Posted by AGORACOM-JC
at 2:44 PM on Tuesday, April 13th, 2021
Predictmedix is an Artificial Intelligence company that has developed fast, non-invasive, contactless screening devices that detect infectious diseases, impairment and even mental illness at any location where mass amounts of people gather, such as:
Hospitals
Stadiums
Airports
Malls
Government Buildings
Office Complexes
These screeners are fully automated and intelligent, so they don’t need personnel to operate them. They determine the probability of a person being infected with illnesses such as COVID-19, so safety protocols can be initiated.
Earlier this month, the AI firm penned a major strategic partnership with Juiceworks and Connectus Global to deploy its Safe Entry Stations nationwide.
That news came during an increasingly busy time for $PMED, which has included:
An LOI to acquire AI-powered tech firm Symp2Pass
The engagement of investment banking firm Kingswood Capital Markets in preparation for NASDAQ listing
Major partnerships
Strategic financing developments
You’re going to want to get comfy for this chat with Predictmedix COO & Director Rahul Kushwah:
Posted by AGORACOM
at 12:12 PM on Thursday, April 8th, 2021
Vancouver, B.C – TheNewswire – APRIL 08, 2021 – Marble Financial Inc. (CSE:MRBL ) ; (CNSX:MRBL.CN); ( OTC:MRBLF ) ; ( FSE:2V0) (“Marble” or the “Company”), an AI-driven financial technology company that educates and helps Canadians better understand and manage their current cash flow and credit towards a better financial future, is pleased to announce a referral agreement with Mortgage Approval Help (“MAH”) offering its consumers, Marble’s AI-driven financial wellness SAAS platform, MyMarble .
Marble, a leading financial technology innovator, is announcing a new referral program with MAH, a subsidiary of Home Owner Soon Financial Inc. MAH is a Canadian Fintech that helps consumers understand their financial situation and then connects them with mortgage lending partners who can best match their criteria to a solution at the best rates available.
Since 2012, MAH has helped thousands of Canadians to achieve homeownership through their revolutionary Mortgage Comparison Platform. Access to such a motivated consumer base presents a sizeable new growth channel of opportunity for Marble to empower Canadians using its holistic personal finance fintech solution that provides precise expert curated recommendations, insights, and financial literacy.
Despite the economic impact of the COVID-19 pandemic, Canada’s home sales reached a new all-time record in February 2021, up 25% from the previous year, according to the Canadian Real Estate Association (1) .
With an increase in demand and desire for homeownership, there is an increasing need for companies like MAH to help find the best products and providers to reach their goals. Solutions like MyMarble will help strengthen MAH customers with their future financial outlook when seeking the best rates available.
Posted by AGORACOM
at 2:04 PM on Wednesday, April 7th, 2021
NEW YORK, April 06, 2021 (GLOBE NEWSWIRE) — Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Apple Inc. (NASDAQ: AAPL), Hapbee Technologies (OTC: HAPBF) (TSX.V: HAPB), Garmin Ltd. (NASDAQ: GRMN) and AI/ML Innovations (CSE: AIML).
The wearable tech market is projected to grow from nearly $27 billion in 2019 to $64 billion by 2024, according to a recent report by GlobalData. The growing popularity of the Internet of Things (IoT), connected devices and growing mainstream consumer adoption is driving demand. Whether it’s health monitoring by senior citizens, or activity tracking by millennial fitness enthusiasts, and “biohackers” – the wearable tech market is exploding. Wall Street Reporter highlights the latest comments from industry thought leaders:
AI/ML Innovations (CSE: AIML) Chairman, Tim Daniels: “More HealthTech M&A in Pipeline…” AI/ML Innovations (CSE: AIML) was recently a featured presenter at Wall Street Reporter’s Investors Discovery Day livestream event. AIML Chairman Tim Daniels shared with investors the company’s innovative wearable healthtech platform which uses AI and machine learning for applications ranging from remote patient monitoring, to fitness/health tracking and more.
