Spectra7 Microsystems Inc. Announces Concurrent Private Placement

SAN JOSE, CA—(Marketwired – June 07, 2017) –


Spectra7 Microsystems Inc. (“Spectra7” or the “Company“) (TSX: SEV), a leading provider of high–performance analog semiconductor products for broadband connectivity markets today announced that, in addition to the $4,000,000 bought deal public offering of units (“Units“) previously announced by the Company on June 1, 2017 (the “Public Offering“), it intends to sell, on a brokered private placement basis, up to 10,000,000 Units at a price of $0.40 per Unit for gross proceeds of up to $4,000,000 (the “Concurrent Private Placement“). The Company has engaged Lake Street Capital Markets, LLC and Chardan to lead the Concurrent Private Placement outside of Canada.

As with the Public Offering, each Unit issued pursuant to the Concurrent Private Placement shall consist of one common share of the Company (“Common Share“) and one–half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.55 per Common Share for a period of two years following the closing of the Concurrent Private Placement. The expiry date of the Warrants may be accelerated by the Company at any time if the volume weighted average trading price of the Common Shares on the facilities of the Toronto Stock Exchange (or such other exchange on which the Common Shares trade) is greater than $0.85 for any 10 consecutive trading days following the date that is four months and one day after the issuance of the Warrants.

The net proceeds from the Concurrent Private Placement will be used for research and development and for working capital and general corporate purposes.

The Concurrent Private Placement is scheduled to close concurrently with the Public Offering on or about the week of June 19, 2017, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities, and the satisfaction of other customary closing conditions.

The Company expects that insiders of the Company will participate in connection with the Concurrent Private Placement. Pursuant to Multilateral Instrument 61–101 Protection of Minority Security Holders in Special Transactions (“MI 61–101“), the Concurrent Private Placement constitutes a “related party transaction” as insiders of the Company will subscribe for Units. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61–101. The Concurrent Private Placement was approved by all of the independent directors of the Company.

The Company also intends to issue, on a private placement basis, 625,000 Units in connection with a financial advisory services arrangement between the Company and the lead underwriter of the Public Offering, Canaccord Genuity Corp. (the “Advisory Units“). The Advisory Units and all securities issued pursuant to the Concurrent Private Placement are subject to a statutory hold period of four months and one day pursuant to applicable securities legislation.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.


Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in broadband connectivity markets. Spectra7 is based in San Jose, California with design centers in Markham, Ontario, Cork, Ireland, and Little Rock, Arkansas. For more information, please visit www.spectra7.com.


Certain statements contained in this press release constitute “forward–looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward–looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward–looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's annual MD&A for the year ended December 31, 2016. Management provides forward–looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward–looking information. Consequently, all of the forward–looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward–looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Mspark Wins 12 Design Awards in National Competition Sponsored by Graphic Design USA

HELENA, AL—(Marketwired – June 07, 2017) – Mspark, a results–oriented print and digital media distribution company with the proven ability to deliver measurable results in rural markets across America, announced today that it won 12 individual design awards in the 2017 American Inhouse Design Awards competition sponsored by Graphic Design USA (GDUSA). The competition, considered the premier showcase for outstanding work by inhouse designers, recognizes designers for their talent and the value they bring to the organizations for which they work.

“We are honored to have been recognized among the nation's top inhouse design teams by GDUSA for the third consecutive year,” said Brian Blackman, creative director at Mspark. “In addition to representing the exceptional talent, creativity and passion of our entire creative team, these awards reflect our artists' ongoing commitment to exceeding expectations.”

Mspark won the 12 awards across a variety of design categories, including Direct Mail & Direct Response; Infographics; Posters; and Announcements & Invitations. More than 5,000 entries were submitted to the 2017 GDUSA competition with only 15 percent earning awards.

About Mspark
Mspark, a privately held, national, print and digital media distribution company, has partnered with clients to deliver reliable advertising solutions since 1988. The Company's business success stems from a simple premise — to provide measurable results and a solid return on the customer's marketing investment. Mspark is uniquely positioned with access to more than 23 million U.S. households in 28 states and 550+ markets, and its 98% household penetration in the markets it serves is unsurpassed by other competitors. The Mspark portfolio of more than 3,000 national and local clients includes consumer packaged goods manufacturers, retailers, restaurants and service providers across the United States. For additional information, visit mspark.com.

Malibu Boats Successfully Obtains Patent Reexamination Certificate for Surf Gate(R) Patent

LOUDON, TN—(Marketwired – June 07, 2017) – Malibu Boats, LLC, a subsidiary of Malibu Boats, Inc. (NASDAQ: MBUU), today announced a favorable ruling from the U.S. Patent and Trademark Office (USPTO) regarding Malibu's US Patent No. 9,260,161 related to wake surfing systems.

