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Nauticus Robotics Reports First Quarter 2023 Results and Provides Business Update

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HOUSTON, May 15, 2023 (GLOBE NEWSWIRE) — Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ: KITT), a developer of autonomous robots using artificial intelligence for data collection and intervention services to the ocean industries, today announced results for the first quarter ended March 31, 2023.

Highlights

  • Reported Q1 2023 revenue of $2.8 million, an increase of 26% compared to Q1 2022.
  • Announced the splashdown and initial commissioning of the first of three second-generation Aquanauts expected to be completed this year.
  • Continued to progress in both programs with the US Defense Innovation Unit (“DIU”). The Company completed the competitive first phase of DIU’s Amphibious Autonomous Response Vehicle program, progressing towards the next milestone, and advanced to the next phase of the Autonomous Explosive Ordinance Disposal Maritime Response Vehicle program.
  • Announced an additional $2.7 million contract extension with Leidos Holdings (NYSE: LDOS), further continuing development of an Aquanaut-derivative platform in preparation for customer adoption decisions expected later this year.

“We are making notable progress in both our commercial and defense related efforts. The beginning of commissioning exercises for our initial second-generation Aquanaut marks a watershed moment for Nauticus, as we prepare for offshore pilots later this year. Our customers share our enthusiasm and they are eager to put our robots to use,” said Nicolaus Radford, CEO of Nauticus. “Additionally, our continued progress with DIU and Leidos highlights the world-class capabilities we bring to national security. We continue to be confident in our technology’s unique abilities and its substantial revenue upside potential.”

First Quarter 2023 Financial Results

Nauticus reported first quarter revenue of $2.8 million compared to $2.2 million in the prior-year period. The increase in revenue is primarily attributable to one new contract and the continuation and increased performance on existing service contracts from the prior year.

Total operating expenses during the first quarter were $8.6 million, a $3.7 million increase from the prior-year period. The increase was mainly attributable to higher cost of revenue and increased general and administrative (“G&A”) costs associated with being a public company.

For the quarter, Nauticus recorded a net loss attributable to common stockholders of $10.2 million, or $0.26 per basic and diluted share. This compares to a net loss attributable to common stockholders of $3.5 million, or $0.36 per basic and diluted share in the prior year comparable period.

Net loss attributable to common stockholders for the first quarter of 2023 includes certain items typically excluded from published estimates by the investment community. Adjusted net loss attributable to common stockholders, which excludes the impact of these items as described in the non-GAAP reconciliation table below, was $6.8 million, or $0.17 per diluted share, in the first quarter of 2023, compared to a net loss of $3.5 million, or $0.36 per diluted share, in the first quarter of 2022.

Liquidity
Nauticus ended the first quarter with $12.5 million in cash and cash equivalents. The Company had a working capital surplus of $25.5 million at the end of the first quarter.

Outlook
Following commissioning, Nauticus expects to send the initial Aquanauts and Hydronauts to the North Sea and the Gulf of Mexico in the fourth quarter of 2023 to support customer initiatives in those regions.

Conference Call and Webcast Information

Nauticus will host a conference call today, May 15, 2023 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). A question-and-answer session will follow management’s presentation.

U.S. dial-in number: 1-877-407-9039
International number: 1-201-689-8470
Conference ID: 13738545

The conference call will broadcast live and be available for replay here.

A replay of the call will be available after 8:30 p.m. Eastern time today through May 29, 2023.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Conference ID: 13738545

About Nauticus

Nauticus Robotics, Inc. is a developer of autonomous robots using artificial intelligence for data collection and intervention services for the ocean industries. Nauticus’ robotic systems and services are delivered to commercial and government-facing customers through a Robotics-as-a-Service (RaaS) business model and direct product sales for both hardware platforms and software licenses. Besides a standalone service offering and products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofitting/upgrading legacy systems and other third-party vehicle platforms. Nauticus provides customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions to improve offshore health, safety, and environmental exposure.