With an initial focus on large B2B contracts, including insurance providers, AIML is now capitalizing on growing consumer demand for its wearables, which it is marketing through online direct-to-consumer channels. Tim Daniels also updated investors on AIML’s growing pipeline of M&A opportunities in the HealthTech space, which could have a positive impact on maximizing shareholder value in coming months. Watch AI/ML Innovations (CSE: AIML) Investors Discovery Day Video: https://bit.ly/2PCJsC5
Posted by AGORACOM-JC
at 8:00 AM on Wednesday, April 7th, 2021
Announced the Company has completed its integration to Vend’s Billing API, providing Vend retailers with seamless onboarding to Loop’s multi-domain, franchise compliance, and historical reporting solutions
VANCOUVER, British Columbia, April 07, 2021 — Loop Insights Inc. (MTRX:TSXV RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights and enhanced customer engagement to the brick and mortar space, is pleased to announce the Company has completed its integration to Vend’s Billing API, providing Vend retailers with seamless onboarding to Loop’s multi-domain, franchise compliance, and historical reporting solutions.
Loop Insights First to Integrate with Vend’s Billing API, Providing a Seamless Onboarding Option for Vend’s Global Client List of over 20,000 Customer Locations Worldwide
Vend Director of Product Partnerships Lowry Gladwell stated: “The completion of Loop’s integration with the Vend Billing API is an example of how Vend works closely with partners to deliver value for our retailers. It has been great to see Loop’s enthusiasm for the project and we’re thrilled that our Vend retailers can now onboard clients to benefit from Loop’s products and services faster than ever before, giving them easier access to the multi-domain, franchise and historical reporting that Loop offers. Additionally, our announced acquisition by Lightspeed, which is expected to close towards the end of April, will allow Vend and Loop to reach new clients, with a particular focus on expansion in Asia-Pacific. I look forward to connecting Vend’s expanding customer base with Loop’s amazing solution stack.”
Loop Insights CEO Rob Anson stated: “Vend’s support of Loop’s integration to their Billing API speaks volumes about its confidence in Loop and our retail solutions. With the development of our Billing API integration now complete, both Loop and Vend are positioned to generate new sales opportunities through this successful partnership. Loop’s retail Insights service can now be onboarded to over 20,000 Vend customer locations, with the ability to scale to support Lightspeed’s 135,000 worldwide locations through Lightspeed’s recent acquisition of Vend. This API integration represents a massive revenue-generating opportunity for Loop, Vend, Lightspeed, and their many customers.”
Loop Insights is the first company to complete a full billing API integration with Vend, reflecting Vend’s confidence in Loop’s products and their ability to deliver value to Vend’s clients. Vend has introduced Loop to all of their customers worldwide through their digital customer newsletter and some Vend customers have already begun the onboarding process with Loop. Vend is now expected to launch expanded sales and marketing campaigns in support of Loop and its API integration, explaining the benefits of Loop’s products and services to Vend’s growing customer list.
With Loop’s Insights, Engage, and Wallet pass platform all gaining interest from brands and retailers across the world, Vend will now be able to offer a simple onboarding process for retailers, drastically reducing the time required to integrate a new client and deploy Loop’s products and services.
On March 11th , Vend Director of Product Partnerships Lowry Gladwell joined the ‘Loop Experience’ podcast to discuss the benefits of Loop’s integration with the Vend API, particularly for franchisors looking to integrate multiple locations. Listen to the full episode here or read the full interview transcript here .
API Integration Will Accelerate Loop’s Growth in the $23-trillion Global Retail Market with Access to Over 155,000 Global Retail Clients
Loop Insights’ integration with the Vend Billing API will allow Loop to more rapidly onboard Vend’s growing client list in the $23-trillion global retail market .
On March 11th , Lightspeed POS Inc. (NYSE:LSPD) (TSX:LSPD), a leading provider of cloud-based, omnichannel commerce platforms, announced it had entered into a definitive agreement to acquire Vend. The acquisition will greatly expand Lightspeed’s existing foothold in Asia-Pacific, approximately doubling its existing customer base in that region.
The combination of Lightspeed’s scale with the talent and technology available to Vend, including Loop Insights’ products and services, is expected to greatly benefit Lightspeed and its massive customer base. Following the closing of the acquisition, Lightspeed will operate as the preferred technology provider for over 155,000 existing customer locations worldwide.
