Earlyworks Co., Ltd. Releases Letter to Shareholders
20 Setembro 2023 - 9:00AM
Earlyworks Co., Ltd. (Nasdaq: ELWS) (the “Company” or
“Earlyworks”), a Japanese company operating its proprietary private
blockchain technology, Grid Ledger System (“GLS”), today released a
letter to shareholders from Mr. Satoshi Kobayashi, the Chief
Executive Officer and Representative Director of the Company.
Dear Shareholders,
As a company that just successfully closed our
initial public offering in July 2023, we are grateful about your
support for Earlyworks. Our mission is to keep updating GLS and
make it an infrastructure in the coming Web3/metaverse-like data
society. To achieve that goal, we have been implementing our growth
strategies of investing in research and development, securing
talented employees, and pursuing alliances with partner
companies.
While we are actively planning for the future of
Earlyworks, we must acknowledge that there was a decrease in our
revenue for the fiscal year of 2023, compared to the fiscal year of
2022. Such decrease was mainly because in the fiscal year of 2022,
we entered into a number of contracts to the extent that we were
unable to devote substantial resources to research and development
activities; most of such contracts were for terms of one year or
less and expired during 2023. During the fiscal year of 2023, we
were more selective in entering into contracts and conducting
projects in which we devoted our resources, and we were engaged in
research and development projects that are expected to generate
revenue in the future. In our previous business model, we were
commissioned by our clients to work on specific projects, and our
revenue from software and system development contracts was
generally recognized over time as we created or enhanced the
projects controlled by our clients. While we collected development
fees from these one-off projects, we had to spend enormous
resources to develop the products for each client from scratch.
To optimize our business model and stabilize
future performance, we have been investing resources in the
development of our System Development Kit (“SDK”). We are excited
to launch the Phase 1 of the SDK package by the end of October
2023, a meaningful step toward the realization of our mission. With
the upcoming introduction of the SDK package, large corporate
clients will be able to adopt our software and integrate such
software into their own systems with ease, saving us the resources
previously dedicated to product customization. We also expect to
generate recurring revenue through providing our new SDK package
and receive licensing income for GLS.
We are actively engaged in discussions with
several major companies to introduce the SDK package.
We remain confident in our business model and
our capability to tap into the growth opportunities in the
blockchain industry with our talented and dedicated team. We will
continue our efforts in research and development projects,
strengthen and expand our relationships with clients and solidify
our position in the market. Most importantly, we believe that a key
measure of our success will be the shareholder value we generate
over the long term, in line with which we map out our strategies
and make our decisions. Again, we would like to extend our
heartfelt thanks to our valued shareholders for your continued
support and encouragement. We look forward to seeing a growing
future for Earlyworks together.
Satoshi KobayashiChief Executive Officer and
Representative DirectorEarlyworks Co., Ltd.
About
Earlyworks Co., Ltd.
Earlyworks Co., Ltd. is a Japanese company
operating its proprietary private blockchain technology, GLS, to
leverage blockchain technology in various applications in a wide
range of industries. GLS is a hybrid blockchain that combines the
technical advantages of blockchain and database technology. GLS
features high-speed processing, which can reach 0.016 seconds per
transaction, tamper-resistance, security, zero server downtime, and
versatile applications. The applicability of GLS is verified in
multiple domains, including real estate, advertisement,
telecommunications, metaverse, and financial services. The
Company’s mission is to keep updating GLS and make it an
infrastructure in the coming Web3/metaverse-like data society. For
more information, please visit the Company’s website:
https://ir.e-arly.works/.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can find many (but not all) of these statements by
the use of words such as “approximates,” “believes,” “hopes,”
“expects,” “anticipates,” “estimates,” “projects,” “intends,”
“plans,” “will,” “would,” “should,” “could,” “may,” or other
similar expressions. The Company undertakes no obligation to update
or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company’s
registration statement and other filings with the SEC.
For more information, please
contact:
Earlyworks Co.,
Ltd.Investor Relations DepartmentEmail:
ir@e-arly.works
Ascent Investor Relations
LLCTina XiaoPhone: +1 917-609-0333Email:
tina.xiao@ascent-ir.com
Earlyworks (NASDAQ:ELWS)
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