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include, but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated 2023 operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ Annual Report on Form 10-K filed with the SEC on March 28, 2023. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

 
Nauticus Robotics, Inc.
Consolidated Balance Sheets (Unaudited)
 
  March 31, 2023   December 31, 2022
Assets (Unaudited)    
Current Assets:      
Cash and cash equivalents $ 12,478,433     $ 17,787,159  
Restricted certificate of deposit   250,375       250,375  
Short-term investments   –       4,959,263  
Accounts receivable, net   2,634,644       1,622,434  
Inventories   11,013,569       6,666,912  
Contract assets   323,931       573,895  
Prepaid expenses   5,392,527       5,046,599  
Other current assets   54,384       56,410  
Total Current assets   32,147,863       36,963,047  
       
Property and equipment, net   16,950,015       15,167,367  
Operating lease right-of-use asset   256,389       317,208  
Other assets   140,197       155,490  
       
Total assets $ 49,494,464     $ 52,603,112  
       
Liabilities and Stockholders’ Equity (Deficit)      
Current Liabilities:      
Accounts payable $ 2,607,473     $ 324,484  
Accrued liabilities   3,656,268       3,142,977  
Operating lease liabilities – current   347,392       410,158  
Total Current Liabilities   6,611,133       3,877,619  
Warrant liabilities   34,925,245       32,688,342  
Operating lease liabilities – long-term   6,251       87,214  
Notes payable – long-term, net of discount   16,829,983       15,922,118  
Total Liabilities   58,372,612       52,575,293  
       
Commitments and Contingencies      
       
Stockholders’ Equity (Deficit):      
Common stock, $0.0001 par value; 625,000,000 shares authorized, 47,281,275 and 47,250,771 shares issued, respectively, and 47,281,275 and 47,250,771 shares outstanding, respectively   4,728       4,725  
Additional paid-in capital   69,402,246       68,128,196  
Accumulated deficit   (78,285,122 )     (68,105,102 )
Total Stockholders’ Equity (Deficit)   (8,878,148 )     27,819  
       
Total Liabilities and Stockholders’ Equity (Deficit) $ 49,494,464     $ 52,603,112  
       
 
Nauticus Robotics, Inc.
Consolidated Statements of Operations (Unaudited)
 
  Three months ended
  March 31,
    2023       2022  
       
Revenue:      
Service $ 2,820,780     $ 2,235,965  
Total revenue   2,820,780       2,235,965  
       
Costs and expenses:      
Cost of revenue (exclusive of items shown separately below)   2,932,267       1,899,161  
Depreciation   273,099       111,319  
Research and development   226,967       1,267,412  
General and administrative   5,212,644       1,646,041  
Total costs and expenses   8,644,977       4,923,933  
       
Operating loss   (5,824,197 )     (2,687,968 )
       
Other (income) expense:      
Other expense, net   1,152,381       4,212  
Foreign currency transaction (gain) loss   (9,884 )     9,848  
Change in fair value of warrant liabilities   2,236,904       –  
Interest expense, net   976,422       801,974  
Total other (income) expense, net   4,355,823       816,034  
       
Net loss $ (10,180,020 )   $ (3,504,002 )
       
Basic and diluted earnings (loss) per share $ (0.26 )   $ (0.36 )
       
Basic and diluted weighted average shares outstanding   39,765,361       9,669,217  
       
 
Nauticus Robotics, Inc.
Consolidated Statements of Cash Flows (Unaudited)
 
   Three months ended March 31,
    2023       2022  
Cash flows from operating activities:      
Net loss $ (10,180,020 )   $ (3,504,002 )
Adjustments to reconcile net loss to net cash from operating activities:      
Depreciation   273,099       111,319  
Accretion of debt discount   907,865       171,979  
Stock-based compensation   1,214,863       200,157  
Change in fair value of warrant liabilities   2,236,904       –  
Noncash impact of lease accounting   60,819       32,325  
Changes in operating assets and liabilities:      
Accounts receivable   (1,012,210 )     (211,779 )
Inventories   (4,346,657 )     (721,042 )
Contract assets   249,964       300,616  
Other assets   (328,609 )     (577,901 )
Accounts payable and accrued liabilities   2,234,510       436,412  
Contract liabilities   –       (373,791 )
Operating lease liabilities   (143,729 )     (64,543 )
Net cash from operating activities   (8,833,201 )     (4,200,250 )
       
Cash flows from investing activities:      
Capital expenditures   (1,493,978 )     (1,675,238 )
Proceeds from sale of short-term investments   4,959,263       –  
Net cash from investing activities   3,465,285       (1,675,238 )
       
