VANCOUVER, BC, May 30, 2022 /CNW/ – Minerva Intelligence Inc.. (TSXV: MVAI) (OTCQB: MVAIF) (“Minerva” or the “Company”), an artificial intelligence software company focused on creating decision support tools for climate risk, Mining and Mining, is pleased to report its financial results for the three-month period ended March 31, 2021 (“Q1”). All amounts are presented in Canadian dollars.
First Quarter Financial Highlights
- Total revenue for the three-month period ended March, 31stst 2022 from $123,122 compared to $552,397 for the three-month period ended March, 31stst 2021
- Net loss for the three-month period ended March, 31stst 2022 from $0.94 million compared to $0.46 million for the period of three months March, 31stst 2021
- Cash balance of $2,403,702 and working capital of $2,522,616
First Quarter Operational Highlights
- First licensed SaaS client signed for DRIVER AI software
- Signed four DRIVER proof-of-concept projects, one of which was converted directly to a full license
- Transition to annual contract renewal in SaaS products, creating reliable revenue
- Reinforcement of the Board of Directors with the addition of Dr. David Pool
“We are pleased with our first quarter results despite the variation in revenue compared to the same quarter of the previous year. We have made the transition to SaaS sales for DRIVER, which translates into revenue spread over the period of the contract, as opposed to a fixed consultancy contract which provided immediate income upon completion. We believe this transition is positive as it will result in more stable income over the longer term,” said Scott TilmanChief executive officer.
Management expects future periods will result in increased sales as contracts for DRIVER accumulate and are renewed.
In addition, the Board of Directors authorized the issuance of 1,541,750 options to directors, officers and employees of the Company at an exercise price of $0.07 per share for a period of two years expiring May 26, 2024.
Additionally, the Company and Morgan Knowles have agreed to continue working together for one year, by renewing the investor relations contract for a period of one year at the same rate as previously announced in addition to the 100,000 options provided for in the previous paragraph under the same conditions.
For more details on the results reported by Minerva, please see https://minervaintelligence.com/investors or SEDAR home page
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canadawith a subsidiary in Darmstadt, Germany. Their proprietary technology enables organizations to make defensible decisions in the face of climate change.
Although Minerva’s applications focus on finding critical metals and assessing physical climate risk, their technology has applications in a variety of industries and fields.
Minerva’s common shares are currently listed on the TSX Venture Exchange (symbol MVAI). For more details, please refer to their website www.minervaintelligence.com or follow Minerva on Twitter or LinkedIn.
Caution Regarding Forward-Looking Statements
Forward-Looking Information: This press release contains certain information that may be considered “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”, ” believes”, “continues”, “plans” or similar terminology. All information contained in this release, other than information of historical facts, including, without limitation, the availability of financing for the Company, is forward-looking information that involves 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 contained in the forward-looking information. Forward-looking information is based on a number of important 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 at acceptable conditions, general economic, market or business conditions, regulatory changes, delays in receiving approvals and other risks detailed herein and from time to time in documents filed by the Company with the securities regulators in Canada. Mineral exploration and mine development are inherently risky activities. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information about the Company and the risks and challenges of our business, investors should consult our continuous disclosure documents which are available atwww.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.
SOURCE Minerva Intelligence Inc.
For further information: Minerva Intelligence, Jake McGregor, President, [email protected]; Morgan Knowles, Investor Relations, (647) 202-3904, [email protected]