Guten morgen Leute VANCOUVER BC, August 28, 2017 Eight Solutions Inc. (TSXV:ES) (Eight Solutions or the Company) announces the release of its unaudited consolidated interim financial results for the three and six months ended June 30, 2017. All figures are in Canadian dollars. Q2 2017 Financial Highlights Revenue for the three months ended June 30, 2017 was $2,318,572, an increase of 50% compared the three months ended June 30, 2016 as the Company earned and received the license payments from Prime Focus Limited (Prime Focus) pursuant to the Companys Technology License Termination Agreement with Prime Focus. Net income attributable to the shareholders of the Company for the three months ended June 30, 2017 was $2,360,715 ($0.04 basic and diluted earnings per share), a decrease of $522,567 compared the three months ended June 30, 2016. However, excluding the one-time gains recorded during each of the respective periods, the Company had a net income attributable to the shareholders of the Company for the three months ended June 30, 2017 of $360,715 compared to a net loss attributable to the shareholders of the Company for the three months ended June 30, 2016 of $411,353, an increase of over 180%. Net income attributable to the shareholders of the Company for the six months ended June 30, 2017 was $1,024,879 ($0.02 basic and diluted earnings per share), a decrease of $202,162 but with no change to basic and diluted earnings per share compared to six months ended June 30, 2016. Q2 2017 Business Highlights On May 30, 2017, the Company closed the sale of its 3D Technology (the Transaction) to Prime Focus and terminated its prior licensing agreement with Prime Focus. Upon completing the Transaction, the Company received $2 million for the sale of its 3D conversion technology and $3 million for terminating its original license agreement. Of the total $5 million, the Company received $2 million prior to the closing date and $3 million on May 30, 2017. The Company also signed an 18 month Technology Support Agreement with Prime Focus totaling approximately $810,000 with an option for Prime Focus to renew for further one year terms. As of the six months ended June 30, 2017, the Company has Cumul8 installed in five sawmills. Cumul8 has also added an Asset Health Module allowing its forestry clients to monitor the performance of their machines and provide customers the ability to predict machine failures before they happen, thereby reducing unnecessary operational downtime due to these failures. Along with the Asset Health Module, the Companys Cumul8 big data platform hit a major technological milestone during the three months ended June 30, 2017. A new advanced version of Cumul8 combines its GOOGLETM back-end with a live visual web-based tool kit. By using GOOGLE storage combined with Apache KafkaTM, Cumul8 users can now view and analyze live, raw and heavily processed data significantly faster. This new version of Cumul8 can live stream countless data sources, distribute high performance data to deliver predictive artificial intelligence (AI), and securely store petabytes of data in the Cloud. Cumul8 Jetstream was launched at NAB (the National Association of Broadcasters) in April 2017. Jetstream is a file transfer system designed to be better, faster and easier to use than its competitors and is now available for download at http://jetstream.cumul8.com/. From NAB, Cumul8 Jetstream was able to attract interest from data storage manufacturers, computer hardware resellers, as well as various digital media and entertainment companies. |