The USPTO recently issued a Notice of Intent to Issue Ex Parte Reexamination Certificate for the patent without amendment to the original claims. MasterCraft Boat Company requested that the PTO re–examine the patent during prior litigation between Malibu and MasterCraft. In particular, the USPTO confirmed without amendment the patentability of Claims 1, 7, 10, 12, 13 and 15 over a large volume of prior art references developed during prior litigations, including the now settled litigation with MasterCraft.

The PTO's recent order follows previous decisions rejecting challenges to another of Malibu's wake–surfing patents. On November 16, 2016, the PTO's Patent Trial and Appeal Board (the “Board”) denied both of MasterCraft's petitions for inter partes review of U.S. Patent No. 8,578,873, which had also been filed during the prior litigation between Malibu and MasterCraft. The Board found that none of the grounds in MasterCraft's petitions presented even a reasonable likelihood of success regarding the challenged claims.

Malibu CEO Jack Springer commented: “We are pleased that the requested re–examination of these patents is complete. This successful re–examination only further strengthens our confidence in the intellectual property protecting our wake surfing technology advancements. We are very excited about continuing to expand our position as the leading innovator in the marine industry.”

In addition to these two patents, Malibu owns five other relevant patents as well as several continuation applications directed to varying aspects of its wake surfing innovations, giving it a total of seven U.S. patents related to wake surfing systems. Malibu intends to vigorously defend its intellectual property related to wake surfing systems.

About Malibu Boats, Inc.

Malibu Boats is a leading designer, manufacturer and marketer of performance sport boats, with the #1 market share position in the United States since 2010. The Company has two brands of performance sport boats, Malibu and Axis Wake Research (Axis). Since inception in 1982, the Company has been a consistent innovator in the powerboat industry, designing products that appeal to an expanding range of recreational boaters and water sports enthusiasts whose passion for boating and water sports is a key aspect of their lifestyle.

Forward Looking Statements

This press release includes forward–looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward–looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and includes, among others, the statement regarding the payment of the one–time amount and future royalties by Mastercraft.

Forward–looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward–looking statements, including, but not limited to: general industry, economic and business conditions, demand for our products, changes in consumer preferences, competition within our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and our large fixed cost base, the successful introduction of our new products, and other factors affecting us detailed from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside our control, and there may be other risks and uncertainties which we do not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although we believe that the expectations reflected in any forward–looking statements are based on reasonable assumptions at the time made, we can give no assurance that our expectations will be achieved. Undue reliance should not be placed on these forward–looking statements, which speak only as of the date hereof. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward–looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Slate Retail REIT Announces the Purchase of Five Assets in Florida and Pennsylvania

TORONTO, ON—(Marketwired – June 07, 2017) – Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the “REIT”), an owner and operator of U.S. grocery–anchored real estate, announced today that it has entered into a binding agreement to acquire a portfolio of five grocery–anchored assets (the “Portfolio”) for $105 million ($160 per square foot). The Portfolio is 94% occupied, comprises 654,610 square feet of gross leasable area and is anchored by Publix, The Fresh Market, Weis Markets and Giant Food. Closing is expected to occur in the third quarter of 2017 and remains subject to customary closing conditions. Each of the five assets in the Portfolio are located in the REIT's existing markets.

“This five asset portfolio meets all of our acquisition criteria: attractive returns, markets we like that add scale, pricing well below replacement cost, strong anchors and in–place rents that are below market,” said Greg Stevenson, the REIT's Chief Executive Officer. “We are very pleased to have quickly been able to deploy a significant portion of the equity capital recently raised by leveraging our strong relationships and we continue to see opportunity for the acquisition of grocery–anchored retail properties.”

The following is a summary of the Portfolio:

  Property   Metropolitan Statistical Area   Anchor   Occupancy   Square Feet
  Bellview Plaza   Pensacola, FL   Publix   100%   82,910
  Cordova Commons   Pensacola, FL   The Fresh Market   100%   164,343
  Wedgewood Commons   Ft. Lauderdale – Port St. Lucie, FL   Publix   88%   165,308
  Shops at Cedar Point   Allentown – Bethlehem – Easton, PA   Weis Markets   95%   130,553
  Northland Center   State College, PA   Giant Food   88%   111,496
  Weighted average\total           94%   654,610

Slate Asset Management L.P. is the REIT's manager.

About Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN)
Slate Retail REIT is a real estate investment trust focused on U.S. grocery–anchored real estate. The REIT owns and operates over U.S. $1 billion of assets located across the top 50 U.S. metro markets that are visited regularly by consumers for their everyday needs. The REIT's conservative payout ratio, together with its diversified portfolio and quality tenant covenants, provides a strong basis to continue to grow unitholder distributions and the flexibility to capitalize on opportunities that drive value appreciation. Visit slateretailreit.com to learn more about the REIT.

