#AI News: VSBLTY (CSE: $VSBY.C)
(OTC: $VSBGF) CEO Provides Corporate Update; @vsbltyco
Philadelphia,
PA - July 6, 2020 (Investorideas.com Newswire) VSBLTY Groupe Technologies Corp.
(CSE:
VSBY)
(Frankfurt:
5VS)
(OTC:
VSBGF)
("VSBLTY"), a leading security and retail software technology
company, today released its CEO Update to highlight a number of recent
milestones and provide an outlook for the coming quarters.
Read this news
featuring VSBLTY in full at https://www.investorideas.com/CO/VSBY/news/2020/07061CorporateUpdate.asp
Financial Highlights
VSBLTY
Founder & CEO Jay Hutton said, "VSBLTY is pleased to announce strong second
quarter results on the back of the recently announced Q1 results. The company
recognized revenue of $407,000 USD in Q1 and will follow up with revenue
recognition of more than $500,000 USD in Q2."
He
further reported, "In February of 2020, the company began working on a
product extension and licensing agreement with a Fortune 500 international
corporation with whom the company has had a long-standing commercial and
strategic partnership. This agreement accelerates the product roadmap of the
company while providing a baseline of revenue.
Oriented
around computer vision and the DataCaptor™ software module, this agreement
defines a specific initial customer but also stipulates how the companies will
work together to offer the solution to other joint customers in the sports and
entertainment vertical. The company views this agreement as the foundation to a
highly collaborative commercial offering that has no technical peer."
COVID-19 Impact
Like
many companies, VSBLTY faced some operational challenges in the second quarter
due to the unprecedented COVID-19 situation. Hutton commented, "We are in
challenging times, but I'm proud to say that our team has responded to enable
the company to execute and position ourselves for growth. We secured $200,000
USD in Payroll Protection Funds to ensure we did not lose any of our momentum.
In the face of the headwinds we encountered over the last several months we
have leveraged our existing capabilities to provide innovative technology
solutions to assist with the reopening of the economy. We anticipate strong
results in both Q3 and Q4 based on the continued progress on our Latin American
Smart City Security initiatives, the anticipated growth in the retail
marketplace now that the economy is reopening along with several new
opportunities we are pursuing with our COVID-19 response solutions."
Retail Outlook
"We
are pleased to update that while the company experienced second quarter delays
deploying several projects in the retail marketplace, none of these projects
were cancelled and we are anticipating a robust third quarter as retail
momentum has already started to return. Beginning in July, VSBLTY will
participate in a smart, custom digital display program with a major retail drug
store chain. This project will include interactive technology designed to
educate consumers with critical, educational information so that they can
better manage their own health and wellness," Hutton said.
COVID-19 Technology Solutions
"As
the economy begins to reopen there are several new and unique challenges faced
by venues and retailers which include density tracking and capacity management.
The VSBLTY technology suite is ideally suited to help address these challenges
with its computer vision COVID-19 response solutions and we anticipate booking
several projects in this vertical in the third quarter. In fact, the company
has already begun a deployment with one of the world's most renowned theme
parks as part of theirreopening protocols to keep guests and staff safe,"
according to the VSBLTY CEO.
"The
increased regulation related to ‘return to work' protocols has exploded the
demand for intelligent kiosk solutions that confirm persons authorized to be in
a location as well as conducting thermal checks," he said. "VSBLTY is
pursuing the objective of being the ‘go to' solution for embedded software in
the facial recognition/thermal detection marketplace. VSBLTY builds solutions
that will be incorporated into hardware platforms sold through multiple
globally recognized brands. This demand leverages core capability that VSBLTY
has already perfected and signals an unanticipated growth area. We expect the
kiosk marketplace will represent tens of thousands of units in the coming
quarters as the new protocols get adopted across a wide range of industries.
VSBLTY is playing an embedded systems role with multiple kiosk manufacturers
and we are confident that we will play an important part in this emerging
market," Hutton added.
