XTCC launches first Shariah-compliant investment ecosystem for high-integrity Carbon Credits

London, UAE, May 15, 2024 (GLOBE NEWSWIRE) — XTCC, the investment ecosystem specialising in high-integrity carbon credits, has launched the first Shariah-compliant multi-currency asset class of high-integrity carbon credits.  Sourced exclusively from validated projects (including renewable energy, nature-based solutions and blue carbon), XTCC gives investors seeking Shariah-compliant investments the ability to participate in the fast-growing carbon credit market.

This powerful combination of Shariah-compliant investments and high-integrity carbon credits enables the traditional Islamic finance market for the first time to participate in the potential significant growth in value of the global carbon credit market. Through XTCC, corporates, wealth managers, banks and investment funds can invest with certainty and encourage further development towards net zero goals.

In another capital markets first, XTCC for the first time provides a stock market quoted price for the most important asset for the net zero world.

Validated and certified for Shariah compliance by Yasaar Research Limited, and using the ISDA/IIFM Master Agreement, XTCC has established a robust framework for investment products structured to meet the highest Shariah-compliant standards. The Fatwa is the first for carbon as an asset class, and for the investment products issued by Al Waseelah, a world-leading, award-winning Sukuk issuance platform, creating a streamlined, transparent solution to re-engineer trust in this important asset class.

Under the requirements of the Fatwa, XTCC not only adheres to industry standard transaction documentation (ISDA/IIFM) but only includes  in the reference basket high-integrity carbon credits which conform to  IOSCO’s 21 Good Practices and ICVCM’s Core Carbon Principles; science-based principles for identifying high-integrity carbon credits that create real, verifiable climate impact.  XTCC also reports on alignment with UN Sustainable Development Goals and ISO14064 standards.

Dr Scott Levy, Founder, XTCC, said: “This is a significant breakthrough for global capital markets. We have created the first Shariah-compliant investment product to link Islamic finance directly with accelerating investor demand for high-integrity carbon credits.  In the same way that there ‘can be no compromise on Shariah compliance’, we do not compromise our ethos of operating to the highest standards of transparency and integrity with respect to all of our investment products. XTCC is the asset class for the net zero world.”

Majid Dawood, CEO of Yasaar, said: “We take pride in certifying the Shariah compliance of XTCC’s investment products, ensuring they meet the highest standards of Islamic finance. Our expertise guarantees that every investment decision upholds the ethical and financial principles necessary for true Shariah compliance, empowering investors to contribute positively to sustainable development initiatives with full confidence in their adherence to Islamic values.”

Renowned carbon market expert Kevin Iwanaga, co-founder of the UAE Carbon Alliance and CEO of KBI Advisory Group, said: “With global temperatures surpassing 1.5 degrees Celsius above pre-industrial levels for the first time, and a staggering $7.3 trillion in funding needed by 2050 to bridge the climate finance gap necessary to limit global warming to 1.5°C, we need every solution available to address these crucial challenges. XTCC is rising to this challenge with the introduction of its new Shariah investment products, engineered to scale global capital flows in carbon markets by tapping into existing market liquidity pools and new investors. This XTCC initiative is an excellent example of the type of creative financial solutions needed to keep 1.5°C alive.”


About XTCC
XTCC is the world’s first stock market quoted investment ecosystem for high-integrity carbon credits sourced from verified, audited projects including renewable energy, nature-based solutions and blue carbon. XTCC has created financial instruments that, for the first time, establish fair market value as a reference for high-integrity carbon credits.  To bridge the multi-trillion-dollar gap in climate finance, investment is required. XTCC provides capital markets with an ecosystem of financial instruments to allow a river of liquidity to flow to communities where it is most needed. XTCC is the asset class for the net zero world.

For more details about XTCC and to explore its Shariah-compliant investment products, visit www.xtcc.investments or contact our Investor Relations team at [email protected].

About Al Waseelah 
Al Waseelah PLC is a world leading, award-winning Sukuk issuance platform which offers a flexible, quick-to-market solution for green and sustainable businesses, financial institutions, asset managers, corporates and family offices for their Islamic liquidity management and offers a wide range of investment opportunities. Al Waseelah PLC offers end to end solutions for Shariah structuring, arranging, originating, and the listing of Shariah compliant notes, providing a streamlined and cost-effective way of raising funding for businesses and projects.

Find out more here.

