May 12, 2023 – Page 2 – Cambodia News Gazette

May 12, 2023

ROSEN, GLOBALLY RECOGNIZED INVESTOR COUNSEL, Encourages Marathon Digital Holdings, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – MARA

NEW YORK, May 11, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm reminds purchasers of the securities of Marathon Digital Holdings, Inc. (NASDAQ: MARA) between May 10, 2021 and February 28, 2023, both dates inclusive (the “Class Period”), of the important May 30, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Marathon securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Marathon class action, go to https://rosenlegal.com/submit-form/?case_id=3108 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 30, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding Marathon’s business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Marathon overstated the efficacy of its disclosure controls and procedures and internal control over financial reporting; (2) as a result, Marathon’s revenues and cost of revenue were materially misstated during the Class Period; (3) the foregoing, once revealed, was reasonably likely to have a material negative impact on Marathon’s financial condition; and (4) as a result, Marathon’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Marathon class action, go to https://rosenlegal.com/submit-form/?case_id=3108 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————–

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8837636

May 12, 2023

Telesis Bio Reports First Quarter 2023 Financial Results

— Total revenue of $6.3M in 1QFY23

— BioXp® franchise revenue increased by 28%

SAN DIEGO, May 11, 2023 (GLOBE NEWSWIRE) — Telesis Bio Inc. (NASDAQ: TBIO), a leader in automated multi-omic and synthetic biology solutions, today reported financial results for the first quarter of 2023.

“We are pleased with our company’s performance this quarter where we delivered 28% growth year over year in BioXp franchise revenue while improving gross margins and holding operating expenses steady,” said Todd R. Nelson, PhD, CEO, and founder of Telesis Bio. “We believe we are still in the early stages of adoption within our targeted workflows and our value proposition to researchers will continue to increase. Our positive results are a testament to the thoughtful planning and the steady execution of our team. We remain laser focused on operating expenses as we move towards a time where we can become a profitable company.”

Highlights

Continued to execute its commercial strategy:

Successful on-time launch of three novel BioXp® Select kits providing scientists the flexibility to adapt the BioXp System to their process and begin with their own materials.
- BioXp® Select mRNA Synthesis Kit allows customers to synthesize mRNA in just hours using DNA that they bring to the system to streamline and accelerate discovery workflows in mRNA therapeutics, vaccines, and precision medicine.
- BioXp® Select DNA Cloning and Amplification Kit and the BioXp® Select Plasmid Amplification Kit provide scientists the ability to initiate experiments with their own plasmid or linear DNA fragments and perform automated cell-free DNA amplification and scale-up, particularly in antibody engineering, protein engineering, and cellular immunotherapy.
Progress on development of other higher margin products previously announced.

Delivered operational milestones, including:

Relocation to consolidated headquarters in San Diego to execute programs to expand gross margin including insourcing initiatives related to raw materials and vertical Integration of instrument manufacturing.
Commercial delivery of BioXp kits incorporating oligos from our in-house proprietary oligo production operation.
Accomplishments to support the shipping of its first internally manufactured BioXp system in the third quarter.

The company’s expectation is that these insourcing efforts will be substantially completed by year-end and that full financial benefit will be realized in 2024.

First Quarter 2023 Financial Results

Revenue was $6.3 million for the first quarter 2023, a 12.1% increase from $5.6 million for the same period in the prior year. This growth was primarily driven by product sales from new product introductions, including the BioXp 9600.

Cost of revenue for the first quarter 2023 was $2.81 million, compared to $2.86 million for the same period in the prior year. The decrease of $0.05 million, despite the increase in revenues was primarily driven by a change in product mix with the launch of the higher margin 9600 system during the latter half of 2022, and the sale of kits with higher average margins.

Gross margin for the first quarter 2023 was 55.6%, compared to 49.3% for the same period in the prior year. The favorable change reflects the positive mix shift in revenue from recently launched products including the BioXp 9600 system, as well as new kits for mRNA, long fragment builds, and cell free DNA scale-up.

Operating expenses were $14.5 million for the first quarter 2023, compared to $15.6 million for the same period in the prior year. This decrease is primarily a result of prudent cost-cutting decisions made a year ago in Q2 2022 to focus the team on the most profitable and near-term opportunities.

Net loss was $11.1 million for the first quarter 2023, compared to a loss of $13.2 million in the same period in the prior year. Net loss per share was $0.37 for the fourth quarter of 2022, compared to $0.45 for the corresponding prior year period.

Cash and cash equivalents were $32.2 million as of March 31, 2023.

Webcast and Conference Call Information

Company management will host a conference call today, Thursday, May 11, 2023, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss the financial results and other recent corporate highlights.