Cash flows from financing activities:      
Proceeds from exercise of stock options   59,190       –  
Net cash from financing activities   59,190       –  
       
Net change in cash and cash equivalents   (5,308,726 )     (5,875,488 )
       
Cash and cash equivalents, beginning of period   17,787,159       20,952,867  
Cash and cash equivalents, end of period $ 12,478,433     $ 15,077,379  
       
       

Nauticus Robotics, Inc.
Non-GAAP Financial Measures (Unaudited)

Reconciliation of Net Loss Attributable to Common Stockholders (GAAP) to Adjusted Net Loss Attributable to Common Stockholders (Non-GAAP)

Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net loss attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.

Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net loss attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net loss attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net loss attributable to common stockholders and may vary among companies, the Company’s calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.

  Three Months Ended
  March 31,
    2023     2022  
     
Net loss attributable to stockholders (GAAP)   (10,180,020 )   (3,504,002 )
Sales and use tax assessment   1,189,164     –  
Foreign currency (gain)/loss   (9,884 )   9,848  
Change in fair value of warrant liability   2,236,904     –  
Adjusted Net loss attributable to stockholders (non-GAAP) $ (6,763,836 ) $ (3,494,154 )
     
Basic and diluted earnings (loss) per share $ (0.17 ) $ (0.36 )
     
Basic and diluted weighted average shares outstanding   39,765,361     9,669,217  
             

Investor Relations Contact:
Ralf Esper
Gateway Group, Inc.
(949) 574-3860
[email protected]

Media Contact
Zach Kadletz
Gateway Group, Inc.
(949) 574-3860
[email protected]

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US Air Force Awards ThroughPut.ai Direct-to-Phase-II Contract for Boeing, Lockheed Martin, and Sikorsky Mission Design Series to Accelerate Aircraft Readiness

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May 28, 2024

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Leveraging Data to Drive Maintenance-first actions that improve overall supply chain throughput across the DAF.
NEW YORK, May 28, 2024 /PRNewswire/ — ThroughPut.ai, the Supply Chain Decision Intelligence Pioneer, announces it has been selected by AFWERX for a (SBIR Direct-to-Phase II contract) in the amount of $1,248,627.00 focused on “AI-Powered Proactive Supply Chain Capabilities” to address the most pressing challenges in the Department of the Air Force (DAF). The Air Force Research Laboratory and AFWERX have partnered to streamline the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) process by accelerating the small business experience through faster proposal to award timelines, changing the pool of potential applicants by expanding opportunities to small business and eliminating bureaucratic overhead by continually implementing process improvement changes in contract execution. The DAF began offering the Open Topic SBIR/STTR program in 2018 which expanded the range of innovations the DAF funded and now on April 17th, 2024, ThroughPut.ai will start its journey to create and provide innovative capabilities that will strengthen the national defense of the United States of America.

“ThroughPut.ai looks forward to supporting efforts to accelerate inventory flow across the United States Air Force,” said Ali Raza, CEO & Founder of ThroughPut.ai. “By driving inventory/materiel management changes at the maintenance endpoint first, supply chain improvements can then be amplified across the greater industrial base to create aircraft capacity.”
“The views expressed are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.”
About (ThroughPut.ai)
ThroughPut.ai is a Silicon Valley-based supply chain optimization & predictive replenishment company. The company’s software AI platform has the ability to identify location-, product-, and customer-based demand changes sooner in order to adjust order frequencies, vendor sources, and parts buffer levels at a global and local scale. ThroughPut’s platform was designed by Fortune 500 & technology executives with real-world experience managing demand & supply chain disruptions and war-zone logistics across the Middle East.
About AFRLThe Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit afresearchlab.com.
About AFWERXAs the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 370 military, civilian and contractor personnel at five hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed over 6,100 new contracts worth more than $4 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: www.afwerx.com. 
Company Press Contact:Ali RazaCEO/[email protected] 

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Data Center Investments Soar: 200% Rise Since 2016 and Projected 89% Increase by 2028