About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over $4.0 billion in assets under management. Slate is a value–oriented manager and a significant sponsor of all of its private and publicly–traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long–term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

Clairvest Announced Winner of the 2017 CVCA Private Equity Deal of the Year Award

TORONTO, ON—(Marketwired – June 07, 2017) – Clairvest Group Inc. (TSX: CVG) (“Clairvest”) is pleased to announce that today Canada's Venture Capital & Private Equity Association announced Clairvest as the winner of the 2017 Private Equity 'Deal of the Year' award for the successful realization of Cieslok Media. Cieslok Media is a leading Canadian out of home advertising firm, operating predominantly large format digital and static billboards throughout major cities in Canada. Clairvest sold its stake in Cieslok Media to Bell Media and realized a return of 8.4x invested capital and an internal rate of return (“IRR”) of 92% over a holding period of approximately three years.

Since Clairvest partnered with Jörg Cieslok in a management buyout in September 2013, Cieslok Media embarked upon a successful growth strategy that materially increased revenue and EBITDA in three years. During this time, Cieslok Media completed three acquisitions, organically expanded its digital sign inventory and successfully launched an integrated mobile advertising offering.

This is Clairvest's fifth Private Equity Deal of the Year win following the awards for; KUBRA (2014), PEER 1 (2013), Shepell–FGI (2009) and Gateway Casinos (2008).

“We are very proud of our team and our investment partners to have earned this recognition on multiple occasions. This is a testament to our disciplined investment strategy and our team's unique ability and desire to diligently research industries. We build successful relationships with proven operating partners who outperform the competition. Our focus on alignment of interest, fundamental business growth and expertise of accelerating growth to build assets of strategic significance have all contributed to many successful outcomes during our 30 years in business,” said Ken Rotman, Co–CEO and Managing Director at Clairvest.

About Clairvest

Clairvest Group Inc. is a private equity management firm that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.

Capha Pharmaceuticals Signs Letter of Intent to Purchase AgriForest Bio-Technologies Ltd.

WEST KELOWNA, BC—(Marketwired – June 07, 2017) – Capha Pharmaceuticals Inc. (“Capha” and/or the “Company”) is pleased to announce that it has signed a Letter of Intent (“LOI”) with Patel Holdings Ltd. to purchase 100% of the shares of AgriForest Bio–Technologies Ltd. (“AgriForest”), a plant bio–technology company located in Kelowna, BC, Canada's picturesque Okanagan Valley. AgriForest's tissue culture micropropagation technology offers a unique opportunity of producing large quantities of new plant varieties in an environmentally sustainable way in a short period of time. “The utilization of this technology places Capha in a very unique position within the cannabis industry sector” stated Kyle Remenda, President.

The LOI also grants Capha an option to purchase a 12 acre land parcel which includes a 5,000 square foot state–of–the–art tissue culture laboratory located in Kelowna, BC. (the “Facility”). Included in the purchase of AgriForest is 50,000 square feet of greenhouse space and the work in progress plant inventory.

Under the terms of the LOI, Capha will purchase AgriForest for $1.8 million payable over a three year period. The Company also has an option to purchase the Facility for $2 million for a period of three years from the closing of the transaction with the Company providing a $100,000 non–refundable deposit at closing. Capha has until June 30, 2017 to complete due diligence. The Company will be preparing a formal agreement and the parties expect the transaction to close no later than July 31, 2017.

For further information please contact Kyle J. Remenda at 778–754–3000.


“Kyle J. Remenda”

Kyle J. Remenda

President & COO

Hudbay Receives the Final Record of Decision for Rosemont

TORONTO, ON—(Marketwired – June 07, 2017) – Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX: HBM) (NYSE: HBM) announced today that the U.S. Forest Service (“USFS”) has issued the Final Record of Decision (“FROD”) for Hudbay's Rosemont Project. Receiving the FROD concludes a thorough process involving 17 co–operating agencies at various levels of government, 16 hearings, over 1,000 studies, and 245 days of public comment resulting in more than 36,000 comments. Having received the FROD, Hudbay will now commence the administrative process working with the USFS to complete the Mine Plan of Operations over the next several months. The other key federal permit outstanding is the Section 404 Water Permit from the U.S. Army Corps of Engineers.

“This decision brings us another step closer to being able to build a modern mine that will fulfill the requirements of its permits, create jobs and strengthen the local economy,” said Patrick Merrin, vice president of Hudbay's Arizona business unit. “The Rosemont team thanks the USFS and all the other co–operating agencies for their hard work and dedication to the public interest over the past 10 years.”

About Hudbay

Hudbay (TSX: HBM) (NYSE: HBM) is an integrated mining company producing copper concentrate (containing copper, gold and silver) and zinc metal. With assets in North and South America, the company is focused on the discovery, production and marketing of base and precious metals. Directly and through its subsidiaries, Hudbay owns four polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and a copper project in Arizona (United States). The company's growth strategy is focused on the exploration and development of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay's vision is to become a top–tier operator of long–life, low–cost mines in the Americas. Hudbay's mission is to create sustainable value through the acquisition, development and operation of high–quality and growing long–life deposits in mining–friendly jurisdictions. The company is governed by the Canada Business Corporations Act and its shares are listed under the symbol “HBM” on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Hudbay also has warrants listed under the symbol “HBM.WT” on the Toronto Stock Exchange and “HBM/WS” on the New York Stock Exchange.

