Connect with us

IT Industry

OCTANe Launches OCTANe Enterprise Solutions (OES)

GlobeNewswire

Published

on

Reading Time: 2 minutes

ALISO VIEJO, Calif., July 18, 2019 (GLOBE NEWSWIRE) — OCTANe, Southern California’s leading technology and life sciences accelerator, today announced the creation and launch of OCTANe Enterprise Solutions (OES) to provide greater access to capital and growth strategies for early stage companies and small to mid-sized businesses (SMBs) in the technology and medical technology industries. During an interview live from the NASDAQ MarketSite on July 12, Jane King spoke with OCTANe CEO, Bill Carpou, who announced this new entity. To view the interview, click here.

OES will provide companies access to both strategic and institutional capital as well as family offices and a newly-formed private in investor network. It will also continue to build on top of the successful industry strategy OCTANe has created in medical technology as well as create a new focus on the FinTech, Data Analytics/Science and Cybersecurity industries, which represent a strong cluster across Southern California and especially Orange County. These relationships span several of the key innovation markets in the United States, including Boston, New York and the Bay Area in addition to Southern California. 

“OES will positively impact the trajectory and sustainability of OCTANe. More importantly, it will provide resources to early stage and SMB companies which were not previously available,” said Bill Carpou, CEO of OCTANe. “These companies are creating jobs and driving the economy across Southern California, and we want to support them in as many ways as possible. Our recently-announced partnership with RSM International, a global audit and accounting firm, is just one example of how a shared services platform can create high-impact results for small and mid-sized companies.”

OCTANe’s relationship with Tellson Securities, Inc. is also a key component in this new venture, providing companies with investment banking services.  Additionally, OES will provide companies with operational expertise by function, a shared services platform for back office management and a talent pipeline that connects people and opportunities. 

OES is majority owned by OCTANe, with key strategic investors who have not yet been named.  OES will be a for-profit organization and supports the mission of OCTANe’s non-profit charter.

About OCTANe:
OCTANe is the organization that convenes and enables the Southern California technology and medical technology business ecosystem by connecting people, resources and capital.  Our goal is to create 55,000+ high-value technology jobs in Southern California by 2030.  We impact our community through LaunchPad, an industry leading accelerator, Enterprise Solutions, a new platform to provide companies capital and growth resources to accelerate job creation, Signature Events & Programs, and direct access to capital. octaneoc.org

                                                                

CONTACT: Media Contacts:
Cara Parchment                                                                                                                
cara@octaneoc.org                                                                                         
949-330-6579    

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.

IT

Traffic4cast competition reveals novel way to predict traffic flow using AI

GlobeNewswire

Published

on

Reading Time: 3 minutes

NeurIPS, Vancouver – The Institute for Advanced Research in Artificial Intelligence (IARAI), an independent global machine-learning research institute established by HERE Technologies, today announced the results and winners of its traffic prediction competition, which aimed to solve mobility challenges using artificial intelligence (AI). Traffic4cast, a unique competition merging movie-prediction machine learning with traffic research, challenged competitors to understand complex traffic systems and make predictions about how they would flow in the future.

The results show how AI can effectively uncover insights to solve traffic gridlock through trial and error of industrial geospatial data from HERE, a leader in mapping and location-based services. Traffic comes about when drivers make simple decisions that lead to complex behavior patterns. These patterns depend on various factors, such as time of day, the road network, congestion situations, holidays, weather conditions and day of the week. Effectively identifying and analyzing traffic patterns lead to more accurate predictions of how traffic would move on given roads at given times of day.

AI, and more specifically neural networks—computer systems modeled on the human brain and nervous system—can help to solve this problem because they are very good at spotting patterns. Neural networks “learn” to do tasks by considering examples, such as datasets, usually without being programmed with task-specific rules. This ability to learn without being programmed means that although neural networks are good at identifying patterns, why they are good at it is unclear. Their inner workings are one of the mysteries of machine learning, the so-called “black box” AI, meaning that the processes cannot be easily understood or tested by programmers.

The Traffic4cast results show that neural networks were the most effective method used at predicting traffic and came closest to simulating the exact traffic flow. All the top entrants used neural networks instead of “non-black box” solutions, such as support vector machines, Bayesian networks and other fixed algorithms. Winners from South Korea, Oxford/Zurich and Toronto were among more than 40 teams from around the world who submitted over 4,000 entries. 

