Connect with us

IT Industry

Parker to Webcast Annual Meeting of Shareholders on October 23, 2019 at 9:00 a.m. Eastern Time




Reading Time: 1 minute

CLEVELAND, Oct. 17, 2019 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it will webcast its Annual Meeting of Shareholders, which is scheduled for Wednesday, October 23, 2019, beginning at 9:00 a.m. Eastern time.  The live webcast of the annual meeting will be accessible on Parker’s investor information website at and will be archived on the site for one year.

Parker Hannifin is a Fortune 250 global leader in motion and control technologies.  For more than 100 years the company has engineered the success of its customers in a wide range of diversified industrial and aerospace markets.  Parker has increased its annual dividend per share paid to shareholders for 63 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index.  Learn more at or @parkerhannifin.


CONTACT: Contact:
Media –
Aidan Gormley, Director, Global Communications and Branding

Financial Analysts –
Robin J. Davenport, Vice President, Corporate Finance

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.


Wyebot Wins 2019 Mobile Breakthrough Award for Overall WiFi Network Infrastructure of the Year




Reading Time: 2 minutes

MARLBOROUGH, Mass., Nov. 14, 2019 (GLOBE NEWSWIRE) — Wyebot, the B2B leader in autonomic WiFi assurance, today announced its flagship product, the Wireless Intelligence Platform (WIP), has been selected as the winner of the “Overall WiFi Network Infrastructure of the Year” award from Mobile Breakthrough, an independent organization that recognizes the top companies, technologies and products in the global wireless and mobile market.

The Wyebot WIP combines on-premises sensor hardware and cloud-based, vendor agnostic software that integrates seamlessly with any existing network infrastructure. Its AI-enabled wireless optimization algorithms work alongside next-generation predictive analytics to proactively identify potential threats or problems that can affect an organization’s WiFi network from running reliably and efficiently, while also providing actionable steps to optimize performance. The Wyebot WIP reduces mean time to resolution by up to 90%, decreases WiFi problem tickets by 50%, and reduces remote site visits by up to 80%.

“WiFi is now mission critical for many organizations’ daily operations and devices. As the marketplace introduces new IoT-enabled and edge devices and businesses embrace these technologies, the Wyebot team is excited to continue to deliver the most innovative WiFi assurance solution on the market that addresses daily IT needs,” said Roger Sands, CEO and co-founder of Wyebot. “We are proud to be recognized as the Overall WiFi Network Infrastructure of the Year winner by the Mobile Breakthrough organization. It validates the many hours and sweat equity the Wyebot team has put into building the WIP and the company. We are thankful to all those who have helped us on our journey thus far, including our investors, customers and employees, and will continue to take all our learnings into the next phase of our business growth.”

Since 2017, the independent Mobile Breakthrough organization’s mission is to honor excellence and recognize the innovation, hard work and success in a range of mobile and wireless technology categories, including Wireless and Broadband, Mobile Analytics, Cloud Computing, Mobile Management, IoT, Smart City and more. The 2019 program has attracted more than 2,500 award nominations from over 14 different countries throughout the world. Past notable winners have included Sprint, Toshiba, IBM and Vodafone, among others, and the Overall WiFi Network Infrastructure of the Year is one of the latest WiFi category additions.

About Wyebot

Wyebot is the leader in autonomic WiFi assurance. Its vendor agnostic Wireless Intelligence Platform analyzes, optimizes and, using the patent-pending AI-based engine and market-leading multi-radio sensor, automatically provides problem and solution identification resulting in up to 90% reduction in mean-time to problem resolution, up to 50% reduction in WiFi problem tickets, and reduction in onsite problem-solving visits by up to 80%. For more information, please visit

Media Contact
Matt Bretzius
FischTank Marketing and PR

Continue Reading


NexTech Expands AR Deal With Challenger Motor Freight Inc.




