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VERB Reports Consolidated, Unaudited, Pro Forma Second Quarter Revenue of $3.7 Million and 37% Increase In SaaS Revenue Over Prior Quarter

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NEWPORT BEACH, Calif. and SALT LAKE CITY, Aug. 14, 2019 (GLOBE NEWSWIRE) — VERB Technology Company, Inc. (NASDAQ: VERB; VERBW) (“VERB or the “Company”), a leader in business-focused interactive video sales and marketing applications and the pioneer of Augmented Sales Intelligence software, today reported its financial results for the second quarter ended June 30, 2019 on Form 10-Q. Management hosted a conference call today at 4:30 pm EDT to present the results. To listen to a replay of the call, dial toll free: 1-844-512-2921, International: 1-412-317-6671, please use Conference ID: 13693748.

VERB Consolidated, Unaudited, Pro Forma, Income Statements of Operations and Balance Sheet as of June 30, 2019:

  • Total revenue was $3.7 million, an increase of 20% for Q2, as compared to $3.1 million for the same period of the year prior.
  • Total SAAS revenue for Q2, which is the Company’s stated business focus, totaled $1.5 million, an increase of 37% over the $1.1 million for Q1, and an increase of 57% over the $928,000 reported for the same period last year.
  • Total revenue for the first 6 months of 2019 was $7.7M, an increase of 32% over the $5.9M for the first six months of last year.
  • Gross profit for Q2 totaled $1.7 million, an increase of 5%, as compared to $1.6 million for the same period of the year prior.
  • Gross profit for the first 6 months of 2019 totaled $3.4M, an increase of 19% over the $2.9M for same period last year
  • Total cost of revenue for Q2 was $2 million, an increase of 36%, as compared to $1.5 million for the same period of the year prior.
  • Total cost of revenue for the first 6 months was $4.3 million, an increase of 45%, as compared to $3 million for the same period of the year prior.
  • General and administrative expenses in Q2 totaled $3.3 million versus $283,000 during the same period last year. The increase is primarily attributed to non-cash stock compensation expense of $2.4 million, related to the re-valuation of stock options for our consultants as required by Generally Accepted Accounting Principles (GAAP).
  • The Company increased its commitment to research and development, as R&D expense increased in Q2 by $700,000 to $1.3 million from $605,000 for the same period last year.
  • As of June 30, 2019, total assets were $25.7 million, total liabilities were $7.1 million and total stockholders’ equity was $18.6 million.
  • During Q2 , the Company extinguished $2.8 million of debt that had been reflected on the Company’s March 31, 2019 balance sheet.
  • As of June 30, 2019, cash totaled $412,000. However, as also reported in today’s Form 10-Q filing, on Aug 14, 2019 the Company entered into a Securities Purchase Agreement and issued 5,030 shares of its Series A Convertible Preferred Stock and granted warrants to purchase up to 3.2 million shares of common stock resulting in aggregate proceeds of $5,030,000.  Please refer to today’s Form 10-Q filing for complete details of this financing.

The Company also reported:

  • As of today, VERB has 23,263,187 shares of common stock issued and outstanding.
     
  • The total Verb application user base is currently approximately 700,000 users, a 93% increase from this time last year, and an increase of 124,000 or 22% over last quarter.

Management intends to host a stockholder town hall conference call on Thursday, August 29, 2019 at 6:00 pm Eastern Time to respond to investor questions concerning today’s Form 10-Q filing, that were not answered in today’s conference call. 

Management encourages all investors to submit their questions by close of business on Friday, August 23, 2019 to AskVERB@myVERB.com.

