VANCOUVER, BC, Nov. 26, 2021 /CNW/ - Minerva Intelligence
Inc. (TSXV: MVAI) ("Minerva" or the "Company"), an artificial
intelligence software company focused on building decision support
tools for climate risk, mineral exploration and mining, today
reported financial results for the three and nine-month period
ended September 30, 2021. All amounts
are presented in Canadian dollars.
- Total revenues of $78,685 in Q3
2021 compared to $149,000 in Q3 2020,
with year-to-date revenues of $900,433, an increase of over 346% year over
year.
- Loss and comprehensive loss of ($712,783) in Q3 2021 (YTD: $1,179,192) compared to Q3 2020 of ($626,101). Year to date, loss and comprehensive
loss totaled ($1,891,975) compared to
($2,023,649) for the same period in
2020, a decrease in loss of 6%.
- Cash balance of $4.1m as of
September 30th, 2021,
compared to $1.4m as of December 31st, 2020.
"Q3 was an important quarter for Minerva as we completed an
over-subscribed $4.5m financing,
giving us the capital we need to pursue our economic
geology and climate risk strategies," said Scott Tillman, CEO of Minerva Intelligence.
"With a strong balance sheet in place we are all well
positioned to continue executing in our highly innovative and
proprietary Climate Risk strategy in Q4'21 and well into the
future. We are seeing growing demand for a solution that provides
detailed insight on risks associated with climate change and its
impact on various sectors, whether it be governments, insurance
companies or issuers globally and we are confident that Minerva
technology can provide transparency and clarity when it comes to
these risks. Furthermore, our economic geology segment continues to
see growing demand as the mining industry as a whole
looks for innovative technology to help eliminate the inherent
risks of drilling for precious metals and minerals."
Mr. Tillman continued, "While revenues this quarter were below
expectations, we are confident in our strategy moving ahead. With
the addition of our new VP of Sales and the allocation of more
resources towards sales and marketing, we are already seeing strong
traction in Q4 2021 and believe this will continue well into
2022."
For full details on Minerva's reported results, please go to
https://minervaintelligence.com/investors.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company
based in Vancouver, Canada, with a
subsidiary office in Darmstadt, Germany. Their proprietary evidence-based
decision-making software is bringing the benefits of artificial
intelligence technology to industries dependent on reasoning with
complex technical and scientific data.
Although Minerva's applications currently focus on earth
science-related domains including natural hazards and mineral
exploration, their technology has application in diverse
industries and domains.
Minerva's common shares are currently listed on the TSX Venture
(symbol MVAI).
For further details, please refer to their website
(www.minervaintelligence.com).
This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United States or to, or for
the account or benefit of, "U.S. persons," as such term is defined
in Regulation S under the U.S. Securities Act, unless an exemption
from such registration is available.
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.
SOURCE Minerva Intelligence Inc.