Artificial Intelligence
Mohawk Group Accelerates Accretive M&A Strategy Announcing Acquisition of Leading E-Commerce Essential Oils and Wellness Brands Portfolio
Company Raises 2021 Net Revenue Outlook Range to $340 million – $370 million
Provides 2021 Net Income Outlook Range of $1 million – $5 million & Announces New $16.5 Million Term Loan
Conference Call to be Held On Tuesday, February 2, 2021 at 8:30 am ET
NEW YORK, Feb. 02, 2021 (GLOBE NEWSWIRE) — Mohawk Group Holdings, Inc. (Nasdaq: MWK) (“Mohawk” or the “Company”) today announced it acquired the assets of e-commerce company Healing Solutions, LLC (“Healing Solutions”), a leading online seller of essential oils. Healing Solutions’ unaudited trailing twelve month revenue and operating income excluding inventory liquidations, as of October 31, 2020, were approximately $65.2 million and $12.7 million, respectively. Yaniv Sarig, Co-Founder and Chief Executive Officer of the Company, commented, “Our mission to build the leading e-commerce consumer brands platform has taken another meaningful step forward today. We are thrilled to enter the essential oils category which further diversifies our e-commerce portfolio of brands. Consumable products with recurring purchases and subscription revenue opportunities that complement our hard goods brands have been on our radar. Our strategy to create a supply chain and technology platform designed to operate e-commerce brands across a wide spectrum of categories at scale continues to bear fruit. We are still at the early stages of executing on our ambitious goals and are looking forward to developing new products for the brands we are acquiring as well as extending their reach internationally.”
As consideration for Healing Solutions’ assets, Mohawk paid approximately $15.3 million in cash and issued approximately 1.4 million shares of Mohawk’s common stock. The cash and common stock payments reflect an approximate 3.8x multiple on the trailing twelve month operating income of Healing Solutions, excluding liquidations, as of October 31, 2020. Mohawk will also issue approximately 170,000 shares of Mohawk’s common stock as consideration related to inventory being acquired from Healing Solutions, which number of shares shall be subject to adjustment (up to a maximum of 280,000 shares) based on actual inventory delivered as determined following the closing. In addition, and subject to the achievement of certain cost reduction metrics within the next 15 months, Mohawk agreed to issue to Healing Solutions and certain consultants up to a maximum of approximately 736,912 shares (in the aggregate) of Mohawk’s common stock. In connection with the transaction, Healing Solutions is subject to certain trading restrictions on all shares to be issued in connection with the transaction and signed a six month lockup, voting, and standstill agreement.
Increased 2021 Revenue Outlook & Establishing 2021 Net Income and Adjusted EBITDA Outlook The most directly comparable GAAP financial measure for Adjusted EBITDA is net income. The Company has not reconciled its expectations as to forward-looking Adjusted EBITDA to net income, the most directly comparable GAAP measure, because certain items are out of the Company’s control or cannot be reasonably predicted, including that the historical revenue and operating income of the Healing Solutions business are subject to the completion of the Company’s standard procedures for the preparation and completion of its financial statements and completion of an audit by the Company’s independent registered public accounting firm. Accordingly, a reconciliation of forward-looking Adjusted EBITDA to net income is not available without unreasonable effort.
New $16.5 Million Term Loan A.G.P. / Alliance Global Partners acted as sole placement agent on the debt transaction.
Conference Call Details About Mohawk Group Holdings, Inc. Forward Looking Statements
All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements regarding this acquisition, our M&A strategy, the potential for recurring purchase or subscription revenue related to the Healing Solutions business, our goal of creating a supply chain and technology platform designed to operate e-commerce brands across a wide spectrum of categories, any potential acquisition of additional businesses in the future, our ability to create significant operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform, our expectations regarding future growth internationally and through the development and launch of products under our brands and the acquisition of additional brands, our 2021 net revenue outlook, including any expected impact that this acquisition may have thereon, and the statements about our expected net income and Adjusted EBITDA for the full year 2021. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to this acquisition; those related to our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to the impact of COVID-19, including its impact on consumer demand, our cash flows, financial condition and revenue growth rate; the completion of our customary audit procedures and the audit of the Healing Solutions business or any other acquired business; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to grow market share in existing and new product categories, including PPE; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies, our ability to continue to access debt and equity capital and the extent of our leverage and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
2021 Adjusted EBITDA Outlook Range of $28 million – $32 million
For full year 2021, the Company expects net revenue to be in the range of $340 million to $370 million, up from $290 million to $320 million, reflecting the addition of the Healing Solutions business. The Company is establishing a net income estimate for the year ended December 31, 2021, which it expects to be in a range of $1 million to $5 million due primarily to quarterly interest expense, net and stock-based compensation expense. The Company is also establishing an Adjusted EBITDA estimate for the year ended December 31, 2021, which it expects to be in the range of $28 million to $32 million.
