Artificial Intelligence
POET Technologies Reports First Quarter 2020 Financial Results
TORONTO, May 28, 2020 (GLOBE NEWSWIRE) — 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 unaudited condensed consolidated financial results for the first quarter ended March 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.
First Quarter Financial (non-IFRS) and Recent Business Highlights:Successfully completed proof of concept for the Optical Interposer platform;Received $13M of the $18M in remaining consideration due from the Buyer of DenseLight, with $5M currently scheduled to be transferred to POET on May 31, 2020;$294,000 of convertible debentures converted into 985,000 units of the Company;Extended the expiry dates of 12,545,350 warrants from March 21, 2020 to July 23, 2020; andEnded period with cash and cash equivalents of $12.3M, compared to $1.4M on December 31, 2019 and $1M on March 31, 2019.Management Comments
“Building on the accomplishments we’ve made over the past year, we continue to execute on our product development milestones in 2020,” commented Dr. Suresh Venkatesan, Chairman & CEO. “The sale of our DenseLight subsidiary in late 2019 provided us the ability to focus entirely on the POET Optical Interposer platform. We successfully completed a series of milestones proving the fundamental concepts and viability of the Optical Interposer platform and are now well into the design of optical engines for data center transceivers. This accomplishment served to validate our long-standing vision for POET’s technology and we continue to engage closely with prospective customers on product design, development and deployment programs.”“Complementing this key milestone, we’ve recruited and added to the POET team a number of accomplished individuals with proven expertise in photonics technology, products and applications. Additionally, we are actively evaluating POET’s Optical Interposer platform technology with potential partners for markets beyond data center transceivers, such as high-speed computing for artificial intelligence applications and co-packaging of optics with next-generation switching devices.”Financial Summary
Due to the sale of its wholly owned subsidiary, DenseLight Semiconductor Pte Ltd (“DenseLight”), the Company is 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 titled “Income (loss) from discontinued operations (net of taxes)”. The net operations of the Company do not include discontinued operations in the first quarter of 2020 due to closing 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 before taxes of ($3.5) million, or ($0.01) per share, in the first quarter of 2020 compared with a net loss before taxes of ($2.7) million, or ($0.01) per share, in the first quarter of 2019 and net income before taxes of $3.2 million, or $0.01 per share, in the fourth quarter of 2019. The net income in the fourth quarter of 2019 included the gain of $8.7 million on the sale of DenseLight. The loss in the first quarter of 2020 includes R&D of $1.4 million compared to $0.2 million in the first quarter of 2019 and $0.8 million in the fourth quarter of 2019. The increase is a result of a redistribution of R&D activities and costs that were typically accounted for by DenseLight when the organization operated as a single entity. These costs are now accounted for solely by POET. Non-cash expenses in the first quarter of 2020 included stock-based compensation of $0.8 million and depreciation and amortization of $0.2 million. Non-cash stock-based compensation and depreciation and amortization were $0.7 million and $48,000 in the first quarter of 2019 and $0.6 million and $0.1 million respectively in the fourth quarter of 2019. Non-cash stock-based compensation included in discontinued operations in the first quarter of 2019 was $0.1 million. The Company had a recovery of stock-based compensation of ($0.3) million in the fourth quarter of 2019 from discontinued operations due to closing the sale of DenseLight during the quarter. Depreciation and amortization is not recognized for discontinued operations.During the first quarter of 2020, the Company had debt related finance costs of $217,000 compared to nil in the first quarter of 2019 and $448,000 in the fourth quarter of 2019. Of the finance costs recognized in the first quarter of 2020, $108,000 was non-cash compared to nil in the first quarter of 2019 and $254,000 in the fourth quarter of 2019. There were no debt-related finance costs in the first quarter 2019 because the Company did not incur debt prior to the second quarter of 2019.On a non-IFRS basis, cash flow from operations in first quarter of 2020 was ($2.0) million compared to ($3.7) million in the prior quarter and ($1.5) million in the first quarter of 2019.During the first quarter of 2020, holders of certain convertible debentures converted $294,000 worth of debentures into 985,000 units of the Company. There were no conversions of debentures in prior periods.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.POET TECHNOLOGIES INC. AND SUBSIDIARIES
PROFORMA – NON-IFRS PRESENTATION OF THE
COMBINED RESULTS OF CONTINUING AND DISCONTINUED OPERATIONS
(AMOUNTS ARE IN US DOLLARS)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, receiving full payment for its sale of its DenseLight subsidiary, future growth, plans for and completion of projects by the Company’s third-party 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, delays or changes in plans with respect to the development of the Company’s anticipated projects by the Company’s third-party relationships, 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
LONDON, May 1, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT; CLVT PR A) (“Clarivate”), a leading global provider of transformative intelligence, today announced that its board of directors declared a quarterly dividend of $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares (the “Preferred Shares”), payable in cash on June 3, 2024 to shareholders of record at the close of business on May 15, 2024.