The press release and live audio webcast can be accessed via the Investor section of Telesis Bio’s website at ir.telesisbio.com and the conference call can be accessed live by pre-registering here: https://register.vevent.com/register/BIf9b7641fab2948fca7b1ec1d400ceec4. Please log in approximately 5-10 minutes before the event to ensure a timely connection. The archived webcast will remain available for replay on our website for 30 days.

About Telesis Bio
Telesis Bio is empowering scientists with the ability to create novel, synthetic biology-enabled solutions for many of humanity’s greatest challenges. As inventors of the industry-standard Gibson Assembly® method and the first commercial automated benchtop DNA and mRNA synthesis system, Telesis Bio is enabling rapid, accurate and reproducible writing of DNA and mRNA for numerous downstream markets. The award-winning BioXp® system consolidates, automates, and optimizes the entire synthesis, cloning and amplification workflow. As a result, it delivers virtually error-free synthesis of DNA and RNA at scale within days and hours instead of weeks or months. Scientists around the world are using the technology in their own laboratories to accelerate the design-build-test paradigm for novel, high-value products for precision medicine, biologics drug discovery, vaccine and therapeutic development, genome editing, and cell and gene therapy. Telesis Bio is a public company based in San Diego. For more information, visit www.telesisbio.com.

Telesis Bio, the Telesis Bio logo, Gibson Assembly, and BioXp are trademarks of Telesis Bio Inc.

Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include statements and guidance regarding Telesis Bio’s future financial performance as well as statements regarding the future release and success of new and existing products and services. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled Risk Factors and elsewhere in our Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 22, 2023, as amended on May 1, 2023. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Telesis Bio disclaims any obligation to update these forward-looking statements.

Contact:
Jen Carroll
Vice President of Investor Relations
jen.carroll@telesisbio.com

Telesis Bio Inc.
Selected Statements of Operations Financial Data
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended March 31,
	2023			2022
Revenue:
Product sales	$	3,001		$	2,423
Service revenue		1,674			1,705
Collaboration revenue		962			962
Royalties and other revenue		679			546
Total revenue		6,316			5,636
Cost of revenue		2,805			2,858
Gross Profit		3,511			2,778
Operating expenses:
Research and development		5,121			6,305
Sales and marketing		3,807			3,546
General and administrative		5,554			5,790
Total operating expenses		14,482			15,641
Loss from operations		(10,971	)		(12,863	)
Interest expense, net		(249	)		(336	)
Change in fair value of derivative liabilities		140			23
Other expense, net		(36	)		(12	)
Provision for income taxes		(3	)		(6	)
Net loss	$	(11,119	)	$	(13,194	)
Net loss per share, basic and diluted	$	(0.37	)	$	(0.45	)
Weighted average common shares used to compute net loss per share, basic and diluted		29,663,006			29,331,325

Telesis Bio Inc.
Selected Balance Sheet Financial Data
(in thousands)
(unaudited)

	March 31,			December 31,
	2023			2022
Balance Sheet Data:
Cash, restricted cash, cash equivalents and short-term investments	$	32,242		$	43,753
Working capital		31,699			41,594
Total assets		89,162			81,362
Total liabilities		52,543			34,797
Accumulated deficit		(124,860	)		(113,741	)
Total stockholders’ equity		36,619			46,565

GlobeNewswire Distribution ID 8837724

May 12, 2023

Papua New Guinea foreign minister faces backlash over primitive animals comment

Papua New Guinea’s foreign minister is facing an intense public backlash and calls to resign after he labeled critics of his daughter’s ostentatious TikTok video from a taxpayer funded trip to the U.K. monarch’s coronation as “primitive animals.”

The furor over Australian-born Justin Tkatchenko’s comments, which were made to Australia’s state broadcaster ABC, is happening less than two weeks ahead of U.S. President Joe Biden’s stopover in Papua New Guinea to meet leaders of Pacific island countries.

Tkatchenko’s adult daughter Savannah accompanied him to the coronation of King Charles III in London last week. She posted a TikTok video of their luxury travel, since deleted, which triggered criticism in Papua New Guinea where poverty is widespread.

In an interview with the ABC on Wednesday about the social media onslaught, Tkatchenko said his daughter was “absolutely traumatized by these primitive animals.” He added, “And I call them primitive animals because they are.”

The comments were perceived as racist in the Melanesian nation of more than nine million people, where there was also anger at a local newspaper’s estimate of the expense of sending a large delegation to the coronation.

On Friday, Tkatchenko said he would step aside as foreign minister while any investigations take place. He repeated his apology from the day before when he had said his comments were a reaction to “horrible threats of a sexual and violent nature” by internet trolls against his daughter and not directed at Papua New Guineans.

Prime Minister James Marape on Thursday said he had been offended by the primitive animals comment, but also urged the county to accept the apology and move on.

Savannah Tkatchenko’s video showed her enjoying luxury travel, accommodation and high-end shops such as Hermes at Singapore Airport and doing her skincare routine on a flight to London.