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May 28, 2024

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USA News Group CommentaryIssued on behalf of Avant Technologies Inc.
VANCOUVER, BC, May 28, 2024 /PRNewswire/ — Since 2016, investment in data centre infrastructure has risen 200%, with a further 89% increase expected by 2028 as more opportunities emerge with the rise of artificial intelligence (AI). According to Jones Lang LaSalle Inc.’s CEO Christian Ulbrich, data centers are “the hottest asset class at the moment.” Analysts at Technavio are projecting the global data center market to record an additional US$329.82 billion in growth at a CAGR of 12.73% through 2027. Capitalizing on the opportunity are several players recently announcing developments regarding their involvement in the data centers sector, including

Avant Technologies Inc. (OTCQB: AVAI), Amazon.com, Inc. (NASDAQ: AMZN), Applied Digital Corporation (NASDAQ: APLD), Digital Realty Trust, Inc. (NYSE: DLR), and Equinix, Inc. (NASDAQ: EQIX).
As an early pioneer in generative AI, Avant Technologies Inc. (OTCQB: AVAI) continues to enhance its flagship asset, Avant AITM, a sophisticated machine and deep learning AI system designed for versatility and customization across various industries and applications. Recently, Avant announced plans to equip its AI-managed data center, currently in development, with High-Performance Computing (HPC) systems. According to IBM, HPC technology utilizes clusters of powerful processors working in parallel to process massive multi-dimensional data sets and solve complex problems at exceptionally high speeds.
“The rise of AI is revolutionizing industries, and Avant Technologies is committed to being at the forefront of this transformation,” said William Hisey, CEO of Avant. “By building an AI-managed data center with HPC systems, we will gain the computational power and infrastructure required to train and deploy sophisticated AI models, which will ultimately provide even greater value to our customers.”
The new data center will leverage AI-driven management technology to optimize resource allocation and enhance efficiency in all aspects of data center operations. Avant will meticulously design its HPC infrastructure to meet the demands of AI workloads, selecting high-performance CPUs and GPUs (or TPUs) specifically suited for deep learning tasks. This cutting-edge facility will enable Avant to accelerate AI advancements, delivering innovative solutions to clients by improving data center efficiency and empowering them with exceptional AI capabilities.
Additionally, Avant will implement a high-speed network to ensure efficient data transfer and select a scalable storage solution to manage the large datasets necessary for training and utilizing AI models. The HPC systems will prioritize security, incorporating robust measures to protect sensitive data and create a secure environment for AI deployment. Furthermore, the data center will integrate energy-efficient technologies and sustainable design practices, reflecting Avant’s commitment to environmental responsibility.
Avant Technologies also recently announced plans to implement AI-empowered Zero Trust Architecture (ZTA) across its data center operations. Additionally, the company has expanded its AvantAI™ platform to include intelligent, proactive monitoring and management for data centers.
Over the past few weeks Amazon.com, Inc. (NASDAQ: AMZN) has collectively committed to investing $20 billion into new data centers for its subsidiary Amazon Web Services (AWS). The first to be announced was an $11-billion data center to be built in Indiana, with another $9 billion set to accelerate cloud-infrastructure in Singapore. The moves fall in line with Amazon CEO Andy Jassy’s projection that 85% of IT spending will remain on premises, in the race for Gen AI supremacy.
Amazon also recently announced an extension on its partnership between AWS and CrowdStrike to unify cybersecurity protection on its CrowdStrike Falcon platform. As per the agreement, Amazon is replacing a variety of cloud point products with Falcon Cloud Security, is using Falcon Next-Gen SIEM to secure big data logging and is deploying Identity Threat Detection and Response to prevent identity-based attacks.
“CrowdStrike and AWS have a deep history of working together to secure the most innovative companies in the world,” said CJ Moses, Chief Information Security Officer and Vice President of Security Engineering at Amazon. “Amazon uses CrowdStrike to provide visibility, detection, and response across our businesses in order to protect the cloud, infrastructure, and services for our customers. This is part of our shared mission to help all organizations build, operate, and secure their business.”
In a move to shore-up its market position as a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (“HPC”) applications, Applied Digital Corporation (NASDAQ: APLD) recently announced the appointment of industry veteran Todd Gale as its new Chief Development Officer. The announcement came just one month after the company announced it had issued a $50 million unsecured convertible debenture to advance its HPC Data Center Project in Ellendale, North Dakota.
“We intend to use the net proceeds from the private financing, supplemented by the proceeds from our announced sale of the Garden City facility, to finance substantial advancements in our construction phase of the HPC data center in Ellendale, North Dakota,” said David Rench, CFO of Applied Digital. “Concurrently, we continue negotiating our project-level financing to ensure timely project completion and fulfillment of our contractual obligations.”
Applied Digital intends to utilize chipmaking giant NVIDIA’s new Blackwell platform into its cloud offerings. The company’s next-generation data center campuses are specifically designed to host HPC/AI applications, offering more cost-effective and efficient alternatives to traditional data centers.
In Japan, Digital Realty Trust, Inc. (NYSE: DLR) recently announced the expansion of its NRT Campus, by commencing construction of its third data center to support AI. Upon completion of the site in late 2025, the campus’s capacity will rise to 104MW, with the intention of meeting rising demand for next-generation infrastructure, and seamless access to Japan’s connected data communities.
“Japan’s rapidly increasing demand for AI deployments creates the need for scalable, flexible, and highly connected AI-ready data centers in the Tokyo metropolitan area,” said Serene Nah, Managing Director and Head of Asia Pacific, Digital Realty. “We believe NRT14’s next-generation data center infrastructure and Digital Realty’s connected global open data center platform provide the foundational pillars our customers need to drive innovation in the coming years.”
Equinix, Inc. (NASDAQ: EQIX), another digital infrastructure company, has recently launched a $600 million joint venture with PGIM Real Estate to develop and operate the first xScale data center in the US, situated in California’s Silicon Valley. This follows their successful collaboration on the first xScale data center in Australia in 2022, which was part of a similar $575 million joint venture announced in 2021.
Under the terms of the new agreement, PGIM Real Estate will hold an 80% equity interest in the joint venture, while Equinix will retain a 20% equity stake. xScale data centers by Equinix enable hyperscale companies to expand their core deployments within Equinix’s IBX data centers, facilitating growth in over 70 global metros through a platform that supports direct interconnections with more than 10,000 customers.
This joint venture complements Equinix’s existing hyperscale collaborations in Europe, Asia-Pacific, and the Americas, significantly enhancing the global xScale data center portfolio. Once completed, this global expansion is set to exceed $8 billion, encompassing more than 35 facilities and providing over 725 megawatts of power capacity.
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.