On the mandatory conversion date, which is scheduled to occur on June 3, 2024, each Preferred Share will automatically and mandatorily convert into a number of ordinary shares of Clarivate (and cash in lieu of any fractional ordinary shares) based on the average volume weighted average price (“VWAP”) of Clarivate’s ordinary shares over a 30-trading day period that begins on, and includes, April 18, 2024 and is scheduled to end on, and include, May 30, 2024 (the “valuation period”). If such VWAP is (i) greater than $31.20, then the mandatory conversion rate will be 3.2052 ordinary shares of Clarivate per Preferred Share, (ii) less than or equal to $31.20 but equal to or greater than $26.00, then the mandatory conversion rate will be a number of ordinary shares of Clarivate per Preferred Share equal to $100.00 divided by such VWAP and (iii) less than $26.00, then the mandatory conversion rate will be 3.8462 ordinary shares of Clarivate per Preferred Share. The mandatory conversion rate will be announced following the end of the valuation period. The above description of the terms of the Preferred Shares is not complete and is subject to, and qualified in its entirety by reference to, the “Statement of Rights” for the Preferred Shares, which is filed as Exhibit 3.2 to Clarivate’s annual report on Form 10-K for the fiscal year ended December 31, 2023.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also adversely affect our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
Logo – https://mma.prnewswire.com/media/1159266/Clarivate_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/clarivate-declares-dividend-on-mandatory-convertible-preferred-shares-302133633.html
BEIJING, May 1, 2024 /PRNewswire/ — Focusing on the development of AI, the third CMG Forum was held on Monday in Beijing.
Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and the head of the Publicity Department of the CPC Central Committee, attended the opening of the event and delivered a speech.
Guests at the forum stressed the role of media in promoting the innovative application of AI as well as its governance.
Efforts should also be made to boost the development of AI in creating positive, healthy, diverse and high-quality content, so that AI can become a force for good and benefit mankind, they agreed.
They also called on media to accelerate intelligent transformation and help bridge international exchanges and cooperation on the governance of AI to facilitate its healthy, orderly and safe development.
Hosted by China Media Group (CMG), the forum attracted more than 200 participants from international organizations, media, think tanks and multinational companies.
“Innovation and breakthroughs in science and technology not only guide the development and progress of human civilization, but also bring uncertainty to the changing world,” said Shen Haixiong, vice minister of the Publicity Department of the CPC Central Committee and president of CMG. He called for efforts to jointly create valuable and responsible artificial intelligence.
AI technology is affecting every aspect of our lives. Thomas Bach, president of the International Olympic Committee (IOC), stated in a video speech that CMG has always been a partner of the IOC, bringing the charm of the Olympic Games to hundreds of millions of Chinese viewers. He said the IOC invites CMG to work together for the creation of a future with the application of AI in Olympic sports.
