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Sonasoft (SSFT) Reports Full-Year 2019 Audited Revenue of $13.33 Million; an Increase of 1260% YoY; First Quarter 2020 Revenue of $2.8 Million; an Increase of 47% YoY

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SAN JOSE, CA, July 22, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Sonasoft Corp. (OTCQB: SSFT), a leader in innovative artificial intelligence (AI) and data management solutions, today reports its financial results for its fiscal year 2019 and First Quarter 2020.
2019 In ReviewSonasoft Corp. generated audited full-year 2019 revenue of $13.33M, an increase of $12.35M over its 2018 full-year result. The company reported an operating loss of $4.57M, versus $1.55M in 2018. Excluding stock-based compensation and accruals for royalties, this loss reduces to $3.2M, a $1.7M increase over 2018 result. This increase is largely due to the acquisition, integration, and legal expenses incurred by the four acquisitions Sonasoft completed in 2019, as well as significant new investment in sales, marketing, and research and development.Of Sonasoft’s four sub-entities, Cornerstone Tech. Inc. contributed approximately $10.6M in revenue, E-Connect approximately $2.2M (over 7 months), Sonavault approximately $0.5M, and Sona-AI less than $0.1M (over 9 months).Despite the limited revenue contributions of Sona-AI’s NuGene artificial intelligence platform for 2019, the company has been extremely pleased with results in this area of the business. The technology has gained significant traction with several successful proof of concept (POC) demonstrations for large OEM partners as detailed in our recent 8-K announcements. These early green shoots are anticipated to drive rapid growth in AI-based revenues from both POC’s and product licensing agreements in 2020, as the company solidifies its AI-first orientation. Opportunities in the search, energy, and financial sectors are particularly promising.Sales for the Cornerstone business were relatively stable, despite margin pressures in the hardware and software reseller markets. Sonasoft’s strategy for the Cornerstone business is to leverage the customer network and presence it provides to drive AI sales, pivoting Cornerstone resources towards the expanding AI sector. Similarly, Sonasoft’s data science and data analytics support capabilities act as a complement to our AI efforts, expanding the service offering we can deliver to customers.As a result of the merger activity, Sonasoft’s balance sheet strengthened considerably in 2019, with shareholder’s equity growing from ($1.93 M) as of December 31, 2018 to $3.73M as of December 31, 2019. The cash balance as of December 31, 2019, was $3.13M versus $1.02M as of December 31, 2018.First Quarter 2020Revenues for the quarter ended Mar. 31, 2020 were $2.88M vs $1.96M for the quarter ended Mar. 31, 2019. Gross profit in Q1 2020 was $612k vs. $579k for Q12019. Gross profit margins were 21.3% in Q1 2020, vs. 29.5% in Q1 2019.The Company had operating losses of $1.49M during the quarter ended Mar. 31, 2020, vs. a loss of $0.58M for Q1 2019, an increase of $0.91M. Of this increase, $297k can be attributed to stock-based compensation for the post-completion issuance of stock related to the acquisitions of E-Connect Inc. and Optimaize Inc. Excluding these costs, operating expenses increased by $0.65M from Q1 2019 to Q1 2020. The year-over-year increase in revenue was driven both by the acquisitions of Hotify Inc. and E-Connect Inc. over the course of 2019 and by improved sales from the Cornerstone subsidiary, driven by a significant increase in software sales vs. the year-ago quarter.Cornerstone contributed approximately $2.30M in revenues in the quarter, vs. $1.8M in Q1 2019. Revenues from the legacy Sonavault software suite were $179k vs. $136k in Q1 2019. E-Connect contributed approximately $0.57M. Hotify Inc. contributed $59k in licensing revenues, as OEM AI projects began to come on-stream.Looking ahead, the business has successfully consolidated multiple entities into the Sonasoft business and is now returning its focus to optimizing operations and execution. In response to the onset of the Coronavirus pandemic, the company took steps to streamline operating expenses, effecting changes that should deliver net quarterly savings on the order of $200k per quarter. We anticipate additional cost savings going forward as we achieve further synergies in administration and finance. This improvement in operational efficiency is expected to offset margin pressures in the Cornerstone business while creating new opportunities for AI revenue growth as we pursue AI opportunities across all of the entities. Ongoing investment in AI development, sales, and marketing will result in continued net losses for 2020, but the resulting OEM partnerships are expected to result in a rapid increase in AI revenues as OEM AI opportunities reach fruition.Notes
1.     Sonasoft was founded in Silicon Valley in 2003. For more information about the company, please visit: https://www.sonasoft.com
2.     Sonasoft NuGene is a unified AI platform that can process any type of data and generate autonomous AI models. For more information about Sonasoft’s Artificial Intelligence (AI) Solutions, please visit:  https://www.sonasoft.com/products/artificial-intelligence-ai/3.     For investor-specific information, please visit: https://www.sonasoft.com/investors/Investor Contact:Mike Khanna, CEOSonasoft CorporationPhone: (408) 708-4000 X7104Forward-looking StatementsThis release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These outcomes may be materially impacted by various risks set forth in the Company’s filings, as well as: (i) trends affecting the Company’s financial condition, financings and capability to pursue and to use proceeds to pursue certain product opportunities; (ii) trends affecting various technological and financial sectors, including, without limitation, AI, data science, data intelligence and advanced analytics and related market results, customer and regulatory acceptance of such technology and results; (iii) the Company’s and its strategic partners’ abilities to successfully collaborate and optimize resources and focus toward successful AI, data, analytics and other technological implementations; and (iv) trends affecting the Company’s growth, operating, and technology strategy and focus. Investors are cautioned that any such forward-looking expectations are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control and that actual results may differ materially from those projected in the disclosure as a result of various factors including statements as a result of various factors.

