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TAOP Reports Fiscal Year 2021 Financial Results

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Revenue Increased 124.6% YoY and Gross Margin increased to 37.6%

HONG KONG, May 02, 2022 (GLOBE NEWSWIRE) — Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of blockchain technology and smart cloud services, today announced its financial results for the year ended December 31, 2021.

Fiscal Year 2021 Financial Highlights

  • Revenue was $24.8 million for the year ended December 31, 2021, an increase of $13.8 million from $11.0 million for the year ended December 31, 2020. The revenue increase was mainly attributed to products and software sales totalling $5.8 million, advertising from the recently acquired subsidiary, Taoping New Media Co., Ltd. (“TNM”) of $2.6 million, and cryptocurrency mining operation of $5.5 million, which commenced in 2021.
  • The Company incurred a loss from operations of $8.7 million for the year ended December 31, 2021, compared to a loss from operations of $17.4 million for the year ended December 31, 2020.
  • Net loss attributable to the Company was $9.9 million for the year ended December 31, 2021, a decrease of $7.8 million from a net loss attributable to the Company of $17.7 million for the year ended December 31, 2020.
  • Net cash used in operating activities was $16.1 million for the year ended December 31, 2021 and net cash used in operating activities was $1.8 million for the year ended December 31, 2020.

“Despite various strict measures imposed by the Chinese government to control COVID-19 pandemic, we achieved revenue growth and with new revenue streams from cryptocurrency mining and advertising in 2021. Revenue from the cryptocurrency mining was approximately $5.5 million, nearly 22.0% to total revenue, as a result of our investment in increasing computing power in Ethereum mining,” said Mr. Jianghuai Lin, CEO and Chairman of TAOP.

Mr. Lin added, “After the acquisition of Taoping New Media Co., Ltd in June 2021, TAOP is able to offer comprehensive services of our new media sharing platform and enhance revenue generation from new media and advertising sectors.”

Mr. Lin continued, “In 2022, in addition to increasing scale in cryptocurrency mining and new media services, we started initiatives in smart community services empowered by Internet of Things and artificial intelligence, including but not limited to smart charging pile, Smart Station and elevator modernization through existing infrastructure of Taoping Alliance network. We believe the new businesses will have positive impacts on the transition to a smarter community and bring new revenues to the Company.”

Recent Operational Highlights

  • On January 11, 2022, the Company entered into a strategic cooperation agreement with Shenzhen Zhicheng Chuangtou New Energy Co., Ltd. (“Zhicheng Chuangtou”) to expand its smart charging pile market. Pursuant to the agreement, which has a term of three years, the Company is responsible for the market development and installation of the smart charging piles produced by Zhicheng Chuangtou. Zhicheng Chuangtou is responsible for providing charging piles and other ancillary products, as well as for the operation and management of smart charging piles after installation. The Company has planned to use its channels like Taoping Alliance network to expand the market across the country and reach out to potential property management companies. The initiative is expected provide a new business operation and additional revenue stream for the Company starting from 2022. The Company expects to expand coverage to 50 cities by the end of 2022 and complete pilot projects in these cities.
  • On January 19, 2022, the Company entered into a share purchase agreement to acquire 95.56% equity interest in Zhenjiang Taoping IoT Technology Limited (“Zhenjiang Taoping”), aiming to accelerate the Company’s smart charging pile and digital new media businesses in East China. Pursuant to the share purchase agreement, the Company has agreed to issue to the shareholders of Zhenjiang Taoping a total of 201,552 restricted ordinary shares, calculated as $391,011 being divided by the average closing price of the Company’s ordinary shares over the 20 trading days prior to the execution of the share purchase agreement, which was $1.94 per share. Mr. Huan Li, the Chief Marketing Officer of the Company, is one of the shareholders of Zhenjiang Taoping and has agreed to transfer all of his 46% equity interest in Zhenjiang Taoping to the Company. The acquisition was closed on February 24, 2022. Upon the completion of the acquisition, the Company currently owns 100% equity interest in Zhenjiang Taoping.
  • On January 27, 2022, the Company entered into a strategic cooperation agreement with three Chinese companies (BOE Yiyun Technology Co., Ltd.; Sichuan Lvfa Environmental Technology Co., Ltd.; and Wuxi Centennial Ronghua Technology Development Co., Ltd.) to cooperate on naked-eye 3D iGallery and “Smart Station” projects. Pursuant to the agreement, which has a term of five years, the Company is responsible for the market development of naked-eye 3D iGallery and “Smart Station” projects through its Taoping Alliance network and the overall operation of the new media advertising of Smart Station. Participating the cooperation will expand the Company’s existing new media sharing platform and out-of-home advertising capability with readily available resource generating additional revenue and cash flows.
  • On February 17, 2022, the Company entered into a letter of intent (the “LOI”) with the shareholders of Fujian Taoping IoT Technology Limited (“Fujian Taoping”) to acquire at least 51% of the ownership of Fujian Taoping. Pursuant to the LOI, the purchase price, to be determined by the parties after the completion of due diligence of Fujian Taoping, will be paid in the form of ordinary shares of the Company. Fujian Taoping has a significant presence in Fujian province covering seven major cities where has more than 700 high-end residential complexes and commercial buildings in contract, installing 8,900 units of smart ad display terminals. Acquiring Fujian Taoping will provide the Company substantial market penetration in the area, and further strengthen the Company’s position in the new media and smart community service business in the East China market.
  • On March 2, 2022, the Company entered into a strategic cooperation agreement with Shenzhen Zhihui Yunti IoT Co., Ltd. (“Zhihui Yunti”) to jointly address the market needs of the elevator modernization and maintenance. Pursuant to the agreement, which has a term of three years, the Company is responsible for the market development of the elevator modernization and maintenance project through its Taoping Alliance network. Zhihui Yunti is responsible for providing elevator cloud, elevator IoT and elevator ecosystem products and technical support, as well as for the operation and management after product installation.

