Fenbo Holdings Limited Taps into AI Innovations through Investment in a U.S. AI Focused Fund
August 29 2024 - 8:00AM
Fenbo Holdings Limited (the "Company" or "Fenbo"), an established
original equipment manufacturer (OEM) for Spectrum Brands, a global
home essentials company, producing electrical hair styling products
under the "Remington" brand, today announced the Company has
entered into a subscription agreement (the “Agreement) to make an
initial $150,000 strategic investment in a U.S. Artificial
Intelligence (“AI”) focused investment fund. (the “Fund”). This
move positions Fenbo to leverage the Fund's expertise in
cutting-edge AI technologies and permits it to evaluate the
potential impact of AI on the development of the Company's
products.
The Fund is targeting capital commitments of up
to $20 million, although the general partner, in its sole
discretion, may accept Capital Commitments of a lesser or greater
amount. Its investment objective is to generate attractive returns
for its limited partners, according to the terms of the Fund.
The Fund is a Delaware limited partnership that
will specialize in making direct venture capital investments in
early-stage and growth-stage private technology companies, with a
particular emphasis on financial technology (FinTech),
blockchain/web3, and enterprise technology. It is managed by a
Delaware-based investment management firm (the “Firm”). The
investment Firm believes that AI represents a greater investment
opportunity than the internet did at its inception - and that AI is
a must-do investment opportunity. This year the Firm has been
putting together a new Fund to invest into the leading private
companies in this industry (e.g., OpenAI). In addition to the
access, what gives the firm an edge is analysis of the macroeconomy
and stock market leveraging based upon their team's background.
The rise of artificial intelligence has
transformed the landscape of numerous industries, empowering
organizations to streamline operations, enhance decision-making,
and unlock new opportunities for innovation. Therefore, the Company
is proactively positioning itself to explore and evaluate the
potential of AI to benefit its customer.
"The Fund's focus on AI-driven 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 may gain access to a curated portfolio
of innovative startups and as well as the potential guidance of
industry experts, which will assist us in identifying and
evaluating AI solutions that may improve our products, our
customer’s experience and business outcomes."
About Fenbo Holdings
Limited
Headquartered Hong Kong and through its
operating subsidiaries in Hong Kong and Guangdong Province, Fenbo
represents over 30 years of experience producing personal care
electric appliances (principally electrical hair styling products)
and toy products to overseas markets. The Company, since 2006. also
has served as an OEM for Spectrum Brands, a global home essentials
company, and its sole customer, producing electrical hair styling
products, under the "Remington" brand which Spectrum Brands has the
right of the use of, and which it currently sells to Europe, the
United States and Latin America. For more information, please
visit: http://www.fenbo.com.
Forward-Looking Statement
This press release contains forward-looking
statements. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. When the Company
uses words such as "may, "will, "intend," "should," "believe,"
"expect," "anticipate," "project," "estimate" 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 the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
Investor RelationsWFS Investor Relations
Inc.Janice Wang, Managing PartnerEmail:
services@wealthfsllc.comPhone: +86 13811768599+1 628 283 9214
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