Skip to main content

Eight Solutions 2017 Q3 Results

Tickers: XTSX:ES
Tags: Gaming, Technology

VANCOUVER BC / TheNewswire / November 27, 2017 -- Eight Solutions Inc. (TSXV:ES) ("Eight Solutions" or the "Company") announces the release of its unaudited consolidated interim financial results for the three and nine months ended September 30, 2017. All figures are in Canadian dollars.

Q3 2017 Financial Highlights

-For the nine months ended September 30, 2017, the Company reported revenue of $3,197,203, compared to $2,840,152 for the nine months ended September 30, 2016, an increase of 13%.

-For the three months ended September 30, 2017, the Company reported revenue of $268,111 compared to $637,418 for the three months ended September 30, 2016. The decrease was due to the sale of the 3D conversion technology on May 30, 2017, as the Company did not record any 3D conversion licensing revenue during the three months ended in September 30, 2017 in comparison to the three months ended September 30, 2016.

-Net loss attributable to the shareholders of the Company for the three months ended September 30, 2017 was $1,440,787 ($0.03 basic and diluted loss per share), and net loss for the nine months ended September 30, 2017 was $415,908 ($0.01 basic and diluted loss per share). Though the Company's net loss attributable to shareholders for the nine months ended September 30, 2017 increased by $329,748 compared to the nine months ended September 30, 2016, when excluding the one-time gains in each of the respective periods, the Company had a net loss attributable to shareholders of $2,415,908 for the nine months ended September 30, 2017 compared to a net loss attributable to shareholders of $3,380,795 for the nine months ended September 30, 2017, an improvement of 29%.

-In line with Company's previously announced cost reduction efforts at the beginning of the fiscal year, for the three months ended September 30, 2017, the Company reduced its operating expenses by 10% when compared to the three months ended September 30, 2016, and for the nine months period ended September 30, 2017, the Company reduced its operating expenses by 9%, when compared to the nine months ended September 30, 2016.

Q3 2017 Business Highlights

-During the three months ended September 30, 2017, the Company launched its Cumul8 Visual Toolkit, which provides users at any level of an organization with a system for "self-service" analytics, including the ability to quickly and easily add and edit KPIs (Key Performance Indicators) as well as visualize live data through dashboards. The Visual Toolkit is an integral component of the Cumul8 Internet of Things (IoT) platform, which captures raw data streams from manufacturing sensors for live, real-time analytics to drive better and faster outcomes. Cumul8 is powered by Sentinel, the Company's proprietary Artificial Intelligence engine that provides predictive models using various manufacturing variables. Cumul8 is the first platform of its kind in the Forestry industry and can easily be integrated into many other industries.

-The Company released version 1.3 of its Cumul8 Jetstream high speed transfer solution. In addition to Jetstream's already powerful and flexible file transfer functionality, version 1.3 introduces "sandboxing" used for defining user security and permissions, user types and group capabilities, and API's (additional program interfaces) to assist in connecting to a client's existing IT infrastructure.

-The Company appointed of Mike Devine as the Company's new Executive Vice President, Sales & Marketing who brings more than 20 years of proven leadership in sales, marketing, and business development in both startup and enterprise size companies.

-Also during the three months ended September 30, 2017, the Company was in the midst of closing a non-brokered private placement offering ("Offering") of 19,929,072 units (each a "Unit") at a price of $0.07 per Unit for a total gross proceeds of $1,395,035, which closed on October 12, 2017. Subsequently the Company closed off the 2nd tranche of its non-brokered private placement offering of 520,593 Units at a price of $0.07 per Unit for a total gross proceeds of $36,442.

Q3 2017 Financial Summary

Three Months ended

September 30, 2017

September 30, 2016

Revenue

$ 268,111

$ 637,418

Loss and comprehensive loss attributable to the shareholders of the Company

$ (1,440,787)

$ (1,313,131)

Basic loss per share

$ (0.03)

$ (0.02)

About Eight Solutions

Eight Solutions brings together highly visual and user-centric technology solutions designed and developed by a team of entertainment and gaming industry veterans with a combined 60+ years of experience working on some of the world's most successful films and video games. The Eight Solutions product portfolio includes Cumul8, an IoT (Industrial Internet of Things) self-serve data analytics and visualization platform; Jetstream, a high speed file transfer application; and Reelhouse, a powerful streaming video-on-demand solution allowing filmmakers to distribute their content directly to users. For more information, visit www.eightsolutions.com.

On Behalf of the Board of Directors

(signed) "Rory Armes"
Rory Armes
Chief Executive Officer, President and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. In particular, forward-looking statements in this press release include, but are not limited to, statements respecting the use of proceeds and the terms and closing of the transaction. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable; there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, risks with respect to: closing the definitive agreements respecting the transaction, obtaining all regulatory and third party consents, obtaining the requisite shareholder approvals for the transaction, our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; amount and timing of operating costs and capital expenditures; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company's competition; the Company's failure to adequately protect its intellectual property; interruption or failure of information technology systems; the risk that the transaction may not be completed as planned, or at all; and business, legal and/or regulatory risks relating to the Company's business, financings and strategic acquisitions. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

For more Information, please contact:
Investor Relations
investor.relations@eightsolutions.com
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6

Copyright (c) 2017 TheNewswire - All rights reserved.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.