TORONTO, March 30, 2018 /PRNewswire/ — AI Incorporated, Canada’s pioneering robotics and artificial intelligence research company has released a design for an autonomous refuse robot. A new application for mobile robotics, the new AI enhanced robotics system introduces a device that can autonomously travel to the curbside and wait for the pickup truck at pre-scheduled times. Scheduling takes place with an APP and status can be checked in real time. In case the robot needs help with navigation or gets stuck, the user can control it through the APP.

With this new application in mobile robotics, the company plans to use its Simultaneous Localization and Mapping (SLAM) technology combined with deep learning to pioneer in a new generation of robots. The autonomous refuse receptacle robot is an application for the company’s Versatile Self Localizing Autonomous Platforms (VSLAP). A new robot proprietary software called the Quantum Slam Operating System (Q-OS) helps companies mobilize any given machine. With this invention humans emptying trash cans will be a thing of the past. When it is time for pickup, the bins will simply leave their post to be emptied.

“Robots are the perfect solution for eliminating those tasks which humans do not wish to conduct,” said Ali Afrouzi, CEO of AI Incorporated and bObsweep Inc. “With our cost-efficient Q-OS SLAM solution, it is now economically viable to automate trash cans that autonomously navigate to the curbside when the truck arrives!”

These robotic devices contain a comprehensive navigation system using a combination of SLAM, deep reinforcement learning, and computer vision. These devices will be able to map their environment, travel autonomously, communicate with other devices, and monitor their internal contents with an extensive array of sensors.

To read more about this robot, please visit the AI Incorporated website at www.aiincorporated.com.

About AI Incorporated

AI Incorporated is a tech company that specializes in autonomous robotic devices using a quantum-inspired method to solve the SLAM problem. AI Incorporated offers Q-OS which is a SLAM enabled Operating System for companies in need of smart mobile platforms. It also provides Versatile Self Localizing Autonomous Platform devices to facilitate autonomy in devices for companies that need it.

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SOURCE AI Incorporated

LJUBLJANA, Slovenia, March 30, 2018 /PRNewswire/ — Email automation SaaS company Triggmine plans to augment its adaptive email marketing tool with blockchain-enabled Smart Contract and an AI-based neural network . The new features are part of an initiative designed to grow the most intuitive AI tool for small and medium size businesses on the market.

Triggmine: AI-powered email marketing system designed for E-commerce

AI to the Rescue
Triggmine is an AI-based email marketing tool that is supported by most of the major e-Commerce platforms.

AI helps to personalize email by making the message more relevant, targeted, timely and containing the right call-to-action, based on the big data AI collects and automatically segments. Thanks to these innovations, E-Commerce business owners can now expect better interaction and engagement with their customers in the following innovative ways:

Micro-personalization: AI predictive suggestions create a highly targeted message from subject line to content, visuals, and call to action.

Improved Send time: AI estimates an optimal time for sending emails to each customer based on their history of activity online and location.

Guaranteed performance: blockchain-powered Smart Contracts include any action chosen by the e-commerce entrepreneur. Once the terms of the Smart Contract have been fulfilled, the business owner pays Triggmine for the conversion.

According to Ed Wiley, AI expert and the advisor at Triggmine. “AI is the secret ingredient in your marketing strategy. Unlike most conventional email marketing solutions, AI tools are simple to set up and use. It’s a godsend for time- and money-strapped entrepreneurs”.

To make their application even more useful for e-commerce entrepreneurs, Triggmine has launched Token Sale to grow its AI platform.

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SOURCE Triggmine

NEW YORK, March 30, 2018 /PRNewswire/ — Seven Stars Cloud Group, Inc. (NASDAQ: SSC) (“SSC” or the “Company”), announced today its Full Year 2017 operating results for the period ended December 31, 2017 (a full copy of the Company’s annual report on Form 10-K will also be posted at www.sec.gov).

Conference Call: SSC’s management, including Bruno Wu (Executive Chairman & CEO), Robert G. Benya (President, Director & Chief Revenue Officer), Simon Wang (CFO) and Jason Wu (Finance Director), will host an earnings release conference call at 8:00 a.m. on Monday, April 2, U.S. Eastern Time (8:00 p.m. on Monday April 2, Beijing/Hong Kong Time).

To join the webcast, please visit the ‘Events & Presentations’ section of the SSC corporate website (http://www.sevenstarscloud.com/events), or click http://sevenstarscloud.equisolvewebcast.com/q4-2017 or call the toll-free dial-in number:      
877-407-3107; International callers should dial: 201-493-6796.

SSC FULL YEAR 2017 OPERATING RESULTS

Revenue for the year ended December 31, 2017 was $144.3 million as compared to $35.2 million for the same period in 2016, an increase of approximately $109.2 million, or 310% (2016 full year revenue was originally recorded as $4.5 million in the 2016 10-K, which when compared to 2017 full year revenue would have presented 2017 vs 2016 revenue growth of 3,106%.  In January 2017, the Company completed acquisitions of SVG and Wide Angle, and considering these acquisitions were under common control under our CEO and Chairman Bruno Wu since November 10, 2016, the Company’s financials for the year 2016 have been adjusted to reflect ownership by the Company since November 10, 2016, when common control existed in accordance with US GAAP).  The increase was mainly due to our new business lines acquired in January 2017, and to a lesser extent, one-time consulting services that we provided to certain customers. This increase was partially offset by a decrease of our legacy YOD business in the amount of $3.8 million, as the legacy YOD business shifts to a new exclusive distribution agreement with Zhejiang Yanhua Culture Media Co., Ltd., or Yanhua, which was announced in the fourth quarter of 2016. 

Cost of revenues was $137.2 million for the year ended December 31, 2017, as compared to $35.6 million for the year ended December 31, 2016. Our cost of revenues increased by $101.6 million which is in line with our increase in revenues. Our cost of revenues is primarily comprised of costs to purchase electronic products and crude oil from suppliers in our supply chain business as well as the cost of sales from the Legacy YOD business which is primarily comprised of content licensing fees.

Gross profit for the year ended December 31, 2017 was approximately $7.2 million, as compared to a gross loss of $0.4 million during the same period in 2016. Gross profit ratio for the year ended December 31, 2017 was 5.0%, while in 2016, it was negative. The reason for the gross loss in 2016 was due to higher costs associated with the commercial electronic supply chain business as the Company looked to expand its customer base and sales volume.  For the year ended December 31, 2017, gross margin for the electronic supply chain business increased to 2.7%, which contributed gross profit in the amount of $3.3 million.