Reading Time: 4 minutes

NEW YORK and TORONTO, Nov. 14, 2019 (GLOBE NEWSWIRE) — November 14, 2019 – NexTech AR Solutions (the “Company” or “NexTech”) (OTCQB:NEXCF) (CSE:NTAR) (FSE:N29) the industry leader in the rapidly growing augmented reality (AR) space is pleased to announce that it has expanded its previously announced deal with Challenger Motor Freight Inc. one of the most technologically advanced logistics companies and one of the largest privately owned truckload carriers in Canada with over 1,500 trucks and 3,300 trailers. This agreement expands on NexTech’s existing business with Challenger. In addition to creating Augmented Reality (AR) recruitment experiences enhancing their recruitment efforts, the companies are expanding activities utilizing CaptureAR into strategic areas such as 3D-AR asset creation. 

Paul Weatherbie, Marketing and Communications Manager at Challenger, comments, “Challenger is extremely excited to work with NexTech AR in utilizing their various AR platforms to introduce a new generation of drivers to the transportation industry. We’ve been working very closely with the NexTech AR team to attract and retain drivers. This platform allows potential new drivers to become engaged on new levels utilizing augmented reality. The NextTech AR platform will introduce Challenger and our First Class Driving Experience. To date, we’ve begun developing AR hologram experiences to present new drivers the benefits of working at Challenger and to reach out to the next generation of future Challenger employees.”

Evan Gappelberg, CEO of NexTech AR, shares his enthusiasm about this deepened relationship. “The potential for augmented reality to help companies enhance their competitiveness is vast. We are really excited to work with Challenger Motor Freight again to help them achieve their business goals. With NexTech’s comprehensive AR offering, progressive companies like Challenger can increase their audience reach and appeal—strengthening their position within a highly competitive industry.”

The transportation industry today is highly competitive with industry players increasingly turning to technology to provide them with a competitive advantage. The industry also faces a major labour shortage and the demand for drivers outstrips the number of candidates that are available. NexTech’s augmented reality offering is helping Challenger to address both challenges.

About NexTech AR Solutions Corp.

NexTech is one of the leaders in the rapidly growing AR industry, estimated to hit $120 billion by 2022,  according to Statista. NexTech, the first publicly traded “pure-play” AR company, began trading on the CSE on October 31st, 2018. NexTech has a two-pronged strategy for rapid growth including growth through acquisition of eCommerce businesses and growth of its omni-channel AR SaaS platform called ARitize™. NexTech has an exclusive license to a portfolio of patents 7,054,831, 7,266,509 and patent-pending applications 15351508, 62457136, 62559487, related to interactive gaming, interactive advertising, and augmented reality (“AR”) technology.

The company is pursuing three multi-billion dollar verticals in AR.

ARitize™ For eCommerce; The company launched its technologically advanced webAR for eCommerce early in 2019 and has been rapidly signing up customers onto its SaaS platform, including notable customers, Walther Arms, Wright Brothers, Mr. Steak, and Budweiser. NexTech has the first ​‘full funnel’ end-to-end eCommerce solution for the AR industry including its 3D product capture, 3D ads for Facebook and Google, ‘Try it On’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy.’

ARitize™ University; having launched in June 2019, the app-based solution allows companies and educational establishments to leverage all of their existing 2D assets – YouTube videos, PDF documents, PowerPoint decks, images, etc. – and then overlay immersive 3D-AR experiences on top of that content for an interactive training experience that drives productivity.

ARitize™ Hollywood Studios; expected to launch in Q4 2019, the studio has created a proprietary entertainment venue for which it is producing immersive content using augmented reality as the primary display platform.

