Tickers: XTSX:ES
Tags: Blockchain, Technology
VANCOUVER BC / TheNewswire / November 30, 2018 -- 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, 2018. All figures are in Canadian dollars.
Q3 2018 Highlights
- During the three months ended September 30, 2018, the Company signed a Letter of Intent with BID Group Technologies Ltd. ("BID Group") to form a partnership called Oper8 to provide the forest products industry with an integrated digital platform for bringing fast value to a growing amount of raw and deep live data through the Industrial Internet of Things (IIoT), AI, and predictive analytics. Cumul8 is the exclusive IIoT and Predictive AI platform to be installed on all new BID machines. This combined Oper8 partnership will drive BID's vision of leading the digital transformation of the forest products industry.
- Cumul8 platform revenue for the three months ended September 30, 2018 increased by 399% compared to three months ended September 30, 2017.
- Cumul8 platform revenue for the nine months ended September 30, 2018 increased by 297% compared to the nine months ended September 30, 2017.
- Driven by the Oper8 partnership, the Cumul8 platform has tripled its committed site installations as at September 30, 2018 compared to same period in the prior year
- The official release of the Envision Editor earlier in the year enabled the completion of the first digitally connected BID turnkey mill from Oper8. This is the first mill of its kind where all live data from all machine centres is collected in the cloud, with full production and asset health complex KPIs created using the Envision Editor by mill operations experts and not software programmers. A core differentiator for the Cumul8 platform, the Envision Editor was an idea to execution that centred around the concept of "achievable AI and achievable insights," placing the power of creating unlimited connections to KPIs with live data in the hands of forest products industry domain experts. The ease of use and commercialization of the Envision Editor also allows more installations to be fast tracked.
- The Company also released version 1.5 of its Cumul8 Jetstream ("Jetstream") high speed transfer solution, which gives users the ability to use as much or as little of an organization's available bandwidth based on user-configured parameters and without any artificial throttling by the software.
In other business, subject to the approval by the TSX Venture, the Company has amended the previously issued $1,000,000 convertible debenture issued to BID Group on August 20, 2018 to prohibit the conversion of any portion of principal owing on the debenture if it would result in the holder owning in excess of 9.9% of the common shares of the Company (previously limited to 19.9%).
About Eight Solutions
Eight Solutions is a technology company bringing fast value to data through Achievable Artificial Intelligence (AI). With a team of Media and Entertainment industry veterans, Eight Solutions brings together the 'fast to excitement' and 'ease of use' philosophies learned from years of producing the world's biggest video games and the experience of handling immense volumes of VFX data while working on Hollywood blockbuster movies. The Eight Solutions product portfolio includes Cumul8, an Industrial Internet of Things (IIoT) and predictive analytics platform providing real-time and predictive insights that help businesses harness and realize operational value from their data; and Jetstream, a secure high speed file transfer application enabling users to focus on their own work product rather than how it is delivered. For more information, visit www.eightsolutions.com.
On Behalf of the Board of Directors
"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" "can" and other similar words, or statements that certain events or conditions "may" occur. Although Eight Solutions 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. 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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