Artificial Intelligence
Salona Global Posts Second Quarter Results and Provides Update on Turn Around Plan
NEW YORK, Aug. 14, 2023 (GLOBE NEWSWIRE) — Salona Global Medical Device Corporation (“Salona Global” or the “Company”) (TSXV:SGMD) today posted financial results for the second quarter of 2023, ending June 30, 2023, and provided an update on its turn-around plan.
During the second quarter, the Company acquired Biodex Medical Systems, Inc. (“Biodex”), pushing revenue to $16.6 million for the three months ended June 30, 2023. The Company reported negative Adjusted EBITDA (defined below) of $819,394 for the same period.
On June 13, 2023, Michael Seckler was appointed CEO of the Company by the board of directors with a mandate to generate organic revenue growth and achieve enterprise profitability. In the time since his appointment Mr. Seckler has taken several steps to achieve this goal including:
- Operating expense reduction of more than $1.5 million, annualized from savings on salaries and other costs related to internal accounting, legal and senior management;
- Reduction of operating expenses at the business unit level of more than $2.5 million, annualized including the savings from the elimination of several senior management roles;
- Reduction of Biodex acquisition liabilities of approximately US$1.5 million upon settlement of purchased nuclear medicine device inventory, and the extension of payment terms for the remaining US$6,756,525 million related to the purchase price.
- Reorganizing the sales and marketing divisions of the entire Company with an aim to drive quarter over quarter revenue growth; and
- A focus on launching new Biodex products into the pipeline quickly to increase revenues and profits, a project the Company is continuing to work towards.
These actions to improve efficiency began in the second quarter and have continued in the current quarter. Mr. Seckler and the entire company are laser focused on delivering positive Adjusted EBITDA beginning with the third quarter.
“I have worked with alacrity in the past 45 days to turn this business around,” said Mike Seckler, CEO of Salona Global. “I have been pleased at how quickly the organization implemented my cost cutting plan. It has given us the ability to demonstrate cash generation from our business rather than cash burn. Because of this, we have been able restructure our debt and provide space to make further investments in revenue growth through future product launches and tuning up our sales and marketing divisions.”
“To be clear, I didn’t come to Salona Global simply to implement cost cuts. This Company has some compelling new product opportunities to fill some major voids in the physical therapy market. I want to give credit to the previous management team for acquiring these companies and assets. It gives me a large revenue base to implement a turnaround plan, but also a basis for high margin profitable growth going forward.”
“The new Salona Global is built for both profit and revenue growth,” continued Mr. Seckler. “We have four new exciting Biodex products we are planning to launch. Two products will be designed to provide unique solutions and reduce costs of our therapist customers using artificial intelligence. We also have a renewed focus on leveraging our sales and marketing presence globally, a particular strength of mine given my background as head of global marketing with Ferring Pharmaceuticals. I look forward to meeting with investors and market participants in next month to explain our new products, growth plans and international sales initiatives for the near future, as well as results from our current plan to generate profits from our existing business.”
The Company previously issued calendar 2023 projections for revenues, gross margin and Adjusted EBITDA. The new management team is conducting a strategic review of the entire business as of July 1, 2023 and given the losses from the first six months of the year under the previous management team, the new team expects, therefore, to revise downward the expectations for Adjusted EBITA.
Full Financial Statements
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss and Unaudited Interim Condensed Consolidated Balance Sheets are included below. The full financial statements for the three and six months ended June 30, 2023 and related management discussion and analysis (in the form of Quarterly Report on Form 10-Q) was filed on August 14, 2023 with the United States Securities and Exchange Commission and is available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.
For more information please contact:
Mike Seckler
Chief Executive Officer
Tel: 1 (800) 760-6826
Email: [email protected]
Non-GAAP Measures
This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This non-GAAP financial measure assists the Company’s management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete acquisition plans that are fundamentally different from the ongoing operating plans of the Company. The Company’s management also believes that presenting this measure allows investors to view the Company’s performance using the same measures that the Company uses in evaluating its financial and business performance and trends.
