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SAIT Graduates are the Largest Canadian Class to Receive Blockchain-Based Diplomas

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Partnership with ODEM empowers students to control their educational records

ZUG, SWITZERLAND, June 13, 2019 (GLOBE NEWSWIRE) — (via Blockchain WireODEM, the premier blockchain-based education marketplace, is joining with the Southern Alberta Institute of Technology (SAIT) in Calgary, Canada to grant digital diplomas to more than 4,800 graduating students. SAIT’s Class of 2019 will receive the blockchain-based documents along with their traditional parchments.

The virtual diplomas will enable graduates to directly share their academic achievements with recruiters and potential employers around the world without requesting their paper or electronic records from SAIT. Blockchain technology features a decentralized digital ledger to cryptographically assure the security and authenticity of recipient-controlled credentials.

“Education is one of life’s most valuable assets,” said ODEM Chief Executive Officer Richard Maaghul. “We believe that students should have control over their own records, and blockchain technology makes that possible.”

The partnership with SAIT began as a successful pilot project in December on the Ethereum blockchain to test the issuance of digital diplomas. The pilot included twenty five graduates from the Pre-Employment Automotive Service Technician program — the first Canadian post-secondary graduates to receive their academic credentials on a blockchain. This month’s SAIT convocation marks the largest-ever graduating class at a Canadian higher-education institution to be issued blockchain-based diplomas.

“SAIT graduates are well-positioned for success with employers in today’s rapidly

changing digital landscape,” said Dr. David Ross, SAIT’s President and CEO. “By making valued SAIT credentials accessible through blockchain, our graduates and employers will continue to benefit from this innovative technology that’s responsive, authentic, and widely accessible.”

Blockchain technology extends a significant benefit to employers as well; the validity of academic credentials can be easily and efficiently verified. Background checks become instant confirmation of blockchain records, ensuring against fraudulent education claims.

“We’re delighted to play a role in empowering SAIT graduates to own their education over a lifetime of learning,” said ODEM’s Maaghul. “By working together, we’ve only just begun to explore how blockchain technology can make education more accessible, affordable, transferable, and verifiable.” 

About ODEM

ODEM (On-Demand Education Marketplace) is a platform for seeking and providing education and employment. Built on the Ethereum blockchain, it offers a variety of courses and the opportunity to earn credentials, showcase skills, and connect with employers. The Ethereum blockchain is a distributed, public network that secures data records. Passionate about higher learning, ODEM is working to make education and employment more affordable, accessible, verifiable, and transferable.

About SAIT

Established in 1916, SAIT was the first publicly funded technical school of its kind in North America. Today, SAIT is a global leader in applied education, serving 50,000 students annually through more than 100 career programs and 1,300 part-time courses. Action-based learning, solution-focused research, and enterprising collaborations with industry partners ensure SAIT students are career-ready when they graduate.

Contact:

Ashley Chen

Director of Marketing

ODEM

press@odem.io

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Blockchain PR

Oranco, Inc. Releases 2019 Chairman Letter for Shareholders

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Fenyang City, China, Aug. 22, 2019 (GLOBE NEWSWIRE) — Oranco, Inc. (“Oranco” or the “Company”) (ORNC), a premium alcohol marketer and wholesaler in China, today released the following letter to shareholders from the Chairman of the Company’s Board of Directors.

Dear Shareholder of Oranco,

Oranco has achieved remarkable business success since our inception in 2013. Before going into details, I want to first express my appreciation to all my excellent colleagues at Oranco and to our valued business partners, investors, and customers. It is remarkable how much we have accomplished in the past years and I thank you all for your recognition, support and devotion.

The Market Opportunities

China has a very long history of drinking culture and has an alcoholic beverage market with tremendous opportunities. The long-term demand for Chinese hard liquor, especially Fenjiu liquor, will continue to grow in China. The overall business environment has been optimistic due to the continuous economic growth evidenced by significant growth of Chinese nominal gross domestic product (“GDP”). China’s per capita disposable income has also been increasing rapidly due to the increasing national wage level. In addition, China’s urbanization rate has been improving greatly during the past decades and the Chinese government has set a goal to achieve 60% urbanization by 2020.

