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Viomi Technology Co., Ltd Reports Third Quarter 2022 Unaudited Financial Results

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Viomi Technology Co., Ltd (“Viomi” or the “Company”) (NASDAQ: VIOT), a leading IoT @ Home technology company in China, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Financial and Operating Highlights

  • Net revenues reached RMB685.8 million (US$96.4 million), compared to RMB1,056.5 million for the third quarter of 2021.
  • Gross margin was 19.8%.
  • Number of cumulative household users reached approximately 7.4 million, compared to approximately 7.2 million as of the end of the second quarter of 2022 and approximately 6.3 million as of the end of the third quarter of 2021.
  • Percentage of household users with at least two connected products reached 22.3%, compared to 22.0% as of the end of the second quarter of 2022 and 21.1% as of the end of the third quarter of 2021.

Mr. Xiaoping Chen, Founder and CEO of Viomi, commented, “In the third quarter of 2022, the resurgence of COVID-19 pandemic in China led to increased uncertainties in various means in the macro environment. As a result, the overall market demand remained weak, and our total revenue came in below our expectations. However, despite external challenges, we have made good progress in product innovation, brand promotion and channel expansion over the past few months. Underpinned by our effective, long-term brand and product development strategy, we continued to strengthen our ‘trending technology’ brand positioning.”

“In terms of product innovation and technological development, we held our inaugural annual Scientific and Technological Meeting in August, where we generously rewarded our technological innovation teams and individuals in order to stimulate ongoing R&D innovation. Also, we hosted ‘AI: Helpful 2.0,’ our autumn online software launch event on October 25th, which focused on our software upgrades and product iteration across four dimensions, including health care, energy conservation and environmental protection, active intelligence, and natural interaction, further improving our one-stop IoT home solutions from the software side. At the same time, on the hardware side, we launched a series of new smart home appliances, including Alpha, our AI range hood with AI smart eye suction; Master Pro, our 1200G Quanxian AI water purifier with integrated heat purification; Alpha 3 Pro, our AI sweeping robot equipped with an all-purpose base station; and Super 2 Max, our AI gas water heater with intelligent temperature control. In the category of smart home products, we introduced Super 2 AI smart door locks with an ultra-wide-angle digital peephole. These new products achieved good results and have received broad consumer recognition in their pre-sale and crowdfunding stages. By deeply integrating our software and hardware, we provide richer home use scenarios and more intelligent user experiences, empowering more users to enjoy the convenience and ease of IoT home solutions.”

“On the branding side, in addition to our ongoing elevator and print ad campaigns, we jointly launched a video interview program with Langchao Studio and Gongmao Home Appliances. In this program, we dove deeper into the topic of ‘how the IoT home solution is reshaping the future home of Chinese people’ with Zhang Quanling, senior media specialist and investor, and Li Feng, Chairman of Gongmao Home Appliances. In the interview, ‘Asking about the Whole-Home Intelligence,’ we responded to senior media specialist, Yi Lijing’s questions about smart home development with in-depth information on our one-stop IoT home solution and our four capabilities, four services approach to the smart home. With smart home appliances and smart home products covering all scenarios, we believe more people would now choose to live in smart homes. Given the continuous expansion of the customer base for whole-home intelligence, the industry is approaching an inflection point, and Viomi has taken the lead by completing the hardware and software integration and upgrade necessary to create a truly smart home. We believe our communications with consumers and our explorations of the future of smartification will encourage more consumers to become smart home users.”

“Furthermore, we continued to execute our ‘larger store, better merchant’ channel strategy in the third quarter and opened additional Viomi 4S flagship stores encompassing over 200 to 400 square meters in provinces including HebeiAnhuiHubei, and Fujian, among others. Meanwhile, the sales volume of our bundled home solutions increased steadily. With various solution options and prices to meet consumers’ demand, our offline merchants signed whole-home solution orders ranging from tens of thousands to hundreds of thousands of RMB with customers in HunanGuangdong, Ningxia and other areas during this quarter. As to our overseas business, in September, we showcased a number of our new products at IFA 2022 in Berlin, marking our first appearance at one of the world’s most significant technology marketplaces for the consumer and electronic industries. We were pleased to receive positive feedback from the European market, helping us to further enrich our overseas product category offerings.”