This press release is available on the Loop Insights Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/LoopInsights
About Vend Vend is a cloud-based point-of-sale and retail management software that lets retailers run their business in-store, online, and on-the-go. Vend includes inventory management, eCommerce integrations, customer loyalty, and reporting analytics tools. The first POS built for iOS, Vend is trusted by retailers in over 140 countries and is used in more than 20,000 customer locations worldwide. Vend integrates with leading tools like Bigcommerce, Quickbooks and Marsello and provides seamless integrated payment options by partnering with major banks and processors around the world. Founded in 2010, Vend has offices in Auckland, London, Toronto and Melbourne, and has raised more than $50 million from top-tier investors. For more information, please visit: https://www.vendhq.com/
About Loop Insights Loop Insights Inc. is a Vancouver-based Internet of Things (“IoT”) technology company that delivers transformative automated marketing and contactless payment solutions built on artificial intelligence (“AI”) to the brick and mortar space. Its unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia. Loop’s products and services are backed by Amazon’s Partner Network.
Posted by AGORACOM-JC
at 5:45 PM on Tuesday, April 6th, 2021
Cormark Securities’ 2021 Virtual Inflection Conference Power Technology Session – Date: Tuesday, April 13
OTC Virtual Technology Conference – Date: Thursday, April 15
TORONTO, April 06, 2021 — POET Technologies, Inc. (OTCQX: POETF; TSX Venture: PTK) the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and telecommunication markets, today announced that management is scheduled to present and host meetings with participating investors at the following virtual financial conferences.
Cormark Securities’ 2021 Virtual Inflection Conference Power Technology Session Date: Tuesday, April 13 Presentation: 11:30 AM Eastern Time Presenters: Suresh Venkatesan, Chairman & CEO; Vivek Rajgarhia, President & General Manager and Thomas Mika, Executive Vice President & CFO
The Cormark Securities Conference is an investor-focused conference discussing how to invest in an age of sustainability and new technologies. POET will be participating in the Power Technology Session which will include meetings with institutional investors. Interested investors should contact their Cormark representative to register.
OTC Virtual Technology Conference Date: Thursday, April 15 Presentation: 10:30 AM Eastern Time Presenter: Thomas Mika, Executive Vice President & CFO
POET invites individual and institutional investors, as well as advisors and analysts, to attend the real‐time, interactive presentations on VirtualInvestorConferences.com. It is recommended that investors pre‐register and run the online system check to expedite participation and receive event updates by registering on the OTC event calendar website: https://www.virtualinvestorconferences.com/event-calendar
Additionally, POET’s presentation materials will be made available on the Presentations and Events page of the Company’s website.
Option Grants
At a regular meeting of the Board of Directors held on March 24, 2021, as part of the Company’s incentive stock option grant program, the Board approved the granting of a total of 4,831,250 options to be granted on April 6, 2021 to directors, employees and consultants of the Company to purchase common shares. The approved grant represents 1.4% of the total issued and outstanding common shares of the Company. The approved total included 731,250 stock options to non-management directors (0.21%), 2,050,000 to officers (0.6%), 2,000,000 to other employees (0.59%), and 50,000 to consultants (0.01%).
The options are exercisable for 10 years at a price of C$1.19 being the closing price of the Company’s shares on April 5, 2021. The directors’ options vest quarterly in arrears over the one year of service as a director. All other options granted to employees vest 25% on the first anniversary of the grant and the balance vests quarterly over a further three-year period thereafter. The grant to the directors represents the option portion of directors’ fees for the 12-month period beginning April 1, 2021. The options granted to a consultant will vest based on certain performance milestones of the consultant over a 12-month period.
Posted by AGORACOM
at 9:26 AM on Tuesday, April 6th, 2021
– A realtime, actionable solution using Health Gauge’s AI-powered wearables –
TORONTO, ON / April 6, 2021 / AI/ML Innovations Inc. (CSE:AIML), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce that its subsidiary, Health Gauge, has developed a strategic partnership with My Viva Plan (“MVP”) designed to effectively leverage the two companies’ collective strengths and core assets, in order to best serve digital wellness market interests at the enterprise level.
Collectively, Health Gauge and MVP have created and implemented a strategy to address Metabolic Rehabilitation, with a comprehensive program that helps patients with certain chronic illnesses to understand and harness risk factors such as obesity, high blood glucose levels, high blood pressure, and more, thus mitigating the risk of diabetes, heart disease and stroke.
“Following the launch of Health Gauge’s comprehensive wearable solution, AIML is positioning to participate in the US$58 billion wearables market in a significant way,” said Tim Daniels, Executive Chairman of AI/ML Innovations Inc.