Selling, general and administrative expense for the year ended December 31, 2017 was $12.8 million as compared to $10.9 million for the same period in 2016, an increase of approximately $1.9 million or 18%. The majority of the increase was due to 1) an increase in our sales and marketing expense in the amount of $1.6 million in order to introduce and promote our services to various new potential business partners; 2) an increase of approximately $0.9 million of share based compensation due to option and restricted shares units that the Company approved for grant to independent board members for their 2017 compensation (which included a significant increase in board related work during 2017 compared with prior years; 3) an increase in headcount and relevant traveling expenses in the amount of $1.1 million and 4) leasehold improvement disposal losses of approximately $0.7 million that were incurred when the Company canceled its purchase of our Beijing office building in 2017.

Professional fees are generally related to public company reporting and governance expenses as well as legal fees related to business transition and expansion. Our professional fees increased approximately by $1.8 million, or 125%, for the year ended December 31, 2017, compared with the same period in 2016. The increase in professional fees was related to an increase in audit service fees, which increased from $0.6 million in 2016 to $1.2 million in 2017.  This increase can be primarily attributed to the non-recurring opening audit fess due to the auditor change as well as increasing legal, financial advisory, valuation and auditing service fees incurred in relation to acquisitions and general corporate business activity in 2017.

In 2016, the Company recognized an Earn-Out Share Award expense to Bruno Wu’s Sun Seven Stars of approximately $13,700,000, for reaching certain milestones and based on the fair value of common stock issued at the time.  In 2017, no such expense was incurred.

Loss per share for 2017 was $0.16 as compared to loss per share of $0.73 in 2016.

Executive Chairman and CEO Bruno Wu stated, “2017 saw persistent operational improvements throughout the year with our business gaining strength, diversification and stability quarter after quarter.  Sales were up substantially as the Company transitioned away from the old and began establishing the foundation for the future.  Looking forward, SSC’s market opportunities in fintech-powered digital asset securitization are both significant and synergistic. Our ability to innovate and execute as we did in 2017 gives us the confidence to become a leader in the digital finance space, as we foresee customers and partners beginning to recognize our platform innovations and market leadership.  The Company executed the first phase of its strategic and integration plan by acquiring, investing in, or partnering with firms focused on Artificial Intelligence, Blockchain and Alternative Trading System platforms.  Now, SSC is poised to launch the second phase of its strategic plan in 2018 and expects to introduce a Global Trading Partner Network that enables partners to list and trade financial products both cost effectively and seamlessly across the globe.  With this plan in place, management remains focused not only on sustained revenue growth but increased and stronger margins all while continuing to evaluate all existing opportunities to create and maximize shareholder value.”

About Seven Stars Cloud Group, Inc. (http://www.sevenstarscloud.com/)

SSC is aiming to become a next generation Artificial-Intelligent (AI) & Blockchain-Powered, Fintech company. By managing and providing an infrastructure and environment that facilitates the transformation of traditional financial markets such as commodities, currency and credit into the asset digitalization era, SSC hopes to provide asset owners and holders a seamless method and platform for digital asset securitization, tokenization and trading. Separately, SSC is aiming to offer a closed supply chain trading ecosystem for corporate buyers and sellers designed to eliminate standard transactional intermediaries and create a more direct and margin-expanding path for principals.

Safe Harbor Statement

This press release contains certain statements that may include “forward looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CONTACT:
Jason Finkelstein    
VP, Investor Relations                         
Seven Stars Cloud Group, Inc.                                 
212-206-1216                                              

 

Seven Stars Cloud Group, Inc., Its Subsidiaries and Variable Interest Entities

CONSOLIDATED STATEMENTS OF OPERATIONS

2017

2016

Revenue from third parties

$

125,365,751

$

35,185,508

Revenue from related party

18,973,054

Total revenue

144,338,805

35,185,508

Cost of revenue

137,188,353

35,551,198

Gross profit

7,150,452

(365,690)

Operating expenses:

Selling, general and administrative expenses

12,848,184

10,898,323

Research and development expense

406,845

Professional fees

3,153,697

1,400,139

Depreciation and amortization

306,801

505,028

Impairment of other intangible assets (Note 8)

216,468

2,018,628

Earn-out share award expense (Note 13)

13,700,000

Total operating expenses

16,931,995

28,522,118

Loss from operations

(9,781,543)

(28,887,808)

Interest and other income (expense):

Interest expense, net

(95,658)

(254,725)

Change in fair value of warrant liabilities

(112,642)

324,432

Equity in loss of equity method investees

(129,193)

(31,557)

Impairment of equity method investments

(38,448)

Others

(73,833)

57,017

Loss before income taxes and non-controlling interest

(10,192,869)

(28,831,089)

Income tax benefit

330,124

Net loss

(10,192,869)

(28,500,965)

Net loss attributable to non-controlling interest

357,268

2,092,991

Net loss attributable to Seven Stars Cloud shareholders

$

(9,835,601)

$

(26,407,974)

Basic and diluted loss per share

$

(0.16)

$

(0.73)

Weighted average shares outstanding:

Basic and diluted

61,182,209

35,998,001

 

 

Seven Stars Cloud Group, Inc., Its Subsidiaries and Variable Interest Entities

CONSOLIDATED BALANCE SHEETS

December 31,

2017

2016

ASSETS

Current assets:

Cash

$

7,205,096

$

3,761,814

Accounts receivable, net

26,962,085

9,522,151

Licensed content, current

16,958,149

124,319

Notes receivable

1,749,830

Inventory

216,453

203,697

Prepaid expenses

2,202,728

375,944

Other current assets

2,256,727

3,581,822

Total current assets

55,801,238

19,319,577

Property and equipment, net

113,993

4,963,725

Licensed content, non-current

17,593,528

Intangible assets, net

148,874

453,242

Goodwill

6,648,911

Long-term investments

6,975,511

6,654,664

Other non-current assets

112,643

Total assets

$

63,039,616

$

55,746,290

LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND EQUITY

Current liabilities: (including amounts of consolidated VIEs without recourse to Seven Stars

Cloud Group, Inc. See note 4)

Accounts payable

26,829,593

13,341,680

Advance from customers

222,350

1,350,054

Accrued interest due to a related party

20,055

557,918

Accrued other expenses

174,358

708,987

Accrued salaries

737,072

766,957

Payable for purchase of building

987,015

Amount due to related parties

45,639

1,060,817

Other current liabilities

625,942

934,480

Accrued license content fees

1,236,661

Convertible promissory note due to a related party

3,000,000

3,000,000

Warrant liabilities

70,785

Total current liabilities

31,655,009

24,015,354

Total liabilities

31,655,009

24,015,354

Commitments and contingencies: (Note 18)

Convertible redeemable preferred stock:

