Tickers: XTSX:ES
Tags: Blockchain, Technology
Vancouver, BC / TheNewswire / December 20, 2017 -- Eight Solutions Inc. (TSXV:ES) ("Eight Solutions" or the "Company") today announced a two-year licensing agreement to integrate the Cumul8 Internet of Things (IoT) data platform within each new piece of equipment sold by BID Group of Companies ("BID Group"), leading to the digital transformation of the forestry sector.
As one of the largest integrated suppliers to the wood processing industry and the North American leader in the field, BID Group will leverage the cloud-based Cumul8 platform to bring their turnkey mills and machines into a new "digitally" connected mill system. By implementing Cumul8 inside each of their new machines, BID Group will extend their client care by providing even greater actionable insights and predictive analytics on both operational and machine health, resulting in more optimized mills, reduced downtime, and higher returns on capital investment.
The Cumul8 platform is currently being implemented at two recently completed turnkey facilities with additional implementations scheduled for 2018.
"The fourth industrial revolution, driven by IoT and by the need to predict outcomes, is upon our industry," said Alistair Cook, President and CEO of BID Group. "Integrating Cumul8 within all of our new machines will give our machines, and therefore our clients, the ability to move into the world of a fully connected data stream. This allows for the rapidly expanding world of machine AI and prediction. Our partnership with Cumul8 will help us transform the forestry industry and we are excited to continue working with such an innovative team."
Cumul8 collects, stores, monitors, and analyzes operational and performance data from disparate sources in real-time. Cumul8 has a powerful visual toolkit allowing users to easily create dashboards as well as a flexible transform editor for combining different streams of data to create Key Performance Indicators most relevant to an operation. The toolkit gives deep historical, live, and future event prediction all in one visual system. Sentinel, the data science engine powering the Cumul8 platform, uses proprietary machine learning algorithms to enable predictive maintenance and provide alerts when "out of normal" events occur. Real-time, broad collection of raw disparate machine data transforms the concept of history, now, and into the future and allows for faster communication and understanding for both the engineer creating the machines and the client using these machines.
As part of the agreement, Cumul8 will provide software development services to support the BID Group's rapidly growing internal digital strategy. BID Group understands that by connecting each of their machines and with the help of the Cumul8 IoT data platform, they can maximize uptime and operational efficiency through an expanded initiative of Cumul8:Inside along with their own R&D solutions.
"We are pleased to enter this next phase of our relationship with BID Group," said Rory Armes, CEO of Eight Solutions. "With their deep knowledge of the forestry sector, BID Group has been an invaluable resource as we continue to enhance and expand the Cumul8 platform. It is a company that understands that the future for the industry is a combination of amazing construction, engineered solutions, and the new growing connection to the data narrative these engineered machines are kicking out. With the ongoing support of both Alistair and the entire BID family, we are excited to lead the transformational change to the forestry industry."
About BID Group
The privately owned BID Group family of companies has over 30 years of experience in providing industry leading solutions for its highly valued customers. Powered by Comact, PHL, Deltech, SEC, Miller and BID Group Construction, the company provides innovative, efficient and reliable equipment to exceed our customers expectations. Our ability to provide a turnkey solution that includes engineering, project management, installation, startup, and after sales service furthers our strategic value to our customers. The company has offices in fourteen locations across continental North America. Learn more about BID Group on www.bidgroup.ca.
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
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