Kryon Systems lança solução de automação híbrida para facilitar a força de trabalho humana-virtual do futuro

FRANKLIN LAKES, NJ—(Marketwired – 7 de junho de 2017) – A Kryon Systems, provedora líder de soluções de Automação de Processo Robótico (Robotic Process Automation – RPA), anunciou hoje o lançamento de uma Solução RPA Híbrida da empresa que abre caminho para a transformação digital da empresa com a introdução de uma força de trabalho robô–humano colaboradora do futuro. A solução RPA inteligente da Kryon oferece automação supervisionada e não supervisionada e ainda viabiliza a interação das forças de trabalho humanas e virtuais para a entrega de maior eficiência, qualidade do processo e produtividade por meio de um processo de negócios completo.

O RPA viabiliza que tarefas repetitivas baseadas em regras sejam enviadas para uma força de trabalho robótica (software) para serem executadas, onde serão processadas com mais eficiência e maior precisão do que o processo manual. No entanto, tais tarefas geralmente são executadas somente em uma pequena parte do processo total dos negócios. Com a solução RPA Híbrida da Kryon, estes mesmos benefícios podem ser repetidos em todo o processo dos negócios, por uma pessoa ou por um robô que esteja executando a tarefa. Além disso, a solução da Kryon viabiliza que as tarefas sejam transferidas entre as duas forças de trabalho com total visibilizada para a criação de uma interação colaboradora dos trabalhadores humanos e virtuais. O resultado é uma solução verdadeiramente completa que cria uma força de trabalho realmente unificada composta de pessoas e robôs que maximizam a eficiência, escalabilidade e flexibilidade.

Com a nova solução RPA Híbrida da Kryon, as pessoas podem iniciar os processos e transferir totalmente as tarefas do processo para um robô para executar as ações necessárias. O robô executa o processo e notifica o funcionário sobre o status da tarefa em uma fila pessoal no desktop. Este processo acelerado de offload permite que o funcionário se concentre nas tarefas de criativas e mais estratégicas nível mais alto que são mais adequadas para as pessoas. Depois que o robô executa a tarefa descarregada, a pessoa é notificada instantaneamente e pode passar para a próxima etapa do processo se/quando necessário.

“A Kryon Systems sabe que os processos das empresas consistem em tarefas executadas pelos trabalhadores em diversos departamentos, cada um entregando um resultado para o próximo. Nossa solução RPA Híbrida é a primeira do mercado a oferecer uma força de trabalho humana–virtual realmente integrada onde a equipe virtual é tratada como parte integral da organização e todas as tarefas do processo se beneficiam do RPA executadas por um robô ou por uma pessoa”, disse Harel Tayeb, CEO da Kryon Systems.

A automação de empresa é uma indústria jovem, porém já florescendo e o RPA está conquistando o seu espaço rapidamente como uma ferramenta crítica que auxilia as empresas a ter sucesso nos cenários cada vez mais competitivos, e empoderando os funcionários a otimizar o resultado do seu trabalho. As soluções RPA atuais, até mesmo as que alegam serviços de “ponta a ponta”, ainda exigem um nível relativamente alto de interação manual com os processos sendo executados pelo RPA, tal como transferir tarefas de um sistema específico para outro. Muitos processo prontos para automatização têm várias etapas, as vezes até centenas de etapas, por isso a automação das tarefas individuais pode economizar tempo, mas ainda exigir um trabalho manual em outros pontos do processo.

“Um grande exemplo do RPA Híbrido em ação é o processo Conheça o seu Cliente (Know–Your–Customer – KYC) na área bancária que normalmente envolve centenas de etapas, onde algumas podem ser automatizadas facilmente e outras exigem uma abordagem mais manual”, disse Tayeb. “Com a nossa nova solução, os funcionários humanos e virtuais cooperam para concluir o processo da forma mais eficiente possível, criando funcionários mais satisfeitos, clientes mais contentes e uma empresa mais forte”.

A Kryon Systems é provedora líder de RPA que usa o reconhecimento visual e tecnologias de profundo aprendizado para executar os processos dos negócios em qualquer aplicação sem exigir integração. Com a solução RPA da Kryon, uma empresa pode registrar processos específicos para automação e então otimizar a automação com comandos de arrastar e soltar para adicionar programação, interação direta com os objetos do sistema e muitas outras ferramentas para otimizar a eficiência operacional e aumentar a performance.

Kryon Systems

A plataforma de automação robótica inteligente de processo da Kryon Systems amplifica o poder que o RPA tem de usar tecnologias de aprendizado visual e profundas para melhorar a performance operacional. Por isso, a plataforma Leo principal da Kryon dá suporte às forças de trabalho virtuais e humanas, facilitando a execução eficiente e precisa dos processos dos negócios em qualquer aplicação da empresa.

