. Its investment objective is to generate attractive returns for its Limited Partners, in accordance with the terms of the Fund.
The Fund is a Delaware limited partnership that will focus on direct venture capital investments in early- and growth-stage private technology companies, with a particular focus on financial technology (FinTech), blockchain/web3, and enterprise technology. It is managed by a Delaware-based investment management firm (the “Company”). The investment firm believes that AI represents a larger investment opportunity than the early Internet – and that AI is a compelling investment opportunity. This year, the Company established a new fund to invest in leading private companies in this space (e.g., OpenAI). In addition to access, what gives the Company an edge is the macroeconomic analysis and stock market leverage that its team has gained.
The rise of artificial intelligence has transformed the landscape of many industries, enabling organizations to streamline operations, improve decision-making, and unlock new opportunities for innovation. As a result, the company is proactively positioning itself to explore and evaluate the potential of AI for the benefit of its customers.
“The Fund’s focus on AI-powered technologies aligns perfectly with our vision for the future of enterprise software,” said Mr. Allan Li, Chairman and CEO of the Company. “By investing in this Fund, we can gain access to a curated portfolio of innovative startups as well as potential guidance from industry experts, who will help us identify and evaluate AI solutions that can improve our products, customer experiences and business outcomes.”
About Fenbo Holdings Limited
Headquartered in Hong Kong and through its operating subsidiaries in Hong Kong and Guangdong Province, Fenbo represents over 30 years of experience in the production of personal care electrical appliances (mainly electrical hairdressing products) and toys for overseas markets. Since 2006, the company has also been an OEM for Spectrum Brands, a global household essentials company, and its sole customer, producing electrical hairdressing products, under the brand name “Remington” which Spectrum Brands has the right to use and which it currently sells in Europe, the United States and Latin America. For more information, please visit: http://www.fenbo.com.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements regarding plans, objectives, goals, strategies, future events or performance, as well as underlying assumptions and other statements that are not statements of historical fact. When the Company uses words such as “may,” “will,” “intend,” “should,” “believes,” “expects,” “anticipates,” “projects,” “estimates” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. For these and other reasons, investors are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Additional factors are discussed in the Company’s filings with the SEC, which can be found at www.sec.govThe Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.
For further information please contact:
Investor Relations
WFS Inc. Investor Relations
Janice Wang, Managing Partner
E-mail: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
