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Prodigy Ventures Inc. Announces Record Q4 Revenue, Full Year Results

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Prodigy Ventures Inc. (TSXV: PGV) (“Prodigy” or the “Company“) today announced the results for the year and fourth quarter ended December 31, 2018.

“Prodigy continued its rapid revenue growth in 2018, with the greatest acceleration in the last half of the year.” said Tom Beckerman, Prodigy’s CEO. “Gross profit increases enabled the company to make additional R&D, sales and marketing expenditures to build for the future. Prodigy’s client base continues to expand beyond the banking sector and also into the USA, as the Company reduces revenue concentration and creates new, higher margin opportunities.”

Full Year 2018 Financial Results

  • Revenue for the year ended December 31, 2018 totalled $16,943,045 compared to $12,140,692 for the year ended December 31, 2017, an increase of 40%.
  • Gross profit for the year ended December 31, 2018 of $4,050,984 as compared to $3,599,780 for the year ended December 31, 2017, an increase of 13%.
  • Operating Expenses for the year ended December 31, 2018 of $3,782,792 as compared to $3,093,319 for the year ended December 31, 2017, an increase of 22%, primarily due to increases in staff costs.
  • Net Income for the year ended December 31, 2018 totalled $175,595 as compared to $347,528 for the year ended December 31, 2017, a decrease of 49%.
  • The Company had working capital of $2,688,268 as of December 31, 2018 compared to $2,292,644 as of December 31, 2017.

Fourth Quarter 2018 Financial Results

  • Revenue for the three-month period ended December 31, 2018 totalled $4,687,362 compared to $3,007,244 for the three months ended December 31, 2017, an increase of 56%.
  • Gross profit for the three-month period ended December 31, 2018 of $1,117,740 as compared to $797,247 for the three-month period ended December 31, 2017, an increase of 40%.
  • Operating Expenses for the three-month period ended December 31, 2018 of $1,108,179 as compared to $778,139 for the three-month period ended December 31, 2017, an increase of 42%.
  • Net Income for the three-month period ended December 31, 2018 totalled $1,418 as compared to $5,310 for the three-month period ended December 31, 2017, a decrease of 73%.

The complete audited financial statements and associated Management’s Discussion and Analysis are available under the Company’s profile at www.sedar.com or the Company’s website at www.prodigy.ventures.

Three months ended 
December 31

Year ended 
December 31

2018

$

2017

$

2018

$

2017

$

Revenue

4,687,362

3,007,244

16,943,045

12,140,692

Gross Profit

1,117,740

797,247

4,050,984

3,599,780

Expenses

1,108,179

778,139

3,782,792

3,093,319

Net and comprehensive income for the period

1,418

5,310

175,595

347,528

Net income per share – basic and diluted

0.00

0.00

0.00

0.00

Neither 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 release.

About Prodigy Ventures Inc.

Prodigy is an innovation company that has combined an enterprise technology services business – Prodigy Labs – with a Venture Builder business. The two businesses work together to create and deliver new enterprise and consumer platforms and apps using emerging technologies in mobile, video, secure ID, voice, blockchain, artificial intelligence, payments and augmented reality.

Prodigy has been ranked as the 9th fastest growing Canadian company on the 2018 Growth 500, Canadian Business’ Ranking of Fastest-Growing Canadian Companies. Prodigy has also been named as one of Canada’s fastest growing technology companies in the 19th, 20th and 21st annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. In addition, Prodigy also ranked on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Prodigy has also been named to the prestigious Branham300 list for the second consecutive year. This ranking recognizes the financial performance of Canadian companies in the Information and Communications Technologies sector.

Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the Company’s expectations with respect to higher margin revenue opportunities. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2018, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

 

SOURCE Prodigy Ventures Inc.

Blockchain

Artprice: The “Toulouse Caravaggio” Acquired Privately

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The public sale was scheduled for Thursday, 27 June at 18:00, Toulouse time. According to the Sale Conditions, anyone interested in acquiring the painting had to “register as a bidder at least 15 days before the sale.” As thierry Ehrmann explains, that meant that since 13 June at the very least, all the potential bidders were known to the sellers. And, as Julius Caesar would have said… the die is now thrown. 

Because… no less than 48 hours before the public sale was due to take place, the sale has been cancelled! A private transaction has been concluded. “An offer that we had no choice but to communicate to the owners of the painting,” says the official statement which provides a very concise explanation: “The fact that the offer comes from a collector with close connections to a major museum convinced the sellers to accept it.

This is undoubtedly a very happy ending for everyone involved, not to mention the sellers the art expert who discovered the work, Eric Turquin, and auctioneer Marc Labarbe. The undisclosed amount apparently readily confirms that the work is indeed an authentic Caravaggio, and the buyer, anonymous, but close enough to the world’s most prestigious museums, is apparently committed to ensuring painting will very soon be exhibited in one of the planet’s top museums. It could be any museum in the world… except the Louvre, which turned its back on the painting… “An attitude that, for me personally, was difficult to digest,” confessed Eric Turquin to the French magazine Le Point. The official statement says: “Purchased by a foreign collector, [the painting] will leave France.” Its ultimate destination was the sellers’ second biggest concern, after its sale price of course… Otherwise a deal would certainly have been struck directly with a major museum.

