Artificial Intelligence
POET Technologies Reports Third Quarter 2020 Financial Results
TORONTO, Nov. 18, 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 third quarter ended September 30, 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.
Third Quarter Financial (non-IFRS) and Recent Business Highlights:
- Signed a development and supply agreement with a leading European optical systems company to design optical engines for a 400G data center application;
- Held annual general and special meeting of shareholders using a virtual format, with all resolutions being ratified;
- Proved out all features and production methods for the Optical Interposer platform to achieve production-ready status
- Extended the final expiry date of 12,545,350 warrants with an exercise price of CN$0.75 from September 30, 2020 to November 17, 2020 (no warrants were exercised prior to expiry);
- Ended period with cash and cash equivalents of $9.4 million, compared to $1.4 million on December 31, 2019; and
- Subsequent to quarter end, completed the signing of a definitive agreement with Xiamen Sanan Integrated Circuit Co. Ltd (“Sanan IC”) for the formation of “Super Photonics,” a joint venture with an estimated value of $50 million.
Board Resignation
POET also announced that one of its directors and former executive chairman, David Lazovsky, has notified the Company that he will be resigning from the Board as of the end of November to dedicate full-time to his most recent venture, Inorganic Intelligence.
Management Comments
“During the third quarter, we made extraordinary progress on our product development efforts on the Optical Interposer platform, and in several instances, exceeding our own internal performance metrics,” said Dr. Suresh Venkatesan, the Company’s Chief Executive Officer. “We intend to release this data publicly once we have collected additional data from our product tests with potential customers. We are also actively engaged with our strategic partner, Sanan IC, under the newly formed joint venture aimed at the development and manufacturing of optical solutions for the data communications and telecommunications markets. Lastly, I would like to take this opportunity to thank Dave for his several years of service to POET, including serving as executive chairman for three years. Dave was instrumental in helping to guide the Company’s strategy and provided insightful aid in discussions with potential strategic partners.”
Financial Summary
Due to the sale of its wholly owned subsidiary, DenseLight, the Company was 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 item titled “Income (loss) from discontinued operations (net of taxes)”. The net operations of the Company do not include discontinued operations in the third quarter of 2020 due to closing of 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 of ($3.5) million, or ($0.01) per share, in the third quarter of 2020 compared with a net loss of ($2.9) million, or ($0.01) per share, in the third quarter of 2019 and net loss of ($6.2) million, or ($0.02) per share, in the second quarter of 2020. The loss in the third quarter of 2020 included research and development costs of $1.3 million compared to $0.5 million in the third quarter of 2019 and $1.3 million in the second quarter of 2020. The increase compared to the prior year period reflects a redistribution of research and development activities and costs that were previously accounted for by DenseLight and reported as discontinued operations when the organization operated as a single entity. These costs are now accounted for solely by POET. Non-cash expenses in the third quarter of 2020 included stock-based compensation of $1.1 million and depreciation and amortization of $0.2 million. Non-cash stock-based compensation and depreciation and amortization were $0.8 million and $42,000 in the third quarter of 2019, respectively, and $0.8 million and $0.2 million, respectively, in the second quarter of 2020.
During the third quarter of 2020, the Company had debt related finance costs of $244,000 compared to $321,000 in the third quarter of 2019 and $229,000 in the second quarter of 2020. Of the finance costs recognized in the third quarter of 2020, $141,000 was non-cash compared to $110,000 in the third quarter of 2019 and $130,000 in the second quarter of 2020.
On a non-IFRS basis, cash flow from operations in the third quarter of 2020 was ($2.9) million compared to ($1.3) million in the third quarter of 2019 and ($1.7) million in the second quarter of 2020.
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)
For the Quarter ended: | 30-Sep-20 | 30-Jun-20 | 31-Mar-20 | 31-Dec-19 | 30-Sep-19 |
Research and development | (1,166,567) | (1,250,475) | (1,419,744) | (836,815) | (373,592) |
Depreciation and amortization | (206,819) | (189,582) | (174,317) | (118,912) | (41,748) |
Professional fees | (123,664) | (177,149) | (125,001) | (411,001) | (366,885) |
Wages and benefits | (493,887) | (475,114) | (543,571) | (441,784) | (375,358) |
Management and consulting fees | – | – | – | (61,260) | (31,230) |
Stock-based compensation | (1,096,013) | (846,485) | (776,783) | (643,315) | (837,637) |
General expenses and rent | (167,608) | (559,679) | (213,027) | (270,918) | (162,157) |
Debt issuance cost | – | – | – | (145,917) | (124,522) |
Impairment and other loss | – | (2,500,000) | – | (1,764,459) | – |
Interest expense | (243,805) | (228,591) | (216,684) | (301,577) | (320,794) |
Other (income), including interest | 13,910 | 18,543 | 1,362 | 5,677 | 40 |
Taxes | – | – | – | 292,740 | – |
Income (loss) from discontinued operations, net of taxes | – | – | – | 8,151,301 | (310,332) |
Net (loss) income | (3,484,453) | (6,208,532) | (3,467,765) | 3,453,760 | (2,944,215) |
Net (loss) income per share | (0.01) | (0.02) | (0.01) | 0.01 | (0.01) |
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, future growth, the form and potential of its planned joint venture, if approved, 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, a delay or abandonment of its planned joint venture, 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
Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
Photo – https://mma.prnewswire.com/media/2415818/Global_Data_Center_Facility_Summit_2024.jpg
View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html
Artificial Intelligence
HOYA Group Company, PENTAX of America, Inc. and MAGENTIQ EYE Ltd. Announce their Intention to Form a Distribution Partnership for the U.S Market
WASHINGTON D.C., May 17, 2024 /PRNewswire/ — HOYA Group Company, PENTAX of America, Inc. (PENTAX Medical) and MAGENTIQ-EYE Ltd., an AI medical device company, announced today their intention to form a partnership in the field of AI in Gastroenterology and to examine further collaboration and strategic partnerships.