What: VERB Technology Stockholder Town Hall Conference Call
Date: Thursday, August 29, 2019
Time: 6:00 pm Eastern Time
Live Call: Toll Free:  1-877-407-4018
  Conference ID: 13693892
Replay: Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13693892
Replay Start: Thursday August 29, 2019, 9:00 PM ET
Replay Expiry: Thursday September 12, 2019, 11:59 PM ET

About VERB
VERB Technology Company, Inc. is rapidly emerging as the market leader in sales and marketing applications utilizing its proprietary interactive video data collection and analysis technology. Following its successful acquisition of Utah-based Sound Concepts, the leading provider of digital tech-based marketing and customer relationship management applications for the direct sales, network marketing and affiliate marketing industries, the newly combined company provides next-generation customer relationship management (“CRM”), lead generation, and video marketing software applications under the brand name Verb GO. The Company’s proprietary and patent-pending technology produces real-time, measurable results with customers reporting greater than 600% increases in conversion rates. The Company’s software-as-a-service (SaaS) products are cloud-based, accessible on all mobile and desktop devices, and are available by subscription for individual and enterprise users. The Company’s technology is integrated into popular ERP, CRM, and marketing platforms, including Oracle NetSuite, Adobe Marketo, and integrations into Salesforce.com, Odoo, and Microsoft, among others are underway.

For more information, please visit: www.myverb.com

Forward-Looking and Cautionary Statements
This press release may contain “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the Company’s actual results. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and other filings with the U. S. Securities and Exchange Commission (available at www.sec.gov). The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.

CONTACT: CONTACT INFORMATION
Please address media inquiries to: info@myverb.com 
855.250.2300, extension 7

Please address investor inquiries to: investors@myverb.com 
855.250.2300, extension 2

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 Industry

Hydrogen Peroxide Market Size Worth US$ 6.3 Billion by 2026

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Acumen Research and Consulting, Recently Published Report On “Hydrogen peroxide Market Size, Share, Trends, Scope, Growth Opportunity and Forecast 2019-2026”

LOS ANGELES, Aug. 20, 2019 (GLOBE NEWSWIRE) — The global hydrogen peroxide market is estimated to grow at CAGR above 5.2 % over the forecast time frame 2019 to 2026 and reach the market value around US$ 6.3 billion by 2026.

Free Download Sample Report Pages for Better understanding@ https://www.acumenresearchandconsulting.com/request-sample/1560

In the paper and pulp industry, developments would become an important force on the hydrogen peroxide market. The item helps enhance deinked documents that increase consumer requirement. More than 400 million tons of paper were consumed worldwide in 2015. In the next few years, advancement in the paper & plastic sector would boost demand for the item. In the paper & pulp sector, a booming e-commerce sector and increasing home delivery facilities are one of the main drivers. In the packaging sector, this has improved the need for paper. Increasing trends towards sustainable options would enhance paper recycling and in the future further increase the demand for H2O2.

Progress in the electronics sector would be an important chance for producers of hydrogen peroxide. The use of the product in etching of printed circuit boards is responsible. Several businesses invest in research and development and give item ratings that are appropriate for this implementation. However, the future growth of hydrogen peroxide markets could be curbed by strict rules on industrial exposure imposed by OSHA and other regulatory bodies such as REACH, FDA, EPA etc.

View Detail Information with Complete TOC@ https://www.acumenresearchandconsulting.com/hydrogen-peroxide-market

Due to the extensive use of the products in the production of various chemicals, the chemical end users sector had a significant share in the hydrogen peroxide market. It is used in the production of perborate sodium and percarbonate sodium. Various peracids are generated by oxidation of H2O2 in the presence of an acidic catalyst. It is the most appropriate chemical for aromatic ring hydroxylation. This item is also used in metal processing to effectively extract different impurities. In the coming years, such varied apps of the item will probably propel.

As Europe accounted for one fourth of the market share, Europe is an important region on the hydrogen peroxide business. This is due to the existence of significant item manufacturers in the area. The products must comply with various strict European Union regulations, which could in future curb market growth. Europe comprises approximately 18,000 wastewater treatment facilities presently in service. The area reuses 60% of the sludge and aims to achieve 100% in future. In turn, these increasing trends in the wastewater sector would stimulate the need for hydrogen peroxide. This is because the item is used in this method as an oxidizing agent. The oxidation level relies heavily on the quantity of H2O2. It can also minimize the toxicity of organic compounds, which enhances their biodegradability.

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Hydrogen peroxide is primarily a disinfectant, oxidant and bleaching agent. In the rocket and space sector the focused type of hydrogen peroxide is used as a propellant.