A plataforma Leo RPA pode ser aplicada com automação sem supervisão (RPA) e com supervisão (desktop), bem como uma automação Híbrida onde há uma interação da força de trabalho virtual com a humana, proporcionando um maior Retorno de Investimento em automação. Inúmeras empresas da Fortune 500 estão se beneficiando com a considerável economia de custo, maior eficiência e taxas de erro de quase zero com o uso da plataforma RPA da Kryon. http://www.kryonsystems.com/

Kryon Systems lanza una solución de automatización híbrida para facilitar el personal laboral humano y virtual del futuro

FRANKLIN LAKES, NJ—(Marketwired – 7 de junio de 2017) – Kryon Systems, proveedor líder de soluciones inteligentes de automatización robótica de procesos (RPA), anunció hoy el lanzamiento de la solución Hybrid RPA de la empresa, allanando el camino para la transformación digital de la empresa con la incorporación del personal laboral humano–robótico colaborativo del futuro. La solución RPA inteligente de Kryon ofrece una automatización asistida y sin supervisión y además permite la interacción entre el personal laboral humano y virtual para ofrecer una mayor eficiencia, calidad de procesos y productividad a lo largo del proceso empresarial completo.

La RPA tradicional permite que las tareas repetitivas, basadas en reglas, se transfieran a un personal laboral robótico (software) para su ejecución en máquinas virtuales, donde serán procesadas de manera más eficiente y con mayor precisión que si se realizaran manualmente. Sin embargo, estas tareas representan generalmente solo una pequeña parte del proceso empresarial completo. Utilizando la solución Hybrid RPA exclusiva de Kryon, se pueden obtener estos mismos beneficios a lo largo de todo el proceso empresarial independientemente de que la tarea la realice una persona o un robot.

Además, la solución de Kryon permite pasar las tareas entre los dos personales laborales con plena visibilidad para crear una interacción colaborativa entre trabajadores humanos y virtuales. El resultado es una solución completa genuina que creará una fuerza laboral verdaderamente unificada compuesta por personas y robots que maximiza la eficiencia, la escalabilidad y la flexibilidad.

Con la nueva solución Hybrid RPA de Kryon, las personas pueden iniciar procesos y luego pasar las tareas de forma transparente dentro del proceso, a un robot para la medida que sea necesaria. El robot ejecutará entonces el proceso y notificará al empleado el estado de la tarea en una cola de escritorios personales. Este proceso acelerado de descarga permite que el empleado se concentre en tareas de nivel superior, más creativas y estratégicas, que son más adecuadas para las personas. Una vez que el robot haya ejecutado con éxito la tarea descargada, la persona será notificada al instante y podrá continuar con el siguiente paso del proceso según sea necesario.

“En Kryon Systems, reconocemos que los procesos empresariales están compuestos por tareas que son ejecutadas por empleados en diferentes departamentos, cada uno de los cuales entrega la producción al siguiente. Nuestra solución Hybrid RPA es la primera en su género en el mercado que ofrece un personal laboral humano–virtual verdaderamente integrado donde el equipo virtual es tratado como un miembro integral de la organización y todas las tareas del proceso se benefician de RPA, independientemente de si son ejecutadas por un robot o una persona”, dijo Harel Tayeb, CEO de Kryon Systems.

La automatización empresarial es una industria nueva, pero floreciente, y RPA está ganando rápidamente adeptos como una herramienta crítica que prepara a las empresas para prosperar en un entorno siempre competitivo y que empodera a los empleados para optimizar el rendimiento de su trabajo. Las soluciones actuales de RPA, incluso aquellas que afirman ser servicios “completos”, todavía requieren un nivel relativamente alto de interacción manual dentro de los procesos que está llevando a cabo la RPA, tales como llevar las tareas de un sistema específico al siguiente. Muchos procesos apropiados para la automatización están compuestos de múltiples pasos, a veces cientos, de modo que mientras que la automatización de tareas individuales puede ahorrar tiempo, todavía requiere un nivel de esfuerzo manual en otros puntos del proceso.

“Un excelente ejemplo de Hybrid RPA en acción es el proceso Conozca a su cliente (Know–Your–Customer, KYC) en la banca, que normalmente implica cientos de pasos, algunos de los cuales pueden ser fácilmente automatizados mientras que otros requieren un enfoque más práctico”, señaló Tayeb. “Con nuestra nueva solución, los empleados humanos y virtuales colaboran para completar los procesos de la manera más eficiente posible, creando empleados más satisfechos, clientes más felices y un negocio más sólido”.

Kryon Systems es un proveedor líder de RPA que utiliza tecnologías de reconocimiento visual y de aprendizaje profundo para ejecutar procesos empresariales en cualquier aplicación sin necesidad de integración. Con la solución RPA de Kryon, una empresa puede registrar procesos específicos para la automatización y luego optimizar la automatización con comandos de “arrastrar y soltar” para agregar programación, interacción directa con objetos del sistema y una serie de otras herramientas que permiten optimizar la eficiencia operativa y aumentar el rendimiento.