“Additionally, the digital therapeutics market for the rehabilitation of Metabolic Disorder is growing rapidly. Health Gauge’s AI-driven digital health monitoring solution, in tandem with MVP’s individualized care plans and personal health assessments, which is supported by professional care providers and dieticians, is a uniquely powerful combination poised to disrupt this industry.”
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at 8:16 AM on Monday, April 5th, 2021
Announced the Company has joined the Sovrin Foundation, an open-source, open-standards technology platform for digital identity.
Built on a public blockchain, the Sovrin Ledger protects personal information while giving control of personal data back to the individuals.
Loop joins over 70 leading tech organizations around the world including Cisco, T-Mobile and NEC that have committed computing power and resources to strengthen the Sovrin Network.
VANCOUVER, British Columbia, April 05, 2021 — Loop Insights Inc. (MTRX:TSXV; RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights and enhanced customer engagement to the brick and mortar space, is pleased to announce the Company has joined the Sovrin Foundation, an open-source, open-standards technology platform for digital identity. Built on a public blockchain, the Sovrin Ledger protects personal information while giving control of personal data back to the individuals. Loop joins over 70 leading tech organizations around the world including Cisco, T-Mobile and NEC that have committed computing power and resources to strengthen the Sovrin Network.
INTEGRATION WITH SOVRIN FOUNDATION WILL ENHANCE LOOP’S WALLET PASS THROUGH IMPROVED SECURITY, PRIVACY, AND INTEROPERABILITY WITH MAJOR TECH LEADERS
Loop Insights currently issues credentials through the native mobile wallet that is embedded in Apple iOS and Google Android smartphones, which has been leveraged by Passcreator to offer a secure and easy-to-use platform. However, this data can be difficult for third parties to verify.
On January 12, 2021 Loop Insights finalized its acquisition of Passcreator to provide Loop with complete control over Passcreator and its wallet pass platform. By joining the Sovrin Foundation, the credentials that Loop Insights issues can be fully verified by any third party, allowing organizations to check them against Sovrin’s independent public blockchain. This integration is expected to greatly enhance the existing security and privacy of personal information that is encrypted and secured on Loop’s wallet pass platform, originally created by Passcreator.
By validating our issuance and data on the public Sovrin Ledger, Loop will greatly expand the interoperability of its mobile wallet passes, which can now be validated by any organization or individual. The security of the Sovrin Ledger will also enable users to share individual pieces of information with third parties without revealing their entire personal identity.
As Loop Insights is a data company that is fully committed to improving the security and integrity of personal information, it has become clear that public blockchain technologies will be critical to the security and privacy of personal information moving forward. Loop Insights is excited to be driving this shift together with Sovrin and the many organizations dedicated to enhancing the security, functionality, and customer experience of mobile wallet passes.
Loop Insights’ goal is to architect and launch a platform that provides seamless interoperable data connectivity for physical venue and retail operators. With the addition of supportive blockchain verification, the Company is now able to issue verified digital wallet credentials through the native wallet in each and every smartphone.
As countries look to reopen the economy and to provide transformative future-proofed solutions, Loop Insights is working to provide a seamless, secure, and simple user experience through its Wallet pass platform. The Company has recognized the overwhelming number of third-party applications on the market today and therefore anticipates the native wallets found on Apple and Google smartphones will become dominant platforms.
Chris Raczkowski, Chair of the Sovrin Foundation Board of Trustees stated: “The Sovrin Foundation is very excited to welcome Loop Insights as the newest Steward of the Sovrin Ledger. The innovative Loop Insights team will strengthen the Sovrin network moving forward as we continue to offer secure and privacy-preserving digital identities for all.”
Posted by AGORACOM-JC
at 8:57 AM on Thursday, April 1st, 2021
AI/ML Innovations is capitalizing on the burgeoning areas of artificial intelligence (AI) and machine learning (ML), with an initial focus on emerging companies in the digital healthcare space.
Its key subsidiary, Health Gauge, is a leading digital health solutions provider that’s poised to disrupt the traditional healthcare industry by providing AI innovations and services that improve health outcomes, while at the same time reducing costs and stresses on the overburdened healthcare infrastructure.
Its patent-pending solution is a bespoke personal health monitoring & management system, combining the latest wearable health monitors with sophisticated software tools.