Series A – 7,000,000 shares issued and outstanding, liquidation and deemed liquidation

preference of $3,500,000 as of December 31, 2017 and 2016, respectively

1,261,995

1,261,995

Equity:

Series E Preferred Stock – $0.001 par value; 16,500,000 shares authorized, nil and

  7,154,997 shares issued and outstanding, liquidation preference of nil and $12,521,245

  as of December 31, 2017 and December 31, 2016, respectively

7,155

Common stock – $0.001 par value; 1,500,000,000 shares authorized, 68,509,090     

  and 53,918,523 shares issued and outstanding as of December 31, 2017 and

  2016, respectively

68,509

53,918

Additional paid-in capital

157,968,548

152,755,919

Accumulated deficit

(125,865,391)

(115,669,268)

Accumulated other comprehensive loss

(759,687)

(1,353,302)

Total Seven Stars Cloud shareholder’s equity

31,411,979

35,794,422

Non-controlling interest

(1,289,367)

(5,325,481)

Total equity

30,122,612

30,468,941

Total liabilities, convertible redeemable preferred stock and equity

$

63,039,616

$

55,746,290

 

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SOURCE Seven Stars Cloud Group, Inc.

SCHAFFHAUSEN, Switzerland, March 30, 2018 /PRNewswire/ — On the eve of World Backup Day, Acronis predicts that 2018 will be the worst year for cyberattacks and data loss incidents due to the increased sophistication of attacks, growing number of ransomware families, and low awareness of ransomware among users.

Acronis logo (PRNewsFoto/Acronis)

According to a new data protection survey commissioned by Acronis, over 60 percent of respondents have never heard of ransomware, an expensive attack that is predicted to cost more than $11 billion in 2019, up from $5 billion last year. In 2017, the number of ransomware variants increased by 46 percent, making prevention and detection more challenging. Security experts expect the cyber threat to keep growing, with ransomware attacking a business every 14 seconds in the next two years, up from 40 seconds this year. That prediction does not include attacks on individuals, which are much more frequent.

Acronis warns that only a high-quality, secure backup solution that integrates proactive protection against ransomware can prevent data loss and protect devices.

“When it comes to a ransomware attack, prevention is the most effective defense,” said Eric O’Neill, former FBI counter-terrorism and counterintelligence operative. “No business or person is safe. An effective data protection strategy, which includes regularly backing up data and training employees, can go a long way in keeping your data out of the hands of cybercriminals.”

Without understanding what ransomware is and how to prevent an attack, the cost to people and businesses will only increase. Ransomware criminals have perfected their social engineering skills to trick users into downloading the malware, while continuing to take advantage of security flaws that make it difficult for traditional anti-virus software to detect an attack. In fact, the Ponemon Institute reports that 69 percent of organizations don’t believe their anti-virus can stop the threats they’re seeing.

In addition, because cybercriminals recognize how effective backup is at thwarting their attacks, many new strains of ransomware now target backup files and backup software. The Acronis survey revealed that 62 percent of the respondents didn’t know that ransomware can encrypt files and backups. Even more staggering, 33 percent reported that they don’t back up their data. Only secure backup solutions, such as Acronis Backup and Acronis True Image, which include an active, artificial intelligence-based defense against ransomware, are capable of detecting and blocking these sophisticated attacks.

“Ransomware attacks have made headlines over the past year. Yet despite the growing number of attacks, awareness of the problem and the importance of preventing the attacks seem to be slowing down,” said John Zanni, president of Acronis. “Awareness needs to grow in order to help people realize the importance of securely backing up and protecting data. As part of our 15th anniversary, we’re committed to educating people about protecting their data, no matter where it resides.”

“Ransomware is a silent killer of all exposed information worldwide. The recent rounds of ransomware attacks proved that businesses and institutions across the globe underestimated this growing threat. The biggest concern is that those affected are willing to pay ransom rather than proactively protect their systems and devices. However, this growing threat forced companies, like Acronis, to develop innovative technologies and help companies and users all over the world fight ransomware attacks,” said Robert Westervelt, Research Director, Security Products, IDC.

Earlier this month, Acronis completed a consumer survey regarding data protection, polling the general internet population in seven different countries, including the U.S., U.K., Australia, Germany, Spain, France and Japan. Additional results include:

  • Nearly 39 percent of the respondents have four or more devices in their household, meaning more end points and data to protect
  • Over 29 percent of the respondents experienced data loss

Preparing for cyberattacks with Acronis Active Protection

As a response to the growing ransomware epidemic, Acronis enhanced its backup solutions with innovative, AI-based anti-ransomware technology. Introduced in January 2017, Acronis Active Protection effectively defends both user files and their backups by identifying and blocking ransomware attacks in real-time. In the past 12 months, Acronis Active Protection stopped 200,000 attacks across 180,000 consumer devices.

Acronis also introduced Acronis Ransomware Protection, a free, light-weight version of its AI-based defense that can be used together with other data protection solutions, such as anti-virus and backup software from other vendors. Like the full version of Acronis Active Protection, this free solution monitors system processes in real-time to automatically detect and stop the attacks other solutions can’t.

In the event of a ransomware attack, Acronis’ technology blocks the malicious process and notifies the user. If any files were damaged in the attack, it facilitates the instant recovery of those affected files.

Advice for World Backup Day

Acronis offers four easy steps to protect data:

  • Always have a backup of your important data. Store your data locally and in the cloud to ensure a clean version will survive any data loss event. 
  • Keep your operating system and software up to date. It will block cybercriminals from entering your system through any known security holes.
  • Be mindful of suspicious email, links, and attachments. The most effective infiltration method used by ransomware criminals is their ability to get users to open infected email attachments and to click on links to malicious websites.
  • Install anti-virus software on your computer and enable automatic signature updates. If you are on a PC, make sure your Windows Defender is enabled and is up-to-date.

Find out more about how you can protect your data at https://www.acronis.com/en-us/promo/world-backup-day/

Read more about the survey results here: https://www.acronis.com/en-us/blog/posts/world-backup-day-2018-survey-results

About Acronis
Acronis sets the standard for hybrid cloud IT data protection through its backup, active ransomware protection, disaster recovery, and secure file sync and share solutions. Powered by the Acronis AnyData Engine and set apart by its image technology, Acronis delivers easy, fast, complete and affordable data protection of all files, applications and operating systems across any environment—virtual, physical, cloud, mobile and applications. Founded in 2003 in Singapore, with global headquarters in Switzerland, Acronis protects the data of more than 5 million consumers and 500,000 businesses in over 150 countries and 20 languages. With more than 100 patents, Acronis products are consistently named best product of the year and cover a range of features, including migration, cloning, and replication. Today, Acronis solutions are available worldwide through a global network of service providers, distributors, and cloud resellers. Learn more at acronis.com.