“From ancient inventions such as silk, printing and the compass to modern technological advances such as robotics, telecommunications and green technology, China has always been committed to innovation and creation,” said Daren Tang, director general of the World Intellectual Property Organization (WIPO). He said WIPO pays close attention to ensuring a balance between the opportunities and risks of artificial intelligence and is committed to strengthening cooperation to ensure that artificial intelligence is properly used.
https://news.cgtn.com/news/2024-04-30/3rd-CMG-Forum-in-Beijing-discusses-AI-development-1tdDcXvCexG/p.html
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-3rd-cmg-forum-in-beijing-discusses-ai-development-302133410.html
Artificial Intelligence
Trianz Appoints Sridhar Kannan as Practice Leader – Digital, Elevating its Leadership in the Global Digital Transformation Space
SANTA CLARA, Calif., May 1, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Sridhar Kannan as Practice Leader – Digital. With over 25 years of extensive experience in technology and business leadership, Sridhar joins Trianz to lead the expansion of Trianz’s Digital Practice, forging strategic alliances and expanding the business footprint.
Sridhar’s appointment comes at a transformative phase for Trianz as it solidifies its commitment to redefining the digital landscape with an “IP Led” model. This strategic shift is powered by Trianz’s cutting-edge hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace. Sridhar’s visionary leadership in technology-led business transformations across diverse sectors will be instrumental in leveraging IP-led models and innovative methodologies to position Trianz at the forefront of digital transformation.
“We are thrilled to welcome Sridhar Kannan to the Trianz family,” said Seshi Vanguru, Chief Revenue Officer at Trianz. “His appointment marks a significant stride in Trianz’s journey toward innovation and excellence. Sridhar’s wealth of experience and exceptional leadership skills will elevate our Digital Practice to new heights, reaffirming our commitment to delivering exceptional value to our clients.”
Sridhar is recognized as a client-focused technology and business transformation executive with a remarkable track record of helping Banking and Financial Services organizations in business transformation and product innovation using applications, cloud, data, and digital solutions. His extensive prior experience at industry giants such as Wipro, Cognizant, and Infosys include successfully leading Fortune 10 global client relationships and implementing transformative solutions across Banking, Financial Services, and Healthcare industries. Sridhar is highly regarded for his ability to lead global cross-functional teams, foster collaboration, and achieve aggressive business goals while consistently delivering high levels of client satisfaction.
“I am deeply honored to join Trianz and contribute to its mission of shaping the future through digital transformation,” said Sridhar. “Together, we will push the boundaries of what’s possible and drive meaningful impact for our clients in this rapidly evolving digital landscape.”
Based out of Minnesota, US, Sridhar has steered numerous clients towards success through the strategic application of Digital, Cloud, Product Engineering, Data, AI, and Application services, making him a seasoned strategist in today’s dynamic digital landscape. His appointment marks a significant milestone in Trianz’s journey to nurturing talent and delivering world-class solutions.
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our “IP Led Transformations” approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media Team : [email protected]+1-408-387-5800
Logo: https://mma.prnewswire.com/media/626944/1199800/Trianz_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/trianz-appoints-sridhar-kannan-as-practice-leader–digital-elevating-its-leadership-in-the-global-digital-transformation-space-302132835.html
-
Uncategorized7 days agoCherrypicks Partners with AWS DevAx Leading Cloud Technology Innovation for Hong Kong Enterprises
-
Artificial Intelligence6 days agoHikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024
-
Artificial Intelligence5 days agoHITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
-
Artificial Intelligence6 days agoWeb O.No: Metaverse and Web 3.0 stunted by internet chaos, warn 87% of business leaders
-
Artificial Intelligence6 days ago
Greater efforts urged on sci-tech cooperation
-
Artificial Intelligence5 days agoCognitive Security Market Projected to Reach $134.26 billion by 2030 – Exclusive Report by 360iResearch
-
Uncategorized6 days ago
Xiao-I Corporation to Announce Full Year 2023 Results
-
Artificial Intelligence5 days ago
IBM, Government of Canada, Government of Quebec Sign Agreements to Strengthen Canada’s Semiconductor Industry