Our Business Model

Since the inception of our business, we have positioned ourselves to become one of the most prominent wholesaler and marketer of our own branded liquor products. The Company devoted most of its financial and human resources to building its brand marketing capability and cooperative relationships with quality liquor manufacturers and highly experienced distributors. This general business strategy has resulted our strong brand operation and market development capability.

The Company values the role of social media highly. In addition to traditional marketing methods such as promotion, advertising and campaigns, the Company is utilizing the power of Chinese social media applications such as WeChat and others to promote our brand name to more Chinese people.

Our Sales/Marketing Network

Our current strategy to capture market share is to partner with local distributors who compete in regional markets. In order to facilitate our cooperative relationship with local distributors, we plan to install smart sales machines and vending machines through tapping the power of artificial intelligence electronic payment technology (the “Smart Sales System”). We plan to strategically locate these machines to achieve maximum results in terms of neighborhoods coverage, unifying easy payment and fast delivery at regional levels. We expect to save significant labor costs through distributing these machines. In addition, the high-definition LED screens of our vending machines will serve as perfect advertising platforms and we expect increased partnership opportunities with other popular liquor brands as well.

Long-Term and Mutually Beneficial Partnerships

Highly experienced and qualified distributors are our key business partners who bring our products to Chinese markets. We have adopted a business policy very favorable to these distributors to encourage them in reaching more customers in undeveloped markets. For new qualified distributors, our sales department will help them develop sales strategies and explore potential sales opportunities. In addition, we hold free tasting sessions for distributors’ customers and explore investment opportunities to help our distributors achieve profitability as soon as possible.

Key Strategies for 2019

We are operating in a market with over RMB1 trillion worth of sales each year. Our current plan is to primarily focus on the marketing and wholesale of Fenjiu liquor while making a gradual transition to incorporate Luzhou-flavor and Maotai-flavor liquors in our product portfolio according to market demands.

Our blockchain solution for liquor identification and collection has entered into its test stage recently. We believe such technology will assure the authenticity and further build the value of our premium products since we trust in the verification capabilities of blockchain, which will enable us to credibly assure the origins and authenticity of our premium alcoholic beverages. We look forward to officially launching the blockchain technology near the end of 2019. We will also commit to further developing and applying more new technologies that can increase the value of our products.

We plan to expand our brand influence by covering regional markets with our sales outlets. Our planned Smart Sales System will be an important tool for increasing our sales coverage while gathering market information. We also plan to market our collectable liquor through our Smart Sales System to meet the needs of our high-end customers.

We are working hard to build a leading brand in China. Our management team is striving to become more effective and responsible. Through our persistence and hard work, we hope to reap the full benefits of the investments we have made and the tremendous market opportunities we have identified.

Thank you again for your support of Oranco.

Sincerely,

Mr. Peng Yang

Chief Executive Officer and President

Oranco, Inc.

About Oranco, Inc.

Headquartered in Fenyang City, China, Oranco, Inc. (ORNC), is engaged in the alcohol wholesale business in China. We currently focus our business on the sale of Chinese Fenjiu liquor and imported wines. Our goal is to promote premium alcoholic beverages to China’s population. We aim to achieve this goal by catering to the ever-evolving tastes in alcohol through our creative marketing strategies and innovative product designs that target different age groups in China. Oranco, Inc. has developed various innovative products, such as its “Qishierbian” (translated as “72 Earthly Transformations”), which brings modern visuals, ancient stories and new interpretations of Chinese culture to traditional Fenjiu liquor. We are constantly renovating traditional Chinese culture to attract various age and cultural groups in China.

Forward-Looking Statements

This press release contains information about the Company’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the Securities and Exchange Commission.

Contact Information

For investor and media inquiries please contact:

Email: Oranco@surerich-invest.com

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VitalHub Reports Continued Positive Earnings in Q2 2019

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TORONTO, Aug. 22, 2019 (GLOBE NEWSWIRE) — VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) announced today it has filed its Interim Condensed Consolidated Financial Statements and Management’s Discussion and Analysis report for the quarter ended June 30, 2019 with the Canadian securities authorities. These documents may be viewed under the Company’s profile at www.sedar.com.

When asked to comment on the results of Q2 2019, VitalHub CEO Dan Matlow said, “We continue to make progress quarter-over-quarter in all areas of our business and continue to be optimistic on a go-forward basis, as we offer the following insight to help guide our investors at this time.”