CONTACT: Katya Turtseva, [email protected]     

 

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SOURCE Acronis

XI’AN, China, March 30, 2018 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or “the Company”), a financial technology company, today announced that on March 2, 2018, the Company established GlobalKey SharedMall Limited in the Cayman Islands for the purpose of operating its global shared business services center based on blockchain technology. Also, on March 22, 2018, the Board of Directors of Future Fintech appointed two new executive hires to the Company’s management team.

“We are very pleased to establish GlobalKey SharedMall Limited and to announce two key management hires,” said Mr. Yongke Xue, Chief Executive Officer of Future FinTech. “Our new subsidiary in the Cayman Islands is an important step towards establishing a global footprint based on blockchain technology, and to apply new ideas and solutions to meet the needs of businesses and consumers. We are confident that our new management hires, who are expert in the vital fields of software engineering, e-commerce and internet finance, will help us to fulfill this vision and enable us to be a preeminent global player in the fintech sector.”

As previously announced, on December 18, 2017, GlobalKey Supply Chain Ltd. (“GlobalKey”), a limited liability company incorporated in China and a wholly owned subsidiary of the Company entered into a Technology Development Service Contract with Reits (Beijing) Technology Co. Ltd. (“Reits”), pursuant to which Reits will provide services to GlobalKey relating to the design, development, testing, deployment and maintenance of a blockchain-based globally shared shopping mall and other software systems. It is planned that GlobalKey will provide its operating system to GlobalKey SharedMall.

The establishment of GlobalKey SharedMall officially marks the entry of the Company’s development of its shared business services based on blockchain technology into the international market, and it is envisioned that the Company will develop a shopping mall in the mode of the shared economy. With the addition of our professional operating team, the Company plans to optimize business operations and resource allocation in the fintech industry. The Company’s goal is to build a global enterprise of shared business services with a standardized, professional, and international shared e-commerce business center.  

The new additions to the Future FinTech management team are as follows:

Dr. Zhijing Xu, Chief Executive Officer of GlobalKey SharedMall

Dr. Xu holds a Bachelor of Space Physics from Wuhan University, a Master of Electrical Engineering from Beijing University of Aeronautics and Astronautics, and a Ph.D. in Electrical Engineering from Syracuse University. Dr. Xu’s previous work experience include Computer Scientist at the New York Center for Advanced Research in Software Engineering and Coherent Research Inc. (CRI), Senior Researcher and Technical Director at Bell Labs, General Manager and Chief Technology Officer of Haizhongxin (Beijing) Satellite Communication Co., Ltd., General Manager and Chief Scientist of Haizhongxin Industrial Investment Corporation, and Chief Scientist of Smart Finance at China Institute of Financial Innovation. Dr. Xu has extensive experience in research and development of Internet finance, offline to online (O2O) e-commerce systems, mobile payment networks, wireless communications, artificial intelligence, software engineering, and the Internet of Things.

Dr. Xiaofeng Dai, Chief Technology Officer of Future FinTech

Dr. Dai holds a Master of Economics from Huazhong University of Science and Technology, a Ph.D. in Economics from Wuhan University. Dr. Dai was a Postdoctoral Fellow at the Institute of Finance, Chinese Academy of Social Science, and a Visiting Scholar at the School of Economics, Georgia Institute of Technology. His qualifications and certifications include Qualifications of Securities Practitioners, Qualifications of Fund Practitioners and Project Management Professional Certification. Dr. Dai’s previous work experience include Investment Manager of Datang Huayin Electric Power Co., Ltd. (a Shanghai Stock Exchange Listed company, trading symbol: 600744, the earliest public company of China State Power Corporation), Diversified Investment Director of Datang Huayin Electric Power Co., Ltd., Vice President of Beijing Haoyuan Capital Management Co., Ltd., Lecturer of Finance at the University of International Business and Economics, Executive Director of Wuxi Aerospace High Energy Materials Internet Equity Investment Fund, Investment and Financing Consultant at the Research Center of Chinese Academy of Social Sciences, Partner of Beijing Detai Jiufang Asset Management LLC., and Director of Zhongguancun Private Equity Investment Association. Dr. Dai has also participated in various activities such as mergers & acquisitions, private equity / venture capital fund investment, secondary markets investment, real estate, technology, angel and personal investing.

About Future FinTech Group Inc.

Future FinTech Group Inc. (“Future FinTech”, “FTFT” or the “Company”) is incorporated in Florida and engages in financial technology.  The Company engages in the research and development of digital asset systems based on blockchain technology and is also an incubator of application projects related to blockchain technology. The Company and its subsidiaries are developing blockchain technology and cryptocurrencies for a variety of B2B and B2C real-life applications including a variety of financial businesses and the distribution, marketing and sale of consumer products. FTFT is also developing an operational platform utilizing blockchain technology and the shared economy, which includes an integrated online shopping mall. For more information, please visit http://www.ftft.top/.

Safe Harbor Statement

Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2016 and otherwise in our SEC reports and filings, including the final prospectus for our offering. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

For more information, please contact:

Cindy Liu, Investor Relations Manager

Future FinTech Group Inc.

Tel:   China + 86 – 29-8187-8277

Email: [email protected] 

Web: http://www.ftft.top

 

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SOURCE Future FinTech Group Inc.

SEOUL, South Korea, March 29, 2018 /PRNewswire/ — Bytom recently debuted in Seoul. In the era of the Internet, the Internet giants are changing the world at an incredible rate. Just as apple reshapes its phones, Google beats Lee and Tesla redefines the car. Technology is reshaping the economy, daily life and the world. The Internet has upended the world, and the emergence of blockchain is to subvert the Internet. “Blockchain + Artificial Intelligence” can be seen as the “Second Revolution” of blockchain.

The introduction of Artificial Intelligence to Blockchain is imperative.

Artificial Intelligence solves machine learning and blockchain solves trust and coordination between machines.

Bytom founder, Duan Xinxing, commented on the relationship between blockchain and Artificial Intelligence at the just-concluded Bytom Meetup event in Seoul, South Korea.

Bytom has redesigned the PoW consensus mechanism, which is different from Bitcoin, and introduced Matrix mechanism, so that Artificial Intelligence can make full use of Bytom’s mining equipment. In this process, Artificial Intelligence has added new hardware, and its algorithm speed has been greatly improved.

At the same time, Bytom can reduce the waste of resources. In this case, the huge economic benefits of the mining market can greatly accelerate the development of Artificial Intelligence ASIC chip and accelerate the research of Artificial Intelligence.

