HONG
KONG, Nov. 12, 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 a
US$4.4 million win, representing the
largest contract in the Company's history. Of the total
US$4.4 million, US$3.2 million is being recognized as revenue in
calendar year 2024 and the balance in calendar year 2025.
The Company successfully designed and fully installed an
integrated security and monitoring system for the hostel and
academic building complex at Hong Kong Baptist
University (HKBU). Along with system design, provisioning,
and implementation, SU Group also carried out thorough testing and
commissioning of the systems.
The HKBU hostel and academic building complex includes 1,700
living spaces and a four-level Creative Hub. This state-of-the-art
hub features an eSports stadium, laboratories, a theatre, a
recording studio, and one of the most advanced one-stop film score
recording studios in Southeast
Asia. The Creative Hub is designed to support the
University's efforts in advancing teaching, research, and knowledge
transfer in the field of creative media.
SU Group's ELV system is seamlessly integrated via a
cloud-based, AI-enhanced operating system that encompasses nearly
all of its sub-systems, including CCTV, alarms, access control,
automatic doors, pedestrian gates, and more. The system's
complexity and customization are unparalleled. For instance, over
2,000 access control doors were designed and installed, along with
customized pedestrian gates. This marks the first phase of HKBU's
development program and positions the Company to support future
phases.
SU Group's Chairman and CEO, Dave
Chan, commented, "This is a landmark contract. Beyond the
record revenue, the project is especially significant due to HKBU's
status as one of Hong Kong's
leading higher education institutions. We anticipate that this will
serve as a high-profile reference, showcasing our efficiency,
reliability, and versatility. Additionally, it opens up a valuable
new market for us in providing security solutions to the lucrative
college and campus sector."
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 compete effectively; 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