Financial Results for Fiscal Year 2021

Revenue

Revenue was $24.8 million for the year ended December 31, 2021, an increase of $13.8 million, or 124.6% from $11.0 million for the year ended December 31, 2020. The revenue increase was mainly attributed to products and software sales totalling $5.8 million, advertising from TNM of $2.6 million, and cryptocurrency mining operation of $5.5 million.

Gross Profit

Gross profit was $9.3 million for the year ended December 31, 2021, an increase of $5.4 million compared to $3.9 million for the year ended December 31, 2020. Gross profit as a percentage of revenue increased to 37.6% for the year ended December 31, 2021 from 35.7% for the year ended December 31, 2020. The increase in the overall gross margin primarily resulted from higher margin of software revenue and cryptocurrency mining.

Administrative, R&D and Selling Expenses

Administrative expenses decreased by $3.8 million, or 22.9%, to $12.9 million for the year ended December 31, 2021, from $16.7 million for the year ended December 31, 2020. As a percentage of revenue, administrative expenses decreased to 51.9% for 2021, from 151.0% for 2020. Such decrease was primarily due to a decrease of $8.0 million in allowance for credit losses, offset by an increase in share-based compensation of $2.4 million to certain employees and consultants. The Company expects that the administrative expenses in 2022 will decrease as a result of the decrease of allowance of credit losses with the recovery of out-of-home advertising market and overall economy of China, and the decrease of share-based compensation to employees.

Research and development expenses increased by $0.6 million, or 15.2%, to $4.5 million for the year ended December 31, 2021, from $3.9 million for the year ended December 31, 2020. Such increase was primarily due to the increase of depreciation of R&D related hardware equipment and software, and the increase in payroll and benefits to R&D staff. As a percentage of revenue, research and development expenses decreased to 18.0% for 2021, from 35.2% for 2020.

Selling expenses decreased by $0.02 million, or 2.8%, to $0.69 million for the year ended December 31, 2021, from $0.71 million for the year ended December 31, 2020. This decrease was due to the decrease of the amortization expenses, offset by the increased payroll expenses of sales department which was in line with the increase in revenues.

Net loss attributable to Company

As a result of the cumulative effect of the foregoing factors, net loss attributable to the Company was $9.9 million for the year ended December 31, 2021, compared to a net loss attributable to the Company of $17.7 million for the year ended December 31, 2020. The improvement of net loss was mainly contributed to an increase of $5.4 million in gross profit and the decrease of $3.8 million in administrative expenses offset by loss from equity method investment of $0.8 million. Loss per share was $0.77 for the year ended December 31, 2021, compared to loss per share of $2.40 for the year ended December 31, 2020. On July 30, 2020, the Company implemented a one-for-six reverse stock split of the Company’s ordinary shares. The basic and diluted loss per share were retroactively adjusted for all periods presented.