To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website:

On behalf of the Board of NexTech AR Solutions Corp.
Evan Gappelberg
CEO and Director

For further information, please contact:

Evan Gappelberg
Chief Executive Officer  

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “looking forward” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the Company increasing investors awareness are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of NexTech to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. NexTech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Continue Reading


Intrinsyc (TSX: ITC and OTCQX: ISYRF) Reports Third Quarter Results




Reading Time: 8 minutes

Intrinsyc achieved Revenue of US $6.2 million (CDN $8.2 million) with EBITDA1 of US $473,865 (CDN $625,691)

VANCOUVER, British Columbia, Nov. 14, 2019 (GLOBE NEWSWIRE) — Intrinsyc Technologies Corporation (TSX: ITC and OTCQX: ISYRF) (“Intrinsyc” or the “Company”), a leading provider of edge computing solutions for the development of intelligent Internet of Things (“IoT”) products, today announced its financial results for the third quarter ended September 30, 2019. Intrinsyc achieved Revenue of US $6.2 million (CDN $8.2 million) with EBITDA of US $473,865 (CDN $625,691).

On October 31, the Company announced it entered into an agreement with Lantronix, Inc. (NASDAQ: LTRX) (“Lantronix”), a global provider of secure data access and management solutions for IoT assets, pursuant to which Lantronix will acquire 100% of Intrinsyc’s issued and outstanding common shares in a cash and share transaction valued at approximately US$27 million. 

“I was pleased with the overall financial results achieved during the quarter, as well as operational performance in a number of key areas including: the improvement in hardware margin and order backlog, a significant increase in new production wins for our industry performance-leading edge AI computing modules, and continued product development and launches of advanced computing platforms,” stated Tracy Rees, Chief Executive Officer, Intrinsyc Technologies Corporation. “I believe we are well positioned to add value as part of a combined entity with Lantronix and that the combination has significant potential to unlock shareholder value through continued business momentum, with improvement in operational scale and other synergies.”

In addition to the achievement of excellent financial results in the quarter, the Company continued strong operational productivity, including:

  • The Company achieved its highest ever number of new production wins with 8 in the quarter, bringing the total to 36 net active production wins. With these recent results, the number of production wins has nearly doubled in the past year. These production clients have excellent potential to provide future multi-year repeat revenue.
  • Intrinsyc is currently developing a variety of next-generation intelligent IoT products, including robotics, drones, medical devices, video conferencing, intelligent cameras, in-flight entertainment, and more. We increased net design wins of companies developing their products or shipping commercial devices using the Company’s computing modules, increased from 71 to 73. With 36 net production wins, there are another 37 design wins with potential to enter future production which will significantly expand and diversify Intrinsyc’s repeatable revenue client base. The expanding client base is the foundation for future hardware product revenue growth.
  • Intrinsyc develops and sells development kits, which contribute to our overall revenue, and they are also lead generators for our product development services and production-ready edge AI computing modules. We ship these products to over 500 customers in more than 50 countries on an annual basis. The Company began shipment of the third-generation Snapdragon™ Automotive Development Platform (“ADP”) based on the Qualcomm® Snapdragon™ SA8155P processor from Qualcomm® Technologies, Inc. (“QTI”). This platform provides OEMs and ecosystem partners with access to QTI’s high-performance automotive infotainment, advanced driver assist platform for developing, testing, optimizing and showcasing next-generation in-vehicle infotainment solutions. The launch of the Snapdragon 8155 Automotive Development kit during the quarter was a key contributor to our overall revenue and improved hardware margin in the quarter. 
  • One of Intrinsyc’s clients was highlighted by Qualcomm and Digital Trends as part of their “Tech for Change” initiative. Intrinsyc helped to develop life-changing electronic glasses designed for virtually impaired users to see the world around them, and for some, for the very first time. These devices are powered by Intrinsyc’s edge AI computing modules.
  • Increased hardware gross margin due to the introduction of new higher margin products and increased economies of scale.