Mr. Chen concluded, “The uncertain economic environment continued to weigh on our sales during the third quarter. Going forward, we will concentrate on the following three aspects of operation optimization: (i) continuously refine our operational structure and implement disciplined cost control measures; (ii) expand channels and add premium offline merchants while rolling out more product categories in overseas markets; (iii) adhere to our solid development strategy with adequate funding reserves to support our operations. We have already significantly streamlined the number of SKUs and our operational optimization efforts have begun to bear fruit. Moving forward, we will continue to optimize our product portfolio, improve operation efficiency and enhance brand strength to bring long-term value to our users and shareholders.”

Third Quarter 2022 Financial Results

REVENUE

Net revenues were RMB685.8 million (US$96.4 million), compared to RMB1,056.5 million for the third quarter of 2021. Net revenues were below the Company’s previous guidance. The decline was mainly due to the ongoing product portfolio adjustments in some categories, as well as overall weakened consumer spending.

– IoT @ Home portfolio. Revenues from IoT @ Home portfolio decreased by 41.6% to RMB376.0 million (US$52.9 million) from RMB643.5 million for the third quarter of 2021. The decline was primarily due to the SKU adjustments for some categories, as well as the complete cutoff of sales of Xiaomi-branded sweeper robots.

– Home water solutions. Revenues from home water solutions decreased by 23.6% to RMB119.9 million (US$16.9 million) from RMB157.0 million for the third quarter of 2021. The decline was primarily due to the decreased demand for water purifiers.

– Consumables. Revenues from consumables decreased by 11.8% to RMB70.2 million (US$9.9 million) from RMB79.6 million for the third quarter of 2021, which was in line with the decreased demand for water purifiers.

– Small appliances and others. Revenues from small appliances and others decreased by 32.2% to RMB119.7 million (US$16.8 million) from RMB176.5 million for the third quarter of 2021, primarily due to the product portfolio adjustment within this category.

GROSS PROFIT

Gross profit was RMB135.9 million (US$19.1 million), compared to RMB239.7 million for the third quarter of 2021. Gross margin was 19.8%, compared to 22.7% for the third quarter of 2021, the decline was primarily due to the temporary increase in the proportion of revenue from products categories with relatively low gross margins.

OPERATING EXPENSES

Total operating expenses decreased by 16.5% to RMB242.5 million (US$34.1 million) from RMB290.3 million for the third quarter of 2021, primarily due to the year-over-year decrease in selling and marketing expenses.

Research and development expenses decreased by 19.1% to RMB66.5 million (US$9.4 million) from RMB82.2 million for the third quarter of 2021, mainly due to the reduced expenses in product development, as well as the decrease in research and development experts and related salaries and expenses.

Selling and marketing expenses decreased by 22.0% to RMB143.1 million (US$20.1 million) from RMB183.4 million for the third quarter of 2021, mainly due to the decrease in sales related expenses and personnel costs.

General and administrative expenses increased by 33.0% to RMB32.9 million (US$4.6 million), compared to RMB24.7 million for the third quarter of 2021, primarily due to the increase in the estimated allowance for accounts and notes receivables recognized in the current period.

LOSS FROM OPERATIONS

Loss from operations was RMB97.2 million (US$13.7 million), compared to loss from operations of RMB38.7 million for the third quarter of 2021.

Non-GAAP operating loss[1] was RMB96.4 million (US$13.6 million), compared to non-GAAP operating loss of RMB31.6 million for the third quarter of 2021.

NET LOSS

Net loss attributable to ordinary shareholders of the Company was RMB79.6 million (US$11.2 million), compared to net loss attributable to ordinary shareholders of the Company of RMB29.3 million for the third quarter of 2021.

Non-GAAP net loss attributable to ordinary shareholders of the Company[2] was RMB78.7 million (US$11.1 million), compared to non-GAAP net loss attributable to ordinary shareholders of the Company of RMB22.2 million for the third quarter of 2021.

[1] “Non-GAAP operating loss” is defined as loss from operation excluding share-based compensation expenses. See “Use of Non-GAAP Measures” and “Reconciliation of GAAP and Non-GAAP Results” included in this press release.

[2] “Non-GAAP net loss attributable to ordinary shareholders of the Company” is defined as net loss attributable to ordinary shareholders of the Company excluding share-based compensation expenses. See “Use of Non-GAAP Measures” and “Reconciliation of GAAP and Non-GAAP Results” included in this press release.

BALANCE SHEET

As of September 30, 2022, the Company had cash and cash equivalents of RMB760.1 million (US$106.9 million), restricted cash of RMB65.0 million (US$9.1 million), short-term deposits of RMB83.7 million (US$11.8 million) and short-term investments of RMB259.5 million (US$36.5 million), compared to RMB587.0 millionRMB35.8 million, nil and RMB828.9 million, respectively, as of December 31, 2021.