In turn, the rapid development of Artificial Intelligence has produced more demand for ASIC miners. Therefore, it is a positive feedback process of benign development.

It is expected that the size of China’s Artificial Intelligence market will reach 100 billion by 2018. By analogy to cloud computing, cloud computing is the infrastructure for cloud computing, and 30% of Intel’s server business is provided to cloud computing. In the asia-pacific region alone, server sales grew 9.7%.

Just as the rapid development of Cloud Computing promotes the server market, it can be expected that the market size of ASIC chip market will reach tens of billions when the market size of AI hit 100 billion. Also, Bytom’s AI friendly PoW algorithm for the Artificial Intelligence ASIC chip is going to make good use of the mines that have been abandoned or eliminated. It is an enormous advance in the field to help environmental protection and reuse the resource for the benefit of the development of Artificial Intelligence.

On this event Bytom, as the first Chinese blockchain technology development team that has introduced the Artificial Intelligence-friendly algorithm in the field, debuted with the world’s largest blockchain and Artificial Intelligence hardware manufacturer Bitmain in South Korea. Two leaders in the area of blockchain and Artificial Intelligence will lead industry innovations and reshape the whole industry pattern.

Duan Xinxing, the founder of Bytom, said that in addition to the AI-friendly algorithm, Bytom is even more a public-chain project that focuses on the field of assets. He defined Bytom as “the infrastructure of assets Internet.” Just as one can build applications such as WhatsApp and WeChat on the TCP/IP protocol, one can build wallets on the protocol layer of Bytom, decentralized trading systems, oracle systems, point-to-point clearing, settlement, payment systems, financial systems and a variety of distributed asset applications.

The vision of all these effort is to help “asset blockchainization,” that is, asset migrated onto chain. With the development and the application of blockchain technology, all aspects of asset registration, transaction, and settlement will be completed on the blockchain, and the compliance agency will follow the requirements of the chain for delivery. The transaction will be decentralized and de-platformized. Assets, like air, permeate the side, and the exchange of assets is extremely convenient. At this stage it can be likened to a gas state. This stage is also the third stage of asset circulation. Before that, it was corresponding to asset equity and asset securitization. It was also compared to the solid and liquid state of assets. In other words, before the asset migrates onto chain, it is either an equity asset or a securitisation asset. In this whole process, Bytom plays the role of the infrastructure of the asset blockchainization, and the Artificial Intelligence will make the whole process more efficient and agile.

Bitmain will develop deeper strategic cooperation with Bytom in the future

Bitmain CEO Assistant Zhang Yuan gave a speech on “How A.I. and Blockchain Change the World.” She said that A.I. is driven by big data and big data will be carried by blockchain. Bitmain launched the Artificial Intelligence brand SOPHON last year and released three heavyweight products such as the tensor computing processor Sophon BM1680. In the future, Bitmain will build a dedicated custom chip as the cornerstone, develop an integrated hard and soft server under multi-scenario applications, continue to invest in the field of Artificial Intelligence, increase the investment of Artificial Intelligence teams and talents, and accelerate the development of Artificial Intelligence. It is mentioned that Bitmain will have a deeper strategic cooperation with the Bytom in the future.

Artificial Intelligence is in the ascendant, and blockchains have also made waves of innovation. In the future, what kind of future is the future? Perhaps only by standing in the future, the real meaning of the blockchain can be seen. Many years ago, Satoshi Nakamoto’s paper “Bitcoin: A Peer-to-Peer Electronic Cash System” was like a butterfly flapping its wings on the other side of the ocean, which has already had a profound impact on human society. Whoever said that the future is not yet coming, linking to the future, the blockchain has already arrived.

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SOURCE Bytom

LAS VEGAS, March 29, 2018 /PRNewswire/ — Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (AI) solutions and digital media properties, including Vegas.com, reported its financial results for the fourth quarter and full year ended December 31, 2017.

Management Commentary
“We are pleased to announce our increased guidance today as our businesses continue to outperform our initial expectations,” said Kai-Shing Tao, the company’s Chairman and Chief Executive Officer. “In 2017, our FinTech business generated our first significant revenue amounts from our KanKan operations, and we have quickly been able to monetize KanKan’s other AI technologies as evidenced by our recent successes in securing significant contracts.”

“Here in Las Vegas, our Vegas.com operations continue to do well, primarily driven by increases in show ticket sales, and we look forward to what 2018 will bring with new product enhancements to our offerings,” concluded Mr. Tao.

Three-Month and Twelve-Month 2017 Financial Results
Net revenue for the quarter was $18.6 million, a 24% increase year-over-year. Net revenue for 2017 was $70.6 million, a 19% increase year-over-year. The company’s quarterly and full year financial results include Fanstang, which the company acquired in September 2016 and which was only a nominal part of the company’s financial results for the same periods of 2016.

Three Months Ended December 31st:  2017 Compared to 2016

  • Net revenue was $18.6 million, compared to $15.0 million.
  • Total cost and expense was $40.0 million, compared to $24.7 million.
  • Operating loss was $21.4 million, compared to $9.7 million.
  • Net loss was $89.2 million, or $3.47 per diluted share, compared to $8.6 million, or $0.40 per diluted share. Net loss for the fourth quarter of 2017 included a $66.5 million non-cash charge related to a change in the fair value of the company’s warrant liability, which occurred as a result of the significant increase in the company’s stock price during the period. For the fourth quarter of 2016, the company recorded a $3.1 million gain related to the change in the fair value of the company’s warrant liability during the period.
  • At December 31, 2017, the cash and cash equivalents balance was $22.6 million, and total restricted cash was $11.7 million, bringing the total combined cash position to $34.3 million, compared to a total combined cash position of $18.5 million at December 31, 2016.

Twelve Months Ended December 31st:  2017 Compared to 2016

  • Net revenue was $70.6 million, compared to $59.3 million.
  • Total cost and expense was $108.0 million, compared to $81.9 million.
  • Operating loss was $37.4 million, compared to $22.6 million. Operating loss for 2017 included a $14.6 million non-cash charge related to the impairment of goodwill and other intangible assets purchased from China Branding Group Limited (including Fanstang) in September 2016.
  • Net loss was $106.7 million, or $4.49 per diluted share, compared to $31.7 million, or $1.54 per diluted share. Net loss for 2017 included a $64.1 million non-cash charge related to the change in the fair value of the company’s warrant liability, compared to a $5.8 million gain recorded for 2016.

2018 Financial Outlook
The company increased its limited guidance regarding certain revenue and EBITDA expectations.

For 2018, company management expects to generate consolidated net revenue in excess of $120 million. KanKan’s Artificial Intelligence Platform will be the primary driver of the growth as its revenue rapidly increases. For the year ending December 31, 2018, management expects KanKan to generate more than $50 million in net revenue.