Adjusted Net loss attributable to the Company

Excluding the three major reconciliation items, which are $3.1 million share-based compensation expenses, $0.8 million loss from equity method investment of TNM and $0.5 million impairment of cryptocurrencies, the adjusted net loss was $5.5 million for the year ended December 31, 2021, compared to the adjusted net loss of $17.0 million for the year ended December 31, 2020. Adjusted loss per share was $0.42 for the year ended December 31, 2021, compared to adjusted loss per share of $2.30 for the year ended December 31, 2020.

Cash and Financial Position

As of December 31, 2021, the Company had cash and cash equivalents of $4.5 million, compared to $1.1 million of cash and cash equivalents as of December 31, 2020. As of December 31, 2021, the Company had a working capital deficit of approximately $6.3 million, improved from a working capital deficit of $17.4 million as of December 31, 2020. The improvement of working capital deficit was mainly attributed to an increase in advances to suppliers, a decrease in accounts payable, and a decrease in other payables and accrued expenses.

Net cash used in operating activities was $16.1 million for the year ended December 31, 2021 and net cash used in operating activities was $1.8 million for the year ended December 31, 2020. The change was attributed to an increase in advance to suppliers of $6.7 million, a decrease in other payable and accrued expenses of $2.3 million, and a decrease in accounts payable of $5.8 million.

About Taoping Inc.

Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, new media and artificial intelligence. To learn more, please visit http://www.taop.com/.

Safe Harbor Statement

This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.

Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results due to our limited operating history of providing blockchain technology and smart cloud services, the effects of the global Covid-19 pandemic, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China’s legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and TAOP undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

About Non-GAAP Financial Measures

To supplement the Company’s financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses, impairment of cryptocurrencies and loss from equity method investment of TNM, a subsidiary acquired by the Company on June 9, 2021. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.

Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.

Reconciliation of Non-GAAP Adjusted Net (Loss) Attributable to the Company and EPS are provided in the table at the end of this press release.

For further information, please contact:

TAOPING INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2021 AND 2020

    December 31,
2021
    December 31,
2020
 
ASSETS                
                 
CURRENT ASSETS                
Cash and cash equivalents   $ 4,531,266     $ 882,770  
Restricted cash           214,144  
Accounts receivable, net     6,758,162       4,264,257  
Accounts receivable-related parties, net     351,472       2,919,215  
Advances to suppliers     6,541,323       3,202,313  
Prepaid expenses     296,494        
Inventories, net     542,384       254,678  
Loan receivable – related party           519,331  
Cryptocurrencies, net     829,165        
Other current assets     1,218,148       173,026  
TOTAL CURRENT ASSETS     21,068,414       12,429,734  
                 
Non-current accounts receivable, net           1,839,230  
Non-current accounts receivable-related parties, net           1,323,196  
Property, equipment and software, net     21,562,084       10,851,899  
Right-of-use assets     896,505        
Long-term investments     679,807       30,592  
Other assets, non-current net     2,948,681       4,302,000  
TOTAL ASSETS   $ 47,155,491     $ 30,776,651  
                 
LIABILITIES AND EQUITY                
                 
CURRENT LIABILITIES                
Short-term bank loans   $ 7,792,125     $ 6,210,176  
Accounts payable     9,872,924       14,857,436  
Accounts payable-related parties           69,585  
Advances from customers     458,158       315,924  
Advances from customers-related parties     121,059       161,063  
Amounts due to related parties     3,145,260       137,664  
Accrued payroll and benefits     252,827       231,598  
Other payables and accrued expenses     4,893,499       6,636,097  
Income tax payable     379,925        
Convertible note payable, net of debt discounts           1,180,908  
Lease liability-current     427,372        
TOTAL CURRENT LIABILITIES     27,343,149       29,800,451  
                 
Lease liability     561,843        
TOTAL LIABILITIES     27,904,992       29,800,451  
                 