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Highlights from the Finale: Day Three of the London Blockchain Conference Unravelled

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As the London Blockchain Conference draws to a close, attendees heard from industry experts on Driving Innovation with Blockchain.
LONDON, May 23, 2024 /PRNewswire/ — Attendees at the London Blockchain Conference were in to witness the final day, which featured a line-up of informative and thought-provoking speakers. Throughout the day, there were exciting panels and presentations which featured cutting-edge ideas and insights.

Day 3 kickstarted with BSVA launching a new report focusing on the role of blockchain in safeguarding data and streamlining transactions.
Other sessions included:
The Intersection of Web3, AI, and Emerging Tech – Somi Aran, Founder of InPeak gave the opening keynote which explored the dynamic convergence of Web3, Artificial Intelligence, and emerging technologies. She delved into how these technologies are reshaping industries and redefining the boundaries of innovation and the potential impacts and opportunities these technologies present.
Bridging the gap: Making Web3 technologies user-friendly – Christine Leong, CIO, nChain – discussed some of the innovative strategies and practical solutions aimed at simplifying Web3 technologies. She also discussed how nChain is planning to transform Web3 from a domain exclusive to the tech-savvy, into a user-friendly ecosystem that empowers all users.
Is code law? – Rules applicable to blockchain networks – panel featuring Marcin Zarakowski, CEO of Token Recovery, Akber Datoo CEO of D2 Legal Technology, Jeffrey Golden, King’s Counsel (Hon) at 3 Hare Court Chambers, Andrei Kirilenko, Professor of Finance at Cambridge Judge Business School, Professor Sarah Green, Law Commissioner at Law Commission, where they discussed that rules apply to the nodes and validators which support the particular network and process its transactions. The group also discussed whether the blockchain protocols’ rules and software code are the only sources of regulation in blockchain networks.
An Introduction to nChain Identity – Thomas Moretti, Head of Product Development at nChain. He spoke about the Self Sovereignty Identity concept and showcased the latest project it is working on – nChain Identity.
Reimagining Roles: How regulated industry leaders are shaping the future of finance – a panel featuring, Andrew Mosson (Chief Commercial Officer of OneTrading, Néstor Palao, Head DLT & Corporate Clients at Sygnum Bank, Laurence Lewandowska, CFO/COO at BSV Association and Wojciech Kaszycki Chairman & Founder at Mobilum. The panel discussed how the new era of digital assets, traditional banking institutions, exchanges, and financial services are being reimagined in the context of emerging technologies such as blockchain and AI.
Please register here if you would like to listen to any of the sessions today. 
If you want to interview any speaker from today’s sessions, please email [email protected].
About the London Blockchain Conference NETWORK. LEARN. ENGAGE.  At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. 

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Nord Anglia Education publishes new insights on the role of AI and metacognition in learning

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LONDON, May 23, 2024 /PRNewswire/ — INSIGHTS, the global publication from Nord Anglia Education, has published two new articles taking an in-depth look at AI in education and the role of metacognition in teaching and learning.