Remark Holdings management also indicated it expects its travel & entertainment segment to generate gross revenue of more than $375 million and net revenue between approximately $70 million to $80 million, with an EBITDA margin approximating 12% to 15% of net revenue, during 2018.

Conference Call Information
Mr. Tao and Remark Holdings’ CFO Douglas Osrow will hold a conference call today (March 29, 2018) at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss these financial results. A question and answer session will follow management’s presentation.

Toll-Free Number: 888-882-4478
International Number: 323-701-0225
Conference ID: 5682880

Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact the Liolios Group at 949-574-3860.

The conference call will be broadcast simultaneously and available for replay via the investor section of the company’s website here.

A replay of the call will be available after 11:30 a.m. Eastern time on the same day through April 2, 2018.

Toll-Free Replay Number: 844-512-2921
International Replay Number: 412-317-6671
Replay ID: 5682880

Remark Holdings, Inc. (PRNewsFoto/Remark Media, Inc.)

About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) primarily focuses on the development and deployment of artificial-intelligence-based solutions for businesses in many industries. Additionally, the company owns and operates digital media properties that deliver relevant, dynamic content. The company’s U.S. operations are headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California, and its China operations are headquartered in Chengdu, China with additional operations in Beijing, Shanghai, and Hangzhou. For more information, please visit the company’s website at www.remarkholdings.com.

Forward-Looking Statements
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings’ Annual Report on Form 10-K and Remark Holdings’ other filings with the SEC. Any forward-looking statements reflect Remark Holdings’ current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings’ estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.

Company Contact:
Douglas Osrow
Remark Holdings, Inc.
[email protected]
702-701-9514 ext. 3025

Investor Relations Contact:
Matt Glover or Tom Colton
Liolios Group, Inc.
[email protected]
949-574-3860

[Tables to follow]

 

REMARK HOLDINGS, INC. AND SUBSIDIARIES 

Consolidated Balance Sheets

(dollars in thousands, except per share amounts)

December 31,

2017

2016

Assets

Cash and cash equivalents

$

22,632

$

6,893

Restricted cash

11,670

9,405

Trade accounts receivable

3,673

1,372

Prepaid expense and other current assets

5,518

3,323

Notes receivable, current

290

181

Assets held for sale

Total current assets

43,783

21,174

Restricted cash

2,250

Notes receivable

100

190

Property and equipment, net

13,387

15,531

Investment in unconsolidated affiliate

1,030

1,030

Intangibles, net

23,946

37,406

Goodwill

20,099

26,763

Other long-term assets

1,192

1,355

Total assets

$

103,537

$

105,699

Liabilities and Stockholders’ Equity

Accounts payable

$

17,857

$

16,546

Accrued expense and other current liabilities

16,679

13,965

Deferred merchant booking

9,027

6,991

Deferred revenue

5,807

4,072

Note payable

3,000

Current maturities of long-term debt, net of debt issuance cost

38,085

100

Capital lease obligations

179

Total current liabilities

90,455

41,853

Long-term debt, less current portion and net of debt issuance cost

37,825

Warrant liability

89,169

25,030

Other liabilities

3,501

3,591

Total liabilities

183,125

108,299

Commitments and contingencies

Stockholders’ equity

Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued

Common stock, $0.001 par value; 100,000,000 shares authorized; 28,406,026
and 22,232,004 shares issued and outstanding; each at December 31, 2017
and 2016, respectively

28

22

Additional paid-in-capital

220,117

190,507

Accumulated other comprehensive income (loss)

115

(16)

Accumulated deficit

(299,848)

(193,113)

Total stockholders’ equity (deficit)

(79,588)

(2,600)

Total liabilities and stockholders’ equity

$

103,537

$

105,699

 

 

REMARK HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(dollars in thousands, except per share amounts)

Year Ended December 31,

2017

2016

Revenue, net

70,601

59,328

Cost and expense

Cost of revenue (excluding depreciation and amortization)

16,909

11,155

Sales and marketing

23,600

19,541

Technology and development

3,551

2,796

General and administrative

37,689

36,460

Depreciation and amortization

11,070

10,299

Impairments

14,646

1,159

Other operating expense

515

515

Total cost and expense

107,980

81,925

Operating loss

(37,379)

(22,597)

Other income (expense)

Interest expense

(4,645)

(4,685)

Other income, net

23

29

Loss on extinguishment of debt

(9,157)

Change in fair value of warrant liability

(64,139)

5,790

Other loss

(317)

(313)

Total other income, net

(69,078)

(8,336)

Income (loss) before income taxes

(106,457)

(30,933)

Provision for income taxes

(278)

(746)

Net loss

(106,735)

(31,679)

Other comprehensive income (loss)

Foreign currency translation adjustments

131

Comprehensive loss

(106,604)

(31,679)

Weighted-average shares outstanding, basic and diluted

23,763

20,529

Net loss per share, basic and diluted

(4.49)

(1.54)

 

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SOURCE Remark Holdings, Inc.

PUNE, India, March 29, 2018 /PRNewswire/ —

Connexions Loyalty, an Affinion Group company and leading global full-service provider of loyalty programs, had a strong year in 2017, driven by over 50% year-over-year growth in gross loyalty redemption transactional volume, which grew from $2.1 billion to $3.2 billion. The momentum has continued, as 2018 is already setting up to be a breakthrough year for the company.

     (Logo: https://mma.prnewswire.com/media/660523/Tavisca_Solutions_Logo.jpg )

In February 2018, Affinion Group, through its Connexions Loyalty subsidiary, acquired one of its top technology partners, Tavisca Solutions Pvt. Ltd, an India-based travel technology solutions company that works with leisure travel companies to support and grow their online travel business. The acquisition aims to help Connexions Loyalty fully leverage their high-quality technology platforms, which will cater to specific customer requests and promote healthy customer retention, acquisition, and loyalty.

For future growth, Connexions Loyalty understands the need to adapt to frictionless omni-channel interactions at every phase of the customer journey and deliver on personalization with a human touch. To do this, Tavisca Solutions is concentrating on talent acquisition and plans to double their workforce before the end of 2019 by recruiting individuals with proven proficiency and multi-disciplinary expertise in domains like Artificial Intelligence, Natural Language Processing, chatbot developments, mobile technology and omni-channel delivery.

Tavisca Solutions will be the primary hub for the company’s loyalty platform and cloud technology development. This will not only create new job opportunities in the region, but will also help establish Pune as a key travel technology hub in India.

Tavisca Solutions and Connexions Loyalty partnership will create the premier online travel loyalty programs. The impact of this development will raise standards all across the online travel sector in terms of both customer satisfaction and efficient technology.