About Yasaar 
A premier Shariah advisory firm, Yasaar specialises in certifying and ensuring the compliance of financial products with Islamic law. Leveraging extensive expertise and a deep understanding of Shariah principles, Yasaar provides critical oversight and advisory services that enable investors to engage confidently in ethical and compliant investments. With a focus on integrating innovative financial solutions with traditional Islamic values, Yasaar empowers professional investors to achieve their investment objectives while adhering to the highest standards of integrity and compliance.

Find out more here.

Media Contact

Tina Kane
The Realization Group

Investor Relations
Muhammad Nasir
[email protected] 

Tina Kane
The Realization Group

GlobeNewswire Distribution ID 1000950828

Irdeto Features the ‘Irdeto Experience’ at CABSAT 2024

Expanding beyond security, this suite of solutions offers super aggregation capabilities, monetization features, an enriched user experience and actionable data and analytics

AMSTERDAM, May 14, 2024 (GLOBE NEWSWIRE) — Irdeto, the global leader in digital video platform experiences and security, is pleased to announce its participation at the prestigious CABSAT 2024 event, where it will feature its groundbreaking streaming aggregation platform ‘Irdeto Experience.’ This comprehensive suite of solutions enables pay-TV, telco and streaming operators to build, manage, control and enrich their video services. With a commitment to innovation and excellence, Irdeto continues to redefine industry standards, empowering the video industry in the Middle East and North Africa (MENA) region to thrive in an ever-evolving market landscape.

By leveraging the investment and innovation of open-source platforms and embracing diverse device ecosystems, Irdeto accelerates deployment processes while ensuring compatibility across various devices. With seamless integration across managed platforms like Android TV and RDK, as well as unmanaged ecosystems including Android, Tizen OS, WebOS, and iOS, Irdeto Experience guarantees speed, efficiency, and security, enabling operators to stay agile and responsive to evolving market demands.

Key Benefits of Irdeto Experience Include:

  • Streamlined Operations: Simplifies video streaming back-ends, reduces fragmentation, and optimizes vendor interactions.
  • Enriched Offerings: Supports super aggregation of global and local apps, unified search and discovery, and offers editorial and personalized recommendations.
  • Enhanced Monetization Opportunities: Maximizes revenue streams through comprehensive advertising solutions, targeted campaign strategies, and versatile business model capabilities.
  • Accelerated Time to Market: Irdeto Experience facilitates quicker deployment through pre-integrated solutions with Android TV and RDK managed platforms.

Additionally, Irdeto Experience offers enhanced security features, including 360-degree content protection, support for managed and unmanaged devices, and certification. Furthermore, the platform provides advanced data & analytics tools, enabling businesses to gain valuable insights into consumer behavior and content performance. With the ability to utilize consumer insights and adapt strategies accordingly, Irdeto Experience empowers operators to optimize their video platforms and unlock revenue potential.

“Irdeto Experience capitalizes on the growing consumer demand by providing a cohesive and streamlined operational framework for video service providers. This goes beyond mere content delivery—it enhances the viewer experience with a contemporary UI/UX, seamless app integration for super aggregation, tailored recommendations, and stringent content protection,” stated Andrew Bunten, COO of Video Entertainment at Irdeto.

For further information on how Irdeto is shaping the future of media and entertainment in the MENA region, or to schedule a demo of Irdeto Experience, please visit the Irdeto Experience website.

About Irdeto
Irdeto is the global leader in digital video platform experiences and security, empowering major media and entertainment brands worldwide. With over 50 years of expertise, our comprehensive services prioritize video experiences delivery, content protection, and anti-piracy solutions, reducing costs and driving sustainable growth while delivering unmatched user experiences. As a trusted partner, Irdeto provides vital managed services, system integration and consultancy solutions, enabling customers to focus on audience engagement. With a global presence, we offer unwavering support for continued success and future-fit strategies. With a unique pay-TV operator heritage, Irdeto is the preferred partner to empower a secure world where people can connect with confidence.

For more information, please visit www.irdeto.com.

For more information, contact:

Sabrina Orlov
+1 343 997 7220
[email protected]

GlobeNewswire Distribution ID 9117823

Nyxoah Reports First Quarter 2024 Financial and Operating Results


Nyxoah Reports First Quarter 2024 Financial and Operating Results
Announced DREAM U.S. pivotal study achieved primary endpoints
On track for FDA approval as early as end of 2024

Mont-Saint-Guibert, Belgium – May 14, 2024 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today reported financial and operating results for the first quarter of 2024.