Acerca de Kryon Systems

La plataforma de automatización de procesos robóticos inteligentes de Kryon Systems amplifica la potencia de RPA utilizando tecnologías patentadas de aprendizaje visual y profundo para mejorar el rendimiento operativo. A tal fin, la plataforma insignia Leo de Kryon soporta el trabajo virtual y humano, facilitando la ejecución eficiente y precisa de procesos comerciales en cualquier aplicación empresarial.

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ViXS Reports First Quarter Fiscal 2018 Results

TORONTO, ON—(Marketwired – June 07, 2017) – ViXS Systems Inc. (TSX: VXS), a pioneer and leader in advanced media processing solutions, reported today its first quarter fiscal 2018 results for the period ending April 30, 2017. All results are reported under International Financial Reporting Standards (“IFRS”) and in U.S. dollars, unless otherwise specified.

Q1FY18 Financial Summary

  • Revenues for the first quarter of fiscal 2018 totaled $4.8 million, down from $7.7 million recognized in the fourth quarter of fiscal 2017. This sequential decrease was primarily due to XConnex sales that were roughly one half the level in the prior quarter given the sale of the XConnex (MoCA) product line during the first quarter along with expected lower seasonal sales of legacy products, partially offset by slightly higher sequential sales of XCode 5000 and 6000 products. Revenues decreased by 15.6%, or $0.9 million, from $5.7 million recognized a year ago in the first quarter, due to lower XConnex sales (down nearly 40%) and lower shipments of other legacy products, offset by strong year–over–year growth in both XCode 5000 and XCode 6000 products being sold into new designs.
  • Gross margin for the first quarter of fiscal 2018 was 31.7%, a 0.9% point increase from the previous quarter's level of 30.8%, and a 0.5% point increase from the fourth quarter of fiscal 2017 gross margin of 31.2%. The sequential increase in margin was due a better product mix away from the lower margin XConnex products, post sale of the legacy MoCA product line, and new XCode 5000 and 6000 designs ramping during the fourth quarter. Product margin in the first quarter of fiscal 2017 was 48.7%, up from 36.3% in the fourth quarter and the 32.7% level in the first quarter of last year.
  • IFRS comprehensive gain for the first quarter of fiscal 2018 was $1.2 million, or a $0.02 gain per basic and diluted share. This is compared to a loss of $(1.9) million, or $(0.03) per share, in the previous quarter, and a $4.4 million improvement from the $(3.2) million loss, or $(0.05) per share, in the first quarter of fiscal 2017. Both the sequential and year–over–year improvement in comprehensive income were primarily due to the net gain from the sale of our XConnex (MoCA) product line of $4.8 million.
  • Non–IFRS net loss for the quarter totaled $(3.0) million, or $(0.04) per share, a $0.4 million increase compared to the $(2.6) million loss, or $(0.04) per share, in the previous quarter and a $0.9 million increase from the $(2.1) million loss, or $(0.04) per share, in the same quarter last year.
  • As at April 30, 2017, the Company's cash and cash equivalents was $6.8 million.

Customer, Product and Corporate Announcements

  • On April 12, 2017, ViXS completed the sale of its legacy XConnex (MoCA) product line to Maxlinear, Inc. Revenue for the first quarter of fiscal 2017 include only two months of XConnex sales from the MoCA product line.
  • On May 8, 2017, ViXS completed an amendment to its Comerica loan agreement, which extended the term of the loan to October 31, 2017, plus an extension on the EDC–backed inventory portion.
  • On May 18, 2017, ViXS announced the proposed sale of the Company to Pixelworks, with the close targeted for early August, 2017.
  • Renewed interest has been expressed by multiple Service Providers and MSO's to include OTA functionality as part of their product offering. ViXS is engaged with multiple North American and Korean providers to evaluate ViXS' offering.
  • Strong design activity has occurred with tier–1 Japanese customers in the area of BD Player, Android OTT/OTA Box, as well as next–generation ADSB video standard products. As evidence of this, in March 2017 Sharp announced three new BD Recorder products for Ultra HD Blu–ray based on the XCode 6800 and XCode 5190 System on Chips, with initial production starting now and volume ramp expected later this year.
  • Successful NAB and Computex trade shows where VIXS demonstrated its 12–bit 100mbs HDR stream decoding, with ViXS being the only company able to offer this unique capability — as confirmed by multiple studios. New opportunities were identified for the Professional 4K Decoder with both existing and new customers.
  • In February, Fred Shlapak was appointed to the Company Board of Directors, bringing over three decades of leadership and operational experience, coupled with deep knowledge of the semiconductor industry.

