VANCOUVER, BC, Aug. 31, 2021 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) ("Minerva" or the "Company"), an artificial intelligence company focused on amplifying human intelligence to support decision making, today reported financial results for the six-month period ended June 30th, 2021. All amounts are presented in Canadian dollars.
- Total revenues of $269,351 in Q2 2021, with year-to-date revenues of $821,748, an increase of over 1,500% year over year;
- Loss and comprehensive loss of ($710,999) in Q2 2021 (YTD: $1,179,192) compared to Q2 2020 of ($784,098) (YTD: $1,397,548), a decrease in loss of 10% in the quarter and 16% year over year;
- Cash $530k as of June 30th compared to $1.4m as of December 31st, 2020.
"Q2 was an exciting quarter for Minerva," said Scott Tillman, Chief Executive Officer of Minerva. "We have been making great strides with our upcoming Climate Risk platform, and are on the cusp of breaking through with a revolutionary new system to enable effective evaluation of climate risk for multiple sectors. Besides this, our Economic Geology division –and our DRIVER application in particular– continues to build on strong word-off-mouth within the mining and exploration industries, and we expect strong uptake of this revolutionary software tool in the latter half of this year. The advances made by our software development team in the past six month are groundbreaking, and we look forward to proving the fruits of their labours in the quarters ahead."
Jake McGregor, COO, added, "We are in the midst of completing a private placement of up to CAD$3.5 million, initiated in part to build out our Climate Risk division in order to capitalize on strong demand in the ESG and Climate Risk Disclosure sector. Our numbers this quarter only hint at this growing demand and we are confident that we have just only scratched the surface of what we are able to accomplish over the coming quarters and years. Furthermore, as ESG standards are codified and become a critical component of reporting requirements for corporate issuers, Minerva's cognitive AI technology is uniquely positioned for application in this vertical. I continue to firmly believe that the Company is on track to becoming one of the leading technology providers in this space."
"As we continue to execute on our commercialization strategy, we anticipate our strong revenue growth to continue on a year-over-year basis for the foreseeable future, which will result in a record performance this year. Adoption of our unique software tools continues to grow, which is a great indication of Minerva's bright future." Mr. Tillman concluded.
For full details on Minerva's reported results, please go to https://minervaintelligence.com/investors.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary evidence-based decision-making software is bringing the benefits of artificial intelligence technology to industries dependent on reasoning with complex technical and scientific data.
Although Minerva's applications currently focus on earth science-related domains including natural hazards and mineral exploration, their technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture (symbol MVAI).
For further details, please refer to their website (www.minervaintelligence.com).
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Minerva Intelligence Inc.
View original content: http://www.newswire.ca/en/releases/archive/August2021/31/c7796.html