Artificial Intelligence
Cemtrex, Inc. (CETX) Announces Results for the Third Quarter Ending June 30, 2020
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Brooklyn, NY, Aug. 13, 2020 (GLOBE NEWSWIRE) — – Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading technology company that is driving innovation in a wide range of commercial sectors such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV), announced its financial results for the quarter ending June 30, 2020.
Fiscal Third Quarter Highlights:
Nine Months Revenue: $32,774,797 Results of Operations:
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results, “Our Company continued to perform well during the global pandemic with only a modest decrease in revenue for the period while the entire world remained largely closed. Our Company remained fully operational, largely remotely, during the shutdown but many customers were closed and postponed purchasing during this June Quarter. For the nine-month period our year over year revenues are up 16% and we believe that as the global shutdowns wind down we will be able to see continued top line growth. Our Advanced Technology bookings for July were better on a YoY basis which gives us confidence in our overall outlook. Many of our customers who were shut down for the last several months are now resuming their operations and looking to pick up where they left off.” “During the most recent quarter the Company continued its progress on its exciting product roadmap. We released several new products under our security technology brand, Vicon, including a Thermal Camera for assisting in the detection of COVID-19 symptoms, as well as a new line of cameras with on board AI based analytics technology. We remain on track for the release of our new SmartDesk later this year which we believe has strong potential due to the enormous need for a solution like ours in the home office segment.”
“The Company also received a major cash infusion of over $10 million from institutional investors during the period which has bolstered the balance sheet and fueled the Company for positive growth over the coming months. It has also provided the Company with cash to pursue strategic acquisition opportunities. With a strong cash position and many new product releases planned over the next few months we believe the next 18 months will be an exciting growth period for our Company. While uncertainties remain due to the COVID-19 pandemic we remain cautiously optimistic looking forward,” continued Mr. Govil.
For the Nine Months Ending June 30, 2020:
Fiscal Third Quarter Results:
About Cemtrex
Cemtrex, Inc. (CETX) is a technology company specializing in the development of Internet of Things (IoT), artificial Intelligence (AI) and Virtual Reality (VR) enabled technologies that’s driving innovation in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems. Safe Harbor Statement This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our new product offerings or any proposed fundraising activities. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to: operational losses and negative cash flows; any need for additional financing; market acceptance of our products; our ability to manufacture and develop effective products and solutions; indebtedness to our lenders; current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our product offerings or to develop other new products and services; our ability to generate sales and profits from current product offerings; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; and, other factors discussed under the heading “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
Use of Non-GAAP Measures: Earnings before interest, taxes, and depreciation and amortization (EBITDA) and Adjusted EBITDA are non-GAAP measures. In defining Non-GAAP EBITDA, the Company excludes the impact of non-cash stock-based compensation and other non-recurring items, such as R&D expenses and equity interest loss. EBITDA has limitations as an analytical tool and should not be evaluated in isolation or as a substitute for analysis of results as reported under U.S. GAAP. Management utilizes this metric as a basis for evaluating our ongoing operations, and believes investors’ understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for evaluating our ongoing results of operations, without the effects of interest, taxes, depreciation, and amortization and other non-recurring expenses.
Nine Months EBITDA: ($1,167,965)
Nine Months EBITDA Margin: (3.56%)
Nine Months Gross Margin: 43%
Third Quarter Sales: $8,440,867
Cash on Hand: $12,939,493
Total Assets: $62,826,021
Total Stockholder’s Equity: $32,509,875
For the Nine Months Ending
Jun 30 of Each Year
2020
2019
Total Revenues
$
32,774,797
$
28,371,927
Total Operating (loss)/income
(3,326,903)
(4,450,293)
Depreciation and amortization
2,158,938
3,208,933
EBITDA (Non-GAAP)
(1,167,965)
(1,241,360)
EBITDA Margin %
(3.56%)
(4.38%)
www.cemtrex.com
For further information, please contact: Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
[email protected]
Artificial Intelligence
Delvitech and Eurotech: a partnership to take quality control to the next level
![delvitech-and-eurotech:-a-partnership-to-take-quality-control-to-the-next-level](https://roboticulized.com/wp-content/uploads/2024/07/151031-delvitech-and-eurotech-a-partnership-to-take-quality-control-to-the-next-level.jpg)
From Mathematical Models to AI-driven Automated Optical Inspection
AMARO, Italy, July 4, 2024 /PRNewswire/ — Delvitech, a leader in 3D automated optical inspection for assembled printed circuit boards leveraging artificial intelligence, has joined forces with Eurotech, a global innovator in ultra-high-performance Edge AI Computers, to revolutionize quality control technology.
