MONTREAL, Nov. 28, 2019 (GLOBE NEWSWIRE) — Mobi724 Global Solutions Inc. (“Mobi724” or the “Company”) (TSX-V: MOS), a fintech company that offers a suite of integrated technology-agnostic, BI & AI powered card-linked offers & reward solutions announces its Q3 2019 financial results (“Results”).
Effective September 30, 2019, in order to be consistent with the focus of its business, MOBI724’s reporting was structured to consist of a single reporting and operating segment, namely, Smart Transactions Processing. Previously, the divisional structure and the Company’s three reportable and operating segments were Card-Linked Offers & Rewards (“CLO&R”), Digital Marketing & Business Intelligence (“DMBI”), and EMV Payments (“Payments”). The single segment reporting is aligned with the organizational structure and strategic direction of the Company. The Smart Transactions Processing segment comprised of the former CLO&R and will incorporate revenues from AI enhanced products and services offering.
The Results are adjusted to the divestiture of non-core segments and are as follows:
Q3-2019 versus Q3-2018
- Revenue increase by 144% – $342K from $140K
9 months ended September 30, 2019 versus 9 months ended September 30, 2018
- Revenue increase by 59% – $703M from $443K
Monthly average net burn rate on quarterly basis:
Q3-2019 versus Q2-2019
- Net burn rate decrease by 42% – $223K from $384K
Marcel Vienneau, CEO of MOBI724 said: “In 2019 we focused on attaining the following strategic objectives: Realigning the company to focus on its core business, which is processing card-linked AI-powered offers & rewards – Smart Transactions; Reducing the burn rate & steering the company towards cash-flow positive status; Executing new contracts and scaling up commercial operations. In Q3 the integration of platforms was completed under a single architecture. We developed new strategic business relationships with global companies. Our AI development progressed and is nearing commercial production. We successfully divested some of the I.Q.7/24 customer base, while retaining the IPs, and the unique expertise of key I.Q.7/24 team members. Since its acquisition, we streamlined the operations of I.Q.7/24 and successfully brought the company to a cash-flow positive status while keeping all the IP portfolio and netting a gain on the sale of over $456k. The sale of the Company’s stake in Mobi724 Asia completed the initiative of streamlining operations and focusing on our most value creating core business. By exiting the payment division in Asia Pacific, and realigning the focus on larger accounts, we are targeting an improvement in margins and sustained growth over the coming quarters.”
Allan Rosenhek, CFO of Mobi724 commented: “We succeeded in accelerating revenues, while completing the Company’s restructuring in order to decrease the net burn rate by nearly half. We have previously stated that we anticipated a considerable increase in our core business of Smart Transactions Processing. This quarter we start seeing this increase. As a co-founder of MOBI724 and a significant shareholder, I remain confident in the future of the company.”
Additional Information – This press release should be read in conjunction with the Company’s Interim Q3-2019 Management Discussion and Analysis and Interim Q3-2019 Consolidated Financial Statements. This and additional information can be accessed under Mobi724’s company profile on www.sedar.com.
About Mobi724 Global Solutions Inc.
“Processing Smart Transactions Anywhere”
Mobi724 Global Solutions Inc. (TSX-V: MOS) is a Fintech company headquartered in Montreal, Canada. The company offers a suite of integrated technology-agnostic, BI & AI powered card-linked offers & reward solutions that work with any digital payment method, at any point of sale, both online and in physical locations. Mobi724’s global processing platform enables card issuing banks, payment networks, merchants and loyalty program operators to generate incremental revenues by driving new commercial opportunities, while delivering seamless engaging and rewarding experiences to cardholders.
Certain statements in this document, including those which express management expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit www.MOBI724.com or contact:
MOBI724 Global Solutions Inc.
vSync Circuits Adds Verific’s Static Elaborator to Product Mix
ALAMEDA, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) — Verific Design Automation today announced long-time customer vSync Circuits added Verific’s static elaboration to its product mix and introduced vLinter, early rule-based design analysis and verification software.
“Our relationship with Verific is one of great mutual admiration,” remarks Dr. Reuven Dobkin, chief executive officer and chief technology officer of vSync. “We respect Verific and value it as a trusted vendor with incomparable support and service.”
vLinter, static analysis-based verification used in early design stages, hunts design bugs due to bad coding practices, including unsynthesizable code, unintentional latches, undriven signals, race conditions, out-of-range indexing, incomplete case statements and simulation and synthesis mismatches. It supports both ASIC and FPGA design flows and allows easy and fast setup by directly loading project files from leading synthesis software.
