VANCOUVER BC, August 28, 2017 — Eight Solutions Inc. (TSXV:ES) (“Eight Solutions” or the “Company”) announces the release of its unaudited consolidated interim financial results for the three and six months ended June 30, 2017. All figures are in Canadian dollars.
Q2 2017 Financial Highlights
- Revenue for the three months ended June 30, 2017 was $2,318,572, an increase of 50% compared the three months ended June 30, 2016 as the Company earned and received the license payments from Prime Focus Limited (“Prime Focus”) pursuant to the Company’s Technology License Termination Agreement with Prime Focus.
- Net income attributable to the shareholders of the Company for the three months ended June 30, 2017 was $2,360,715 ($0.04 basic and diluted earnings per share), a decrease of $522,567 compared the three months ended June 30, 2016. However, excluding the one-time gains recorded during each of the respective periods, the Company had a net income attributable to the shareholders of the Company for the three months ended June 30, 2017 of $360,715 compared to a net loss attributable to the shareholders of the Company for the three months ended June 30, 2016 of $411,353, an increase of over 180%.
- Net income attributable to the shareholders of the Company for the six months ended June 30, 2017 was $1,024,879 ($0.02 basic and diluted earnings per share), a decrease of $202,162 but with no change to basic and diluted earnings per share compared to six months ended June 30, 2016.
Q2 2017 Business Highlights
- On May 30, 2017, the Company closed the sale of its 3D Technology (the “Transaction”) to Prime Focus and terminated its prior licensing agreement with Prime Focus. Upon completing the Transaction, the Company received $2 million for the sale of its 3D conversion technology and $3 million for terminating its original license agreement. Of the total $5 million, the Company received $2 million prior to the closing date and $3 million on May 30, 2017. The Company also signed an 18 month Technology Support Agreement with Prime Focus totaling approximately $810,000 with an option for Prime Focus to renew for further one year terms.
- As of the six months ended June 30, 2017, the Company has Cumul8 installed in five sawmills. Cumul8 has also added an Asset Health Module allowing its forestry clients to monitor the performance of their machines and provide customers the ability to predict machine failures before they happen, thereby reducing unnecessary operational downtime due to these failures.
- Along with the Asset Health Module, the Company’s Cumul8 big data platform hit a major technological milestone during the three months ended June 30, 2017. A new advanced version of Cumul8 combines its GOOGLE™ back-end with a live visual web-based tool kit. By using GOOGLE storage combined with Apache Kafka™, Cumul8 users can now view and analyze live, raw and heavily processed data significantly faster. This new version of Cumul8 can live stream countless data sources, distribute high performance data to deliver predictive artificial intelligence (“AI”), and securely store petabytes of data in the Cloud.
- Cumul8 Jetstream was launched at NAB (the National Association of Broadcasters) in April 2017. Jetstream is a file transfer system designed to be better, faster and easier to use than its competitors and is now available for download at http://jetstream.cumul8.com/. From NAB, Cumul8 Jetstream was able to attract interest from data storage manufacturers, computer hardware resellers, as well as various digital media and entertainment companies.
Q2 2017 Financial Summary
|Three Months ended|
|June 30, 2017||June 30, 2016|
|Revenue||$ 2,318,572||$ 1,553,199|
|Income and comprehensive income attributable to the shareholders of the Company||$ 2,360,715||$ 2,883,282|
|Basic earnings per share||$ 0.04||$ 0.05|
About Eight Solutions
Eight Solutions Inc. is a technology company led by a team of gaming industry veterans. Eight’s flagship product is Cumul8, a data analytics and visualization solution. Cumul8 works with any type of data source to help people and companies understand, collaborate, and make better decisions with data. Eight's portfolio also includes an award-winning 3D technology licensed to the film industry and Reelhouse, a unique video-on-demand platform that allows films makers to distribute their content directly to users. For more information, visit www.eightsolutions.com.
On Behalf of the Board of Directors
Chief Executive Officer and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Eight believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For more Information, please contact:
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6
Phone: (604) 669-8885
Fax: (604) 669-8855