“Adjusted EBITDA” is defined as net loss excluding interest expense, provision for income taxes, depreciation of property and equipment, amortization of right-of-use asset, amortization of intangible asset, foreign exchange (loss) gain, other income, provision for impairment, change in fair value of contingent consideration, transaction costs, and stock-based compensation.
The following table provides reconciliation between net income (loss) and Adjusted EBITDA:
| 3 months ended June 30, | 6 months ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net Loss | $ | (1,115,843 | ) | $ | (3,650,333 | ) | $ | (2,778,587 | ) | $ | (4,243,967 | ) | ||||
| Interest Expense | 454,446 | 114,763 | 732,532 | 235,217 | ||||||||||||
| Provision for income taxes | 2,294 | (31,607 | ) | 38,544 | (145,717 | ) | ||||||||||
| Depreciation of property and equipment | 265,066 | 71,817 | 449,330 | 140,940 | ||||||||||||
| Amortization of right-of-use asset | 540,308 | 83,611 | 922,141 | 170,036 | ||||||||||||
| Amortization of intangible asset | 350,553 | 249,029 | 701,099 | 464,010 | ||||||||||||
| Foreign exchange (loss) gain | (2,990 | ) | (240 | ) | (4,518 | ) | 3,933 | |||||||||
| Other income | (815,428 | ) | (3 | ) | (815,561 | ) | (48 | ) | ||||||||
| Provision for impairment | – | 7,391 | – | 5,527,913 | ||||||||||||
| Change in fair value of earnout consideration | (1,165,697 | ) | 2,451,600 | (1,165,697 | ) | 2,451,600 | ||||||||||
| Change in fair value of contingent consideration | 77,795 | 459,693 | 273,095 | (5,394,008 | ) | |||||||||||
| Transaction costs | 75,541 | 369,289 | 534,312 | 1,568,409 | ||||||||||||
| Severance Expenses | 122,989 | – | 229,089 | – | ||||||||||||
| Stock based compensation | 391,572 | 489,089 | 737,096 | 927,658 | ||||||||||||
| Adjusted EBITDA | $ | (819,394 | ) | $ | 614,099 | $ | (147,125 | ) | $ | 1,705,976 | ||||||
Additional Information
Unless otherwise specified, all dollar amounts in this press release are expressed in Canadian dollars.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. These statements can be identified by the use of forward-looking terminology such as “expects” “believes”, “estimates”, “may”, “would”, “could”, ”should”, “potential”, ”will”, “seek”, “intend”, “plan”, and “anticipate”, and similar expressions as they relate to the Company, including: annualized operating expense reductions and; and the Company planning to launch four new Biodex products.
All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including: the Company is able to maintain reduced levels of personnel and expenses; and the Company is able to successfully execute on the activities required to launch four new Biodex products. Salona cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include but are not limited to the general business and economic conditions in the regions in which Salona operates; the ability of Salona to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; ongoing or new disruptions in the supply chain, the extent and scope of such supply chain disruptions, and the timing or extent of the resolution or improvement of such disruptions; the ability to implement business strategies and pursue business opportunities; disruptions in or attacks (including cyber-attacks) on Salona’ s information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which Salona is exposed; the failure of third parties to comply with their obligations to Salona or its affiliates; the impact of new and changes to, or application of, current laws and regulations; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the United States; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by Salona; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with United States Securities and Exchange Commission and available at www.sec.gov, and with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
| SALONA GLOBAL MEDICAL DEVICE CORPORATION | ||||||||||||||||
| Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
| 3 months ended | 3 months ended | 6 months ended | 6 months ended | |||||||||||||
| June 30 | June 30 | June 30 | June 30 | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | $ | 16,575,075 | $ | 9,761,145 | $ | 27,258,304 | $ | 18,429,560 | ||||||||
| Cost of revenue: | ||||||||||||||||
| Direct service personnel | 1,652,004 | 1,443,458 | 3,477,759 | 2,874,397 | ||||||||||||
| Direct material costs | 8,964,709 | 4,837,017 | 13,390,800 | 8,552,625 | ||||||||||||
| Other direct costs | 325,947 | 204,513 | 661,471 | 499,521 | ||||||||||||
| Total cost of revenue | 10,942,660 | 6,484,988 | 17,530,030 | 11,926,543 | ||||||||||||
| Gross margin | 5,632,415 | 3,276,157 | 9,728,274 | 6,503,017 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Selling, general and administrative | 6,966,370 | 3,151,147 | 10,841,584 | 5,724,699 | ||||||||||||
| Depreciation of property and equipment | 265,066 | 71,817 | 449,330 | 140,940 | ||||||||||||
| Amortization of right-of-use assets | 540,308 | 83,611 | 922,141 | 170,036 | ||||||||||||
| Amortization of intangible assets | 350,553 | 249,029 | 701,099 | 464,010 | ||||||||||||
| Total operating expenses | 8,122,297 | 3,555,604 | 12,914,154 | 6,499,685 | ||||||||||||
| Net operating (loss) gain | (2,489,882 | ) | (279,447 | ) | (3,185,880 | ) | 3,332 | |||||||||
| Interest expense | (454,446 | ) | (114,763 | ) | (732,532 | ) | (235,217 | ) | ||||||||
| Foreign currency exchange gain (loss) | 2,990 | 240 | 4,518 | (3,933 | ) | |||||||||||
| Other income | 815,428 | 3 | 815,561 | 48 | ||||||||||||
| Provision for impairment | – | (7,391 | ) | – | (5,527,913 | ) | ||||||||||
| Change in fair value of earnout consideration | 1,165,697 | (2,451,600 | ) | 1,165,697 | (2,451,600 | ) | ||||||||||
| Change in fair value of contingent consideration | (77,795 | ) | (459,693 | ) | (273,095 | ) | 5,394,008 | |||||||||
| Transaction costs | (75,541 | ) | (369,289 | ) | (534,312 | ) | (1,568,409 | ) | ||||||||
| Net loss before taxes | (1,113,549 | ) | (3,681,940 | ) | (2,740,043 | ) | (4,389,684 | ) | ||||||||
| Provision for income taxes | (2,294 | ) | 31,607 | (38,544 | ) | 145,717 | ||||||||||
| Net loss | $ | (1,115,843 | ) | $ | (3,650,333 | ) | $ | (2,778,587 | ) | $ | (4,243,967 | ) | ||||
| Other comprehensive loss | ||||||||||||||||
| Foreign currency translation gain (loss) | 104,993 | (28,965 | ) | 62,550 | 668,004 | |||||||||||
| Comprehensive (loss) | $ | (1,010,850 | ) | $ | (3,679,298 | ) | $ | (2,716,037 | ) | $ | (3,575,963 | ) | ||||
| Net loss per share | ||||||||||||||||
| Basic and diluted | $ | (0.02 | ) | $ | (0.07 | ) | $ | (0.04 | ) | $ | (0.08 | ) | ||||
| Weighted average number of common stock and Class A shares outstanding | 73,949,654 | 52,882,328 | 68,178,999 | 50,742,334 | ||||||||||||
| SALONA GLOBAL MEDICAL DEVICE CORPORATION | ||||||||
| Unaudited Interim Condensed Consolidated Balance Sheets | ||||||||
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 1,398,103 | $ | 1,928,464 | ||||
| Accounts receivable, net | 10,980,119 | 6,353,275 | ||||||
| Inventories, net | 13,348,620 | 8,102,626 | ||||||
| Prepaid expenses and other receivables | 1,811,923 | 216,489 | ||||||
| Total current assets | 27,538,765 | 16,600,854 | ||||||
| Security deposit | 595,857 | 566,198 | ||||||
| Long-term accounts receivable | 141,668 | 189,616 | ||||||
| Long-term prepaid expenses and other receivables | 436,614 | 441,025 | ||||||
| Property and equipment, net | 3,942,998 | 3,399,898 | ||||||
| Right-of-use assets, net | 11,668,572 | 7,781,300 | ||||||
| Intangible assets, net | 10,584,239 | 9,376,162 | ||||||
| Goodwill | 15,251,230 | 13,695,194 | ||||||
| Total assets | $ | 70,159,943 | $ | 52,050,247 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Liabilities | ||||||||
| Line of credit | $ | 8,434,492 | $ | 5,162,711 | ||||
| Accounts payable and accrued liabilities | 10,097,527 | 6,641,181 | ||||||
