Arlington, VA, USA, November 30, 2022 (GLOBE NEWSWIRE) Edge Total Intelligence Inc.
(TSXV: CTRL, OTC: UNFYF, FSE: Q5i )(“edgeTI”, “we”, “our” or the “Company”), a leader in real-time digital operations, announces operating and consolidated results for the third quarter 2022 (“Q3-2022”). Financial information is expressed in United States (US) dollars unless otherwise indicated. The Company’s related financials and management discussion and analysis for the third quarter, 2022 are posted on its profiles on SEDAR (www.sedar.com) and OTCMarkets (www.otcmarkets.com).
Selected Financial Details for Q3-2022
Operational Highlights for Q3-2022
“Q3 was a difficult time to secure new decisions as customers and prospects took more time to select and activate their initiatives,” said Jim Barrett, Chief Executive Officer. “In contrast, I am proud of the awards and coverage we have been able to garner in multiple business and technical audiences to seed new growth. Similarly, our focus on strategic partnerships is providing opportunities to demonstrate our ability to accelerate digital transformation and activate value for our current and future customers.”
Ongoing global business challenges and uncertainty, now marked by rising interest rates, are expected to continue to elongate customer decisions cycles and delay new projects as these conditions negatively impacted growth these last two quarters. The Company is actively working to restructure its debt, achieve cash flow positive operations, and reestablish growth by taking an even sharper focus on U.S. Government and Service Provider Operations.
edgeTI™ helps customers achieve the impossible with its real-time digital operations software, edgeCore™. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid experiences via the platform’s low-code development capability. With edgeTI, customers improve their margins and agility by rapidly transforming siloed systems and data across evolving situations in business, technology, and cross-domain operations.
Traded on: TSXV: CTRL, OTC: UNFYF and FSE: Q5i .
Learn more at www.edgeti.com.
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Forward-Looking Information and Statements
Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law, including statements regarding market projections, customer impacts of product deployment, the execution of the Company’s growth and marketing strategies, the Company’s expectations for its 2022 and 2023 MRR and revenues, the Company’s ability to enter into strategic partnerships and continue to develop easy to use products, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, the impact of COVID-19 or other viruses and diseases on the Company’s ability to operate, competition and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.