Mohawk today also announced the issuance of a Senior Secured Note to an institutional lender. The Company received gross proceeds of $14.0 million in exchange for the Senior Secured Note with an aggregate principal amount of $16.5 million with a bullet maturity in 24 months. The new Senior Secured Note has a zero percent interest rate. In connection with the Senior Secured Note, the Company issued to the institutional lender warrants to purchase an aggregate of 469,931 shares of the Company’s common stock at a strike price of $25.10.
Management will host a conference call on Tuesday February 2, 2021 at 8:30 am ET to discuss the acquisition. Investors and analysts interested in participating in the call are invited to dial (877) 295-1077 (domestic) or (470) 495-9485 (international) and provide the conference ID: 1076569. The conference call will also be available to interested parties through a live webcast at https://ir.mohawkgp.com.
Mohawk Group Holdings, Inc., together with its subsidiaries (“Mohawk”), is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing, and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. In addition to Healing Solutions, Mohawk has eleven owned and operated brands and sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty-related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics.
Investor Contact:
Ilya Grozovsky, Mohawk Group 917-905-1699
Artificial Intelligence
Federal Government Authorizes Institute of Information Management to Certify Data Protection Professionals in Nigeria
LAGOS, Nigeria, June 2, 2024 /PRNewswire/ — The Federal Government through the Nigeria Data Protection Commission (NDPC) has granted a licence to the Institute of Information Management (IIM) to conduct examinations and certify data protection professionals for global competitiveness.
The National Commissioner of NDPC, Dr. Vincent Olatunji, who said this on Monday while presenting licence to IIM in Abuja, said granting of the licence was part of the commission’s measures to implement Executive Order 003 and 005.
Olatunji added that certifying data protection professionals in the country would reduce capital flight, create over 500,000 jobs in the sector, and encourage more people to be certified.
Promoting local content
While a few Nigerians with expertise in data protection had their training and certification abroad, Olatunji said having an institute to train and certify Nigerians locally would boost local content in the sector.
“We are trying to ensure the implementation of Executive Orders 003 and 005 to promote local content in Nigeria. Most of us who are certified data protection officers have international certifications; we paid some dollars to write exams as well as maintain the certificates. We are trying to domesticate this in Nigeria by having a national certification process” Olatunji said.
The NDPC National Commissioner said that with the size of Nigeria’s population, the country needs over 500,000 certified data protection officers. And if prospective candidates are to pay for the certifying examination in dollars, it will lead to capital flight.
Expansion to Africa
Olatunji also said that the commission is considering adopting the licensing across Africa. According to him, the Commission is working towards having a pan-African initiative, whereby data professionals have the national certification that is being offered in Nigeria and can also practice in any part of Africa.
“It is a way of creating jobs for our people, reducing capital flight, and developing global human capital in the data protection ecosystem” Olatunji said. He explained the Commission have also gone further to develop the training model which is unique to the organization and will be used by trainers in Nigeria.
He added that the licensing would also create jobs for already licensed Data Protection Compliance Organisations (DPCOs), who would be accredited to train prospective professionals to sit for data protection examinations. According to him, the national data protection certification will be a historic legacy that will transcend administrations and meet global standards.
Speaking on the licence, the President of the Institute of Information Management, Dr. Oyedokun Oyewole, recalled that the certification process commenced in 2021.
He said the licence would bridge the gap in the data protection ecosystem. Oyewole assured Nigerians of the institute’s commitment to be the best in the education system of data protection in the country.
Contact
Celestine AchiCell: +234-08099997175Email: [email protected]
Photo – https://mma.prnewswire.com/media/2427759/IIM.jpg
View original content:https://www.prnewswire.co.uk/news-releases/federal-government-authorizes-institute-of-information-management-to-certify-data-protection-professionals-in-nigeria-302161242.html
Artificial Intelligence
Data Center Security and Spending Skyrocket Amid AI Boom
USA News Group Commentary Issued on behalf of Avant Technologies Inc.