From the sellers’ point of view, this is the best possible outcome. In terms of transparency, it’s a total and singular reversal of the situation. The sellers promised a “authentic” public sale, i.e. a sale that was 100% public, with no reserve price and broadcast live on internet so that everyone and anyone could participate in the auction. The final price was going to allow the Market to decide on the painting’s authenticity… but the curtain has fallen even before it went up… and the amount of the transaction will remain forever confidential.

Last Monday, on 17 June, Sotheby’s announced its withdrawal from the public sphere. A week later, the most anticipated work of the year has suddenly done more or less the same. For Artprice, the two cases strongly suggest that the Art Market is seeking a certain discretion. In the sales catalogue, Eric Turquin thanked his collaborators: “I wish to thank my expert colleagues, the restorers, the framers, the bankers, the insurers, the photographers and the transporters, etc. who have scrupulously respected their professional confidentiality obligations and allowed us to work in a calm and collected manner.”

After five years of work, research and determination, “this painting will go to one of the best museums in the world. And for me that was essential,” concludes Eric Turquin.

Given the importance of this work in art historical terms, Artprice promises to track the reappearance of this painting – a painting that, as of today, no longer needs to be referred to as the “The Toulouse Caravaggio” –  and to shed as much light as possible on this private sale, concluded just hours before an auction that had all the makings of a truly historic event. Artprice’s consistent and long-standing efforts to bring transparency to the Art Market are more than ever justified.

 

SOURCE Artprice.com

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Blockchain

TransPerfect Announces New Transcend Integration With True Digital Dossier’s Blockchain Technology

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TransPerfect, the world’s largest provider of language and technology solutions for global business, and distributed ledger firm True Digital Dossier (TDD) today announced a partnership to integrate TDD’s new blockchain technology with TransPerfect’s virtual data room (VDR) tool, TransCEND, for the mortgage, art, energy, regulatory, and supply chain sectors.

This partnership is the first integration of blockchain technology with VDRs on a global scale. Branded under the TDD “Digital Dossier” name, the service aims to help professionals prevent lost revenue from poor due diligence and poor record keeping. It will serve markets where the value of assets, such as a mortgage or work of art, is tied to the quality of their information packages.

VDRs are online document platforms that compress the time for M&A transactions by allowing concurrent document review by unacquainted parties. Customers can manage, read, write, execute, search, audit, and access documents in the secure, collaborative environment. By integrating blockchain technology, owners can now embed a “digital fingerprint” in documents, creating a long-term tracking system for an asset’s paper trail and ensuring protection from data tampering.

“By combining TDD with TransCEND, we can create long-term trust in business and the world,” said Rob Chepak, CEO at True Digital Dossier. “Data rooms are brilliant for document sharing but mainly reserved for corporate finance. Distributed ledgers help networks of people secure information. Put them together, and we see game-changing applications that can benefit due diligence professionals in many markets.”

Phil Shawe, TransPerfect President and CEO, remarked, “Security and tracking are key elements of both VDRs and blockchain technology. They are a natural pairing that will promote more secure, reliable, and trusted transactions between parties.”

 

SOURCE TransPerfect

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Blockchain

Huobi Expands to Turkey

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As part of its ongoing plans for global expansion, Huobi Group will be moving aggressively into the Turkish market over the course of the next 12 months. Plans include a fiat onramp for Turkish Lira, a branch office with local resources in Turkey, and localized products and customer services.  Huobi invites Turkish projects to apply for listing here: list@huobi.com.

Turkey is a very important and promising prospective market for us and we plan to take an aggressive approach to bring the Huobi ecosystem there,” said Huobi Global CEO Livio Weng, fresh off a Huobi-sponsored meetup in Istanbul.  The event was attended by traders, crypto enthusiasts, and blockchain professionals, including digital economy expert Erkan Öz and lecturer and cryptocurrency mentor Ismail Hakki Polat.

Huobi’s expansion into Turkey will be overseen by Huobi MENA, the Middle EastAfrica, and South Asia branch of Huobi Group. Huobi MENA is headquartered in Dubai.

“We are really excited with the response we received from the Turkish community. With their support, we successfully pulled off one of the largest crypto events in Turkey. We’ve already added a Turkish language option to the Huobi Global website and will also be rolling out Turkish language customer support and a Turkish language mobile app. Other than this, we’ve also launched Huobi Tokens for the Turkish users, which gives them access to Huobi Prime and Fast Track. We also hope to have a crypto-to-fiat onramp for Turkish users by the end of the year.” said Mohit Davar, Co-Founder of Huobi MENA.

According to market research and analysis firm Statistica’s  Global Consumer Survey for 2019, Turkish citizens already have the highest per-capital rate of cryptocurrency ownership of all nations surveyed. A whopping 20% – or 1 in 5 – Turkish residents now own some form of cryptocurrency. “That figure definitely matches what we’ve experienced during our time here,” Weng said. “We’ve been blown away by the numbers and passion of the Turkish trading community.”

In addition to Turkey, Huobi is exploring an expanded role in other markets as well. This includes Romania, where, at the invitation of the Romanian government, Weng recently delivered a keynote speech in Bucharest’s Palace of the Parliament as part of the 2019 Romania Blockchain Summit.

“It’s unclear what changes blockchain will bring to the world but today we are all pioneers in the space,” said Weng.  “Huobi is willing to work with you in charting a path into a promising future.”

 

SOURCE Huobi Global

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