“I am pleased to share that our customers are excited about our new strategy which focuses on our core video business, where we provide industry leading capabilities, such as our new 12 bit HDR 100mbs stream decoding. We have also received very positive feedback from our customers, shareholders, and employees on the pending acquisition of ViXS by Pixelworks.” stated Sohail Khan, President and CEO of ViXS. “As a combined entity, customers should benefit from our industry leading capabilities in Video and Visual processing for both Mobile and Video Delivery market segments.”

Following the release, management of the Company will host a conference call to discuss the financial results. The call will be hosted by Sohail Kahn, President & CEO and Charlie Glavin, CFO of ViXS.


DATE: Wednesday, June 7, 2017
TIME: 5:00 P.M. EDT
North American Toll: Free: 1–(866)–215–5508
International: (514) 841–2157
Passcode: 4502 7012#
North American Toll: Free: 1–(888)–843–7419
International: (630) 652–3042
Passcode: 4502 7012#
WEBSITE: To view the press release or any additional financial information, please visit the Investor Relations section of the ViXS website at: https://www.vixs.com/ir–presentations/


The following table sets forth selected financial information derived from the Company's unaudited interim consolidated financial statements for the three months ended April 30, 2017 and January 31, 2017, as well as for the three months ended April 30, 2016. The selected financial information was prepared in accordance with IAS 34 in a manner consistent with the Company's annual financial statements. The following information should be read in conjunction with these statements and the accompanying notes.

    Three–month Period Ended
Dollar amounts in U.S. dollars   April 30, January 31, April 30,
Amounts in thousands, except loss per share   2017 2017 2016
Revenue   $4,812 $7,668 $5,702
  Cost of sales   3,286 5,306 3,925
Gross margin   1,526 2,362 1,777
Operating expenses (1)        
  Research and development   2,041 3,094 2,972
  Selling, general and administrative   2,261 1,992 2,038
Total operating expenses   4,302 5,086 5,010
Loss before income (expense), currency gain (losses)   (2,776) (2,724) (3,233)
Other income (expenses):        
  Finance income (expense)   (780) 684 (153)
  Currency gain (loss)   (12) 47 141
  Gain on sale of MoCA asset   4,786
Total other income (expenses)   3,994 731 (12)
Income (loss) before income taxes   $1,218 ($1,993) ($3,245)
  Income tax recovery   (10) (84) (9)
Net income (loss) for the year   $1,208 ($2,077) ($3,254)
Other comprehensive income        
Item subject to reclassification        
  Exchange difference on translating foreign operations   3 157 67
Comprehensive income (loss) for the period   $1,211 ($1,920) ($3,187)
Earning (loss) per share attributed to common equity holders        
  Basic   $0.02 ($0.03) ($0.05)
  Diluted   $0.02 ($0.03) ($0.05)
Weighted average number of common shares outstanding        
  Basic   73,322 72,860 60,452
  Diluted   73,322 72,860 60,452
(1) Includes share–based transaction expense of:        
Research and development   92 81 257
Selling and administrative   153 248 273
    $245 $329 $530
    As at As at
    April 30, As January 31,
in thousands of US Dollars   2017 2017
Current Assets      
  Cash and cash equivalents   $6,761 $2,857
  Trade accounts receivable   2,600 2,626
  Other amounts receivable   486 445
  Inventories   1,576 3,232
  Prepayments   412 951
Total Current Assets   11,835 10,111
Non–Current Assets      
  Property, plant and equipment   2,236 2,419
  Intangible assets   6,328 6,860
  Prepayments   464 203
Total Non–current Assets   9,028 9,482
Total assets   $20,863 $19,593
Current Liabilities      
  Revolving bank loan payable   $5,647 $5,685
  Current portion of repayable government assistance   312 159
  Deferred revenue   348 173
  Trade payables   1,688 2,462
  Accrued liabilities   1,696 1,556
Total Current Liabilities   9,691 10,035
Non–Current Liabilities      
  Accrued non–current liabilities   125 126
  Convertible debt   5,475 4,685
  Warrant liability   4 130
  Repayable government assistance   853 1,388
Total Non–Current Liabilities   6,457 6,329
Total Liabilities   16,148 16,364
Shareholder's Equity   4,715 3,229
Total Liabilities and Shareholders' Equity   $20,863 $19,593


In addition to disclosing results in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”), the Company also provides supplementary non–IFRS financial measures as a method of evaluating the Company's performance. These non–IFRS measures are disclosed as a supplement to financial results prepared in accordance with IFRS in order to provide a further understanding of ViXS' results of operations from management's perspective. In particular, ViXS uses non–IFRS measures to provide investors with supplemental measures of its operating performance and highlight trends in its core business that may not otherwise be readily apparent solely from IFRS measures. ViXS management uses non–IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess ViXS' ability to meet its future capital expenditure and working capital requirements. ViXS believes that securities analysts, investors and other interested parties frequently use non–IFRS measures in the evaluation of issuers.