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Artificial Intelligence

LG STRENGTHENS EUROPEAN PRESENCE WITH ITS KITCHEN SOLUTIONS SHOWCASE AT MDW 2024

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Featuring Advanced AI Technologies and Sleek Design, Company’s Expanded Lineup of Built-in Appliances Brings Outstanding Convenience and Style to the Kitchen
SEOUL, South Korea, April 18, 2024 /PRNewswire/ — LG Electronics (LG) is unveiling its latest built-in kitchen appliances at Milan Design Week (MDW) 2024, taking place in Milan, Italy, from April 16-21. At the center of LG’s Milan showcase are the brand-new Signature Kitchen Suite built-in oven, free zone induction hob, and downdraft hood. Boasting innovative, premium design and highly-convenient features, the company’s refined built-in solutions bring exceptional ease-of-use and effortless elegance to the kitchen.

Signature Kitchen Suite Built-in Oven with Advanced Cooking Technologies
Debuting at MDW 2024 and designed with European consumers in mind, the Signature Kitchen Suite 60-centimeter (24-inch) built-in oven offers a variety of cutting-edge features and AI technologies to elevate the culinary experience. Equipped with Gourmet AI™️, the oven can identify what the user is cooking and automatically select the appropriate cooking mode from 130 recipes. Gourmet AI also enables ‘browning’ control for foods such as pizza and steak, actively keeping tabs on the cooking process and notifying users via the ThinQ™️ app as soon as their food is done. Thanks to video-recognition, LG’s intelligent oven can suggest the optimal settings for the dish being prepared, while real-time video monitoring and time-lapse recording make it easy to check on the progress of one’s meal using the ThinQ app.
Employing enhanced ProBake powered by inverter technology, the new oven delivers uniform heat and fast, efficient cooking with an A++ energy rating. LG’s innovative technology rotates the convection fan back and forth to ensure shorter preheating times, even heating, and crispier results when using the oven’s Air Fry mode. The company’s unique InstaView™️ technology further enhances user convenience, making it possible to see inside simply by knocking twice on the oven door.
Free Zone Induction Hob for Convenient and Flexible Cooking
The Signature Kitchen Suite’s 90-centimeter (36-inch) free zone induction hob presents next-level flexibility and ease-of-use, allowing users to place any size and type of cookware – such as Paella pans and moka pots – anywhere on its cooking surface.* The new appliance can detect and track the position of cookware, eliminating the need to manually cancel and reapply settings when moving a saucepan or skillet from one part of the cooking surface to another. What’s more, the AI technology embedded in the hob can detect the temperature of cookware and automatically lower the heat when necessary, helping to minimize spills and splatter when boiling water or preparing soups and sauces.
Expanded Built-in Lineups for Diverse Kitchen Lifestyles
LG is further bolstering its built-in product lineup with the introduction of the new Signature Kitchen Suite downdraft hood. Made to integrate seamlessly into islands and countertops, the 90-centimeter (36-inch) hood offers a sleek, sophisticated look with its chic black glass and modern frame design. It also provides powerful ventilation, effectively extracting steam and odors for a more pleasant cooking experience.
Additionally, LG has expanded its portfolio of built-in appliances for the European market. Along with new products, such as an 80-centimeter (30-inch) induction hob and built-in combi refrigerators and microwave ovens, the company now provides a wider range of options within its oven lineups – from more product variation to a greater choice of colors and sizes. Among the new models are the Signature Kitchen Suite 122 centimeter (48 inch)-wide French-door refrigerator and stunning appliances from the Transitional lineup, featuring slim handles and satin stainless steel exteriors with a velvety matte finish. To help customers create a curated kitchen aesthetic, the company offers an array of new finishes for its premium built-in products, with black stainless steel and stainless steel joining the previously-introduced black glass finish.