Exploring the role of AI in learning
https://www.nordangliaeducation.com/insights/2024/articles/the-generative-generationIn its ‘Generative Generation’ feature, INSIGHTS explores the role of artificial intelligence (AI) in education, and whether the technology is making it easier for children to learn. Speaking to Nord Anglia’s educators as well as leading experts from the world of academia, it also includes real-life examples of how Nord Anglia’s schools are using AI in the classroom.
For example, Nord Anglia’s British International School in Kuala Lumpur has adapted the technology to create an AI-powered teaching assistant that can personalise learning, guide students through content exploration, and deepen their understanding through interactive activities. Learners define the topic they want to explore and the course specification they are working to, and the AI explores the content with them in a conversational way, enabling them to ask questions as they go. 
Dr Bruce Geddes, Deputy Head of Secondary at the school, told INSIGHTS that AI represents “the biggest opportunity we’ve had in our lifetimes, for many, many spheres, but particularly in education”.
Avenues: The World School in New York, which became part of Nord Anglia in 2023, encourages its students to use AI in their work. As an example, in an app development project students use ChatGPT to generate the bulk of the coding, then review, correct and refine it. This saves them “hours of manual work by leveraging the appropriate tool in an academically appropriate way,” says Lia Muschellack, Director of Technology at the school.
The school also has its own generative AI chatbot, Savvy, built in 2019 and now powered by open AI technology. It can answer queries, provide information, and engage in “diverse discussions ranging from academic topics to casual conversations”.
“We understand that our students will be actively leveraging these tools throughout their academic and professional pathways, so we want to make sure they not only understand the potentials and limitations, but that they have tinkered and truly experienced them,” Muschellack explains.
Metacognition: a learning superpower
In its feature ‘Metacognition. Helping Kids Unlock the Power of ‘Thinking about Thinking’, INSIGHTS looks at how students can develop the important skill of metacognition.
“Metacognition is the ability to be aware of our cognitive or thought processes and to monitor, reflect on, and change those processes,” Dr Rose Luckin, Professor of Learner Centred Design at the University College London Knowledge Lab, told INSIGHTS.
Nord Anglia Education is working with Dr Luckin to develop its approach to metacognition and to help teachers introduce metacognitive strategies into classrooms. It has developed a metacognitive framework of six “Learner Ambitions” to help students develop the 6 Cs: to become critical, creative, committed, and curious learners, working compassionately and collaboratively in the classroom and beyond.
As the article explains, Nord Anglia’s deep dive into metacognition has many goals: developing student agency, boosting academic performance, and developing ‘future’ skills that employers want. The framework is being initially applied across 27 Nord Anglia schools around the world and its impact will be measured in independent research in partnership with Boston College, reporting in 2025.
Nord Anglia’s examination of metacognition also involves exploring personalised goals and thinking routines. For instance, students at Nord Anglia International School Hong Kong use the “Step In, Step Out, Step Back” routine to develop empathy and understanding in their studies. “It’s about asking the right questions; those really big questions that lead to even more questions,” says Raquel Thomson, the school’s Deputy Head of Primary. “Thinking strategies like this stay with students and serve a purpose whatever they do in their lives, whether they choose to be a scientist or a teacher or go into business.”
For media enquiries please contact: Francesca Milani Communications Manager, Digital Education Portfolio +44 20 7131 0000 [email protected] 
About Nord Anglia Education:
As the world’s leading international schools organisation, we’re shaping a generation of creative and resilient global citizens who graduate from our schools with everything they need for success, whatever they choose to be or do in life.  
Our strong academic foundations combine world-class teaching and curricula with cutting-edge technology and facilities, creating learning experiences like no other. Inside and outside of the classroom, we inspire our students to achieve more than they ever thought possible.  
No two children learn the same way, which is why our schools around the world personalise learning to what works best for every student. Inspired by our high-quality teachers, our students achieve outstanding academic results and go on to study at the world’s top universities.  
To learn more or apply for a place for your child, go to nordangliaeducation.com.
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Facing the Power Crunch: Tech Developers Push for More Efficient Hardware Amidst AI Boom

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USA News Group News Commentary Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, May 23, 2024 /PRNewswire/ — USA News Group News Commentary – In order to power the ongoing artificial intelligence (AI) revolution, behind the scenes there’s going to need a lot more investment and… power. This is because cloud based services, especially those fuelling new AI capabilities, requires lots and lots of power, which is allowing contractors to cash in on building rooms containing power management equipment. But while the demand for more AI solutions is set to threaten the world’s electricity grids according to Blackstone CEO Steve Schwarzman, tech developers are working diligently to make hardware more efficient and to service this surging demand, with several developments recently announced by tech companies including: Avant Technologies Inc. (OTC: AVAI), Advanced Micro Devices, Inc. (NASDAQ: AMD), Microsoft Corporation (NASDAQ: MSFT), Broadcom Inc. (NASDAQ: AVGO), and Astera Labs, Inc. (NASDAQ: ALAB).