Working with HERE, IARAI provided participants with traffic movie clips based on a year’s worth of industrial-scale, real-world data for three diverse cities: Berlin, Istanbul and Moscow. The clips were created using data based on an unprecedented number of over 100 billion probe points from positions reported by a large fleet of probe vehicles. They captured morning, evening and rush-hour traffic. Each movie frame summarized GPS trajectories mapped to spatio-temporal cells. The movies showed multiple color channels characterizing traffic volume, speed and direction.

“This competition is special alone because of the sheer scope and size of the data,” said Sepp Hochreiter, a founding co-director of IARAI and an artificial intelligence pioneer (he invented the long short-term memory (LSTM) neural network framework).

Entrants had to forecast the traffic by completing the next part of each movie clip for all three cities. Contestants were given 285 full training days (full movie for the entire day) and 72 testing days (containing five blocks of 12 consecutive images with at least 30 frames between each such block); the rest were marked out validation sets. Each contestant then had to produce the three consecutive images following each given block of 12 images in each movie file for each day in the test set for each city.

“This competition brought together diverse groups to tackle a fundamental problem—predicting geospatial processes—that lies at the heart of sustainable mass mobility,” said Michael Kopp, head of research at HERE and founding co-director of IARAI. “Guiding the AI revolution to this problem using an interdisciplinary approach via billions of real-life data points is both novel and a paradigm shift that will be reflected in many applied scientific disciplines. The results seem to prove that ‘black box’ machine learning is most effective at solving predictive problems. This gives us a jumping-off point for further research into how AI learns.”

Media Contacts  
Jordan Stark
+1 312 316 4537
jordan.stark@here.com

Amy Stupavsky
+49 175 419 1678
amy.stupavsky@here.com


About HERE Technologies

HERE, a location data and technology platform, moves people, businesses and cities forward by harnessing the power of location. By leveraging our open platform, we empower our customers to achieve better outcomes – from helping a city manage its infrastructure or a business optimize its assets to guiding drivers to their destination safely. To learn more about HERE, please visit www.here.com and http://360.here.com.

Attachment

Continue Reading

IT

ShiftPixy, Inc. Reports Fiscal 2019 Results

GlobeNewswire

Published

on

Reading Time: 5 minutes

IRVINE, Calif., Dec. 13, 2019 (GLOBE NEWSWIRE) — ShiftPixy, Inc. (NASDAQ: PIXY), a California-based staffing enterprise that designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced operating results for the year ended August 31, 2019 (“2019”).

2019 Financial Highlights

  • Earnings per share improved to $0.57 in 2019 compared to $0.58 for 2018.
  • Gross billings grew 59% to $353 million, compared to $222 million for 2018.  Q4 billings exceeded $100 million for the first quarter in our history at $105 million for an exit annualized billings rate of over $420 million.  
  • Revenues increased 53% to $53 million, compared to $35 million for 2018.
  • Gross profit was $12.4 million, increasing 125% over 2018 gross profit of $5.5 million due to improving margins and workers compensation cost savings.  Gross profit per worksite employee improved to $1,200 for 2019 from $800 for 2018.
  • Loss from Operations improved to $9.7 million from $11.6 million in 2018. 
  • EBITDAS Loss (Operating Loss excluding depreciation and share-based compensation) improved to $8.3 million for 2019 from $11.0 million for 2018 due to improved margins and reduced spending on our mobile application, offset by increased operations costs.
  • Investment in our mobile application and technology solution deployment decreased to $4.9 million in 2019 from $7.5 million in 2018 due to reduced costs relating to movement to our new in-sourced development team.  Total Human Resource Information System (HRIS) and mobile application investment is $15.5 million to date.

2019 Operational highlights

  • The number of employees billed during the year and retained in our employee HRIS exceeded 25,000.
  • The active number of worksite employees billed increased to 13,100 at August 31, 2019, a 54% increase, from 8,500 at August 31, 2018.
  • Average gross billings per worksite employee increased by 4.3% to $33,600 in 2019 from $32,200 in 2018
  • Average operating support costs per billed worksite employee improved in 2019.  We have staffed to manage up to 50,000 active worksite employees with our current corporate overhead.
  • Our dispute with our outsourced software development partner delayed our HRIS and mobile application launch in 2019 and necessitated our move towards in-house development. 