Health Gauge has now secured three key strategic partnerships to assist it in addressing FDA requirements for entry into the U.S. marketplace: Zi Medical, MedStack & Privacy Horizon
With their support, Health Gauge can penetrate the $245bn global digital health monitoring market, continuing its strategy of partnering with leading channel partners, health benefits providers and end-users, via its proprietary combination of:
digital health monitoring devices,
AI-based software, and
cloud computing platform.
The company also completed over-subscribed strategic financing for total gross proceeds of $3m. So it is firing on all cylinders!
Make time to watch this one over the long weekend. Tim Daniels, AI/ML Innovations’ Executive Chairman, breaks it all down:
Posted by AGORACOM-JC
at 7:49 AM on Wednesday, March 31st, 2021
Announced the Company has partnered with Data Clymer to provide Loop’s real-time data collection, insights and engagement solutions to Data Clymer’s growing list of clients, including its leading clients in professional sports and live entertainment.
Data Clymer has significant experience in live sports and entertainment, including clients in Major League Baseball and the National Football League that are now demanding more flexibility with their data and analytics systems.
VANCOUVER, British Columbia., March 31, 2021 — (MTRX:TSXV; RACMF:OTCQB) (the “Company” or “Loop”), is pleased to announce the Company has partnered with Data Clymer to provide Loop’s real-time data collection, insights and engagement solutions to Data Clymer’s growing list of clients, including its leading clients in professional sports and live entertainment.
PARTNERSHIP WITH DATA CLYMER SOLVES MAJOR REAL-TIME DATA ANALYTICS ISSUES FOR PRO SPORTS TEAMS, LEAGUES, STADIUMS, AND VENUE HOSTS BY PROVIDING ACCESS TO LOOP INSIGHTS SOLUTIONS
Data Clymer has significant experience in live sports and entertainment, including clients in Major League Baseball and the National Football League that are now demanding more flexibility with their data and analytics systems. Specifically, current “black-box” customer data platforms are creating bottlenecks for organizations, leading to a poor customer experience including:
Information stuck in data silos
Slow “time-to-insights”
When integrated with Data Clymer’s existing technologies, Loop Insights will provide its solution for professional sports teams, leagues, stadiums, and venue operators seeking to aggregate and action the countless data points generated by today’s live sports and entertainment venues.
Aron Clymer, Founder & CEO of Data Clymer stated, “As a leader in the business intelligence and data space, Data Clymer prides itself in guiding organizations to leverage the full value of their data. We are confident Loop’s products and services will greatly enhance the abilities of our clients in live sports and entertainment as they seek to unify and aggregate their data points to provide a revolutionary in-stadium experience.”
Data Clymer is a full-service data consulting firm that implements technologies such as Snowflake, Matillion, Fivetran, Looker, Sigma, and Tableau, and now includes Loop’s real-time data collection, insights, and engagement solutions.
Loop Insights CEO Rob Anson stated, “The importance and validation of this partnership can best be understood by a recent testimonial of the San Francisco Giants who stated ‘Our partnership with Data Clymer is the single best decision we made in our efforts to ramp up our analytics efforts’. This key partnership puts Loop alongside a very elite list of Data Clymer partners that includes top tech solution providers such as Snowflake, Looker, Tableau and many others. Loop’s ability to provide real-time interoperable POS data connectivity for venue owners and operators has brought a great deal of interest within the sports and entertainment industry as of late. With this Data Clymer partnership, we anticipate Loop will benefit from and experience an entirely new level of growth in revenue and scale within the sports and entertainment vertical.”
DATA CLYMER PARTNERSHIP WILL BOLSTER OFFERINGS IN USD$4.6-BILLION GLOBAL SMART STADIUM MARKET
According to Markets and Markets, the global smart stadium market grew to USD$4.6-billion in 2018 and is expected to reach USD$12.5-billion by 2023, representing a Compound Annual Growth Rate (CAGR) of 22.1%. Loop’s data solutions provide venue hosts with a means of aggregating the most important customer information available in order to generate actionable insights, engage with their customers in real-time, and optimize its operations.
The growth of the smart stadium market has been driven by the advancements in stadium technologies, which have improved vastly to provide owners with countless data points, including information accrued from tickets, concession sales, retail transactions, parking, accommodations, and more services offered in association with live events.