“I’ve actually packed my whole life into these two big suitcases, I’m so proud of myself because I have so much stuff,” she said as she strolled through an airport.

“So I’m traveling with my Dad and our first stop is Singapore and we checked into the first class lounge where we had some cosmos and some yummy food,” she said.

“Then we did some shopping around Singapore Airport at Hermes and Louis Vuitton. Those of you that don’t know, Singapore Airport shopping is honestly so elite.”

Calls for the foreign minister’s resignation have come from senior politicians such as the opposition leader and organizations including the country’s Trade Union Congress.

“Justin deserves no mercy or forgiveness. He must be kicked out of this country. PM James Marape must act immediately,” said PNG Trade Union Congress Acting General Secretary Anton Sekum.

Biden visit aims to counter Chinese influence

The rancor over a senior minister’s comments comes ahead of landmark visits to Papua New Guinea later this month by Biden and India’s Prime Minister Narendra Modi.

Papua New Guinea, the most populous Pacific Island country, is increasingly a focus of China-U.S. rivalry in the region and a U.S. push to counter Beijing’s influence.

Like some other Pacific island nations, Papua New Guinea is trying to balance increased Chinese trade and investment and its traditional security relationships with countries such as Australia and the United States.

Tkatchenko earlier this month said he hopes a defense cooperation agreement with the United States will be signed during Biden’s visit. Papua New Guinea is also working on completing a broad security agreement with Australia.

China’s influence in the Pacific has burgeoned over several decades through increased trade, infrastructure investment and aid as it seeks to isolate Taiwan diplomatically and gain allies in international institutions. The Solomon Islands and Kiribati switched their diplomatic recognition to China from Taiwan in 2019.

Beijing signed a security pact with the Solomon Islands last year, alarming the U.S. and allies such as Australia who fear it could pave the way for a Chinese military presence in the region.

Marape’s statement about Tkatchenko said Papua New Guinea’s “national character” was being tested at a time when it would be in the spotlight because of Biden and Modi’s visits.

“We must show the world that we can forgive those who offend us,” he said.

“This will be a momentous and historic occasion, which should rally our nation together, and we should not let this issue stand in the way.”

May 12, 2023

China’s CO2 emissions hit record in first quarter, report says

China, the world’s top polluter, has emitted record carbon dioxide in the first quarter of this year, with emissions set to rise to an all-time high in 2023, according to a new report published on Friday.

CO2 emissions grew by 4% in the first three months of 2023 compared to last year, to hit a quarterly record high of more than 3 billion metric tons, according to an analysis by the Centre for Research on Energy and Clean Air (CREA), a Finland-based independent organization.

The analysis is based on official figures and commercial data and was first published on the Carbon Brief news website.

The authors of the report said the increase was driven by a robust economic rebound after the end of China’s extended and much-criticized zero-COVID policy, stimulus measures in manufacturing and construction sectors, and weak hydropower generation due to low rainfall and ongoing drought.

“Looking at the rest of the year, the government’s focus on economic growth means that China’s emissions are likely to reach an all-time high in 2023, topping the previous peak in 2021,” CREA analysts Lauri Myllyvirta and Qi Qin said in the report.

Typically, the first quarter has the lowest emissions since things slow down during the annual Lunar New Year celebrations.

The most significant contributors to the growth in emissions were coal-powered electricity generation and higher production of construction materials, mainly steel and cement.

The increase in heavy industry production and emissions has raised worries about reversing recent air quality progress, particularly in Beijing, as the government last year broke its streak since 2017 of issuing air pollution action plans that limit heavy industry from spewing bad air.

Question of priorities

That has been interpreted to signify that industrial growth is prioritized over air quality.

Approvals for new coal power capacity, which increased sharply in the second half of last year, continued to rise this year, with at least 10 gigawatts (GW) of coal power projects approved in the first quarter of 2023.

Contrary to widespread perception, China’s new wave of coal power plants will not automatically translate into an increase in its coal use or CO2 emissions, the authors said.

“The combination of rapid expansion of low-carbon energy supplies and expected slower electricity demand growth means China’s annual coal power output could soon start to decline,” the duo said.

Additions of renewable energy, specifically wind and solar, have also reached record highs in the same period, passing “50% of China’s installed power capacity for the first time, overtaking coal and other fossil fuel-based capacity,” according to the report.

China beat its 2022 target by 5GW of new solar and wind capacity, installing 125GW by the end of the year. It plans to reach 160 GW this year.

Beijing is also speeding up nuclear power projects, on track to have 70GW in operation and 30GW under construction by 2025.

CREA said a continued rapid expansion of low-carbon energy, if sustained, could enable emissions to peak and enter structural decline, once the post-COVID recovery has played out.

Zero emissions by 2060

China officially plans to reach its peak emissions by 2030 and then gradually reduce them to try to achieve net zero carbon emissions by 2060.