“VSync takes a clever approach to functional verification using structural and formal verification, RTL and gate-level verification, automatic timing constraints generation and automatic bug fixing,” remarks Michiel Ligthart, Verific’s president and chief operating officer. “The result is a powerful methodology that works in either FPGA or ASIC verification and integration flows with Verific’s parser platforms serving as the front end.”
Verific’s SystemVerilog, VHDL and universal power format (UPF) Parser Platforms are in production and development flows at semiconductor companies worldwide, from emerging companies to established Fortune 500 vendors. Applications range from analysis, simulation, formal verification and synthesis to emulation and virtual prototyping, in-circuit debug and design for test. Verific distributes its Parser Platforms as C++ source code and compiles on all 32- and 64-bit Unix, Linux, Mac OS and Windows operating systems.
About vSync Circuits
vSync Circuits is an EDA and IP solutions company providing integration and verification solutions for ASIC and FPGA design and verification groups. It introduces a novel and unique technology for reliable multiple clock-domain design integration and verification comprised of a tool-based approach that bridges the design and verification worlds. vSync Circuits methodology is generic and is compatible with all different design flows.
About Verific Design Automation
Verific Design Automation is celebrating 20 years as the leading provider of SystemVerilog, Verilog, VHDL and UPF Parser Platforms that enable project groups to develop advanced electronic design automation (EDA) products quickly and cost effective worldwide. Verific, with offices in Alameda, Calif., and Kolkata, India, has shipped more than 60,000 copies of its software used worldwide by the EDA and semiconductor industry. Corporate headquarters is located at: 1516 Oak Street, Suite 115, Alameda, Calif. 94501. Telephone: (510) 522-1555.
Engage with Verific at:
Verific Design Automation acknowledges trademarks or registered trademarks of other organizations for their respective products and services.
For more information, contact:
Public Relations for Verific
Rackspace Expands Professional and Managed Services to Accelerate Customer Cloud Adoption with Amazon Web Services
SAN ANTONIO and LAS VEGAS, Dec. 03, 2019 (GLOBE NEWSWIRE) — Announced today from AWS re:Invent 2019, Rackspace accelerates its growth as a full stack service provider by expanding its portfolio of Rackspace Service Blocks™. This news expands Rackspace’s leadership in providing professional and managed services for Amazon Web Services (AWS).
With the expansion of the Service Blocks portfolio, Rackspace further empowers customers to keep pace with innovation and capitalize on new services and features like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and Serverless Computing.
“Our customers need deep AWS expertise that helps them develop, deploy, and integrate the latest applications, improve and secure their infrastructure, and ultimately make the most of what AWS has to offer so that they can move their businesses forward,” said Matt Stoyka, Chief Relationship Officer, Rackspace. “Our enhancement of Rackspace Service Blocks bridges the skills gap faced by customers who are quickly maturing on AWS.”
“For 15 years, we’ve trusted Rackspace to hear and understand our challenges, diagnose our problems, and quickly develop solutions that fit our evolving needs as a company,” said Bill Dalton, Vice President of Firefly Digital. “Today, bringing their expertise to manage our entire container services journey, Rackspace ensures we’re getting the most from AWS so we can focus on innovating and staying competitive.”
Enhanced Portfolio for AWS Services: Rackspace Introduces Three New Rackspace Service Block Patterns
Rackspace Service Blocks is the modular cloud services portfolio comprised of discrete, customizable services provided on a flexible consumption model, which allows customers to only pay for the cloud services they need, optimizing IT economics.
Today’s newly introduced Rackspace Service Block patterns are designed to streamline the adoption of AWS by consolidating broad expertise across infrastructure, applications, data, strategy and integration. This expertise is distilled into solution roadmaps designed to help customers deploy three key types of solutions:
- Container Services Journey – A combination of Professional Services, Managed Cloud and Advanced Kubernetes Management Service Blocks, this offering helps customers outline their container strategy, build containerized applications and transition them into ongoing management.
- Hybrid Transformation with VMware Cloud on AWS – A grouping of managed and professional services designed to provide customers with the tools and expertise needed to make a smooth transition to hybrid cloud with VMware Cloud on AWS.
- Data Modernization – This configuration helps customers streamline analytics processes, uncover deficiencies within processes and derive meaning from data to enable better data-driven business decisions and serve their customers with accurate and timely data.