  • “Due to the high amount of non-cash items on the Company’s income statement relating to the amortization of intangibles from acquisitions, we focus primarily on Adjusted EBITDA to track our performance. We have made great progress here, with Adjusted EBITDA representing 23% of revenues for the period ended June 30, 2019. Adjusted EBITDA is a non-IFRS measure.
  • Our annual contract value (“ACV”) has grown to $5,321,119, which has not yet been materially affected by the Nova Scotia contract revenue, which has the potential to grow to $2.3M in ACV. Revenue associated with this contract has primarily been comprised of professional services to-date, and has only accounted for 2% or $125,450 of the total ACV currently reported. Our expectation is for the Nova Scotia ACV to progressively increase starting in Q4 of this year. (For further details on the Nova Scotia contract, refer to the original press release dated January 7, 2019.) ACV is a non-IFRS measure.
  • Recurring revenue continues to grow and now represents 46.5% of total revenue for the quarter. Recurring revenue is a non-IFRS measure.
  • While M&A is an important part of our growth strategy, the Company continues to grow organically with 44% of revenue representing organic growth for the quarter.
  • The Oak Group acquisition completed in March 2019 and in particular its MCAP product represents an opportunity for growth internationally. We continue to see pipeline growth on an international basis.
  • The company has been gradually increasing our cash reserves, and at the end of Q2 had $4,860,083 of cash.”

COMPANY HIGHLIGHTS

Revenue for the for the three months ended June 30, 2019 was $2,827,291 as compared to $1,856,446 for the three months ended June 30, 2018, an increase of $970,845 or 52.3% (an increase of $382,981 or 15.7% over the three months ended March 31, 2019). Revenue for the six months ended June 30, 2019 was $5,271,602 as compared to $4,779,836 (which includes a one-time perpetual license fee of $1,613,362) for the six months ended June 30, 2018, an increase of $491,776 or 10.3%.

EBITDA (defined as earnings before interest, taxation, depreciation and amortization) for the three months ended June 30, 2019 was $337,108 as compared to ($33,212) for the three months ended June 30, 2018, an increase of $370,320. EBITDA for the six months ended June 30, 2019 was $904,640 as compared to $348,515 for the six months ended June 30, 2018, an increase of $556,125.  EBITDA is a non-IFRS measure.

Adjusted EBITDA (defined as earnings before interest, taxation, depreciation, amortization, share based compensation, and acquisition related expenses) for the three months ended June 30, 2019 was $552,524 as compared to $20,693 for the three months ended June 30, 2018, an increase of $531,831. Adjusted EBITDA for the six months ended June 30, 2019 was $1,209,290 as compared to $771,568 for the six months ended June 30, 2018, an increase of $437,722. Adjusted EBITDA is a non-IFRS measure.

Adjusted EBITDA as a percentage revenue for the three months ended June 30, 2019 was 20% as compared to 1% for the three months ended June 30, 2018. For the six months ended June 30, 2019 adjusted EBITDA as a percentage revenue was 23% as compared to 16% for the six months ended June 30, 2018. Adjusted EBITDA as a percentage revenue is a non-IFRS measure.

The Company defines Annualized Contract Value (“ACV”) of recurring revenue as the contracted annual renewable software license fees and maintenance services. The ACV of recurring revenue at June 30, 2019 was $5,321,119 as compared to $5,226,623 at March 31, 2019 an increase of 2%. ACV is a non-IFRS measure.

The Company defines acquisition revenue as gross revenues of the companies acquired at the time of acquisition and organic revenue as revenue over and above the acquisition revenues.  For the three months ended June 30, 2019, organic revenue represented 44% of total revenue (Q2/2018 – 20%, Q4/2018 – 29%, Q1/2019 – 35%), with the remaining 56% representing acquisition revenue (Q2/2018 – 80%, Q4/2018 – 71%, Q1/2019 – 65%). Acquisition and organic revenue are non-IFRS measures.

In the quarter, two new contracts were signed which include software licensing revenue of $417,225, professional service revenue of approximately $184,685, and approximately $101,825 of recurring revenue over the initial term.

In addition, the Company signed a contract to provide its TREAT solution to The Hawskesbury and District General Hospital as part of the regionalized expansion of the TREAT EHR through Ottawa Hospital, 15 organizations are now eligible to sign a Participation Agreement allowing them to license the TREAT software.