Delvitech’s patented integrated optical inspection technology, designed to collect comprehensive data to drive neural networks in optical inspection, gains crucial support from Eurotech’s hardware. This collaboration boosts the efficiency of assembling printed circuit boards, greatly increasing assembly machine uptime and significantly reducing waste and rework.
Employing the patented optical head, Delvitech captures detailed images that are processed through its software, adept at detecting assembly and welding errors in the electronics manufacturing process. Eurotech’s hardware complements this system by offering the speed and computational accuracy necessary to handle the massive influx of data required for the algorithms to produce desired outcomes.
This integrated 3D solution is highly competitive and flexible, allowing customization to meet specific customer needs. As board electronics become increasingly complex, Delvitech’s technology surpasses traditional mathematical models by analyzing a variety of components, such as metal parts, transparent glues, and silicone elements.
Moreover, this collaboration enables Delvitech and Eurotech to offer a solution that not only identifies errors but also drives AI models to detect deviations and trends, proactively preventing future errors and enhancing process quality.
“In an environment where quality control demands are continuously growing, it is crucial to develop optical inspection systems with optimal performance and partner with providers of state-of-the-art solutions. Eurotech offers highly reliable solutions, extensively tested to meet our high-performance requirements,” said Roberto Gatti, CEO of Delvitech.
Paul Chawla, CEO of Eurotech, added, “Our collaboration with Delvitech showcases the power of our Edge AI solutions. We empower our partners to deliver efficient, cost-effective, and scalable solutions where accuracy and speed are critical.”
Currently focusing on optical control of boards and soon semiconductors, the partnership aspires to expand into other sectors, including medical and food, with a strong emphasis on cybersecurity and sustainability.
As Delvitech and Eurotech continue to innovate, they bring unique strengths to the table. Delvitech commits to “less errors, less waste, less CO2, more future,” while Eurotech focuses on “more security, more resilience, more efficiency,” ensuring effective asset management and rapid scalability. These commitments reflect common shared goals of exceeding market and customer expectations today and in the future.
About Eurotech
Eurotech (ETH.IM) is a multinational company that designs, develops, and supplies Edge Computers and Internet of Things (IoT) solutions – complete with services, software and hardware – to system integrators and enterprises. By adopting Eurotech solutions, customers have access to IoT building blocks and software platforms, to Edge Gateways to enable asset monitoring, and to High Performance Edge Computers (HPEC) created for Artificial Intelligence (AI) applications. To offer increasingly comprehensive solutions,
Eurotech has partnered with leading companies in their field of action, with the view of creating “best in class” solutions for the Industrial Internet of Things.
Learn more
Contacts
Corporate Communication Federica Maion Tel. +39 0433 485411 [email protected]
About Delvitech
Delvitech is a Swiss based leading provider of AI-based automatic optical inspection (AOI) solutions aimed at revolutionizing the printed circuit board (PCB) assembly and electronics manufacturing landscape. With a focus on innovation and quality, Delvitech is capable of elevating both cost and process efficiencies, ensuring scalability and inspection repeatability on all production lines. It aspires to make the PCB production process swifter, more reliable, and highly scalable by not only detecting errors, but inspecting the whole production process. Delvitech solution is not just about minimizing errors; it is a commitment to reducing waste, cutting down CO2 emissions, and pioneering the path as the first sustainable AOI solution.
Contacts
Marketing DepartmentFederica RiosaTel. +41 916 460 [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/delvitech-and-eurotech-a-partnership-to-take-quality-control-to-the-next-level-302189001.html
Artificial Intelligence
Converge Technology Solutions Announces Deconsolidation of Portage CyberTech Inc.
![converge-technology-solutions-announces-deconsolidation-of-portage-cybertech-inc.](https://roboticulized.com/wp-content/uploads/2024/07/151017-converge-technology-solutions-announces-deconsolidation-of-portage-cybertech-inc.png)
TORONTO and GATINEAU, QC, July 3, 2024 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) today announced that, as of June 27, 2024, the Company has fulfilled the criteria necessary for the deconsolidation of its majority owned subsidiary, Portage CyberTech Inc. (“Portage CyberTech”) for accounting purposes, following Converge’s decision to relinquish its right to majority representation on the board of directors of Portage CyberTech (the “Portage Board”) pursuant to a voting agreement dated as of June 27, 2024 (“Voting Agreement”).