| Current portion of debt | 9,033,918 | 195,489 | ||||||
| Current portion of lease liability | 1,565,326 | 847,253 | ||||||
| Other liabilities | 4,013,413 | 1,807,702 | ||||||
| Obligation for payment of earnout consideration | 12,729,714 | 15,506,531 | ||||||
| Total current liabilities | 45,874,390 | 30,160,867 | ||||||
| Debt, net of current portion | 741,238 | 574,515 | ||||||
| Lease liability, net of current portion | 7,726,691 | 5,983,333 | ||||||
| Total liabilities | $ | 54,342,319 | $ | 36,718,715 | ||||
| Stockholders’ equity | ||||||||
| Common stock; no par value, unlimited shares authorized; 56,423,092 shares issued and outstanding as of June 30, 2023 (December 31, 2022: 53,707,780) | 39,610,457 | 38,767,442 | ||||||
| Class A shares; no par value, unlimited shares authorized; 21,378,799 shares issued and outstanding as of June 30, 2023 (December 31, 2022: 3,403,925) | 12,542,088 | 1,800,064 | ||||||
| Common stock to be issued: 368,500 shares to be issued as of June 30, 2023 (December 31, 2022: nil) | 103,180 | – | ||||||
| Class A Shares to be issued: 6,261,340 Class A shares to be issued as of June 30, 2023 (December 31, 2022: 19,019,000) | 4,696,005 | 14,264,250 | ||||||
| Additional paid-in-capital | 9,154,765 | 8,072,610 | ||||||
| Accumulated other comprehensive income | 1,751,002 | 1,688,452 | ||||||
| Deficit | (52,039,873 | ) | (49,261,286 | ) | ||||
| Total stockholders’ equity | 15,817,624 | 15,331,532 | ||||||
| Total liabilities and stockholders’ equity | $ | 70,159,943 | $ | 52,050,247 | ||||
Artificial Intelligence
ComplyCube Unveils No-ID Age Estimation to Address Growing Global Age-Restriction Regulations
SAN FRANCISCO, Oct. 2, 2023 /PRNewswire/ — ComplyCube, the global Identity Verification (IDV) platform, has launched a new Age Estimation feature to safeguard minors online and protect the vulnerable. The new capability complements its existing IDV-based Age Verification solution, offering an alternative to businesses that require a lower level of identity assurance.
The AI company says the new solution leverages advanced biometric technology to derive dependable age estimations from a single selfie in seconds. The bias-tested algorithm also examines the selfie for liveness signals to prevent presentation attacks, including screen replays, 3D masks, and deepfakes.
Furthermore, the new service boasts privacy-by-design capabilities, such as configurable automatic redaction for selfies customizable per jurisdictional regulations or use cases. This makes the service ideal for seamless age-gating across the globe while adding an extra layer of protection against spoofing.
“Our multi-step pipeline and data-centric approach have enabled us to tackle ethnic, genetic, age, and gender variance to provide our clients with a fair and robust age estimation,” explains Harry Varatharasan, Chief Data Scientist of ComplyCube.
The introduction of the new features comes as concerns mount over the ease with which minors can access inappropriate digital content. While some age-verification measures have been put in place, they are disturbingly simple to evade, especially when they are based solely on entering a birth date or are vulnerable to Virtual Private Network (VPN) manipulation. A UK-based study reports that 23% of minors say they can easily sidestep such VPN limitations, while another study highlights that a staggering 56% of children aged 11 to 16 have encountered explicit material online.
In response to these growing concerns, various jurisdictions are introducing robust regulatory frameworks aimed at mandating more rigorous age-verification procedures to enhance the safety of minors online. Key legislative efforts include the UK’s Online Safety Bill, the European Union’s Digital Services Act, and California’s Age-Appropriate Design Code Act. These laws aim to establish stricter guidelines and obligations for digital platforms, thereby creating a safer online environment for younger users.
