Business
Gorilla Reports Milestones Achieved and Financial Resilience
London, United Kingdom--(Newsfile Corp. - August 26, 2024) - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), today released a
About this update from Gorilla Technology Group Inc.
[{"type":"text","content":"London, United Kingdom--(Newsfile Corp. - August 26, 2024) - Gorilla Technology Group Inc. (NASDAQ: GRRR) (\"Gorilla\" or the \"Company\"), today released a letter to its shareholders. The letter is as follows:\nDear Valued Shareholders,\nWe are writing to share some important updates that underscore the strong progress and financial health of our ongoing project in the Middle East and North Africa (MENA) region. We have successfully made key deliverables and are thrilled to inform you that payments for these deliverables have been received.\nThere had been some confusion stemming from our recent Form 20-F filing regarding our payment terms for this project. Let us set the record straight: payments are tied to the completion of specific milestones, ensuring that our financials reflect our continued progress and dedication. Gorilla has successfully completed the first two milestones of our major project in the MENA region. All our major clients have completed their payments, resulting in an even stronger financial position for the Company. These achievements have significantly increased our free cash reserves to well over $40 million. Including our restricted capital, we now have over $58 million in current assets. With cash reserves robust and growing, we believe our financial footing is firm. Our financial position is further supported by our real estate holdings, which were recently valued at over $25 million.\nFurthermore, we have obtained an independent valuation of a slice of our intellectual property portfolio and believe that the market value of our IP portfolio is potentially much higher than previously recorded.\nWe are now entering Phase 3 of the MENA project, the development stage, which will unlock additional revenue streams in 2024 and 2025. This marks a significant step forward in our project delivery and financial growth.\nAny rumors in the market that payments are to be received only once a year are not true and we apologize for any undue concern such misinformation may have caused.\nWe believe our announced projects are all advancing at a remarkable pace, with each milestone met with precision and efficiency. This momentum is a testament to the hard work and commitment of our team and the robust partnership we have cultivated with our shareholders. Our projects in Taiwan are progressing as planned, positively im...