With the announcement of several hardware orders during the quarter, we increased our hardware backlog by 42% to US $7.5 million, at the end of the third quarter. The following were announcements regarding orders made during the quarter:

  • Orders received for the Company’s Open-Q™ embedded computing modules valued at US $384,240 and included an initial stocking order for a new production client building medical devices. The Company also received orders from existing and new clients for product development services valued in aggregate at US $433,936.
  • Received an order, that is valued at US $1,195,000. This initial stocking order is for the purchase of the Company’s Open-Q™ 835 edge AI computing modules to be used in a next-generation video collaboration product. Delivery is expected to occur in the fourth quarter of 2019.
  • Received an order that is valued at US $513,000. This initial stocking order is for the purchase of the Company’s Open-Q™ 820 edge AI computing modules that will be used to enable commercial vehicle connectivity services provided by a Fortune 500 company. Delivery occurred in the third quarter of 2019.
  • Received an order that is valued at US $1,120,000. This follow-on order is for the purchase of the Company’s Open-Q™ 835 edge AI computing modules to be used in a next-generation video collaboration product. Delivery is expected to occur in the first quarter of 2020.
  • Received orders from multiple clients, that in aggregate are valued at US $1,263,000. These orders consist of US $1,002,000 for hardware and US $261,000 for product development services. Hardware and services will be delivered in the third quarter, ending September 30, 2019 and fourth quarter, ending December 31, 2019.

Financial Highlights

Three Month Comparative Results

The Company reported third quarter revenue of US $6.2 million (CDN $8.2 million), up 13% over the prior period of US $5.5 million (CDN $7.2 million) and 1% over the same period in the prior year of US $6.1 million (CDN $8.0 million).

Gross margin2 for the three months ended September 30, 2019 was 35%, which slightly higher than the gross margin in the prior period but lower than the same period in the prior year. EBITDA was as follows:

  Three months ended
September 30, 2019
 Three months ended
June 30, 2019
 Three months ended
September 30, 2018 (Restated)3
Operating income (loss) $292,072 $385,651 ($47,412) ($63,423) $382,522 $499,957
Add back: Other operating expenses 181,793 240,040 216,841 290,067 171,351 223,956
EBITDA $473,865 $625,691 $169,429 $226,644 $553,873 $723,913

The Company had net income of US $332,386 (CDN $359,844), and earnings per share of US $0.02 (CDN $0.02) compared to net income of US $66,247 (CDN $83,377), or US $0.00 (CDN $0.00) earnings per share in the prior quarter and net income of US $314,046 (CDN $405,838) or US $0,01 (CDN $0.02) earnings per share in the same period in the prior year. 

Nine Month Comparative Results

The Company reported revenue of US $17.8 million (CDN $23.6 million), down 4% over the same period in the prior year of US$18.6 million (CDN$24.0 million). The decrease in revenue over the comparative periods was due primarily to decreased revenue from the sale of services.

Gross margin for the nine months ended September 30, 2019 was 34%, which was slightly lower than the 35% gross margin in the same period in the prior year. EBITDA was as follows:

  Nine months ended
September 30, 2019
 Nine months ended
September 30, 2018 (Restated)
    US$     CDN$     US$     CDN$  
Operating income $ 212,482
$ 279,448 $ 803,788
$ 1,039,816
Add back: Other operating expenses   586,371   779,704   591,271   760,921
EBITDA $ 798,853
$  1,059,152
$ 1,395,059
$  1,800,737

The Company had net income of US $226,778 (CDN $300,320) or US $0.01 (CDN $0.01) earnings per share during the nine months ended September 30, 2019, compared to net income of US $582,601 (CDN $746,413) or US $0.03 (CDN $0.04) during the same period in the prior year.

Financial Position as at September 30, 2019

Working capital4 as of September 30, 2019 was US $10.4 million (CDN $13.1 million) inclusive of cash and short-term investments of US $3.6 million (CDN $5.0 million). This is compared to net working capital of US $10.3 million (CDN $14.1 million) as at December 31, 2018 inclusive of cash and short-term investments of US $6.0 million (CDN $8.1 million). The decrease in working capital was due primarily to shares repurchased by the Company under its normal course issuer bid (“NCIB”), which was subsequently terminated October 3, 2019, and the leasehold improvements pertaining to the opening of its new Taiwan office facility in May 2019 offset by the positive EBITDA generated by the Company during fiscal 2019 to date. 