H2O2 levels of industrial strength typically exceed 34 percent. It is made as aqueous solutions with a powerful, pungent smell. Concentrations of industrial resistance usually vary from 35% to 70%.

Key Players & Strategies

Some of the vital players in the global hydrogen peroxide market are Kemira Oyj, Aditya Birla Chemicals Ltd., Solvay, Akzo Nobel, Evonik Industries, Gujarat Alkalies, etc. The industry is strengthened with few major competitors. Fusion & purchases is a significant business approach.

In order to satisfy the increasing requirement of multiple sectors, Kemira Oyj plans to increase its manufacturing ability. Solvay and Evonik Industries have invested in product development and specifically offered item grades for different apps. Dow Chemicals, BASF SE and Solvay worked together to increase the consumer requirement in the sector of HPPO technology.

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IT Industry

POET Technologies Signs Deal for Sale of DenseLight

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SAN JOSE, Calif., Aug. 20, 2019 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (OTCQX: POETF; TSX Venture: PTK), a designer, developer and manufacturer of optoelectronic devices, including light sources, passive waveguides, and Photonic Integrated Circuits (PICs) for the data- and tele-communication markets, today announced that it has signed a definitive agreement with respect to its previously announced sale of its wholly-owned Singapore-based subsidiary, DenseLight Semiconductors, Pte. Ltd. (“DenseLight”).

In connection with the sale, which requires approval from the Company’s shareholders, POET has posted the Share Sale Agreement (“SSA”) on SEDAR (www.sedar.com) and published a Management Information Circular (“Circular”) for the Annual and Special Meeting of the Shareholders (the “Meeting”), set for September 20, 2019, via the TSX Trust website (http://docs.tsxtrust.com/2042). The Meeting will be held at 10:00 a.m. Eastern Time at Vantage Venues 150 King Street West, 27th Floor, Toronto, Ontario, on Friday, September 20, 2019. Representatives of the buyer of DenseLight intend to be present at the Meeting.

The buyer of DenseLight is DenseLight Semiconductor Technology (Shanghai) Co. Ltd. (“DL Shanghai”), a special purpose company recently organized by China Prosper Group on behalf of investors. DL Shanghai was established to acquire the capital stock of DenseLight from POET for a total consideration of US$28 million, which includes US$2 million that will be paid to Oak Capital Investment Company, Ltd., an affiliate of China Prosper Group, for due diligence, negotiation and other services rendered to the buyer in connection with the Share Sale Agreement. The lead shareholders in DL Shanghai are expected to be Dynax Semiconductors (Suzhou Nengxun High Energy Semiconductor Co.), one of Dynax’s major shareholders, the Suzhou Xiang Cheng District Investment Fund and a leading developer and manufacturer of Gallium Arsenide-based fiber lasers and optical passive devices for high powered lasers. Other shareholders include established funds and investors in the technology and communications industry in China. Dynax is China’s leading developer of Gallium Nitride-based electronic devices for RF microwave and industrial control in 5G mobile communication and broadband communication. None of the companies or individual shareholders have material interests in businesses that are competitive with DenseLight.

The transaction is expected to close on or before October 31, 2019, with the period between signing and closing allowing for both POET shareholder approval and the activities in which DL Shanghai is currently engaged, including the transfer of ownership interests to investors and assisting with foreign currency transfers prior to the closing.

Following closing, DenseLight’s operation in Singapore is expected to be expanded, both to support the preferred supply and strategic cooperation agreements negotiated with POET as part of the Share Sale Agreement and to serve an expanded market presence in China. Future plans include the construction of a high-volume manufacturing plant in Suzhou, expansion of sales and marketing efforts in China and elsewhere, and a potential public listing for DL Shanghai in China.

At the Meeting, in addition to approving resolutions related to the Company’s proposed sale of DenseLight, the Company will also conduct annual business, including the election of directors and ratification of the appointment of the Company’s auditors, Marcum LLP.

