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BioSolar Releases Company Update

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SANTA CLARITA, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) — BioSolar, Inc. (OTCQB:BSRC)(“BioSolar” or the “Company”), a developer of breakthrough energy storage technology and materials, today provided an update from Chief Executive Officer Dr. David Lee, outlining corporate milestones of 2019, as well as next steps to establish longer term commercial viability.

“BioSolar has made significant progress towards its goal of developing technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries, the objectives for the majority of consumer and commercial energy storage applications in high growth markets,” said Dr. Lee. “Our success will be measured by two key initiatives: one on the technology development side, and the second being our ability to form meaningful, mutually beneficial relationships with the right partners. We believe both objectives are each on their respective track for success, and are excited for what we expect to be an eventful 2020.”

BioSolar achieved a number of milestones thus far in 2019, including but not limited to:

  • Selecting the 21700 cylindrical cell format for its commercial grade prototype cells, a decision made to clearly demonstrate the product’s commercial viability and achieve increased exposure for potential customers considering the Company’s additive technology. While lithium-ion battery packs based upon 18650 formatted cells have historically been popular, many end-users in high-growth industries believe the 21700 format cells will serve as the foundation for the battery of the future.
  • Producing the first batch of domestically-produced materials that incorporate the Company’s proprietary performance-boosting silicon additive technology, before shipping to its international material manufacturing partner, a strategic procurement decision that the Company believes will ultimately drive down cost and improve quality control of the resulting product.
  • Completing building and testing of its first batch of commercial grade prototype lithium-ion batteries. The initial results for the power and energy capabilities of the first batch of 21700 cells were much closer to meeting end-goal metrics than expected.
  • Initiating preparation of the next batch of the commercial prototype development that incorporates additional 21700 cell design work to narrow the cell-to-cell capacity variation after cell formation. Narrower cell capacity distribution will allow consistent cell quality during manufacturing.

There are a number of key objectives that BioSolar seeks to achieve moving forward in its quest to reach commercialization. They include:

  • Complete the next batch of the commercial prototype development that incorporates additional 21700 cell design work to successfully narrow the cell-to-cell capacity variation after cell formation. Once completed, the commercial grade prototype batteries will be sent to potential manufacturing and development partners for their own qualification testing and analysis.
  • Continue working with existing technology development partners to build and demonstrate success for commercial grade Li-ion batteries incorporating the Company’s Si anode material and additive technologies.
  • Commence a new technology development program targeting another specific industry vertical, a strategy designed to diversify application and establish the BioSolar’s longer term commercial viability in battery technology.

Dr. Lee concluded, “While we have certain milestones to achieve and challenges to overcome, we are very optimistic about bringing BioSolar technologies to market in coming years. As high-growth industries continue to adopt new and improved lithium-ion battery technologies, the market opportunity is tremendous for a solution like ours, hopefully resulting in customer adoption and revenue generation.”

About BioSolar, Inc.

BioSolar is developing a breakthrough technology to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries. A battery contains two major parts, a cathode and an anode, that function together as the positive and negative sides. BioSolar is currently investigating high capacity anode materials recognizing the fact that the overall battery capacity is determined by combination of both cathode and anode. By integrating BioSolar’s high capacity anode, battery manufacturers will be able to create a super lithium-ion battery that can double the range of a Tesla, power an iPhone for two days straight, or store daytime solar energy for nighttime use. Founded with the vision of developing breakthrough energy technologies, BioSolar’s previous successes include the world’s first UL approved bio-based back sheet for use in solar panels.

To learn more about BioSolar, please visit our website at http://www.biosolar.com.

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company with the United Stated Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

CONTACT INFORMATION

Investor Relations Contact
Tom Becker 
BioSolar, Inc.
ir@biosolar.com
(877) 904-3733

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.

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vSync Circuits Adds Verific’s Static Elaborator to Product Mix

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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:
Email: info@verific.com
Website: www.verific.com
LinkedIn: https://www.linkedin.com/company/verific-design-automation-inc/
Facebook: https://www.facebook.com/Verific-Design-Automation-100448363329771/

Verific Design Automation acknowledges trademarks or registered trademarks of other organizations for their respective products and services.

For more information, contact:
Nanette Collins
Public Relations for Verific
(617) 437-1822
nanette@nvc.com

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Rackspace Expands Professional and Managed Services to Accelerate Customer Cloud Adoption with Amazon Web Services

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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.

About Rackspace
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.

Media Contact
Mikala Ferguson
mikala.ferguson@rackspace.com
210-550-6452

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New Research Finds Latest Accounting Regulations Are Significantly Driving Up Audit Costs

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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.

Survey Methodology
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.

About FloQast
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.

*inactive

Rebecca Mettler
BOCA Communications for FloQast
floqast@bocacommunications.com
914-215-0113

 

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