VANCOUVER, BC, Aug. 26,
2022 /CNW/ - Minerva Intelligence Inc. (TSXV:
MVAI) (OTCQB: MVAIF) ("Minerva" or the "Company"), an artificial
intelligence software company focused on building decision support
tools for climate risk, mineral exploration and mining, is pleased
to announce its financial results for the three-month period ended
June 30, 2021 ("Q2"). All amounts are
presented in Canadian dollars.
Q2 Financial
Highlights
- Total revenues for the three-month period ended June 30th, 2022, of $61,704 compared to $269,351 for the three-month period ended
June 30th, 2021
- Net loss for the three-month period ended June 30th, 2022, of $1.014 million compared to $0.71 million for the three-month period
June 30th, 2021
- Cash balance of $1,582,854 and
working capital of $1,350,613
As of June 30, 2022, after
allocating the above revenues, the Company held approximately
$154,000 of customer deposits related
to SaaS sales, which commenced on March
1st. Approximately $95,000 is
expected to be recorded as 2022 revenue, with the balance to be
recorded as 2023 revenue.
Q2 Operational
Highlights
- Signed three licensed SaaS customer for DRIVER AI Software
- Signed five DRIVER proof-of-concept projects
- Launched climate85; a data and analytics platform providing
access to physical climate risk information at every location in
Canada
"Our second quarter operational highlights show some momentum
with DRIVER sales that I am hopeful will continue to pick up in the
fall. We were excited to launch the new climate85 product in the
second quarter. climate85 integrates the best available data
with state-of-the-art predictive models to forecast climate change
impacts on our natural systems and economy, providing an extensive
database of spatial layers as well as analytical tools to our
prospective customers in order to help them better understand the
impacts of climate change. climate85 has tools and functionalities
designed to assess and help to disclose physical climate risks for
a wide range of clients. We see this as a huge opportunity for our
climate85 product given the current climate risk issues
worldwide and will be rolling out additionally functionality in the
months ahead." said Scott
Tillman, Chief Executive Officer.
Management expects future periods to result in higher sales as
the contracts for DRIVER accumulate and renew.
For full details on Minera's reported results, please go to
https://minervaintelligence.com/investors.
About Minerva Intelligence
Inc.
Minerva Intelligence Inc. is a software development company
based in Vancouver, Canada, with a
subsidiary office in Darmstadt, Germany. Their proprietary technology is
empowering organizations to make defensible decisions in the face
of climate change.
Although Minerva's applications focus on the search for critical
metals and the assessment of physical climate risk, their
technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture
Exchange (symbol MVAI). For further details, please refer to their
website www.minervaintelligence.com or follow Minerva on
Twitter or LinkedIn.
Cautionary Note Regarding Forward-Looking
Statements
Forward Looking Information: This news release includes
certain information that may be deemed "forward-looking
information". Forward-looking information can generally be
identified by the use of forward-looking terminology such as "may",
"will", "expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. All information in this
release, other than information of historical facts, including,
without limitation, the availability of financing to the Company
are forward-looking information that involve various risks and
uncertainties. Although the Company believes that the expectations
expressed in such forward-looking information are based on
reasonable assumptions, such expectations are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking information.
Forward-looking information is based on a number of material
factors and assumptions. Factors that could cause actual results to
differ materially from the forward-looking information include
changes in project parameters as plans continue to be refined,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
regulatory changes, delays in receiving approvals, and other risks
detailed herein and from time to time in the filings made by the
Company with securities regulatory authorities in Canada. Mineral
exploration and development of mines is an inherently risky
business. Accordingly, actual events may differ materially from
those projected in the forward-looking information. For more
information on the Company and the risks and challenges of our
business, investors should review our continuous disclosure filings
which are available at www.sedar.com. Readers are cautioned not to
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved
of the contents of this press release. Neither the 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 press
release.
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SOURCE Minerva Intelligence Inc.