In conjunction with the execution of the Voting Agreement, Portage CyberTech announced it has entered into a new stand-alone credit facility with the Canadian Imperial Bank of Commerce (“CIBC”), for up to $15 million, of which $10 million will be drawn immediately and the additional $5 million is contingent on achieving future financial targets.
“Successfully meeting the criteria necessary to deconsolidate Portage CyberTech from Converge is an important step for each company,” stated Shaun Maine, Group CEO of Converge. “This pivot will allow Converge to remain a strong partner and advocate for Portage CyberTech’s industry leading products and positions Portage CyberTech on its own accelerated growth path, operating completely independent of Converge.”
Converge Group CEO, Shaun Maine will maintain the position as Chairman of the Portage Board, which consists of three members. Converge currently retains ownership of approximately 51% of the outstanding common shares of Portage CyberTech in addition to the $25 million long-term loan entered into with Portage CyberTech.
About Portage CyberTech, A Converge Company
Portage CyberTech powers trusted digital transactions between individuals, businesses, and government organizations. Driven by some of the most ambitious digital projects and our desire to raise the visibility of our clients at home and abroad, our committed team of experts in all things digital – identity, access management, trusted services, and communications, have created the solutions designed to reach your customers. For more information, visit portagecybertech.com.
About Converge
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation regarding Converge, Portage Cybertech and their businesses. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its or Portage Cybertech’s actual results of operations, financial condition and position in the industry in which they each operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company or Portage Cybertech’s results of operations, financial condition and position in the industry in which they each operate are consistent with the forward-looking statements contained in this press release, those results of developments may not be indicative of results or developments in subsequent periods.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the Company’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information contact: Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495
View original content:https://www.prnewswire.co.uk/news-releases/converge-technology-solutions-announces-deconsolidation-of-portage-cybertech-inc-302189238.html
Artificial Intelligence
Trianz Welcomes Priyanshu Singh as Vice President & Chief of Staff to the CEO
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SANTA CLARA, Calif., July 3, 2024 /PRNewswire/ — Trianz, a global digital transformation technology solutions and services firm, is thrilled to announce the appointment of Priyanshu Singh as its new VP & Chief of Staff. This strategic hire comes at a pivotal moment as Trianz continues to experience remarkable growth, driven by its shift to an ‘IP-led digital transformation’ model with hyper-automated platforms like Concierto – the hybrid cloud migrations and operations platform, and Extrica – the data to AI platform, accelerating customer success.
As Chief of Staff, Priyanshu Singh will play a crucial role in leading Trianz’ IP-led strategy development, operational excellence, and key execution teams, supporting the CEO’s office. He will design and implement organization-wide processes and capabilities and create and oversee opearational monitoring models and enterprise analytics. His expertise in business and competitive strategy, customer experience, digital transformation, and operations across multiple industries will be a tremendous asset as Trainz prepares to scale in this new model.
A graduate of the prestigious National Defense Academy, Priyanshu began his career in the Indian Army. After completing his MBA from IIM Calcutta, Priyanshu joined McKinsey & Company, working on strategy and business model design for clients across industries. His distinguished career includes key leadership roles at Uber, Lithium Urban Technologies, The Adecco Group, and Honeywell. Known for his excellence in reimagining offerings, exceeding support targets, and spearheading innovative solutions, Priyanshu has consistently delivered exceptional results. In 2016, he was recognized as one of India’s ‘Top 40 Under 40′ business leaders by The Economic Times and Spencer Stuart.
“We are excited to welcome Priyanshu Singh to our leadership team. With his military background, he brings a unique blend of discipline and strategic insight to Trianz,” said Sri Manchala, CEO of Trianz. “His deep expertise and forward-thinking approach will be invaluable in shaping our vision as we continue to leverage the power of our in-house innovations, AI, and cutting-edge tools. With Priyanshu on board, I am confident we will accelerate our transformations and achieve operational excellence.”
“I am honored to join Trianz as the new Chief of Staff,” said Priyanshu. “In this role, I will focus on bridging the gap between strategy and execution, ensuring our teams are aligned to achieve our committed objectives. I am passionate about problem-solving and look forward to collaborating with leaders across the organization to foster a culture of agility, adaptability, and continuous improvement. I am thrilled to be part of this dynamic team and confident we can achieve great things together.”
Priyanshu’s appointment underscores Trianz’ commitment to strengthening its leadership team and ensuring the company is well-prepared to seize future opportunities.
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
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View original content:https://www.prnewswire.co.uk/news-releases/trianz-welcomes-priyanshu-singh-as-vice-president–chief-of-staff-to-the-ceo-302188852.html
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