Financial Statements and Management Discussion & Analysis

Please see the unaudited condensed consolidated financial statements and related Management’s Discussion & Analysis (“MD&A”) for more details. The unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2019 and related MD&A have been reviewed and approved by Intrinsyc’s Audit Committee and Board of Directors. Intrinsyc recognizes that the majority of its investors are now accessing Intrinsyc’s corporate and financial information either through pushed news services, directly from or SEDAR. Thus, Intrinsyc has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at and also posted at

Financial information is reported in United States dollars and in accordance with International Financial Reporting Standards (“IFRS”). 

Conference Call

Due to the proposed transaction with Lantronix, the Conference Call previously scheduled for November 14, 2019, will be cancelled.

Non-IFRS Measures

The following and preceding discussion of financial results includes reference to Gross Margin, EBITDA and Working Capital, which are all non-IFRS financial measures. The measure of gross margin is provided as management believes this is a good indicator in evaluating the operating performance of the Company. EBITDA is defined as operating income (loss) less other operating expenses. The measure is provided as a proxy for the cash earnings from the operations of the business as operating loss for the Company includes non-cash amortization and depreciation expense and share-based compensation which are classified as other operating expenses. The measure of working capital is provided as management believes this is a good indicator of the operating liquidity available to the Company.

Forward-Looking Statements

This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information may include financial and other projections as well as statements regarding the Company’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the company’s underlying assumptions. The words “may”, “would”, “could”, “will”, “likely”, “expect,” “anticipate,” “intend”, “plan”, “forecast”, “project”, “estimate” and “believe” or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Company’s actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: the need to develop, integrate and deploy software solutions to meet the Company’s customer’s requirements; the possibility of development or deployment difficulties or delays; a customer’s decision to cancel or fail to proceed with a commitment to purchase units of the Company’s products contained in an executed purchase order; the dependence on the Company’s customer’s satisfaction; the timing of entering into significant contracts; customers’ continued commitment to the deployment of the Company’s solutions; reliance on products manufactured by other companies for resale or distribution and reliance on third-party suppliers; the performance of the global economy and growth in software industry sales; market acceptance of the Company’s products and services; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to international expansion; concentration of sales; international operations and sales; dependence upon key personnel and hiring; reliance on a limited number of suppliers; industry growth; competition; intellectual property; product defects and product liability; currency exchange rate risk; and other factors described in the Company’s reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2018. This list is not exhaustive of the factors that may affect the Company’s forward-looking information.

These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

About Intrinsyc Technologies Corporation

Intrinsyc provides comprehensive product development services, as well as the industry’s highest-performance edge computing modules, to enable rapid commercialization of intelligent Internet of Things (“IoT”) products. Intrinsyc has successfully delivered over 1,400 client projects including sophisticated consumer and industrial IoT products like: robotics, connected cameras, smart displays, augmented reality, smart buildings, wearables, in-vehicle infotainment, and many others. Intrinsyc’s Open-Q™ System on Modules incorporate the industry’s most advanced processor technology, and help OEMs to rapidly bring industry leading products, with rich functionality and high performance, to market. Intrinsyc is publicly traded (TSX: ITC and OTCQX: ISYRF) and is headquartered in Vancouver, BC, Canada; with additional product development centers in Taipei, Taiwan, and Bangalore, India.

For more information, please contact:

George W. Reznik, CPA-CA, CBV, CFE
Chief Financial Officer
Intrinsyc Technologies Corporation
Phone: +1-604-678-3734

1 Non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. The closest comparable IFRS financial measure is Operating Income (Loss). EBITDA referenced here relates to operating income (loss) less other operating expenses. 

2 Gross Margin is a non-IFRS measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross margin referenced herein relates to revenues less cost of sales.

3 These numbers have been restated to account for the impact of IFRS 16. Additional details on IFRS 16 are discussed in the Critical Accounting Policies and Estimates section of the MD&A and Note 3 to the Interim Condensed Consolidated Financial Statements.

4 Working Capital is a non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. This measure does not have a comparable IFRS measure. Working capital is defined as current assets less current liabilities.

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

Follow our Tweets


Please turn AdBlock off