Dr. Tarek Nechma, CEO of ComplyCube, adds that “the launch of our Age Estimation feature emphasizes our pledge to ensure that minors are shielded from content beyond their years while streamlining user experience for all and building trust at scale.”
Beyond its primary goal of safeguarding children online, the feature provides additional benefits to companies operating in regulated industries that fall under a lower level of scrutiny than financial institutions. Dating apps, e-commerce, gambling, gaming, and similar businesses can now:
Enhance User Experience: Age estimation streamlines age checks, promoting faster onboarding and better retention.Simplify Regulatory Adherence: Industries can effortlessly meet age-specific regulations, safeguarding their reputation and reducing legal risks.Ensure Data Minimization and Privacy: Estimating age masks or limits sensitive data collection, aligning with top-tier data protection standards.ComplyCube’s new Age Estimation solution offers a more streamlined approach to age verification. By reducing obstacles for users and enhancing conversion rates, it brings a balance of efficiency and trust. The one-stop-shop IDV platform also underscores its commitment to responsible digital interactions, especially when it comes to safeguarding minors.
About ComplyCube
ComplyCube is a top-tier SaaS platform specializing in Identity Verification (IDV), Anti-Money Laundering (AML), and Know Your Customer (KYC) compliance. It serves a diverse client range spanning financial services, telecommunications, transport, healthcare, e-commerce, cryptocurrency, FinTech, and more.
ComplyCube’s platform, which is ISO-certified and has received multiple awards, prides itself on offering the quickest omnichannel integration available in the market. Its Low/No-Code solutions, API, Mobile SDKs, Client Libraries, and CRM Integrations make this possible.
Visit www.complycube.com to learn more.
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Artificial Intelligence
UNLEASH World Returns to Showcase Fortune 500 Companies Transforming the Future of Work
From startups to the Fortune 500, the event will showcase the leaders and technologies changing the world of workSpeakers include senior HR and business leaders such as L’Oréal Deputy CEO, Barbara Lavernos, JB Academy Founder, Josh Bersin, Spotify CHRO, Katarina Berg, and Sodexo CHRO, Annick de Vanssay, as well as England Rugby legend, Jonny Wilkinson CBEImagine a future where the boundaries of HR are redefined, and business is transformed. That future becomes a reality this year at UNLEASH World 2023, as 5000+ HR leaders from 100+ countries will arrive for the industry gathering of the yearLONDON, Oct. 2, 2023 /PRNewswire/ — UNLEASH, the fastest-growing HR events across Europe and the US, returns to Paris for its 11th year on 17-18 October, 2023. Organised by UNLEASH, a global digital media and events business dedicated to HR, technology, learning and recruitment leaders, the flagship UNLEASH World conference has been the epicentre for HR, recruitment, learning expertise and tech influence for the last decade. This year, it returns to explore the transformative power of technologies such as AI in shaping the future of work.
Set across 12 theaters, UNLEASH World attendees will hear from visionary keynote speakers including CEOs from L’Oréal, Aliaxis and Roullier Group, CHROs from Airbus, Spotify and Sodexo, and Rugby legends, Jonny Wilkinson, CBE and Serge Betsen. With a diverse range of keynote speakers, interactive sessions, and networking opportunities, UNLEASH World provides cutting-edge insights and best practices for everyone – from CEOs to HR leaders and executives.
“UNLEASH is the most influential HR event in the world, where attendees are given the opportunity to meet the who’s who of the industry from some of the most exciting brands and employers in the world – under one roof, over two days of face-to-face meetings,” said Marc Coleman, CEO and Founder at UNLEASH. “Massive thanks too to our Headline Sponsors who are the heartbeat of the HR Industry and help ensure UNLEASH is the go-to global event for HR Leaders, including: AWS, Bob, Deloitte, Eightfold, Phenom, Qualtrics, SAP SuccessFactors, Visier, Workday, and Workhuman”.