Recent Financial and Operating Highlights

  • Reported the DREAM U.S. pivotal study achieved co-primary endpoints on an intent-to-treat (ITT) basis and demonstrated strong AHI reductions in supine and non-supine sleep positions.
  • The DREAM study achieved a median AHI reduction of 70.8%, a 12-month AHI responder rate, per the Sher criteria, of 63.5% (p=0.002) on an ITT basis and a 12-month ODI responder rate of 71.3% (p<0.001) on an ITT basis.
  • Preparing the fourth and final PMA module for submission this quarter.
  • Appointed Dr. Maurits S. Boon, MD as Chief Medical Officer.
  • Advanced patient access strategy through partnership with the American Association of Otolaryngology – Head & Neck Surgery Foundation (AAO-HNSF).
  • Achieved quarterly sales of €1.2 million, showing 170% growth vs Q1 2023.
  • Total cash position of €44.3 million at the end of the quarter.

“The DREAM U.S. study achieving its primary endpoints is a pivotal milestone for Nyxoah and further differentiates Genio as the only HGNS therapy to demonstrate strong efficacy in supine and non-supine OSA. With the DREAM data in hand, our U.S. launch preparations are focused on attracting commercial talent to set us up for success when we introduce Genio,” commented Olivier Taelman, Nyxoah Chief Executive Officer. “With continued European commercial traction, positive DREAM data and a highly differentiated, patient centric HGNS solution, I could not be more excited for Nyxoah’s future.”

First Quarter 2024 Results

(in thousands)

For the three months ended March 31, 
2024 2023
Revenue € 1,221 € 441
Cost of goods sold (455) (175)
Gross profit € 766 € 266
Research and Development Expense (7,199) (6,157)
Selling, General and Administrative Expense (5,972) (5,551)
Other income/(expense) 192 46
Operating loss for the period € (12,213) € (11,396)
Financial income 1 408 625
Financial expense ( 991) ( 958)
Loss for the period before taxes € (11,796) € (11,729)
Income taxes ( 110) ( 182)
Loss for the period € (11,906) € (11,911)
Loss attributable to equity holders € (11,906) € (11,911)
Other comprehensive income/(loss)
Items that may not be subsequently reclassified to profit or loss (net of tax)
Currency translation differences 60 (28)
Total comprehensive loss for the year, net of tax € (11,846) € (11,939)
Loss attributable to equity holders € (11,846) € (11,939)
Basic loss per share (in EUR) € (0.415) € (0.460)
Diluted loss per share (in EUR) € (0.415) € (0.460)


(in thousands)

As at
March 31
December 31 2023
Non-current assets
Property, plant and equipment €4,379 €4,188
Intangible assets 48,501 46,608
Right of use assets 3,597 3,788
Deferred tax asset 134 56
Other long-term receivables 1 333 1,166
€ 57,944 € 55,806
Current assets
Inventory 3,418 3,315
Trade receivables 2,971 2,758
Other receivables 3,149 3,212
Other current assets 1,232 1,318
Financial assets 22,225 36,138
Cash and cash equivalents 22,077 21,610
€ 55,072 € 68,351
Total assets € 113,016 € 124,157
Capital and reserves
Capital 4,927 4,926
Share premium 246,188 246,127
Share based payment reserve 8,440 7,661
Other comprehensive income 197 137
Retained loss (172,555) (160,829)
Total equity attributable to shareholders € 87,197 € 98,022
Non-current liabilities
Financial debt 8,616 8,373
Lease liability 2,933 3,116
Pension liability 22 9
Provisions 273 185
Deferred tax liability 9
€ 11,844 € 11,692
Current liabilities
Financial debt 346 364
Lease liability 852 851
Trade payables 7,316 8,108
Current tax liability 2,091 1,988
Other payables 3,370 3,132
€ 13,975 € 14,443
Total liabilities € 25,819 € 26,135
Total equity and liabilities € 113,016 € 124,157

Revenue was €1.2 million for the first quarter ending March 31, 2024, compared to €441,000 for the first quarter ending March 31, 2023. The increase in revenue was attributable to the Company’s commercialization of the Genio® system, primarily in Germany.

Cost of Goods Sold

Cost of goods sold was €455,000 for the three months ending March 31, 2024, representing a gross profit of €0.8 million, or gross margin of 62.7%. This compares to total cost of goods sold of €175,000 in the first quarter of 2023, for a gross profit of €266,000, or gross margin of 60.3%.

Research and Development
For the first quarter ending March 31, 2024, research and development expenses were €7.2 million, versus €6.2 million for the first quarter ending March 31, 2023.