EQUITY                
Ordinary shares, 2021 and 2020: par $0; authorized capital 100,000,000 shares; shares issued and outstanding, 2021: 15,513,605 shares; 2020: 8,486,956 shares*;     161,098,010       131,247,787  
Additional paid-in capital     22,447,083       15,643,404  
Reserve     14,044,269       14,044,269  
Accumulated deficit     (202,137,403 )     (192,212,544 )
Accumulated other comprehensive income     23,800,299       23,612,413  
Total equity (deficit) of the Company     19,252,258       (7,664,671 )
Non-controlling interest     (1,759 )     8,640,871  
TOTAL EQUITY     19,250,499       976,200  
                 
TOTAL LIABILITIES AND EQUITY   $ 47,155,491     $ 30,776,651  

*On July 30, 2020, the Company implemented a one-for-six reverse stock split of the Company’s issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.

  

TAOPING INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019

    2021     2020     2019  
Revenue – Products   $ 10,651,928     $ 6,591,132     $ 3,116,145  
Revenue – Products-related parties     72,779       375,736       7,352,236  
Revenue – Advertising     2,577,712              
Revenue – Software     5,174,422       3,080,152       2,246,497  
Revenue – Cryptocurrency mining     5,455,345              
Revenue – Others     837,660       869,635       969,751  
Revenue – Others-related parties     76,078       146,120       106,674  
TOTAL REVENUE     24,845,924       11,062,775       13,791,303  
                         
Cost – Products     9,890,346       6,211,647       6,448,965  
Cost – Advertising     2,193,945              
Cost – Software     582,490       572,054       525,473  
Cost – System integration     40,875             57,911  
Cost – Cryptocurrency mining     2,767,186              
Cost – Others     28,469       335,424       156,743  
TOTAL COST     15,503,311       7,119,125       7,189,092  
                         
GROSS PROFIT     9,342,613       3,943,650       6,602,211  
                         
Administrative expenses     12,882,936       16,707,106       6,657,972  
Research and development expenses     4,479,045       3,889,126       3,592,843  
Selling expenses     694,474       714,147       523,557  
LOSS FROM OPERATIONS     (8,713,842 )     (17,366,729 )     (4,172,161 )
                         
Subsidy income     181,620       556,186       431,555  
Loss from equity method investment     (814,440 )            
Other income (loss), net     350,836       (578,766 )     238,200  
Interest income     4,640       4,798       133,517  
Interest expense and debt discounts expense, net of interest income     (928,352 )     (1,018,013 )     (499,852 )
                         
Loss before income taxes     (9,919,538 )     (18,402,524 )     (3,868,741 )
                         
Income tax (expense) benefit     (5,321 )     71,316       274,480  
NET LOSS     (9,924,859 )     (18,331,208 )     (3,594,261 )
Less: net loss attributable to the non-controlling interest           636,433       11,929  
NET LOSS ATTRIBUTABLE TO THE COMPANY   $ (9,924,859 )   $ (17,694,775 )   $ (3,582,332 )
                         
Loss per share – Basic and Diluted*                        
Basic   $ (0.77 )   $ (2.49 )   $ (0.54 )
Diluted   $ (0.77 )   $ (2.49 )   $ (0.54 )
LOSS PER SHARE ATTRIBUTABLE TO THE COMPANY                        
Basic   $ (0.77 )   $ (2.40 )   $ (0.54 )
Diluted   $ (0.77 )   $ (2.40 )   $ (0.54 )

*On July 30, 2020, the Company implemented a one-for-six reverse stock split of the Company’s issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.