About POET Technologies Inc.
POET Technologies is a developer and manufacturer of optical light source products for the sensing and data communications markets. Integration of optics and electronics is fundamental to increasing functional scaling and lowering the cost of current photonic solutions. POET believes that its approach to hybrid integration of devices, utilizing a novel dielectric platform and proven advanced wafer-level packaging techniques, enables substantial improvements in device cost, efficiency and performance. Optical engines based on this integrated approach have applications ranging from data centers to consumer products. POET is headquartered in Toronto, with operations in Ottawa, Silicon Valley, the United Kingdom, and Singapore. More information may be obtained at www.poet-technologies.com.

Shareholder Contact:
Shelton Group
Brett L. Perry
sheltonir@sheltongroup.com
Company Contact:
Thomas R. Mika, EVP & CFO
tm@poet-technologies.com

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the Meeting, completing the sale transaction of DenseLight the success of the Company’s product development efforts, the expected results of its operations, meeting revenue targets, , and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the success and timing for completion of its development efforts, financing activities, sale of its DenseLight subsidiary, future growth, plans for and completion of projects by the Company’s third-party consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company’s anticipated projects, delays or changes in plans with respect to the development of the Company’s anticipated projects by the Company’s third-party relationships, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products,  the ability to attract key personnel, and the ability to raise additional capital, and its ability to complete all the agreements required for the sale of the subsidiary in enough time to hold a Special Meeting on the announced date. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither 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.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

 

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IT Industry

LaSalle Solutions Promoted to Elite Partner Level Status in Riverbed Rise

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ROSEMONT, Ill., Aug. 20, 2019 (GLOBE NEWSWIRE) — LaSalle Solutions, a division of Fifth Third Bank, announced today that it has achieved the Elite Partner Level Status in Riverbed Rise. Riverbed Rise is a channel partner program launched by Riverbed in January 2018 designed to recognize and reward partner performance across all partner types and business models. Riverbed provides a combination of Digital Experience Management and Digital Networking solutions that ensure superior digital and user experiences, provides new levels of operational agility and accelerates business outcomes. Accumulation of dividends with Riverbed over the past 12 months is the main contributing factor in the advancement to Elite Partner Level Status.

“LaSalle continues to climb in status with our partners thanks to our commitment to optimizing our customers’ technology infrastructures according to their needs,” said Steven Robb, senior vice president of the Solutions Group at LaSalle Solutions. “LAMP, our cloud-based technology information management platform, continues to be an integral piece of the puzzle thanks to the unmatched data reliability it provides at the customers’ fingertips.”

“LaSalle’s Elite Partner level status in Riverbed Rise is a recognition which underscores LaSalle’s commitment to ensuring its customers are provided the best technology solutions and expertise,” said Bridget Bisnette, Senior Vice President of Global Partner Sales, at Riverbed. “We congratulate their ongoing achievement and partnership.”

Building a strategic partnership with Riverbed enables LaSalle to provide a broader set of cloud-based technology solutions to drive positive outcomes for its customers. For a list of LaSalle’s technology partners, visit lasallesolutions.com/partners.

About LaSalle Solutions

Founded in 1980, LaSalle Solutions is a leading provider of technology lifecycle asset management services. LaSalle enables its customers to improve their technology operations through enhanced processes, management and reporting for better planning and return on investment. LaSalle Solutions’ processes, outstanding customer service and powerful, market-leading cloud-based platform, LAMP, enable customers to obtain better business outcomes through transparency and reliable results at their fingertips.

LaSalle Solutions is a division of Fifth Third Bank. Fifth Third Bank is focused on developing solutions in the equipment finance, leasing and technology arena to support better financial outcomes for our customers. LaSalle and Fifth Third share Midwest roots and a proud commitment that puts customers at the center of everything we do. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, an Ohio-chartered bank. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank. Member FDIC.

Learn more about LaSalle Solutions at lasallesolutions.com and YouTube.com/LaSalleSolutions.

LaSalle Solutions and LAMP are registered trademarks of Fifth Third Bancorp.

Press Contact
Beth Kirshenberg
LaSalle Solutions
847.823.9600
marketing@elasalle.com

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