FREMONT, Calif., Aug. 13, 2019 (GLOBE NEWSWIRE) — Electronics For Imaging, Inc. (“EFI” or the “Company”) today announced the appointment of Jeff Jacobson, a 30-year veteran of the digital imaging and industrial technology sector, as Chief Executive Officer, effective immediately. Mr. Jacobson will retain his position as Executive Chairman. Mr. Jacobson succeeds Bill Muir, who is stepping down for personal reasons.
Prior to joining EFI, Mr. Jacobson served as Chief Executive Officer of Xerox. Mr. Jacobson also served as both President of Xerox’s Technology Business and President of Xerox’s Global Graphic Communications Operations. Prior to joining Xerox in 2012, Mr. Jacobson was the Chairman, President and Chief Executive Officer of Presstek, a leading manufacturer of digital offset printing solutions.
Jeff Jacobson said, “I am thrilled to be expanding my role on EFI’s leadership team to identify unique opportunities for innovation across the Company. EFI’s portfolio of best-in-class solutions presents an exciting opportunity to drive further growth in high-quality inkjet and integrated, digital workflows. Together with my experienced and talented colleagues on the EFI team, we will provide the leadership needed to help EFI accelerate the transformation of industries where colorful images matter. I also want to join the EFI team in thanking Bill for his contributions to the Company’s success and wishing him the best in his future endeavors. Bill played a pivotal role in successfully positioning EFI for the next chapter of our evolution, always doing so with integrity and the best interests of customers and employees.”
Throughout his career, Mr. Jacobson has displayed an on-going commitment to helping customers improve their productivity and enhance their operations. As CEO of Xerox, he oversaw Xerox’s largest product launch in its more than 100-year-history and led the company through a strategic transformation, delivering best-in-class customer service, and driving innovation, while improving Xerox’s operating margins and cash flow.
Before his time at Xerox and Presstek, Mr. Jacobson served as Chief Operating Officer of Eastman Kodak’s Graphic Communications Group, where he was responsible for managing operations in Eastman Kodak’s Global Graphics operations, which included manufacturing locations throughout North America, Europe, Japan, China, Israel and South Africa. Mr. Jacobson also served for five years as Chief Executive Officer of Kodak Polychrome Graphics, a highly successful joint venture between Sun Chemical and Eastman Kodak.
“It has been a privilege to lead EFI through an important chapter in the Company’s history, and I look forward to seeing EFI thrive as it continues to collaborate with customers and partners worldwide,” said Bill Muir. “I have admired Jeff as an expert in the digital imaging space, and I am confident that with his vision and under his leadership, EFI will be able to successfully write the next chapter of innovation and market leadership across the Company’s portfolio of solutions.”
EFI™ is a global technology company, based in Silicon Valley, and is leading the worldwide transformation from analog to digital imaging. We are passionate about fueling customer success with products that increase competitiveness and boost productivity. To do that, we develop breakthrough technologies for the manufacturing of signage, packaging, textiles, ceramic tiles, and personalized documents, with a wide range of printers, inks, digital front ends, and a comprehensive business and production workflow suite that transforms and streamlines the entire production process. www.efi.com
Chief of Staff
6750 Dumbarton Circle
Fremont, Ca 94555
ShiftPixy, Inc. Reports Fiscal 2019 Results
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.”
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.
Consolidated Balance Sheets
|Unbilled accounts receivable||9,478,000||6,193,000|
|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|
|LIABILITIES AND STOCKHOLDERS’ DEFICIT|
|Accrued payroll and related liabilities||16,412,000||9,477,000|
|Convertible Notes, Net||3,351,000||6,171,000|
|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|
|Accrued workers’ compensation costs||4,379,000||901,000|
|Commitments and contingencies|
|Preferred stock, 50,000,000 authorized shares; $0.0001 par value; no shares issued and outstanding||–||–|
|Common stock, 750,000,000 authorized shares; $0.0001 par value; 36,281,894 and 28,851,787 shares issued as of August 31, 2019 and 2018, respectively||4,000||3,000|
|Additional paid-in capital||32,501,000||18,465,000|
|Treasury stock, at cost – 558,132 shares and no shares as of August 31, 2019 and 2018, respectively||(325,000||)||–|
|Total stockholders’ deficit||(12,770,000||)||(7,755,000||)|
|Total liabilities and stockholders’ deficit||$||23,796,000||$||15,802,000|
Consolidated Statements of Operations
|For the Years Ended|
|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||$||34,959,000|
|Cost of revenue||41,046,000||29,458,000|
|Salaries, wages and payroll taxes||7,702,000||5,383,000|
|Share-based compensation – general and administrative||632,000||363,000|
|Marketing and advertising||1,208,000||547,000|
|General and administrative||3,823,000||3,005,000|
|Depreciation and amortization||839,000||274,000|
|Total operating expenses||22,063,000||17,072,000|
|Other income (expense)|
|Loss on debt extinguishment||(3,927,000||)||–|
|Change in fair value of derivative||2,569,000||–|
|Gain (Loss) associated with note defaults, net||811,000||(3,500,000||)|
|Total Other income (expense)||(9,054,000||)||(5,251,000||)|
|Net loss per common share|
|Basic and diluted||$||(0.57||)||$||(0.58||)|
|Weighted average number of common shares|
|Basic and diluted||32,708,800||28,810,103|
AE Ventures to Invest in Four new Blockchain Startups
MALTA, Dec. 13, 2019 (GLOBE NEWSWIRE) — (via Blockchain Wire) — AE Ventures, an investment company that provides initial funding, acceleration, and advisory support to blockchain projects, today announced four new Investments in Blockchain Startups as a part of its leading global blockchain accelerator Starfleet. The company is continuing to support the blockchain ecosystem investing in the most promising projects in this area despite the crypto market’s long standing problems. Four winning startups: Assetify, Cannomy, King Football, and Smart Credit, will each receive up to $100,000 USD in venture investment as well as six months of acceleration including support in the field of technology, business development, marketing and legal affairs from the AE Ventures team. Most importantly, they will retain access to Starfleet’s solid mentorship network, knowledge base, and expertise as part of the accelerator.