“We continue to see strong growth in our legacy business which has driven top line expansion and improvement in our operating metrics, including gross billings and gross profits for 2019,” stated Chief Executive Officer, Scott Absher.  ”Delays in the launch of our mobile application solution are now behind us and the project is now back on track and well received by our initial launch customers.  We believe it will support revenue growth in 2020 from both significantly higher worksite employee counts and added technology features.  The reception from our target customers has been phenomenal and we expect to see a significant increase in our business activity levels as we move into calendar 2020 and continue our focus on creating long-term shareholder value.”

About ShiftPixy
ShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce.  With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy. ShiftPixy’s complete HCM ecosystem is designed to manage regulatory requirements and compliance in such required areas as paid time off (PTO) laws, insurance and workers’ compensation, minimum wage increases, and the Affordable Care Act (ACA) compliance.

ShiftPixy Cautionary Statement
The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make.  The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company’s vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets.  Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited.  The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws.  The information in this press release shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD.  Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings on Forms 1-A and 10-Q and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the “SEC Filings” subsection of the “Investor Information” section of our website at https://ir.shiftpixy.com/financial-information/sec-filings.

Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.

INVESTOR CONTACT:

InvestorRelations@shiftpixy.com
800.475.3655

ShiftPixy Inc.
Consolidated Balance Sheets

    August 31,
2019
    August 31,
2018
 
ASSETS  
Current assets            
Cash   $ 1,561,000     $ 1,650,000  
Accounts receivable     272,000       111,000  
Unbilled accounts receivable     9,478,000       6,193,000  
Deposits-workers’ compensation     1,957,000       1,672,000  
Prepaid expenses     519,000       563,000  
Other current assets     244,000       259,000  
Total current assets     14,031,000       10,447,000  
                 
Fixed assets, net     3,360,000       3,032,000  
Deposits- workers’ compensation     6,281,000       2,202,000  
Deposits and other assets     124,000       121,000  
Total assets   $ 23,796,000     $ 15,802,000  
                 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities                
Accounts payable   $ 3,061,000     $ 1,246,000  
Accrued payroll and related liabilities     16,412,000       9,477,000  
Convertible Notes, Net     3,351,000       6,171,000  
Derivative liability     3,756,000        
Accrued workers’ compensation costs     1,957,000       305,000  
Default penalties accrual     1,800,000       3,500,000  
Other current liabilities     1,850,000       1,956,000  
Total current liabilities     32,187,000       22,656,000  
Noncurrent liabilities                
Accrued workers’ compensation costs     4,379,000       901,000  
Total liabilities     36,566,000       23,557,000  
Commitments and contingencies                
Stockholders’ deficit                
Preferred stock, 50,000,000 authorized shares; $0.0001 par value; no shares issued and outstanding            
Common stock, 750,000,000 authorized shares; $0.0001 par value; 36,281,894 and 28,851,787 shares issued as of August 31, 2019 and 2018, respectively     4,000       3,000  
Additional paid-in capital     32,501,000       18,465,000  
Treasury stock, at cost – 558,132 shares and no shares as of August 31, 2019 and 2018, respectively     (325,000 )      
Accumulated deficit     (44,950,000 )     (26,223,000 )
Total stockholders’ deficit     (12,770,000 )     (7,755,000 )
Total liabilities and stockholders’ deficit   $ 23,796,000     $ 15,802,000  

ShiftPixy Inc.
Consolidated Statements of Operations

    For the Years Ended  
    August 31,
2019
    August 31,
2018
 
             
Revenues (gross billings of $352.6 million and $222.4 million (unaudited)  less worksite employee payroll cost of $299.2 million and $187.5 million, (unaudited) respectively)   $ 53,436,000     $ 34,959,000  
                 