“We are thrilled to showcase our latest built-in innovations at this year’s Milan Design Week, demonstrating our commitment to leading new design trends and meeting the diverse needs of European customers,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to strengthen its presence in Europe through an expanded range of built-in appliances delivering style, performance and convenience in the kitchen.”
Visitors to MDW 2024 in Milan from April 16-21 can experience LG’s latest built-in lineups at the LG booth at Milan Fairgrounds.
* Cookware recognition may vary depending on the size or number of items placed on the surface.
About LG Electronics Home Appliance & Air Solution Company 
The LG Home Appliance & Air Solution Company is a global leader in home appliances, air solutions as well as smart home solutions featuring LG ThinQ. The company is creating various solutions with its industry leading core technologies and is committed to making life better and sustainable for consumers and the planet by developing thoughtfully designed kitchen appliances, living appliances, HVAC and air purification solutions. Together, these products deliver enhanced convenience, superb performance, efficient operation and sustainable lifestyle solutions. For more news on LG, visit www.LGnewsroom.com.
 
 
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DataTracks Celebrates Completion of 19 Years

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SINGAPORE, April 18, 2024 /PRNewswire/ — DataTracks, a provider of cloud-based software to automate/generate compliance reports for filing with financial/security regulators to more than 28,000 business enterprises in 26 countries, celebrates the completion of 19 years of service and innovation.  Founded with a vision to make regulatory compliance “accurate, reliable, timely, and easy”, DataTracks has grown into a leading name in the industry, worldwide with cutting edge software that incorporates “artificial intelligence” aided features to reduce “time to prepare” and improve “accuracy”.

Decades of Dedication and Expertise
Over nearly two decades, DataTracks has achieved significant growth, with its software delivering more than 400,000 reports, showcasing its pivotal role in regulatory reporting. The software and service address regulations across diverse jurisdictions, including SEC in the USA, HMRC and FCA in the UK, Revenue in Ireland, CIPC in South Africa, ACRA in Singapore, MCA in India, SSM in Malaysia and ESMA, EBA, and EIOPA in Europe. 
DataTracks distinguishes itself in the industry
(a) with its global footprint (preferred by business enterprises whose regulatory obligations are spread across multiple jurisdictions)
(b) with its state-of-the art software that incorporates “AI/ML” features and
(c) with its credentials for information security (including ISO 9001:2015 and ISO 27001:2013 certifications)
Addressing the employees and spouses in a town hall meeting to celebrate the event, Vinod P John, President of DataTracks said: “We are happy to start our 20th year in the industry. I have to thank the 28,000 clients who trust us and the several hundred employees who developed our software and who helped customers (and our internal team) prepare compliance reports for reaching this milestone.  We’ve always believed in leveraging technology to make regulatory compliance as easy, quick, timely, and accurate as possible for our clients.  Our continuous investment in AI and machine learning is a testament to this belief, and it’s what keeps us at the forefront of the industry.”
Looking ahead, DataTracks is ready to address upcoming mandates such as the DATA Act and FTA in the US as well as the MBRS/XBRL mandate by SSM in Malaysia.
About DataTracks
DataTracks is a Singapore-based globally renowned leader in providing cloud-based regulatory compliance software for self-use and “black box services” using the same software, catering to 28,000 clients across 26 countries. In 19 years DataTracks has helped its client enterprises prepare more than 400,000 compliance reports for filing with financial/security regulators in several jurisdictions. Financial analysts have rated the quality of reports generated using DataTracks as top of industry for quality; significantly above that of several of its competitors.  For further information, visit www.datatracks.com.
For Business Enquiries: Email: [email protected]; Phone: Singapore: +6531582850, US: +1(646)9048324, UK: +44(0)2036088035
Media Contact: [email protected] 
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SAS advances industry solutions with packaged AI models