Through keynotes on the main stage and further breakout stages, attendees will gain on some of the most pressing topics including:
Creating an Exponential Organization in the Modern EraThe Adaptive Enterprise – HR Technology in the Age of AITech & Human Harmony in a Hyper-Connected WorldHarnessing the Power of Resilience and ReinventionMastering Employee Connection and the Social Contract in Today’s Talent LandscapeThe speaker roster itself is star-studded with 200+ of the best in the HR industry with speakers including:
Jean-Claude Le Grand, CHRO, L’OréalKatarina Berg, CHRO, SpotifyJosh Bersin, Founder & CEO, The Josh Bersin CompanyNatalia Wallenberg, CHRO, Ahold DelhaizeSalim Ismail, Founder, OpenExOAnika Grant, CPO, UbisoftThierry Baril, CHRO, AirbusBeatriz Rodriguez, Chief Talent and DEIB Officer, BayerReza Moussavian, VP of People Products, ZalandoMaud Alvarez-Pereyre, Chief People & Transformation Officer, LVMHAndrew Elston, Global Head, Workforce Strategy Enablement, HSBCLaura Hingel, Global Head of Talent & Employer Branding, Christian DiorHenrik Hansen, VP Global Head of Integrated People Services, PhilipsDenise King, Vice President, Global Benefits and Payroll, MedtronicArtur Nejmark, Head of HRIS Operations, Volvo GroupIntroducing the UNLEASH World Startup Program: A veritable launchpad for trailblazing entrepreneurs in the HR and Future of Work. UNLEASH has been the launchpad for the future of HR Tech, this high-impact platform has already seen its network of startups raise an astounding €10 billion in funding. 2023 UNLEASH World Startup Award offers an unparalleled opportunity for early-stage companies to break through. Established in 2011, this accolade has proven to be more than just a trophy; it’s a gateway to funding and exponential growth. Our last four champions and runner-up’s secured game-changing funding within months. Those interested in entering the award can find out more here.
For more information, including the agenda and how to register for the event, visit https://www.unleash.ai/unleashworld.
About UNLEASH
UNLEASH is the go-to marketplace for human resources and breakthrough technologies that shape the future of work, and is an essential source of news, analysis and market trends that inspire and empower organisational leaders worldwide. UNLEASH is a platform to share ideas that work, network and do business, and its mission is to be the world’s number one destination and marketplace for human resources, recruitment and learning leaders globally. UNLEASH is headquartered in London, UK with operations across Europe and the United States.
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Artificial Intelligence
BACARDÍ® RUM TO LAUNCH THE FIRST A.I. POWERED ALBUM PRODUCED BY GRAMMY WINNER BOI-1DA
The latest evolution of the iconic rum brand’s Music Liberates Music programme will use cutting-edge generative A.I. software to give a global collective of artists including UK singer/songwriter Bellah access to Boi-1da’s best-in-class production talent.
HAMILTON, Bermuda, Oct. 2, 2023 /PRNewswire/ — Continuing its mission to support emerging talent, BACARDÍ and Grammy Award-winning producer Boi-1da are once again partnering to launch this year’s evolution of the longstanding ‘Music Liberates Music’ programme: The A.I. Powered Album. Dropping this November, The A.I. Powered Album will champion works by five global up-and-coming artists in a one-of-a-kind project exploring how A.I. can be positively leveraged to provide emerging talent unprecedented opportunities. For the first time since the campaign’s inception, each artist will have the opportunity to try out multiple demos with Boi-1da’s star-powered beats, using a generative A.I. trained on the award-winning producer’s sound, to ultimately finalise one incredible track. Together, the tracks will be offered to fans as the first-ever A.I. powered EP produced by Boi-1da.
The A.I. Powered Album will feature tracks from UK-based singer Bellah as well as Ghanian-raised rapper Blackway, American R&B singers Floyd Fuji and Kyle Dion, and Canadian R&B artist Savannah Ré. Over several weeks, each artist will feed their tracks into a state-of-the-art generative A.I. tool, which has been trained on a selection of beats from Boi-1da’s unreleased catalogue and will learn the sounds and cadence of his unique musical style. After submitting their demos to Boi-1da, each artist will work alongside him to refine their works, resulting in the EP’s final set of songs to be released this November.