Cost of revenue     41,046,000       29,458,000  
Gross profit     12,390,000       5,500,000  
Operating expenses:                
Salaries, wages and payroll taxes     7,702,000       5,383,000  
Share-based compensation – general and administrative     632,000       363,000  
Commissions     2,732,000       1,594,000  
Professional fees     3,918,000       2,078,000  
Software development     1,209,000       3,828,000  
Marketing and advertising     1,208,000       547,000  
General and administrative     3,823,000       3,005,000  
Depreciation and amortization     839,000       274,000  
Total operating expenses     22,063,000       17,072,000  
Operating Loss     (9,673,000 )     (11,572,000 )
Other income (expense)                
Interest expense     (8,507,000 )     (1,751,000 )
Loss on debt extinguishment     (3,927,000 )      
Change in fair value of derivative     2,569,000        
Gain (Loss) associated with note defaults, net     811,000       (3,500,000 )
Total Other income (expense)     (9,054,000 )     (5,251,000 )
                 
Net Loss   $ (18,727,000 )   $ (16,823,000 )
                 
Net loss per common share                
Basic and diluted   $ (0.57 )   $ (0.58 )
                 
Weighted average number of common shares                
Basic and diluted     32,708,800       28,810,103  

Continue Reading

IT

Keytronic Selected as a Top 10 Metal Manufacturing Consulting / Services Company for 2019

GlobeNewswire

Published

on

Reading Time: 2 minutes

SPOKANE VALLEY, Wash., Dec. 13, 2019 (GLOBE NEWSWIRE) — Keytronic Corporation (Nasdaq KTCC), a world class provider of engineering design and electromechanical manufacturing services, today announced it has been selected by Manufacturing Technology Insights Magazine as a Top 10 Metal Manufacturing Consulting/Services Company. 

Keytronic’s Juarez, Mexico manufacturing facility has over 124K square feet of metal fabrication, stamping, laser cutting, turret and brake presses, welding, powder coat and wet paint.  Keytronic also has an autonomous, full service quick turn proto shop within its metals facility. 

“I’m very proud and excited to be selected as a 2019 Top 10 Metal Manufacturing Consulting/Services Company.  We have had a very large influx of new metal centric business in 2019 due to the tariff situation and rising costs in China.  My team has worked extremely hard to satisfy all our customers’ needs and we have added several million dollars of new equipment to keep up with demand.  Our metal shop is a large advantage in the ever-increasing competitive world of contract manufacturing.”

About Keytronic

Keytronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. Keytronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Keytronic visit: www.keytronic.com.

Safe Harbour Statement

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Keytronic’s growth opportunities, including potential success and related revenues.  Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs.  Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future.  There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, such as the success and timing of ramping, availability and timing and receipt of critical parts or components, as well as other risks and uncertainties detailed from time to time in the Keytronic’s SEC filings, including its most recent annual report and subsequent quarterly reports.

CONTACTS: Brett Larsen Michael Newman
  Chief Financial Officer Investor Relations
  Keytronic Corporation StreetConnect
  (509) 927-5500 (206) 729-3625

 

Continue Reading

Font Resizer

Subscribe to PICANTE via Email

Enter your email address to subscribe to PICANTE and receive notifications of new posts by email.

Follow us on Facebook

Read more from our authors

IT9 hours ago

Traffic4cast competition reveals novel way to predict traffic flow using AI

Business and Management18 hours ago

MMSI LOSS NOTICE: TOP RANKED ROSEN LAW FIRM Reminds Merit Medical Systems, Inc. Investors of Important Deadline in Securities Class Action – MMSI

Business and Management19 hours ago

FIAT LOSS NOTICE: TOP RANKED ROSEN LAW FIRM Reminds Fiat Chrysler Automobiles N.V. Investors of Important Deadline in Securities Class Action – FCAU

Business and Management21 hours ago

GEICO Says Keep the Holiday Rush out of Your Driving

Business and Management21 hours ago

Republic Bank Opens New West Broadway Banking Center inside Republic Bank Foundation YMCA

Business and Management1 day ago

ADTRAN 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuit Against ADTRAN, Inc. – ADTN

Business and Management1 day ago

CV SCIENCES INVESTIGATION INITIATED By Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of CV Sciences, Inc. – CVSI

Business and Management1 day ago

INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Live Nation Entertainment, Inc. and Encourages Investors with Losses to Contact the Firm

Business and Management1 day ago

The Law Offices of Frank R. Cruz Announces Investigation on Behalf of Amdocs Limited Investors (DOX)

Business and Management1 day ago

Santa Clara University Sends Early Admission Decisions After Record Number of Applications

Follow our Tweets

Trending

Please turn AdBlock off