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Lucinity Wins the Microsoft Partner Awards for 2024 for Partner of the Year – Iceland and Sustainability and Social Impact

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May 28, 2024

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REYKJAVÍK, Iceland, May 28, 2024 /PRNewswire/ — Lucinity, a leading AI company for financial crime prevention, won two awards at the Microsoft Partner Awards for 2024, including Partner of the Year – Iceland and Sustainability and Social Impact, highlighting Lucinity’s innovations and contribution to positive societal change. 

“Congratulations to Lucinity for being recognized as the Partner of the Year – Iceland 2024! Lucinity is leading digital transformation and delivering innovative products in their domain,” says Microsoft’s leadership.
“For the past year, they have played a key role with their offerings, skilled resources, and their ability to drive change and innovative solutions both locally in Iceland and across the globe. Lucinity has had significant social impact and growth while supporting our joint customers in their AI-transformation journeys.”
In June 2023, Lucinity launched the world’s first copilot for FinCrime prevention powered by Microsoft Azure OpenAI called Luci. Luci stands out in the financial services industry with specialized skills for FinCrime prevention such as adverse media checks, case analysis, and SAR writing. 
Built on the robust and scalable Microsoft Azure platform, Lucinity offers customers a trusted SaaS product. Additionally, Lucinity’s presence on the Microsoft Azure Marketplace allows companies to leverage their Microsoft Azure credits to access the platform. 
The seamless integration with Microsoft’s Azure stack has enabled Lucinity to implement advanced AI capabilities, fostering rapid innovation and enabling banks and fintech companies to utilize AI securely and audibly. Furthermore, Luci significantly reduces investigation times from 2.5 hours to just 25 minutes, saving Tier 1 banks an estimated $25 million annually.
Guðmundur Kristjánsson (GK), Lucinity’s Founder and CEO comments, “These awards are a testament to the strength and reliability of our solutions, made possible by our strategic partnership with Microsoft. Utilizing Microsoft Azure, we have been able to drive rapid innovation and create a robust, scalable platform that meets the rigorous requirements of compliance teams.” 
On the Sustainability and Social Impact Partner Award, Microsoft says, “Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
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