Pending field trials and customer demonstrations to be conducted over the next several months, the companies expect to formalize an agreement as a first step in this partnership, by which PENTAX Medical will distribute the MAGENTIQ-COLO™ AI-assisted lesion detection device in the U.S.A. beginning October 1st, 2024. The system will be demonstrated at the upcoming Digestive Disease Week (DDW) in Washington D.C., U.S.A.
MAGENTIQ-COLO™ is a cutting-edge system for the detection of gastrointestinal lesions in colonoscopies. Successfully validated in an international multicenter, randomized, controlled trial (RCT) with 950 enrolled patients at 10 hospitals in Europe, United States and Israel, its outstanding diagnostic capabilities are setting new standards in endoscopic AI.
“We are excited to bring the MAGENTIQ-COLO™ device to the GI community in the U.S. Together with PENTAX Medical’s product portfolio, we are confident to provide a smart solution in colonoscopy and contribute further to colorectal cancer prevention”, says David Harrison, President PENTAX of America, Inc.
“Partnering with PENTAX Medical is an important milestone for us, as it opens new opportunities to introduce our game changing product to the U.S. market, benefiting doctors and their patients and saving more lives”, says Dror Zur, Founder & CEO of MAGENTIQ-EYE.
About MAGENTIQ-EYE Ltd.Founded in 2014, MAGENTIQ-EYE offers a groundbreaking AI-aided colonoscopy solution that offers one of the best performances known today. With worldwide recognition from the gastroenterology community, and dozens of procedures performed every day with the assistance of MAGENTIQ-COLO™, we are setting the new standard of colonoscopy, and saving more and more lives. www.magentiq.com
About PENTAX Medical
PENTAX Medical is a division of HOYA Group. The company’s mission is to improve the standard of patient care and quality of healthcare delivery by providing the best endoscopic products and services with a focus on QUALITY, CLINICALLY RELEVANT INNOVATION, and SIMPLICITY. PENTAX Medical strives to align with the healthcare community’s Triple Aim goals through transparent partnerships with its customers and by providing the highest quality solutions to help them reach their goals, including enabling customers to improve patient outcomes by offering evidence-based solutions across the continuum of care; ensuring value by supporting the customers to improve their efficiency and minimize their healthcare costs; and enriching patient and provider’s experience by empowering every member of the care team to achieve optimal outcomes through products, education, and support. Focused on the outcome instead of technological features, PENTAX Medical listens to the healthcare community and their patients, understands their daily obstacles and helps improve endoscopy with smart innovations.
For more information: https://www.pentaxmedical.com
About HOYA
Founded in 1941 in Tokyo, Japan, HOYA Corporation is a global technology and med-tech company and a leading supplier of innovative high-tech and medical products. HOYA is active in the fields of lifecare and information technology, providing eyeglasses, medical endoscopes, intraocular lenses, optical lenses, as well as key components for semiconductor devices, LCD panels, and hard disk drives. With over 150 offices and subsidiaries worldwide, HOYA currently employs a multinational workforce of 36,000 people. For more information, please visit: https://www.hoya.com/en/
View original content:https://www.prnewswire.co.uk/news-releases/hoya-group-company-pentax-of-america-inc-and-magentiq-eye-ltd-announce-their-intention-to-form-a-distribution-partnership-for-the-us-market-302148971.html
Artificial Intelligence
Pearson augments nursing content with generative AI study tools to improve nursing education and address shortages
HOBOKEN, N.J., May 17, 2024 /PRNewswire/ — Pearson (FTSE: PSON.L), the world’s leading learning company, today announced the integration of AI study tools into its Nursing: A Concept-Based Approach to Learning series, the only nursing concepts curriculum built from the ground up as a comprehensive, cohesive learning system.