Operating Loss
Total operating loss for the first quarter ending March 31, 2024 was €12.2 million versus €11.4 million in the first quarter ending March 31, 2023. This was driven by the acceleration in the Company’s R&D spending, as well as ongoing commercial and clinical activities.

Cash Position
As of March 31, 2024, cash and financial assets totaled €44.3 million, compared to €57.7 million on December 31, 2023. Total cash burn was approximately €4.5 million per month during the first quarter 2024.

First Quarter 2024
Nyxoah’s financial report for the first quarter 2024, including details of the consolidated results, are available on the investor page of Nyxoah’s website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation
A webcast of the call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah’s Q1 2024 earnings call webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.

If you plan to ask a question, please use the following link: Nyxoah’s Q1 2024 earnings call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s lead solution is the Genio® system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company is currently conducting the DREAM IDE pivotal study for FDA and US commercialization approval.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Forward-looking statements
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio® system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of the Genio® system; and the Company’s results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2024, and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

David DeMartino, Chief Strategy Officer
[email protected]


GlobeNewswire Distribution ID 1000950825

Govt Announces Big Cut in Price of Petrol

The federal government on Wednesday slashed prices of petroleum products for the next fortnight.

According to a notification issued by the finance ministry, the price of petrol has been decreased by Rs. 15.39 per liter to Rs. 273.10, while the price of high-speed diesel has been cut by Rs. 7.88 per liter to Rs. 274.08. The new prices will be applicable from May 16.

In a short statement, the finance ministry said that the prices of petroleum products have seen a decreasing trend in the international market during the last fortnight and the Oil and Gas Regulatory Authority (OGRA) worked out the consumer prices, based on the price variations in the international market.

At the last fortnightly review of petroleum prices, the price of petrol was decreased by Rs. 5.45 per liter, while the price of high-speed diesel was reduced by Rs. 8.42 per liter.

Source: Pro Pakistani

BAT Invests in Pakistan’s Future with New GBS Hub in Lahore, Creating Jobs and Boosting Forex Inflow

BAT, one of the world’s largest multi-category consumer goods companies, has officially launched its Global Business Solutions (GBS) hub in Lahore.

The grand event ‘Digital Destination Pakistan’ included a ribbon-cutting, a tour of the hub, and presentations by senior leaders of the GBS Pakistan hub where they reiterated Pakistan’s potential as a tech hub. BAT GBS Pakistan also marked the launch with ambitions to expand its services and capabilities in Pakistan over the coming years.

BAT invested USD 5m in 2021 for the setup of GBS in Pakistan. Currently, it employs more than 350 individuals and provides services to more than 50 countries such as Japan, UAE, Malaysia, Australia, Turkey and various others in the areas of finance, marketing, supply chain, data analytics, insights, and other various functions. In 2023, BAT GBS PK brought forex inflow of USD 11.8 Million and continues to grow from strength to strength in its journey of creating a better future.

Various dignitaries from the private sector atte
nded the event.

Speaking at the occasion, BAT Group Director, Digital and Information, Javed Iqbal said, ‘BAT has reaffirmed its intention to continue investing in Pakistan in order to create more jobs, enable and empower Pakistan’s IT talent, ensure forex inflow, and strengthen Pakistan’s global image as a viable Tech Destination. It has also set the standard for other multinational companies to follow and invest in the country to provide opportunities to graduates and enable them to showcase their skills at the world stage.’

Talking about BAT’s role in elevating Pakistan’s economy through GBS, Mueen Afzal, Retired Bureaucrat and former chairman of Pakistan Tobacco Company Limited said, ‘I want to thank BAT for choosing Pakistan as its GBS Hub and congratulate the entire group for developing such a modern and future-ready hub with global ambitions’.

Speaking about how other companies can leverage the potential of Pakistan’s talents, Zafar Mahmood, Chairman of Pakistan Tobacco Company Limited said: ‘Pakist
an is truly the best destination for multinational groups because we have the talent, ambition, resolve, and support of the entire Government. We have a thriving tech economy and IT skillset in our graduates who want to showcase what they can do to the world. I would encourage other organizations to invest in Pakistan and utilize the quality of our services, and help the nation develop to its full potential’.

BAT’s General Manager for GBS Pakistan Zubair Khan said, ‘In just a short period of time, we have rapidly grown to an organization that now has more than 350 employees, serving more than 50 countries. Our ambition for the next 10 years is to keep our momentum of growth, and invest in Pakistan’s talent and economy to bring our GBS strategy to light’.

Source: Pro Pakistani