Bellah, from North London, has a special knack for gliding over classic R&B instrumentals and captivating audiences. With a handful of EPs under her belt, the burgeoning British/Nigerian singer/songwriter has proven why she is at the forefront of the UK R&B industry. In her third and most recent piece, Adultsville, Bellah explores what it means to evolve into a woman in the modern world. It’s the inner page of a journal that, in looking back on her life and work as a whole, she describes as the “most transforming, traumatic, eye-opening, beautiful, and awful chapter of my life.”
With a style that combines traditional R&B with an Afro influence, Bellah’s very likable and sincere lyricism shines just as brightly as her voice. Her British-Nigerian ancestry lends an Afro influence to that unfiltered R&B, a sound that has been praised by Complex and BBC 1Xtra, which named her first hit their Track Of The Week. As a rising star in the music and entertainment industry, she’s already garnered a MOBO nomination, cementing her status as one of the most promising talents in the UK music scene. With over 1 million monthly listeners on Spotify, Bellah has captivated a wide audience with her music.
As with each Music Liberates Music programme, all proceeds from the project will directly benefit the participating artists. All copyright and subsequent revenue from the tracks will remain with the artists and Boi-1da. Fans can enjoy The A.I. Powered Album available for purchase as a limited-edition vinyl as well as for free on streaming platforms, such as Spotify, this November.
“This is the fifth year we’re bringing Music Liberates Music back for artists and fans alike. We’re proud to continually support emerging talent with new resources that fuel creativity and collaboration,” said Laila Mignoni, Global Head of Brand Marketing Communications for BACARDÍ rum. “Ultimately, our goal is to provide opportunity and access to rising artists in the industry, so it’s been exciting to broaden Boi-1da’s capabilities, allowing him to work with multiple artists on multiple tracks, simultaneously as one producer. We know the conversation around AI has been a challenging one, so approaching this project with the utmost respect and protection for the artist was key in developing this new tool. The technology is, and always should be, complementary to each artist’s work and protective of all the creatives involved.”
“I’m thrilled to work with BACARDÍ on this ground-breaking new iteration of Music Liberates Music exploring AI as a tool to enrich human creativity,” says Boi-1da. “One of the most fulfilling responsibilities I have as a producer is to work with up-and-coming talent. Through the A.I. Powered Album, we’ve provided unprecedented access to my personal production style. I’m able to work with an international collective of artists simultaneously, while still honouring their creative autonomy. Music as an art has continually grown thanks to innovative technology, and with AI, I believe we can revolutionise the music industry for good if we view it as a way to provide opportunities that enhance music’s human element, rather than replace it.”
For more information and updates on the launch of The A.I. Powered Album follow @bacardi_uk on all social channels or visit Bacardi.com.
About BACARDÍ® Rum – The World’s Most Awarded Rum In 1862, in the city of Santiago de Cuba, founder Don Facundo Bacardi Massó revolutionized the spirits industry when he created a light-bodied rum with a particularly smooth taste – BACARDÍ. The unique taste of BACARDÍ rum inspired cocktail pioneers to invent some of the world’s most famous recipes including the BACARDÍ Mojito, the BACARDÍ Daiquiri, the BACARDÍ Cuba Libre, the BACARDÍ Piña Colada and the BACARDÍ El Presidente. BACARDÍ rum is the world’s most awarded spirit, with more than 1,000 awards for quality, taste and innovation. Today, BACARDÍ rum is made mainly in Puerto Rico where it is crafted to ensure the taste remains the same today as it did when it was first blended in 1862. http://www.BACARDÍ.com/
The BACARDÍ brand is part of the portfolio of Bacardi Limited, headquartered in Hamilton, Bermuda. Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited.
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SOURCE BACARDÍ® Rum©2023. BACARDÍ AND THE BAT DEVICE ARE TRADEMARKS.
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