Pearson’s AI study tools combine the power of generative AI technology with trusted Pearson content to provide scaffolded, guided help when students are stuck on homework problems, and personalized explanations, summaries, and practice problems for more efficient studying.
“Integrating AI study tools into our concept-based nursing series enhances the learning experience, giving nursing students and nurse educators the resources they need to efficiently study and master course concepts,” said Anne Fahlgren, GM of Pearson’s professional portfolio. “This technology will help more nursing candidates prepare for and enter the workforce, while also giving nurse educators the means to scale their teaching further, addressing major challenges in nursing education and society.”
The AI study tools beta will be available both in Pearson+ eTextbook and the accompanying MyLab Nursing course in time for Fall 2024. MyLab is an interactive teaching and learning platform, backed by content from Pearson authors. The platform, with integrated eTextbook, allows instructors to design their course, assign homework and assessments, and monitor student progress in real time.
The US is experiencing shortages of nurses and nurse educators. The National Academy of Medicine’s 2021 report on The Future of Nursing: 2020-2030 notes that, in order to provide sufficient care for an aging population over the next decade, a substantial increase in the nursing workforce will be needed that can practice “in community-based settings with diverse populations that face a variety of lived experiences.” The NAM’s report also references hundreds of nursing faculty position vacancies that have contributed to tens of thousands of qualified applicants being turned away from nursing school admission due to the inability to adequately meet student demand.
Concept-based nursing curriculum is designed to focus on key concepts emphasizing a holistic understanding of nursing principles that can be applied across different patient populations, healthcare settings, and situations. This approach strengthens clinical reasoning skills in the course of patient care. Incorporating generative AI tools into Pearson’s concept-based nursing content supports nurse educators in scaling their teaching and students’ ability to study more efficiently.
Dr. Michelle Aebersold, University of Michigan School of Nursing Clinical Professor and contributor to Nursing: A Concept-Based Approach to Learning, said “Technological advancements like generative AI are transforming the nursing profession. The ability to adapt in a rapidly changing environment is a critical healthcare skill, whether it’s in the course of patient care or in preparing our future nurses for the workforce. The ability of the AI study tools to provide a more user-centered, customized experience is a huge benefit for our students. I’m glad they will have access to Pearson’s AI tools that accommodate the variety of ways students learn and provide personalized support in the moment students need it most. This is the future of individualized learning.”
A Fall 2023 survey of students using Pearson’s AI study tools beta showed strong levels of engagement, with 75% of respondents saying the tools were helpful or very helpful to their studies.
The inclusion of generative AI study tools further solidifies Pearson’s dedication to providing the most comprehensive and effective learning and teaching resources for nursing students and nurse educators across the US. Pearson’s AI study tools are already available in more than 30 Pearson Mastering titles and are set to be integrated into more than 40 Pearson+ eTextbooks and MyLab and Mastering titles across math, science, business, and nursing for August of 2024.
Pearson is committed to investing in the responsible application of AI to advance product innovation and enhance the learning experience to educate, certify, and credential students and the workforce.
Pearson product experts are available to demo the AI study tools for members of the media. Please request demonstrations with the media contact below.
About Pearson
At Pearson, our purpose is simple: to add life to a lifetime of learning. We believe that every learning opportunity is a chance for a personal breakthrough. That’s why our c. 18,000 Pearson employees are committed to creating vibrant and enriching learning experiences designed for real-life impact. We are the world’s leading learning company, serving customers in nearly 200 countries with digital content, assessments, qualifications, and data. For us, learning isn’t just what we do. It’s who we are. Visit us at pearsonplc.com.
Media [email protected]
Logo – https://mma.prnewswire.com/media/617186/Pearson_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/pearson-augments-nursing-content-with-generative-ai-study-tools-to-improve-nursing-education-and-address-shortages-302147855.html
-
Artificial Intelligence7 days ago
WIO Taps Gracenote to Revolutionize Television Broadcast Reporting
-
Uncategorized4 days ago
Crossover Markets Becomes First Crypto ECN to Integrate with Talos
-
Artificial Intelligence4 days ago
Advanced HPC Server Platforms by MiTAC and TYAN Spotlighted at ISC High Performance 2024
-
Uncategorized4 days ago
Precisely Showcases Critical Role of Trusted Data in AI at the Gartner® Data & Analytics Summit in London
-
Uncategorized3 days ago
Artificial intelligence tool detects sex-related differences in brain structure
-
Artificial Intelligence6 days ago
Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
-
Artificial Intelligence4 days ago
MSI Highlights Optimized AI Platforms to Accelerate Compute-Intensive Applications at ISC 2024
-
Artificial Intelligence4 days ago
Supermicro’s Rack Scale Liquid-Cooled Solutions with the Industry’s Latest Accelerators Target AI and HPC Convergence