Through Loop’s data solutions, venues are able to aggregate these siloed and disparate data sets into one complete dashboard, providing hosts with actionable insights that can be used to engage in real-time with their customers to improve the overall fan experience.
About Data Clymer Data Clymer ( www.dataclymer.com ) is a boutique consulting firm specializing in data culture transformation. The company’s proven methodology includes full data warehouse stack implementation, data democratization, custom training, and analytics to enable data-driven decisions across the organization.
About Loop Insights Loop Insights Inc. ( www.loopinsights.ca ) is a Vancouver-based Internet of Things (“IoT”) technology company that delivers transformative automated marketing and contactless payment solutions built on artificial intelligence (“AI”) to the brick and mortar space. Its unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia. Loop’s products and services are backed by Amazon’s Partner Network.
This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Loop’s business and technology; the ability of Loop to engage with industry participants to achieve its goals; the development of Loop’s technology; and the viability of Loop’s business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop’s control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated, or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Tags: AI, Amazon, artificial intelligence, Big data, covid19, NCAA, small cap Posted in Loop Insights Inc. | Comments Off on Loop Insights $MTRX $RACMF Partners with Data Clymer to Provide Loop’s Real-Time Data Solutions To Its Top-Tier Client List Including the National Football League and Major League Baseball $AT.ca $QTRH.ca $SNSR $BSQR $PTS.ca
Posted by AGORACOM-JC
at 7:48 PM on Tuesday, March 30th, 2021
TORONTO, March 30, 2021 — POET Technologies Inc. (“ POET ” or the “ Company ”) (TSX Venture: PTK; OTCQX: POETF), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, today reported its audited consolidated financial results for the fourth quarter and year ended December 31, 2020. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR. All financial figures are in United States dollars (“USD”) unless otherwise indicated.
Fourth Quarter Financial (non-IFRS) and Recent Business Highlights:
Signed definitive agreement with Xiamen Sanan Integrated Circuit Co. Ltd (“Sanan IC”) and completed official registration of joint-venture company, Super Photonics Xiamen (“SPX”), to offer a new generation of cost-effective, high-performance optical engines based on the POET Optical Interposer platform;
Achieved industry-first with flip-chip of Directly Modulated Laser (DML) designs on the Company’s Optical Interposer platform;
Completed and tested designs for LightBar ™, a new line of high-performance remote laser light source products for 400G FR4, 800G and Co-Packaged Optics (CPO) applications in cloud data centers ;
Opened Product Design and Development Center in Shenzhen, China and appointed Dr. Jinyu Mo as Senior Vice President, Asia;
Appointed semiconductor and optoelectronics industry veteran, Glen Riley, to the Board of Directors;
Ended the year with cash and cash equivalents of $6.9 million compared to $1.4 million on December 31, 2019, then after quarter-end completed a private placement financing resulting in gross proceeds of $11.8 million;
Subsequent to December 31, 2020, the Company received $8.4 million from the exercise of stock options and warrants and further reduced its debt by $1.7 million through the conversion of convertible debentures into units of the Company; and
As of the date of this release, on an unaudited basis, the Company reported it has approximately $23.7 million in cash available to fund operations.
Management Comments
Commenting on the Company’s recent progress, Dr. Suresh Venkatesan said, “The fourth quarter was a pivotal period for our Company, as we successfully achieved significant milestones on the path toward commercialization of new products based on the POET Optical Interposer platform. First, we released our first multi-product wafer (MPW) mask set for production, which was comprised of custom designs for specific applications and customers. Additionally, we completed and tested the designs of our newly launched product line, LightBar , a family of high-performance laser light source products for 400G FR4, 800G and Co-Packaged Optics applications in cloud data centers. We are very excited about the near-term opportunity for these products to serve as a spring-board for supplying products to large cloud-based data center customers that are aggressively seeking solutions with both higher speed and reduced cost.
“As evidence of further progress, in December we achieved an industry first with the successful test of our high-speed DML laser design ‘flip-chipped’ onto POET’s Optical Interposer platform, enabling the world’s lowest-cost and smallest 100G CWDM4 optical engine. This accomplishment is critical to the assembly of a single-chip, fully integrated optical engine that can be produced at wafer-scale in high volume. We also expanded our operations team and facilities in early 2021 with the appointment of Dr. Jinyu Mo as a Senior Vice President of Asia, coupled with the opening of a new product design and development center in Shenzhen, China.”