About Us 

Tavisca Solutions, an Affinion Group company, through its subsidiary Connexions Loyalty, is a leading Travel Technology Products & Solutions Company that powers over 4.8 million (2017) travel bookings for leading B2C, membership-based travel and B2B travel companies globally. Tavisca Solutions has helped travel brands transform themselves into technology-centric market leaders in travel, empower their vision, and scale their businesses. Established in 2008, tavisca® has emerged into a team of travel technology specialists with over 300 dedicated personnel. A state-of-the-art development center in India, and a sales and marketing office in the USA. For more information, visit http://www.tavisca.com.

About Connexions Loyalty 

As experts in customer loyalty for more than 35 years, Connexions Loyalty helps organizations motivate, reward and retain their customers and partners. The world’s top brands turn to us for loyalty management, consumer rewards, rewards fulfilment and card benefits. Our loyalty programs are available to more than 200 million people in North America, South America, Africa and Asia. Connexions Loyalty, an Affinion

Group company, employs more than 900 talented team members with offices in the United States, Hong Kong and Singapore. For more information, visit cxloyalty.com

About Affinion Group 

Affinion Group is one of the world’s leading loyalty and customer engagement solutions companies servicing over 250 million consumers with more than 5,500 client partner relationships and over 40 years of experience. We design, administer and fulfill loyalty and customer engagement programs that strengthen and expand the value of relationships for our leading clients around the globe, including many of the largest and most respected companies in the financial services, retail, travel, and internet commerce sectors. Based in Stamford, CT, the Company has over 3,000 employees located in 20 countries across the globe. For more information, visit http://www.affinion.com.

Media Contact :
[email protected]

SOURCE Tavisca Solutions

SAN DIEGO, March 29, 2018 /PRNewswire/ — Ameranth, Inc. announced today that it has defeated the latest infringing Defendants attempt to invalidate its award-winning `077 patent. In an order issued by Judge Sabraw, Ameranth was granted ‘summary judgement’ that the copycat patent owned by Quikorder/IPDEV was entirely invalid, thus again confirming the validity of the ‘077 patent. IPDEV, the patent holding subsidiary of Quikorder Inc. had secretly copied the claims of Ameranth’s ‘077 patent into a patent application that it had acquired which was pending in 2012. It did so without alerting Ameranth and without even seeking or obtaining concurrence from the actual inventors of that acquired patent application. This was a blatant attempt to misappropriate Ameranth’s inventive technology for IPDEV/Quikorder. This effort was highly inappropriate and Judge Sabraw’s ruling ended it – with a complete and total invalidation of the entire IPDEV ‘449 copycat patent.

“We are very pleased to have defeated Quikorder/IPDEV’s attempt to have copied our ‘077 claims and effectively attempt to misappropriate Ameranth’s inventions for themselves. This strategic victory removes the last obstacle between now and the Pizza Defendant trials in September and those trials will be moving forward even more rapidly now. With the trial dates now firmly set, Ameranth is very confident that the juries will recognize and further confirm the validity of its patents – just as the Patent Office has done over and over again – and soon award Ameranth the substantial damages that it is owed for their longstanding intentional infringement of its `077 patent,” stated Vern Yates, Ameranth’s Chairman and Chief Executive Officer.

The Pizza Company Defendants will proceed to trial first. Pizza Hut and their technology supplier, Quikorder Inc. of Chicago, Illinois will go to trial first, starting on September 4, 2018. Quikorder also provides its technology to Godfather’s Pizza, Casey’s General Stores and more. Papa John’s Inc., and Domino’s Pizza Inc., will follow within two weeks of the completion of the first trial.

The Food Ordering companies trials’ start in December 2018 and Grubhub Holdings Inc., which now owns Seamless Inc., will proceed to trial first on December 4, 2018. Mobo/OLO, Onosys/Splickit, and Starbucks will then promptly follow.

The Hotel Defendants, Travel Aggregator Defendants, Ticketing Defendants and the Misc. Defendants will proceed to trial in 2019. These additional defendants include: Marriott Hotels, Hilton Hotels, Starwood Hotels, Best Western Hotels, Hyatt Hotels, Expedia, Orbitz, Hotels.com, Hotel Tonight, Travelocity, Orbitz, Hotwire, Kayak, TicketMaster, Live Nation, Stubhub, Fandango, Ticketfly, Eventbrite, Ticketbiscuit, Apple, Oracle/Micros, ATX- Tabbed Out, Agilysis, Usablenet and Opentable.

Based upon (1) Ameranth’s well established patent licensing rates, (2) the patent validity period of the `077 patent, from March 27, 2012 through September 21, 2019 and (3) publicly available financial information only, it is estimated that many of the Public Defendant Companies will owe very significant damages for their infringement of the `077 patent.

Further, Ameranth has two additional issued patents, 9,009,060,and 9,747,651 and another two patents pending. These additional issued/pending patents have up to another decade or more of patent validity life. Ameranth’s newest patent, the `651 patent was just awarded to Ameranth on August 29, 2017. Its ‘(IAA) – Intelligent Automated Assistant’ inventive functionality is expected to soon become widely used in the Hospitality Market, as ‘Chatbots’ and other related ‘artificial intelligence’ functionality continues to expand and evolve.

Ameranth’s direct ‘data synchronization’ licenses now number 45 (with dozens of ‘sub-licensees’), – (representing/including more than 25 nationally recognized, large restaurant chains including Dunkin Donuts and Taco Bell), (totaling more than 50,000 deployed locations, which are in various stages of roll-out). Ameranth has also signed patent license agreements with Jersey Mike’s Subs, BJ’s Pizza, Tilster Inc, Xpient Solutions Inc, EMN8, ORDIT, Cognizant Inc., Monkeymedia, Splickit, Radiant, Red-Fork, Menusoft, Nu-Order, Tap to Eat, (RRT) Restaurant Revolution Technologies, Cardfree, Netwaiter, Brink Software, Savory Mobile, Skywire Media, Cardfree, Chownow, Compelcart, Xpient, Munchaway, OrderBee LLC, Meplus1 LLC, Par Inc., Squirrel Inc., Subtledata, Comcash, Snapfinger, My Check LLC, Fork LLC as well as others and is in discussions to provide licenses to several additional hospitality industry product/service providers. Further, many other companies in the hospitality market that are now deploying mobile ordering/payments and related functionalities have yet to license Ameranth’s patents.

