Tickers: XTSX:ES
Tags: Technology, Blockchain
Vancouver, BC / TheNewswire / January 8, 2019 - Eight Solutions Inc. (TSXV:ES) ("Eight Solutions" or the "Company"), a technology company bringing achievable AI to industrial enterprises through its Cumul8 big data and live analytics platform, today announced the completion of a partnership with BID Group Technologies Ltd. ("BID Group") to deliver a digital platform enabling the transformation of the Forest Products industry.
The partnership created an operating entity, called Oper8 Partnership ("Oper8"), in which Eight Solutions and BID Group each own 50 percent and will share equally in Oper8's income. To date, Oper8 is already working to provide quick value to a series of customers, having generated committed revenues of over $3 million on all turnkey projects as well as several retrofit installations at existing sawmill facilities.
In connection with the partnership formation, the Company granted Oper8 a worldwide exclusive license to use the Cumul8 platform in the Forest Products industry, which includes segments such as Forestry, Lumber Manufacturing, Biomass Plants, Panels Manufacturing, and Pulp and Paper.
Oper8 combines the Cumul8 big data and live analytics platform driven by predictive AI with the engineering, operational, and sales expertise of BID. This tightly integrated hardware, software, and services solution can enable digital transformation. The Oper8 business model focuses on new BID solutions (from individual asset units through to complete turnkey mills) as well as helping customers integrate the Cumul8 predictive AI technology into their existing facilities.
Cumul8 is embedded in all machines with each new BID engineered solution. Using the unique expertise of both BID and Cumul8 personnel, Oper8 provides fast installations for immediate, forestry-focused insights that do not yet exist within the industry. These can include a full spectrum of both pre-loaded and custom business performance-enhancing insights from machine and component health prediction to operational and supply chain optimization.
With Oper8, vast amounts of streaming data generated by equipment and software from BID Group and other manufacturers can be connected and processed in a single, real-time analytics platform. Predictive insights are generated and visualized via data models and dashboards created within the platform, helping customers optimize mill operations and improve overall returns on invested capital.
"Driven by a cultural legacy of 'doing what we say' in partnership with our customers to help them achieve the best return-enhancing solutions, the BID Group has established itself as North America's Forest Products industry leader by designing and rapidly delivering a complete range of world-class technologies, equipment, turnkey installations, and aftermarket services," said Alistair Cook, President and CEO of BID Group. "Through the Oper8 partnership, we intend to continue leading the industry's transformation by deploying the Cumul8 engine to create and incorporate AI-enabled solutions in everything we do - at the reliability and speed synonymous with the BID Group heritage - to support our customers in realizing peak business performance."
According to Rory Armes, CEO of Eight Solutions, "Partnering with BID Group to combine BID's forestry expertise with our AI platform is extremely rewarding to me. The support and far reaching vision of BID has allowed Cumul8 to quickly refine and define what it means to create a working AI platform that does not need programmers or deep analytic knowledge at the client level. This has been our goal from day one - achievable AI for all."
About BID Group
The BID Group family of companies has over 35 years of experience in providing industry leading solutions for its highly valued customers. Powered by best-in-class brands Comact, PHL, McGehee, Deltech, Miller, Moco, Vibra-Pro, Tri-Delta, and BID Group Construction, the company provides innovative, efficient and reliable equipment to exceed customer expectations. The ability to provide a complete turnkey package that includes engineering, project management, installation, startup, AI, and after sales service furthers the BID Group companies' strategic value to its customers. The companies have offices in fifteen locations across continental North America. Learn more about BID Group at bidgroup.ca.
About Eight Solutions
Eight Solutions is a technology company bringing fast value to data through achievable 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 AI-driven live 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 eightsolutions.com.
On Behalf of the Board of Directors
(signed) "Rory Armes"
Rory Armes
Chief Executive Officer, President and Director
Neither 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. Although Eight 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
Phone: (604) 669-8885
Fax: (604) 669-8855
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