Dr. Venkatesan further stated, “Looking at the current landscape in early 2021, there have been broadly reported supply chain constraints throughout the semiconductor industry. This environment has introduced challenges related to the reliable and timely sourcing of lasers, which has resulted in delayed production schedules across the industry and also for POET’s alpha and beta samples. That said, we are continuing to work closely with our strategic manufacturing partners, while also exploring potential alternative sources in order to mitigate the impacts of these external supply constraints. I want to emphasize that we have continued to meet the product development milestones that are based on variables within our control, and we’ve encountered no new hurdles in terms of technological barriers or device performance. Importantly, we have a solid cash position and strengthened balance sheet following the successful financing activities completed in recent months, and we remain very optimistic about our advancement of POET’s product roadmap throughout 2021.”
Financial Summary
Due to the sale of its wholly owned subsidiary, DenseLight, the Company was required to report the activities of DenseLight as a discontinued operation with effect from January 1, 2019. The financial statements filed today reflect this classification. While the Company operated as a single integrated entity until November 8, 2019, the Closing Date of the sale transaction, the financial data below presents the net operations of DenseLight in prior periods as a single line item titled “Income from discontinued operations (net of taxes)”. The net operations of the Company do not include discontinued operations in the fourth quarter of 2020 due to closing of the sale in November 2019. Comparative results include those of discontinued operations. The following discussion and the summary table presented at the bottom of this press release are on a proforma, non-IFRS basis. The required IFRS presentation of the Company’s Financial Statements can be found in its recent filings on SEDAR.
The Company reported a net loss of ($5.0) million, or ($0.02) per share, in the fourth quarter of 2020 compared with net income before tax recovery of $3.2 million, or $0.01 per share, in the fourth quarter of 2019 and net loss of ($3.5) million, or ($0.01) per share, in the third quarter of 2020. The loss in the fourth quarter of 2020 included research and development costs of $2.2 million compared to $0.8 million in the fourth quarter of 2019 and $1.2 million in the third quarter of 2020. The increase compared to the prior year period reflects a redistribution of research and development activities and costs that were previously accounted for by DenseLight and reported as discontinued operations when the organization operated as a single entity. These costs are now accounted for solely by POET. Non-cash expenses in the fourth quarter of 2020 included stock-based compensation of $0.9 million and depreciation and amortization of $0.2 million. Non-cash stock-based compensation and depreciation and amortization were $0.6 million and $0.1 million in the fourth quarter of 2019, respectively, and $1.1 million and $0.2 million, respectively, in the third quarter of 2020. The net income reported in the fourth quarter of 2019 included a gain on the sale of DenseLight of $8 million and a recovery of deferred income taxes of $0.3 million.
During the fourth quarter of 2020, the Company had debt related finance costs of $249,000 compared to $302,000 in the fourth quarter of 2019 and $244,000 in the third quarter of 2020. Of the finance costs recognized in the fourth quarter of 2020, $128,000 was non-cash compared to $109,000 in the fourth quarter of 2019 and $141,000 in the third quarter of 2020.
On a non-IFRS basis, cash flow from operating activities in the fourth quarter of 2020 was ($2.9) million compared to ($3.7) million in the fourth quarter of 2019 and ($2.9) million in the third quarter of 2020.
Non-IFRS Financial Performance Measures Certain financial information presented in this press release is not prescribed by IFRS. These non-IFRS financial performance measures are included because management has used the information to analyze the business performance and financial position of POET prior to the sale of its DenseLight subsidiary. These non-IFRS financial measures are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. These non-IFRS financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
In order to provide the combined business performance and relative financial position prior to the sale of DenseLight, certain non-IFRS financial performance measures have been combined to show an aggregate number. Such proforma combined numbers are illustrative only and actual figures may vary materially.
About POET Technologies Inc. POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer™ a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations in Allentown, PA and Singapore. More information may be obtained at www.poet-technologies.com .
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the success and timing for completion of its development efforts, financing activities, future growth, the form and potential of its planned joint venture, if approved, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company’s anticipated projects, a delay or abandonment of its planned joint venture, delays or changes in plans with respect to the development of the Company’s anticipated projects by the Company’s external contractors,, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, and the ability to raise additional capital. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075