Learn more about Rackspace Service Blocks at rackspace.com/lp/new-aws-service-blocks.
Visit Rackspace at Booth #1637 in the Venetian at AWS re:Invent 2019.
At Rackspace, we accelerate the value of the cloud during every phase of digital transformation. Across applications, data, security, hybrid and multiple clouds worldwide, we provide cloud specialists with unbiased expertise, continuous modernization and Rackspace Service Blocks. We work with leading partners and alliances. As a recognized Gartner Magic Quadrant leader, we deliver Fanatical Experience™ across every interaction. Rackspace has been honored by Fortune, Forbes, Glassdoor and others as one of the best places to work.
New Research Finds Latest Accounting Regulations Are Significantly Driving Up Audit Costs
LOS ANGELES, Dec. 03, 2019 (GLOBE NEWSWIRE) — FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced the results of a just released survey entitled “The Ugliness of the Audit.” The study, based on feedback from more than 200 financial audit stakeholders, clearly demonstrates that audits are becoming significantly more costly and burdensome for companies of all sizes and the situation is not expected to improve in the next two years. It is important to note that these cost increases are driven primarily by changing accounting rules and regulations such as ASC 606.
“The audit is an essential part of the accounting process, but it is abundantly clear that the process has become overly taxing and expensive for companies of all sizes,” said Diane Hagglund, senior research analyst at Dimensional Research. “As audits become increasingly painful and burdensome, it is driving demand for innovative software solutions that help mitigate this pain by delivering a level of sanity into the process.”
Key findings in the report include:
- Audit costs are rapidly growing – Audits are becoming increasingly expensive for organizations of all sizes, with over half of finance teams (53%) reporting substantial increases in audit costs in the past two years, driven primarily (64%) by new accounting regulations. The vast majority (81%) of companies that have adopted ASC 606 in their audit procedures report that it has negatively impacted their audit, increasing the cost and time to complete it and adding additional stress and frustration to the process. Ninety percent (90%) expect audit costs to further increase in the next two years and more than half (55%) of large companies (over 1,000 employees) have annual audit fees of more than $250,000.
- Audits are lengthy and disruptive for finance teams – The audit process places a big strain on finance and accounting departments with ninety-five percent (95%) stating they face challenges with their audits, including conflicts with other work (82%), the complexity of accounting rules (58%), and dealing with the stressful time that has a personal impact on their staff (50%). Most telling, 66% say that CFOs and controllers live with persistent fear that they may have missed something in their financials that will come under the scrutiny of the auditors.
- Financial software improves the audit process – Close management software is providing improvements to the audit process for 91% of the finance teams that use it, and they are less likely to expect significant increases in the cost of their audit in the future. Eighty-nine percent (89%) of those surveyed indicated they would benefit from additional software capabilities, commonly found in close management, during their audit.
“This survey validates what we hear from our customers every day – the audit has become a black hole that sucks the money, time and morale from accounting teams every year,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “FloQast’s goal is to provide controllers and CFOs with the financial software and tools that drive more efficient audits meaning less billable hours by auditors and a quicker return to focusing on what really matters, and that’s running the business.”
A complimentary copy of the report is available at www.floqast.com/auditsurvey.
Join Dimensional Research and FloQast for a live webinar on “The Ugliness of the Audit – and How to Avoid It” on December 11 at 11:00 am PT/2:00 pm ET during which they will walk through the survey results and share best practices for how to improve audit readiness. Register at www.floqast.com/auditsurveywebinar.
To learn about FloQast close management software and how it will help your accounting team to streamline your annual audit, visit www.floqast.com/audit.
The survey was conducted by Dimensional Research, on behalf of FloQast, in November 2019. A total of 203 accounting and finance professionals participated in the survey, all of whom were directly responsible for activities and outcomes of year-end financial audits. The purpose of the survey was to gauge finance and accounting professionals’ opinions of and experiences with the annual audit process, particularly in the light of the adoption of new accounting regulations such as ASC 606 and 842.
About Dimensional Research
Dimensional Research® provides practical market research to help technology companies make their customers more successful. Our researchers are experts in the way technology organizations operate to meet the needs of their business stakeholders. We partner with our clients to deliver actionable information that reduces risks, increases customer satisfaction, and improves business results. For more information, visit dimensionalresearch.com.
FloQast is close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams who rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The cloud-based software is trusted by more than 750 accounting departments, including those at Lyft, Twilio, Zoom and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @floqast.
BOCA Communications for FloQast
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