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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

Wirex Executive Joins CryptoUK’s New Policy Committee

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LONDON, May 21, 2024 /PRNewswire/ — Wirex, a leading Web3 money app, is proud to announce that Chet Shah, Global Chief Risk & Compliance Officer at Wirex, has joined CryptoUK’s newly established Policy Committee.

CryptoUK, the premier trade body representing the UK’s digital asset sector, formed its new Policy Committee which brings together industry-leading experts from the legal, regulatory, and compliance sectors. The committee’s mission is to provide strategic policy guidance, advocate for regulatory clarity, and foster innovation to support the growth of the UK’s digital assets industry.
This appointment underscores Wirex’s commitment to advancing regulatory clarity and innovation in the digital asset sector.
Chet brings a wealth of experience in risk and compliance. His background covers banking, auditing, and traditional finance, as well as solid expertise in the cryptocurrency space. At Wirex, Chet has been crucial in building and improving relationships with global regulators, including the Financial Conduct Authority, and authorities in countries including Singapore, Croatia, and Italy.
Chet’s approach prioritises commercially focused compliance and risk management, ensuring that Wirex operates smoothly at the intersection of traditional finance and Web3. His ability to balance regulatory requirements with innovation has been key to Wirex’s growth and success.
Commenting on his appointment, Chet said, “My experience aligns perfectly with the committee’s goals and together, we can advocate for policies that balance regulation with growth in the digital assets space.”
About Wirex 
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management.
Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
| wirexapp.com |
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Media Production Company Egg Is Coming Chooses Infortrend SAN Storage to Empower Content Creation Workflows

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TAIPEI, May 21, 2024 /PRNewswire/ — Infortrend® Technology, Inc. (TWSE: 2495), the industry-leading enterprise storage provider, today announced that Korean media production company Egg is coming is leveraging Infortrend’s storage solution for M&E – EonStor DS enterprise SAN storage to empower content creation workflows and store the growing volume of UHD videos they produce.

Egg is coming is a media content production company operating as a spin-off from the South Korean entertainment giant CJ ENM Entertainment Division, the distributor of Oscar-winning movie “Parasite”. With the renowned producer Lee Myung-han as its CEO, Egg is coming specializes in production of popular entertainment content, including drama series, broadcast programs, music videos, etc. The team has successfully produced numerous renowned series, including “Hospital Playlist” which became the ninth highest-rated Korean drama in cable television history at the time.
As the company was established, they started looking for a high-speed shared storage solution. Infortrend’s EonStor DS SAN storage came highly recommended by a major media company that has been successfully using it with Tiger Technology’s SAN file sharing solution. Trusting this recommendation, Egg is coming adopted EonStor DS for video editing application. In total, four DS 4016 appliances, expanded with four units of JB 3060L expansion enclosure, were chosen for the initial deployment of the studio’s storage system. The solution provides 1.8 PB total capacity to store ever-expanding UHD video content and enables seamless workflows for 29 simultaneous post-production processes.
“Infortrend’s SAN storage EonStor DS was recommended to us by a major media production company, and we are happy that we adopted the same solution as DS enables fast and comfortable collaboration between 29 video editors,” – said Changmin Sim, the Team Leader of the Video Editing Team at Egg is coming.
Learn more about EonStor DS
About Infortrend
Infortrend (TWSE: 2495) has been developing and manufacturing storage solutions since 1993. With a strong emphasis on in-house design, testing, and manufacturing, Infortrend storage delivers performance and scalability with the latest standards, user friendly data services, personal after-sales support, and unrivaled value. For more information, please visit www.infortrend.com
Infortrend® and EonStor® are trademarks or registered trademarks of Infortrend Technology, Inc.; other trademarks are the property of their respective owners.

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Gcore And Xsolla Announce Partnership To Drive Global Game Distribution And Faster Downloads

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Gcore’s edge network to deliver Xsolla Launcher, ensuring global reach, smoother game downloads and higher conversion rates

LUXEMBOURG, May 21, 2024 May 21, 2024 — Gcore, the global edge AI, cloud, network, and security solutions provider, announced its partnership with video game commerce company Xsolla. The alliance will enable Xsolla to provide game developers and publishers with new global distribution channels catering to gamers worldwide, regardless of their locations. With Gcore’s 180 global points of presence (PoPs), players will benefit from reduced time-to-play and smoother, more efficient game downloads.
Xsolla Launcher is a powerful tool for game development companies of all sizes to widen distribution and easily build communities. It streamlines game installation, enhances player communication, and boosts monetization, allowing developers to concentrate on creativity and business logic. By leveraging Gcore’s robust CDN, Xsolla Launcher ensures seamless, speedy game downloads for all players by efficiently fetching and caching game components and initiating rapid downloads upon player request.
“At Xsolla, we’re committed to elevating the gaming experience for developers and players globally,” said David Stelzer, President of Xsolla. “Our collaboration with Gcore’s cutting-edge CDN technology significantly narrows the gap between the game and its players by delivering assets at unparalleled speed. This integration into our new Xsolla Launcher sets the bar for high-performance service and empowers our customers to focus on what they do best: create captivating games.”
Xsolla engineers chose Gcore CDN for its global network of 180+ edge servers, ensuring uninterrupted delivery of game assets worldwide. With a network capacity exceeding 110 Tbps and connectivity to 14,000 peering partners, Gcore averts congestion and disruptions, even during major releases. Operating under strict security measures and meticulous server maintenance, Gcore guarantees exceptional availability. Additionally, Gcore’s CDN integration with its proprietary DNS services further minimizes the risk of service interruptions or outages.
“We’re thrilled to be part of Xsolla’s pioneering solution, driving the gaming industry forward,” commented Ilya Matveev, Business Development Director at Gcore. “Xsolla Launcher brings flexibility to the industry, allowing companies to implement a D2C approach – a way to monetize their existing game fan base without the burden of platform fees. Relying on the power of Gcore’s edge infrastructure, Xsolla Launcher is revolutionizing game distribution by eliminating market barriers, reducing development costs, and fostering creativity.”
Read more about the partnership via this link.
About Gcore
Gcore is a global edge AI, cloud, network, and security solutions provider. Headquartered in Luxembourg, with a staff of 600 operating from ten offices worldwide, Gcore provides solutions to global leaders in numerous industries. Gcore manages its global IT infrastructure across six continents, with one of the best network performances in Europe, Africa, and LATAM due to the average response time of 30 ms worldwide. Gcore’s network consists of 180 points of presence worldwide in reliable Tier IV and Tier III data centers, with a total capacity exceeding 110 Tbps.Website | Twitter | Facebook | LinkedIn
About Xsolla 
Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch, and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue, and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in London, Berlin, Beijing, Guangzhou, Seoul, Tokyo, Kuala Lumpur, Raleigh, and cities around the world, Xsolla supports major gaming titles like Valve, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.
Website | Twitter | Facebook | LinkedIn
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