The article continued: According to Research and Markets, the Global Data Center Infrastructure Market alone is expected to nearly hit US$6 billion by 2029, growing at a CAGR of 9.58%. Analysts at Exactitude Consultancy are also projecting the Global Data Centre Market as a whole, will reach US$536.38 billion by 2030, growing at a CAGR of 10.72%.
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology
Avant Technologies, Inc. (OTCQB: AVAI) (“Avant” or the “Company”), a leading innovator and enabler of AI infrastructure technology, today announced its engagement with Wired4Tech, a renowned AI infrastructure consulting firm.
As part of its existing technology services agreement with Wired4Tech, Avant Technologies has engaged Wired4Tech to conduct comprehensive performance benchmarking of a next-generation AI cloud server that Avant is evaluating for future use in its AI data center cloud infrastructure.
Wired4Tech’s performance benchmarking will encompass a range of crucial metrics, including response time, throughput, CPU and memory usage, disk I/O, network latency, and error rates. These metrics are essential for assessing the server’s ability to handle complex AI workloads efficiently and reliably. Additionally, Wired4Tech will measure the server’s power consumption and anticipated cost savings.
Response time will be evaluated to measure the speed at which the server responds to various actions, providing insight into its overall responsiveness. Throughput analysis will assess the server’s data transfer capabilities, considering factors such as file size, cached or uncached content, and available network bandwidth.
Furthermore, CPU and memory usage will be closely monitored to gauge the server’s processing power and memory management efficiency. Disk I/O performance will be evaluated to ensure smooth data access and storage operations, while network latency measurements will provide valuable information on the server’s communication speed with external systems.
“We are excited to engage Wired4Tech to benchmark the performance of an innovative, next-generation AI server,” said William Hisey, Chief Executive Officer, at Avant Technologies. “By conducting rigorous benchmark testing of this promising server technology, we expect to validate its expected performance and cost-saving benefits.”
The results of the benchmark testing will enable Avant Technologies to further execute on its AI infrastructure business strategy.
CONTINUED… Read this and more news for Avant Technologies at: https://equity-insider.com/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
In other industry developments and happenings in the market this week include:
Advanced Micro Devices, Inc. (NASDAQ: AMD), a leading global semiconductor company with Data Center, Client, Gaming, and Embedded segments, showcased its latest end-to-end compute and software capabilities for Microsoft customers and developers, that utilize AMD solutions such as AMD Instinct MI300X accelerators, ROCm open software, Ryzen AI processors and software, and Alveo MA35D media accelerators. By using these, Microsoft is able to provide a powerful suite of tools for AI-based deployments across numerous markets.
“The AMD Instinct MI300X and ROCm software stack is powering the Azure OpenAI Chat GPT 3.5 and 4 services, which are some of the world’s most demanding AI workloads,” said Victor Peng, president, AMD. “With the general availability of the new VMs from Azure, AI customers have broader access to MI300X to deliver high-performance and efficient solutions for AI applications.”
Microsoft Corporation (NASDAQ: MSFT), global leader in developing and supporting software, services, devices and solutions, announced new computers called “Copilot+” PCS, with the company’s AI tech directly into them, serving to further boost the race among tech giants to push out AI tools to the public. According to CEO Satya Nadella at an event at Microsoft’s headquarters prior to its annual Build conference, adding computer chips tailored to run AI technology to its PCs and tablets will make AI tools and features run faster than if the technology runs through an internet connect, as most chatbots today run.
However, Microsoft is also continuing its efforts to expand cloud-computing services in East Africa, by announcing it is partnering with UAE-based AI firm G42 to invest $1 billion in a data center in Kenya. The data center will be powered by geothermal energy and provide access to Microsoft’s Azure through a new cloud region for East Africa.
Broadcom Inc. (NASDAQ: AVGO), a global technology leader in a broad range of semiconductor, enterprise software and security solutions, announced its latest portfolio of highly-scalable, high-performing, low-power 400G PCIe Gen 5.0 Ethernet adapters to revolutionize the data center ecosystem. The new products offer an enhanced, open, standards-based Ethernet NIC and switching solution to resolve connectivity bottlenecks as XPU bandwidth and cluster sizes grow rapidly in AI data centers.
“Broadcom is prioritizing open standards and fostering collaboration with industry leaders to deliver the most extensive selection of high-performance connectivity solutions for AI infrastructure,” said Jas Tremblay, Vice President and General Manager of the Data Center Solutions Group, Broadcom. “Our 400G PCIe Gen 5.0 Ethernet adapters yet again underscore our commitment to enable the network-centric AI infrastructure platform.”
Astera Labs, Inc. (NASDAQ: ALAB), a global leader in purpose-built connectivity solutions that unlock the full potential of AI and cloud infrastructure, announced expanded PCIe 6.x testing capabilities in its Cloud-Scale Interop Lab to enable seamless interoperability between Aries 6 PCIe/CXL Smart DSP Retimers and a broad range of PCIe 6.x hosts and endpoints. The new capabilities pave the way for AI platform developers to design high-bandwidth, low-latency PCIe 6.x connectivity with confidence, reduce overall development time, and deploy at scale.
“As AI systems continue to advance at a rapid pace, data center operators need to deploy increasingly complex systems on an accelerated timeline,” said Thad Omura, Chief Business Officer of Astera Labs. “Expanding our Cloud-Scale Interop Lab test suite to support PCIe 6.x operation fast-tracks deployment for customers integrating Aries 6 – the industry’s lowest power PCIe 6.x/CXL 3.x Retimer – with solutions from our ecosystem partners.”
Source: https://equity-insider.com/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/ 
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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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