In a report last month, another global energy think tank, Ember, said China created the most CO2 emissions of any power producer globally in 2022, with 4,694 million metric tons of CO2, accounting for 38% of total global emissions from electricity generation.

According to CREA, the new wave of coal power plants is not driven by increasing annual electricity demand. “The real driver is concern about meeting peak demand,” it said on Friday.

Since the power shortages in 2021, followed by last year’s record heatwave, energy security concerns have haunted Beijing, forcing them to increase reliance on coal.

Last year, Beijing approved the highest new coal capacity in eight years.

Environment group Greenpeace said last month that China approved at least 20.45 GW of new coal in the first three months of 2023, according to official approval documents.

In 2020, it approved at least 90.72GW of new coal power, the group said, with energy security concerns cited as the reason for most.

May 12, 2023

Cambodia’s main opposition party may not appear on July ballots

There’s a growing possibility that Cambodia’s main opposition Candlelight Party may not be allowed to compete in July’s general elections after the Ministry of Interior is refusing to reissue a registration certificate.

If the Candlelight Party is barred from the July 23 vote, it almost certainly means that Prime Minister Hun Sen’s ruling Cambodia’s People’s Party will waltz to victory, continuing his iron grip on power since he became prime minister in 1985.

The snag appears to be over paperwork.

The Candlelight Party submitted its application, along with other parties, to run in the election on May 6, two days before the deadline, and the Interior Ministry has submitted a statement to the National Election Committee confirming the party’s registration.

But the commission says it needs the more formal certificate dating back from 1998, when it first registered itself, Candlelight Party spokesman Kim Sou Phirith told Radio Free Asia on Friday.

That certificate, however, was lost when the offices of the Cambodia National Rescue Party – the previous main opposition party – were raided by government agents in 2017. The Candlelight Party, founded by Sam Rainsy in 1995, was a part of the opposition camp at that time.

And the Interior Ministry has refused to re-issue a registration certificate.

“There is no good news,” said Kim Sou Phrith. “The Ministry of Interior has maintained that the statement the ministry issued is enough.”

Harassing and threatening opponents

The crisis is the latest difficulty for the party as it attempts to recruit candidates and campaign for votes.

For months, party activists in the provinces have been monitored, harassed and threatened while top officials in Phnom Penh continue to face legal issues they say are politically motivated.

Going back to 2017, the CNRP was ordered disbanded by the Supreme Court later that year – another way that Hun Sen has tried to eliminate his political opponents.

After the party was dissolved, former CNRP members and others revived the Candlelight Party in 2021.

Interior Ministry officials have left it to the NEC and the party to work out whether the ministry’s statement can be adequate verification, Kim Sou Phirith said.

“The NEC might think it is an independent organization, but the ministry has registered all the parties and the ministry has recognized us, so why is the NEC still denying us?” he said.

Party officials will again resubmit the statement to the NEC on Saturday, Kim Sou Phirith said.

If that doesn’t work, he said they’ll file an appeal to the Constitutional Council, a judicial body that examines election disputes, among other matters.

Right now, it’s hard to predict whether the NEC will allow the party to register for the election, he said.

Pardons and defections

Meanwhile, King Norodom Sihamoni has pardoned nine opposition party activists after they apologized to Hun Sen and joined with the ruling Cambodian People’s Party.

One of the activists is Kong Mas, a former CNRP activist who was convicted of treason and incitement after he supported Sam Rainsy’s proposed repatriation in 2019. Sam Rainsy has lived in exile in France since 2015.

There have been a number of high-profile defections to the CPP in recent months as Hun Sen and others have sought to co-opt and silence opposition figures. Most defectors have been appointed to government posts.

Also this week, the king agreed to appoint a former U.S.-based political commentator to a government position. So Naro fled to the United States several years ago to seek political asylum after he had a dispute with several senior CPP officials.

“Samdech understood my injustice and he investigated the case,” he told RFA, using an honorific for Hun Sen. “I was a victim and it was unfortunate. Samdech didn’t know about it before, now he is responsible and took action to restore my position. I am happy to return to my old position.”

So Naro said he will give advice to the prime minister but won’t be working in any of the ministries.

“I am a U.S. citizen and a free citizen, no one can control me,” he said. “I have met Sam Rainsy and Kem Sokha. I know that Hun Sen has better qualities as a leader.”

Finland-based political analyst Kim Sok said Hun Sen has been using all means to convince activists to defect to the CPP by intimidating and bribing them before the election. But he’ll get rid of them when the CPP doesn’t need them, he said.

“We should be vigilant against those who have jumped ship for their own benefit,” he said.

The ruling party has been generous in giving government positions to defectors, party spokesman Sok Ey San said.

“The CPP doesn’t care about any criticism about the appointment because this is the CPP’s kindness,” he said.