VANCOUVER, May 31, 2024 /PRNewswire/ — USA News Group – With the artificial intelligence (AI) revolution fully underway, the importance and security of the data centers that power the new technology is surging. The role and preservation of these data centers is generating multiple calls for them and their power sources to be recognized as a matter of national security. Former Google CEO Eric Schmidt went so far as to predict that AI data centers will one day be “on military bases surrounded by machine guns,” as stated in an interview with Noema Magazine. According to analysts at Dell’Oro Group, data center spending is forecast to grow at an astounding 18% CAGR over the next 5 years. Behind the scenes, tech companies are working tirelessly to provide new developments that will make this transition go smoother, including from Avant Technologies Inc. (OTCQB: AVAI), Equinix, Inc. (NASDAQ: EQIX), Vertiv Holdings Co (NYSE: VRT), Iron Mountain Incorporated (NYSE: IRM), and Snowflake Inc. (NYSE: SNOW).
At the forefront of generative AI innovation, Avant Technologies Inc. (OTCQB: AVAI) has been perfecting its flagship product, Avant AITM. The cutting-edge AI system is praised for its machine and deep learning capabilities, making it suitable for a wide range of industries and applications. To explore future possibilities for its AI data center cloud infrastructure, Avant recently engaged Wired4Tech, a highly regarded AI infrastructure consulting firm.
“We are excited to engage Wired4Tech to benchmark the performance of an innovative, next-generation AI server,” said William Hisey, CEO of Avant Technologies. “By conducting rigorous benchmark testing of this promising server technology, we expect to validate its expected performance and cost-saving benefits.”
As part of the new agreement, Wired4Tech will carry out detailed performance benchmarking for Avant. This will include evaluating key metrics such as response time, throughput, CPU and memory usage, disk I/O, network latency, and error rates. A special focus will be placed on response time, analyzing how quickly the server responds to different actions to provide insights into its overall responsiveness.
Avant considers these metrics to be critical for evaluating the server’s ability to handle complex AI tasks both effectively and dependably. Furthermore, Wired4Tech will examine the server’s power usage and identify possible cost-saving opportunities.
Prior to this update, Avant Technologies revealed a bold initiative to create groundbreaking, proprietary AI software aimed at improving its next-generation data centers. Additionally, the company intends to implement AI-driven Zero Trust Architecture (ZTA) throughout its data center operations. The AvantAI™ platform has also been upgraded to feature intelligent, proactive monitoring and management capabilities for data centers.
Digital infrastructure company Equinix, Inc. (NASDAQ: EQIX) recently announced the availability of Dell PowerStore on its Equinix Metal, a new, enterprise-grade Storage as a Service (STaaS) solution. The new availability enables enterprises to unlock multicloud strategies with enhanced performance, security and control, by marrying Equinix’s cloud adjacency and Dell’s leading storage solutions.
“Businesses need storage solutions that allow them to be more agile and get the most out of their hybrid multicloud architectures,” said Merrie Williamson, Chief Customer and Revenue Officer at Equinix. “By combining the powerful capabilities of Dell PowerStore with Equinix’s global platform, we are giving them the low-latency, high-performance connectivity they require without sacrificing on security or breaking their budget.”
The Dell PowerStore on Equinix Metal service offers businesses an easy way to manage and deploy their storage, computing, and networking needs worldwide. This service helps reduce the complexity and costs of running IT operations. It’s a dedicated storage solution designed for environments close to the cloud, giving customers quick, secure, and scalable access to public cloud providers through Equinix’s numerous data centers. This means businesses can efficiently connect to the cloud and manage their infrastructure with less hassle.
Ahead of this year’s Datacloud Global Congress 2024 where its CEO Giordano Albertazzi is set to join a keynote panel, Vertiv Holdings Co (NYSE: VRT) launched its new AI hub, featuring the industry’s first AI reference design portfolio for critical digital infrastructure.
The new Vertiv AI Hub offers a variety of helpful resources like white papers, industry research, and tools. It also includes information on power and cooling solutions for both new and existing facilities. Their new design library showcases flexible cooling and power systems that can handle both current and future computer chip needs, supporting anywhere from 10 to 140 kilowatts per rack.
“We are committed to providing deep knowledge, the broadest portfolio, and expert guidance to enable our customers to be among the first to deploy energy-efficient AI power and cooling infrastructure for current and future deployments,” said Albertazzi. “Our close partnerships with leading chipmakers and innovative data center operators make us uniquely qualified to help our customers and partners on their AI journey.”