TAOPING INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019

    2021     2020     2019  
OPERATING ACTIVITIES                        
Net loss   $ (9,924,859 )   $ (18,331,208 )   $ (3,594,261 )
Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities:                        
Provision for losses on accounts receivable and other current assets     5,541,717       13,521,182       3,628,544  
Provision for obsolete inventories     (82,255 )     5,629       115,191  
Depreciation     3,704,818       3,206,568       2,842,787  
Amortization of intangible assets and other asset           273,076       58,164  
Amortization of convertible note discount           558,690       46,165  
Loss (gain) on sale of property and equipment     (655,907 )     435,767        
Loss from disposal of inventories           128,983       62,732  
Stock-based payments for consulting services     187,390       445,749       86,326  
Stock-based compensation to employees     2,950,070       298,091       494,316  
Impairment on cryptocurrencies     493,617              
(Gain) on sales of cryptocurrencies     (410,979 )            
Loss on equity method investment     814,440              
Changes in operating assets and liabilities:                        
Increase in accounts receivable     (907,826 )     (3,033,406 )     923,873  
Decrease (increase) in accounts receivable from related parties     515,334       (292,230 )     (5,262,357 )
Decrease in accounts payable from related party     (70,525 )            
Decrease in inventories     165,566       59,002       207,233  
Cryptocurrencies – mining     (5,455,345 )            
Decrease (increase) in other non-current assets     1,885,104             (4,343,311 )
Decrease in other receivables and prepaid expenses           2,054,954       4,385,133  
Increase in advances to suppliers     (6,719,399 )     (2,643,860 )     (598,082 )
Increase in amounts due to/from related parties     (827,901 )           (870,859 )
(Decrease) increase in other payables and accrued expenses     (2,263,237 )     691,846       663,584  
Increase (decrease) in advances from customers     48,301       (126,515 )     122,720  
(Decrease) increase in advances from customers from related parties     (22,705 )     10,247       91,233  
Increase in payroll payable     231,673              
Increase in lease liability     91,586              
(Decrease) increase in accounts payable     (5,812,529 )     1,025,912       (503,267 )
Increase (decrease) in income tax payable     374,353       (71,316 )     (237,968 )
                         
Net cash (used in) provided by operating activities     (16,149,498 )     (1,782,839 )     (1,682,104 )
                         
INVESTING ACTIVITIES                        
Proceeds from sales of cryptocurrencies     4,543,543              
Proceeds from sales of property and equipment           25,697       133  
Purchases of property, equipment and software     (11,293,962 )     (1,668,363 )     (1,619,325 )
Acquisition of cash in connection with a business acquisition     7,545              
Consideration paid for acquisition     (7,257,394 )            
Disbursement of loan receivable – related party           (90,977 )     (400,608 )
Proceeds from loan receivable                 2,171,655  
Net cash (used in) provided by investing activities     (14,000,268 )     (1,733,643 )     151,855  
                         
FINANCING ACTIVITIES                        
                         
Proceeds from borrowings under short-term loans     11,937,002       6,285,837       7,817,959  
Borrowings from related parties     3,100,520              
Repayment of short-term loans     (10,332,736 )     (7,052,014 )     (7,231,612 )
Proceeds from issuance of convertible note, net of debt issuance costs           2,687,387       1,000,000  
Proceeds from issuance of ordinary shares in connection with Private placement net of offering costs     28,323,371       1,151,738        
Net cash provided by financing activities     33,028,157       3,072,948       1,586,347  
                         
Effect of exchange rate changes on cash and cash equivalents     555,961       20,782       (189,692 )
                         
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     3,434,352       (422,752 )     (133,594 )
                         
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING     1,096,914       1,519,666       1,653,260  
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, ENDING   $ 4,531,266     $ 1,096,914     $ 1,519,666  
                         
Supplemental disclosure of cash flow information:                        
Cash paid during the year Interest   $ 454,261     $ 357,092     $ 445,582  
     December 31,
2021
    December 31,
2020
 
Reconciliation to amounts on consolidated balance sheets                
Cash and cash equivalents   $ 4,531,266     $ 882,770  
Restricted cash           214,144  
Total cash, cash equivalents, and restricted cash   $ 4,531,266     $ 1,096,914  

TAOPING INC.
Reconciliation of Non-Gaap Adjusted Net (Loss) Attributable to the Company and EPS

    Year Ended  
    December 31,     December 31,  
    2021     2020  
Net (loss) attributable to the Company     (9,924,859 )     (17,694,775 )
Share-based compensation for consulting services     187,390       445,749  
Share-based compensation to employees     2,950,070       298,091  
Loss from equity method investment     814,440        
Impairment of cryptocurrencies     493,617        
Adjusted net (loss) attributable to the Company     (5,479,342 )     (16,950,935 )
                 
(Loss) per share                
Basic     (0.77 )     (2.40 )
Diluted     (0.77 )     (2.40 )
                 
Adjusted (loss) per share                
Basic     (0.42 )     (2.30 )
Diluted     (0.42 )     (2.30 )

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Artificial Intelligence

Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
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 [email protected] +1-408-387-5800
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