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Tailored, lightweight AI models facilitate rapid deployment with low overhead
LAS VEGAS, April 17, 2024 /PRNewswire/ — SAS INNOVATE — Today at SAS Innovate, SAS – a pioneer in data and AI solutions – unveiled a game-changing approach for organizations to tackle business challenges head-on. Introducing lightweight, industry-specific AI models for individual license, SAS is equipping organizations with readily deployable AI technology to productionize real-world use cases with unparalleled efficiency.

AI software provider SAS is uniquely positioned to flex its decades of expertise in applying scalable and trustworthy AI models for prominent global financial, health care, and manufacturing brands, as well as government institutions.
“SAS is evolving its portfolio to meet wider user needs and capture market share with innovative new offerings,” said Chandana Gopal, Research Director, Future of Intelligence, IDC. “An area that is ripe for SAS is productizing models built on SAS’ core assets, talent and IP from its wealth of experience working with customers to solve industry problems.”
In today’s market, the consumption of models is primarily focused on large language models (LLMs) for generative AI. In reality, LLMs are a very small part of the modeling needs of real-world production deployments of AI and decision making for businesses.  With the new offering, SAS is moving beyond LLMs and delivering industry-proven deterministic AI models for industries that span use cases such as fraud detection, supply chain optimization, entity management, document conversation and health care payment integrity and more.
Unlike traditional AI implementations that can be cumbersome and time-consuming, SAS’ industry-specific models are engineered for quick integration, enabling organizations to operationalize trustworthy AI technology and accelerate the realization of tangible benefits and trusted results.
Expanding market footprintOrganizations are facing pressure to compete effectively and are looking to AI to gain an edge. At the same time, staffing data science teams has never been more challenging due to AI skills shortages. Consequently, businesses are demanding agility in using AI to solve problems and require flexible AI solutions to quickly drive business outcomes. SAS’ easy-to-use, yet powerful models tuned for the enterprise enable organizations to benefit from a half-century of SAS’ leadership across industries.
Delivering industry models as packaged offerings is one outcome of SAS’ commitment of $1 billion to AI-powered industry solutions. As outlined in the May 2023 announcement, the investment in AI builds on SAS’ decades long focus on providing packaged solutions to address industry challenges in banking, government, health care and more.
“Models are the perfect complement to our existing solutions and SAS Viya platform offerings and cater to diverse business needs across various audiences, ensuring that innovation reaches every corner of our ecosystem,” said Udo Sglavo, Vice President for AI and Analytics, SAS. “By tailoring our approach to understanding specific industry needs, our frameworks empower businesses to flourish in their distinctive environments.”
Bringing AI to the massesSAS is democratizing AI by offering out-of-the-box, lightweight AI models – making AI accessible regardless of skill set – starting with an AI assistant for warehouse space optimization. Leveraging technology like large language models, these assistants cater to nontechnical users, translating interactions into optimized workflows seamlessly and aiding in faster planning decisions.
“SAS Models provide organizations with flexible, timely and accessible AI that aligns with industry challenges,” said Sglavo. “Whether you’re embarking on your AI journey or seeking to accelerate the expansion of AI across your enterprise, SAS offers unparalleled depth and breadth in addressing your business’s unique needs.”
The first SAS Models are expected to be generally available later this year. Learn more about SAS Applied AI and Modeling here: https://blogs.sas.com/content/tag/applied-ai-modeling/.
Today’s announcement was made at SAS Innovate, the data and AI experience for business leaders, technical users and SAS Partners. Keep up with the latest news from SAS by following @SASsoftwareNews on X/Twitter.
About SASSAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.
SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved. 
Editorial Contact:Jennifer [email protected] 202-210-4180 sas.com/news
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