Security Outlook
Hutton
also said, "On the security side of the business the smart city project in
Mexico City is executing successfully and returning tangible results in crime
reduction. The addition of thermal sensing capability in Miguel Hildalgo has
led to product expansion that can be applied in multiple markets. Expansion to
Colombia was announced by the company in the second quarter and is expected to
scale in the coming months."
On
May 11, 2020, VSBLTY announced a deal with a leading cyber security firm that
is focused on cyber and systems security for buildings. Hutton commented on the
importance of the agreement, "COVID-19 has accelerated the adoption of
safety and security-related technology for buildings. Access control and
employee safety are enhanced through facial recognition and ID data in real
time. The addition of temperature monitoring and fever checks of people within
facilities is providing real comfort for employees and visitors."
FORWARD-LOOKING
STATEMENT
Certain
statements in this news release constitute forward-looking information within
the meaning of applicable securities laws. Generally, forward-looking
information can be identified by the use of forward-looking terminology such as
"expects," "believes," "anticipates,"
"budget," scheduled," "estimates,"
"forecasts," "intends," "plans," and variations
of such words and phrases, or by statements that certain actions, events or
results "may," "will," "could,"
"would," or "might," "be taken,"
"occur," or "be achieved." Those forward- looking
statements include a number of statements related to the outlook for future
operations, including statements about VSBLTY's business plans, booking new
projects, revenue growth, Q3 and Q4 results and new opportunities presented by
COVID-19 security solutions.
Forward-looking
statements are neither historical facts nor assurances of future performance.
Forward-looking information contained in this news release is based on certain
assumptions regarding, among other things, expected growth, results of
operations, performance, industry trends and growth opportunities. While
management considers these assumptions to be reasonable, based on information
available, they may prove to be incorrect. By their nature, forward-looking
statements involve a number of risks, uncertainties and assumptions that could
cause actual results or events to differ materially from those expressed or
implied by the forward-looking statements. These risks, uncertainties and other
factors include, but are not limited to: pricing for the Company's products and
services; the ability to enter into contracts and ability of third parties to
honor their contractual obligations; the decisions of third parties over which
the Company has no control; changes to government regulations; force majeure
events; limits on the ability of the Company to implement and fulfill its
business strategies; general economic conditions; adverse industry events;
operating costs exceeding the Company's expectations; loss of markets or
failure to enter new markets; future legislative and regulatory developments;
inability to access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favorable terms; the ability
of the Company to implement its business strategies including expansion plans;
and competition. The foregoing factors are not intended to be exhaustive, and
readers should refer to the detailed risk factors described in VSBLTY's Annual
Information Form which is available under the Company's profile at
www.sedar.com. These risks, uncertainties and assumptions could adversely
affect the outcome and financial effects of the plans and events described
herein. Forward-looking statements contained in this news release regarding
past trends or activities should not be taken as a representation that such
trends or activities will continue in the future. The Company does not
undertake any obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by law.
This
news release includes financial outlook related to future revenue and financial
performance, which is subject to the same assumptions, risk factors,
limitations, and qualifications as set forth in the above paragraphs. Such
financial projections contained in this news release were made by management as
of the date of this news release and are provided for the purpose of providing
readers with an understanding of the Company's business plan. Readers are
cautioned that the financial outlook contained in this document should not be
used for purposes other than for which it is disclosed herein.
Investor Relations
CONTACT: Linda Rosanio
Headquartered
in Philadelphia, VSBLTY (CSE:
VSBY)
(Frankfurt:5VS) (OTC: VSBGF) ("VSBLTY") is the world leader in
Proactive Digital Display™, which transforms retail and public spaces as well
as place-based media networks with SaaS-based audience measurement and security
software that uses artificial intelligence and machine learning.
VSBLTY
Groupe Technologies Corp. (CSE: VSBY) is a featured Tech / AI stock on
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