Known for being a top company in storing paper documents and backup tapes, Iron Mountain Incorporated (NYSE: IRM) is expanding its data center network by opening a new data center in Toronto, Canada. The new facility is designed to support growth in its online backup services, Connected Backup and LiveVault, which provide automated backups for desktop PCs and specializes in server backups, respectively.
“In addition to opening the data center in Canada, Iron Mountain Digital is actively broadening its global data center presence and in the process of opening a series of data centers outside of the U.S. and Canada, to better support our customers wherever they do business,” said John Clancy, president of Iron Mountain Digital, the technology arm of Iron Mountain. “We’ve had a growing demand from our customers worldwide for data protection solutions and services.”
AI Data Cloud company Snowflake Inc. (NYSE: SNOW) recently released its financial results for Q1 2025, which included a 33% year-over-year growth in revenue, and a net revenue retention rate of 128%. The growth numbers came shortly ahead of Snowflake CEO Sridhar Ramaswamy’s scheduled fireside chat at the company’s 6th annual Snowflake Data Cloud Summit 2024 alongside NVIDIA Founder and CEO Jensen Huang.
“We finished our first quarter with strong performance across many of our key metrics,” said Ramaswamy in the Q1 2025 financials report. “Product revenue was up 34% year-over-year at nearly $790 million, while remaining performance obligations were $5.0 billion, up 46% year-over-year. Our core business is very strong. Our AI products, now generally available, are generating strong customer interest.”
As of the financial results release, Snowflake has 485 customers with trailing 12-month product revenue greater than $1 million, and 709 Forbes Global 2000 customers. Snowflake also announced its intent to acquire certain technology assets and hire key employees from TruEra, an AI observability platform. TruEra provides capabilities to evaluate and monitor large language model (LLM) applications and machine learning models in production.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:
USA NEWS [email protected](604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Avant Technologies Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Avant Technologies Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
View original content:https://www.prnewswire.co.uk/news-releases/data-center-security-and-spending-skyrocket-amid-ai-boom-302160707.html
Artificial Intelligence
GIGABYTE AI New Era: Humanity X Art X Technology Exhibition
Embrace the Future with Computing Power! GIGABYTE AI PCs Lead You to Explore New Frontiers
TAIPEI, May 31, 2024 /PRNewswire/ — GIGABYTE is excited to present the “AI New Era” exhibition, showcasing how AI is transforming our world. This event explores AI-generated art, AI applications, and other immersive experiences that demonstrate the practical uses of AI PCs in everyday life.
Exhibition Themes
The “GIGABYTE AI New Era” exhibition features three thematic areas, each illustrating the diverse nature of AI:
AI Art: This area showcases dynamic images and interactive art created by international artists. Notable contributors include the Dimension + new media art team led by Escher Tsai (Taiwan) and Keith Lam (Hong Kong), Ygor Marotta from the VJ Suave studio in São Paulo, Brazil, and emerging Taiwanese artist Tim Wei. Attendees will embark on a sensory journey as these artists share their inner worlds and the collaborative process of integrating GIGABYTE AI PCs into their work. VS AI Street Battle: In collaboration with Hello World, this section challenges traditional art forms using the latest text-to-image AI applications. Utilizing GIGABYTE AI PCs’ powerful and stable computing capabilities, this area combines large-scale arcade fighting games with generative AI, creating a unique and creative battle system. AI Applications Featuring RTX -AI PCs: This area explores how AI enhances everyday life across various fields, including gaming, digital art, content creation, image processing, and productivity. Guided by GIGABYTE AI PCs, consumers can experience limitless AI applications, seamlessly integrating AI into their daily routines. Emmy-nominated filmmaker Hugh Hou (US) will curate the AI Use Case zone, showcasing the latest AI technology and providing a professional workflow for creating immersive videos. Additionally, GIGABYTE will collaborate with NVIDIA to showcase a series of advanced AI applications featuring GeForce RTX graphics cards.Invitation to All
GIGABYTE warmly welcomes technology enthusiasts and art connoisseurs to join this grand event and experience the revolution in technology and art brought by artificial intelligence. For more information about the event, please visit the official website: GIGABYTE AI 2024.
Join us in exploring the future of AI and its impact on our daily lives, and witness how GIGABYTE is leading the charge in integrating AI into the world of art and technology.
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View original content:https://www.prnewswire.co.uk/news-releases/gigabyte-ai-new-era-humanity-x-art-x-technology-exhibition-302160686.html
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