About Ameranth, Inc.:

Ameranth, Inc. ( http://www.ameranth.com) is a recognized leader in the hospitality technology market, having been featured in the Wall Street Journal, New York Times, Chicago Sun Times, USA Today, Business Week, US News & World Report, Nation’s Restaurant News, Hospitality Technology, TIME, CNNfn, San Diego Union Tribune, and numerous other prestigious publications. Ameranth has also been awarded or participated in twelve technology/”best product” awards.

Tel: (888) AMERANTH   Fax: (866) 268-9870- (www.ameranth.com)

 

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SOURCE Ameranth, Inc.

XIAMEN, China, March 29, 2018 /PRNewswire/ — Tech Valley, the big data technology and application service provider, today announced that it has raised over $3.19 million in its A-round financing.

This landmark round was jointly led by CRRC-Times Fund, a venture capital fund company affiliated to CRRC, and Green Pine Colorful Dream owned by Green Pine Capital Partners.

In 2018, Tech Valley expects to surpass $10 million in revenue and $16 million in 2019.

Intelligent traffic big data center. The investment also aims to build an intelligent traffic big data center, improving the travel experience of rail transit, increasing corporate profits and guaranteeing passenger safety.

China’s leading enterprise in intelligent transportation. Tech Valley is the leading enterprise in intelligent transportation in China. The company applies artificial intelligence (AI) and big data to transportation area and comes up with corresponding solutions. The team boasts abundant industrial resources and boasts a profound experience in fundamental techniques.

Technical innovation practice. Tech Valley has focused on developing new technology and building a team of excellent talents and has gained remarkable results. Together with Hong Kong-listed software provider Chinasoft International Ltd, Tech Valley has implemented the co-education project of the Ministry of Education through industry-academy cooperation, to cultivate professional talents in the areas of big data and AI.

AI and big data assets. In the areas of AI and big data, Tech Valley has earned more than 10 patents and 50 software copyrights.

Product innovation. Tech Valley developed the “transportation and travel brain,” applying a great deal of data to automatically generate various labels of high accuracy, make predictions and establish models through multiple intelligent agents. Meanwhile, the brain will imitate how people think by transfer learning.

Optimization and linkage. The transportation and travel service that is developed by Tech Valley can be optimized and linked up for every single procedure and all kinds of scenarios. Its implementation has covered various user scenarios such as the traveler big data analysis in civil aviation and railway, helping clients fulfill all-channel personalized service, and offering predictable user experience and targeted marketing.

The transportation and travel service can also be applied in safety guarantee, monitoring and warning, and expanded to Internet of Things.

Strategic alliances. Being a dynamic player, Tech Valley has forged strategic partnerships with many enterprises and government organizations in the areas of aviation, railroad, urban transportation and public safety. Its alliances include Aviation Industry Corporation of China, China Aerospace Science and Industry Corporation, China Railway, TravelSky, UnionPay, CAAC, Tencent, Amazon, Huawei, ZTE, Inspur, Chinasoft International, Microsoft and Ctrip.

In 2018, China’s central government plans to invest 732 billion yuan ($116.57 billion) in railroads and 1.8 trillion yuan in public roads and water freight.

In the new era for the transportation and travel industry, Tech Valley continues to focus on transportation and travel big data as well as AI. The firm has already taken the initiative to develop in the industry, with confidence to accelerate its development.

For this financing, Doctor Chen Sien, founder and CEO of Tech Valley, said, “Tech Valley provides fundamental, prospective, and strategic technology for the key areas and industries of economic and social development. Through AI + big data, Tech Valley builds both the management ecosystem for transportation and travel service, such as the safety system of airports, railways, subways, and the service system for aviation companies, OTA fine management, plus the best intelligent dispatch system for civil aviation and railroad. Tech Valley has become the pioneering unicorn company leading the transformation of the transportation industry, including civil aviation and railroads.”

Dr. Wang Peng, president of CRRC-Times Fund and assistant general manager of CRRC Zhuzhou, said, “Connect the World, Benefit the Human Race is the mission and vision of CRRC. CRRC-Times Fund has long been looking for potential investment opportunities of intelligent travel and firmly believes that big data and AI and their application will make people travel smart in the future. The layout of Tech Valley in the data service aviation and rail transportation is well-arranged. A big data service platform has been provided. In real scenarios and data application, Tech Valley has shown some outstanding advantages. We believe that Tech Valley will be the leading and pioneering enterprise in intelligent transportation and travel service in China. CRRC-Times Fund is also looking forward to mutual growth with Tech Valley.”

Yang Jinye, co-founder of Green Pine Colorful Dream owned by Green Pine Capital Partners, said, “The entrepreneurial team of Tech Valley is made up of professionals and experienced experts in the areas of big data and aviation. With their industrial resources in transportation and travel, the company provides solutions integrating big data and AI. It has already gained the acknowledgment from major domestic aviation and railway clients. Now, it is going global. We hope to make more contribution in terms of industrial cooperation and resource allocation, to grow together as a team.”

About Tech Valley

Tech Valley focuses on the big data technology and application service. We Integrate the reliable data of airlines, airports, as well as operators, and provide data integration service model, which based on the hybrid cloud. We also create a data analysis system based on large scale graph mining and provide the passengers’ portraits and precise marketing scene design for airlines and related industries.

The big data platform and products that developed by Tech Valley have been successfully applied in several domestic airlines and airports already. In the further development of cloud computing, big data together with mobile internet, Tech Valley will always be committed to sustainable innovation of big data technology and service, creating excellent brand of big data in the field of civil aviation, and gradually becoming a global leader in the technology and application of big data.

For more information please visit: http://www.techvalley.com.cn/en-index.aspx?lang=en

About CRRC-Times Fund

CRRC-Times Fund was established by Zhuzhou CRRC Times Investment Co., Ltd, with a registered capital of 100 million yuan and the investment capacity up to 1 billion yuan. As the professional investment vehicle of CRRC, the fund is the very critical platform that combines the operation of capital and management of asset. It provides services including equity investment, fund management, financing guarantee, and management consulting.

About Green Pine Colorful Dream

Green Pine Colorful Dream was founded in June 2015 by Shenzhen Green Pine Dream Investment and Management Co., Ltd which was jointly initiated by Shenzhen Green Pine Capital Partners Co. Ltd and Shenzhen Landray Software Co., Ltd. Green Pine Colorful Dream exclusively forces on the investment in startups that are engaged in enterprise-oriented services, big data and artificial intelligence. With rich experiences and pervasive networks in areas of enterprise-oriented services, chip design and manufacturing, IT architecture, manufacturing and supply chains, the team is dedicated to providing entrepreneurs with a full range of services of venture capital investment and mentoring.

For Media Inquiries:

Tina Lee
Tech Valley
+86-180-3023-3926
[email protected]

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SOURCE Tech Valley (Xiamen) Information Technology Co.,Ltd