EdgeTI also Reports Issuance of Warrants and Marketing Services Contract
ARLINGTON, Va., May 30, 2023 (GLOBE NEWSWIRE) -- Edge Total Intelligence Inc. (“edgeTI”, “Company”, “We”, or “Our”) (TSXV: CTRL, OTCQB: UNFYF, FSE: Q5i), the leader in real-time digital operations software, today announced its financial results for the three months ended March 31, 2023 and reported progress in its growing adoption of AI, Automation, and Digital Twin solutions.
“First quarter was a return to growth as edgeTI saw its customers embrace longer-term contracts, new prospects open new markets, partners grow new business, and industry analysts cover our company,” said Jim Barrett, CEO of edgeTI. “Our platform has an important role to play in customer adoption of AI and automation solutions — more importantly, organizations are realizing they need to accelerate and deliver real value from their AI and automation investments while connecting their people via situational awareness at the speed of relevance.”
First Quarter 2023 Highlights
- Achieved Monthly recurring revenue (MRR) at the end of the first quarter of $292,103, an 11% increase over the fourth quarter ending MRR of $264,282.
- Reduced Operating loss by 32% in the first quarter when compared to same quarter last year.
- Secured a three-year renewal from human capital management leader and its use of edgeCore™ platform as they modernize IT operations.
- Opened a new market segment with Idaho Environmental Coalition who is utilizing the edgeCore platform to track and guide progress on the multiple projects tied to the U.S. Department of Energy’s Idaho National Lab.
- Completed the restructuring of the Company’s debts and later negotiated an increased credit line and convert-to-share option on the Company’s Credit Facility (subject to Exchange approval), which will reduce the Company’s debt by more than half when executed.
- Demonstrated new capabilities to infuse AI into business workflows via ChatGPT, a generative AI from openai.com as part of the Company’s commitment to operationalize AI.
- Initiated market maker and investor marketing programs to improve trade handling and investor awareness.
- Received further recognition by CB Insights comparing the company to Palantir and Gartner in its Emerging Tech Impact Radar for 2023.
New Buying Signals Regarding Data Play to EdgeTI Strengths
Within AI, Automation, and Digital Twin solutions, which industry and market analysts anticipate growing at an impressive 40% CAGR through 2030, the Company reports increased demand signals around Data Mesh (coined by Zhamek Dehghani) and Data Fabric (an earlier approach to reach and interact with data at its authoritative source) as more organizations are resonating with the approaches’ more efficient use of data across wider audiences.
“Our edgeCore™ platform and previous versions of our software have always been devoted to reaching source data and expanding use according to security and privacy policies. edgeCore aligns with Data Mesh's additional principles of treating data as a product, enabling self-service, and promoting shared governance,” said Jim Barrett, CEO. “We also see a similar trend with Application Mesh, where different workflows and interactions come together to enhance the user experience, speed-up tasks, and make information more useful. Our approach of integrating data and applications is crucial in today's digital twins and hyperautomation eras. Our discussions with multiple organizations confirm that a combined view of data and applications is what organizations need to simplify the complexities of operations."
All financial amounts in this release are posted in US Dollars as are the Consolidated Financial Statements and Management’s Discussion and Analysis posted on SEDAR. and OTC markets.
Additional Updates
The Company also reports that its Board approved the issuance of the 75,000 warrants at C$0.05 a share on 25 May 2023 as part of the related party transaction to convert the Credit Facility with Lotus Domaine (detailed in the Financials and MD&A) as originally specified in the term sheet for the debt to shares transaction and subsequent to 4E reporting and filing with the Exchange.
The Company also discloses that Edge Total Intelligence Inc. has engaged Creative Direct Marketing Group Inc. for marketing services. CDMG will, as appropriate, create campaigns, magalogs, e-mail series, search and social ads, and native and display ads for physical and digital mediums, set up and manage remarketing campaigns, and bring attention to the business of the company in consideration of $500,988 (U.S.). The promotional activity will occur by print and digital media during the third quarter of 2023.
About edgeTI
edgeTI helps customers sustain situational awareness and accelerate action with its real-time digital operations software, edgeCore™ that unites multiple software applicates and data sources into one immersive experience. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid journeys via the platform's low-code development capability and composable operations. With edgeCore, customers improve their margins and agility by rapidly transforming siloed systems and data across continuously evolving situations in business, technology, and cross-domain operations — helping them achieve the impossible.
Website: https://edgeti.com
LinkedIn: www.linkedin.com/company/edgeti
YouTube: www.youtube.com/user/edgetechnologies
Twitter: www.twitter.com/edge_suite
For further Information contact:
Nick Brigman
Phone: 888-771-3343
Email: ir@edgeti.com
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 release.
Forward-Looking Information and Statements
Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, completion of due diligence by the lender, business, economic and capital market conditions.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, the impact of viruses and diseases on the Company's ability to operate, competition and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