Situated in Malta – the well-known blockchain island, the third edition of the Starfleet accelerator program drew global coverage, attracting hundreds of startups from all over the world. The accelerator program is also streamed worldwide. Microsoft Innovation Center, Malta is a leading partner and host of the program’s third edition. Thanks to this partnership the startups would have further opportunity to incorporate in Malta. Additionally, Starfleet accelerator will start its first program in Bangalore, India, next year– thus expanding the scope of its activities.
“Starfleet Malta enables us to leverage our broad experience in developing blockchain projects, the strong expertise of our mentors and the support of the fast-growing blockchain ecosystem to welcome innovative blockchain companies into the AE Ventures family,” said Nikola Stojanow, CEO of AE Ventures. “With these new investments, we’re really looking forward to joining forces with promising startup teams to showcase the full potential of blockchain technologies that are changing the world.”
“At Microsoft, we believe that technology can empower all organizations and all people to achieve more; and that is exactly what we are doing with our MIC partners and AE Ventures,” said Vangelis Morfis, Microsoft’s M&O Lead for Greece, Cyprus, Malta. “Our partnership is promoting technology in Malta to help shape a better future for all. We are very proud to reward the work done by these start-ups in the areas of innovative technologies, such as Blockchain, and we commit to do even more in the coming months!”
The four new teams backed by Starfleet accelerator are:
Assetify, a b2b platform for crypto-backed loans, enabling lending institutions to provide credits using digital assets as collateral. The platform automates the relations between the user of the loan and the lender, creating multi-signature wallets. This is much cheaper and less risky. The company already has two paying customers — one bank in Switzerland and one lander in Bulgaria.
Cannomy, a pioneer of the cannabis economy, combining the benefits of promising blockchain technologies with the fast-growing cannabis ecosystem. The team is using Distributed Ledger Technology (DLT) to source the funding of new ventures in this field and facilitate their operations and manage shareholders.
King Football is using chips and æternity blockchain to help football fans track easily items and identify if they are fake or original. Building on this functionality, the team is creating a social platform allowing fans to receive personalized messages from football stars as well as to trade original items, creating a big secondary market. The popular Bulgarian football player Dimitar Berbatov is also involved in the project and 14 series of its painted by himself items are already live on æternity blockchain.
SmartCredit is aiming to democratize the lending industry, using transferable tokenized credit, and thus helping every lender to become a bank. This huge industry is responsible for 90% of the money available today and its decentralization will bring significant new advantages. The platform will create 2-click consumer credits (money on demand) for the borrower and tools like credit tokenization, credit transferability and interest-bearing to the holder.
The four teams were selected out of ten startups who pitched for investment on the Demo Day, which was held on December 12, 2019 in Microsoft Innovation Center, Malta and broadcasted live worldwide.
About AE Ventures
AE Ventures is an investment company providing initial funding, acceleration and advisory support to blockchain projects. The company also runs æternity Starfleet – a full-service global acceleration program for seed-stage startups utilizing blockchain. For more information, please visit www.aeventures.io and www.aeternitystarfleet.com
æternity is a public, open-source, blockchain platform offering means for a decentralized future realized by a global community. Blockchain inherently has the disruptive potential to support distributed wealth and transparency in power structures. æternity aims to solve problems of scalability, security, be more economical, and user-friendly when it comes to accessing the smart contracts on the network. For more information, please visit www.aeternity.com
Keytronic Selected as a Top 10 Metal Manufacturing Consulting / Services Company for 2019
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.”
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|
|(509) 927-5500||(206) 729-3625|
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