ABOUT VITALHUB:

VitalHub develops mission-critical technology solutions for Health and Human Services providers in the Mental Health (Child through Adult), Long Term Care, Community Health Service, Home Health, Social Service and Acute Care sectors. VitalHub technologies include Blockchain, Mobile, Patient Flow, Web-Based Assessment and Electronic Health Record solutions.

The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol “VHI”.

CAUTIONARY STATEMENT:

This press release includes forward-looking statements regarding the Corporation and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, including the share consolidation proposal, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

CONTACT INFORMATION

Dan Matlow
Chief Executive Officer, Director
(416) 727-9061
dan.matlow@vitalhub.com

 

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Overstock Appoints Interim Chief Executive Officer and New Board Member

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Board Appoints Jonathan Johnson as Interim CEO and Kamelia Aryafar as Member of Board and Executive Vice President of Overstock Retail

Company to hold Investor Call on August 26

SALT LAKE CITY, Aug. 22, 2019 (GLOBE NEWSWIRE) — Allison Abraham, the Chair of Overstock.com, Inc.’s (NASDAQ:OSTK) Board of Directors, announces the appointment of Mr. Jonathan E. Johnson III as its Interim Chief Executive Officer and Dr. Kamelia Aryafar as member of the Board of Directors in the wake of the resignation of Dr. Patrick M. Byrne as CEO and member of the Board. Johnson has been with the Company for nearly 17 years and serves on the Board and as the President of Medici Ventures, the company’s wholly owned subsidiary focusing on blockchain innovation. Aryafar has been with the company since 2017 and serves as the Chief Algorithms Officer.

“In his twenty years as Overstock’s leader, Patrick’s vision for Overstock as an innovation leader has come to fruition. It will be my mission as I take the helm to continue and build on Overstock’s achievements and success,” said Johnson. “I am confident Overstock’s future – both in retail and blockchain – is bright.”

“Dr. Byrne has successfully created and molded Overstock over the years by pioneering the marriage of tried-and-proven competitive business principles with cutting edge data analytics and technology; a true visionary,” said Aryafar. “I am excited to join the Board and I look forward to continuing the company’s trajectory and contributing to its future success.”

“Jonathan’s diverse and extensive experience here has prepared him well to successfully oversee both our retail and blockchain businesses,” said Byrne. “Kamelia is a brilliant machine learning scientist and ecommerce veteran who has already made great contributions to our science, engineering, and analytics by advancing data-driven technology. Her addition to the Board will continue to propel Overstock forward in its visionary direction.”

“We respect and understand Patrick’s reasons for resigning and acknowledge his momentous achievement in taking Overstock from a startup twenty years ago to one of the nation’s leading online retailers and positioning it at the forefront of the blockchain revolution,” said Abraham. “We have full confidence in both Jonathan’s ability to lead the company, and Kamelia’s expertise and insights to help the Board successfully lead Overstock into the coming months and years.”

Johnson will continue to serve on the boards of Overstock, Medici Ventures, and tZERO; he will also continue in his role as president of Medici Ventures. In addition to now serving as a member of the Board, Aryafar is being promoted to Executive Vice President of Overstock’s retail business, overseeing the continued implementation of a data-driven and Machine Learning strategy across the customer, marketing and sourcing departments to provide the best personalized customer experience. Aryafar will continue to serve in her role as Chief Algorithms Officer of Overstock’s retail business. Johnson’s and Aryafar’s new responsibilities commence on August 22, 2019.

An investor live webcast and conference call will be held on Monday, August 26, 2019 at 8:30 a.m. ET to discuss these changes in more detail. To access the live webcast, go to http://investors.overstock.com. To listen to the conference call via telephone, dial (877) 673-5346 and enter conference ID 7588584 when prompted. Participants outside the U.S. or Canada who do not have internet access should dial +1 (724) 498-4326 and then enter the conference ID provided above.

About Overstock.com

Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new products at low prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by nearly 40 million customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly-owned subsidiary developing and accelerating blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.

O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended June 30, 2019, which was filed with the SEC on August 8, 2019, and any subsequent filings with the SEC.

SOURCE: Overstock.com, Inc.

Media Contact:
pr@overstock.com 

Investor Contact:
ir@overstock.com 

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