Non–IFRS net loss is defined as total comprehensive loss before share–based transaction expense, exchange difference related to translating foreign operations, unrealized currency gains/losses and non–recurring or one–time items such as: share offering costs, listing fees, convertible preferred share revaluation adjustment, fair value adjustment on warrant liability and provision for repayable government assistance. Non–IFRS net loss does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Non–IFRS net loss from operations should not be considered in isolation or as a substitute for comprehensive loss prepared in accordance with IFRS.

ViXS has provided a comparison of comprehensive loss to non–IFRS net loss in the following table:

    Three Month Period Ended  
    April 30,   January 31,   April 30,  
    2017   2017   2016  
Comprehensive gain (loss) for the period   $1,211   ($1,920 ) ($3,187 )
R&D adjustments              
  Stock–based compensation expense   92   81   257  
  Provision for repayment of government assistance   (342 ) 64   238  
Selling, general and administrative              
  Stock based compensation expense   153   248   273  
Other Income/Expense adjustments              
  Listing Fees     (4 ) 15  
  Gain on Sale of MoCA assets   (4,786 )        
  Unrealized currency loss (gain)   8   36   148  
Other adjustments              
  Fair value adjustment on convertible debt and warrant liability   664   (1,220 ) 46  
  Exchange differences on translating foreign operations   3   157   67  
Non–IFRS net loss   ($2,997 ) ($2,558 ) ($2,143 )
Non–IFRS EPS basic   ($0.04 ) ($0.04 ) ($0.04 )
Non–IFRS EPS Diluted   ($0.04 ) ($0.04 ) ($0.04 )

ViXS' unaudited interim condensed consolidated financial statements and management's discussion & analysis (“MD&A”), for the three–month period ended April 30, 2017, are available via ViXS' website www.ViXS.com and will be available on SEDAR at www.sedar.com.


Certain statements in this press release which are not historical facts constitute forward–looking statements or information within the meaning of applicable securities laws (“forward–looking statements”). Such statements include, but are not limited to, statements regarding ViXS' projected revenues, gross margins, earnings, growth rates, the impact of new product design wins, market penetration and product plans. The use of terms such as “may”, “anticipated”, “expected”, “projected”, “targeting”, “estimate”, “intend” and similar terms are intended to assist in identification of these forward–looking statements. Readers are cautioned not to place undue reliance upon any such forward–looking statements. Such forward–looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause ViXS' actual results to be materially different from historical results or from any results expressed or implied by such forward–looking statements. Accordingly, there can be no assurance that forward–looking statements will prove to be accurate and readers are therefore cautioned not to place undue reliance upon any such forward–looking statements.

Factors that could cause results or events to differ materially from current expectations expressed or implied by forward looking statements contained herein include, but are not limited to: our history of losses and the risks associated with not achieving or sustaining profitability; the Company's dependence on a limited number of customers for a substantial portion of revenues; fluctuating revenue and expense levels arising from changes in customer demand, sales cycles, product mix, average selling prices, manufacturing costs and timing of product introductions; risks associated with competing against larger and more established companies; competitive risks and pressures from further consoldiation amongst competitors, customers, and suppliers; market share risks and timing of revenue recognition associated with product transitions; risks associated with changing industry standards such as HEVC (High Efficiency Video Codec), HDR (High Dynamic Range) and Ultra HD resolution; risks related to intellectual property, including third party licensing or patent infringement claims; the loss of any of the Company's key personnel could seriously harm its business; risks associated with adverse economic conditions; delays in the launch of customer products; price re–negotiations by existing customers; the Company's dependence on a limited number of supply chain partners for the manufacture of its products, legal proceedings arising from the ordinary course of business; ability to raise needed capital; ongoing liquidity requirements;and other factors discussed in the “Risk Factors” section of the Company's Annual Information Form dated March 31, 2017, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. All forward–looking statements are qualified in their entirety by this cautionary statement. ViXS is providing this information as of the current date and does not undertake any obligation to update any forward–looking statements contained herein as a result of new information, future events or otherwise except as may be required by applicable securities laws.

About ViXS Systems Inc.

ViXS is a pioneer and market leader in designing revolutionary media processing semiconductor solutions for video over IP streaming solutions, with approximately 470 patents issued and pending worldwide, numerous industry awards for innovation, and over 39 million media processors shipped to date. ViXS is driving the transition to Ultra HD 4K across the entire content value chain by providing professional and consumer grade chipsets that support the new High Efficiency Video Coding (HEVC) standard up to Main 12 Profile, reducing bandwidth consumption by 50% while providing the depth of color and image clarity needed to take advantage of higher–resolution content. ViXS' XCodePro 300 family is ideal for Ultra HD 4K infrastructure equipment, and the XCode 6000 family of system–on–chip (SoC) products achieve unprecedented levels of integration that enable manufacturers to create cost–effective consumer entertainment devices.

ViXS is headquartered in Toronto, Canada with offices in Europe, Asia and North America. VIXS™, the ViXS® logo, XCode®, XCodePro™, and Xtensiv™ are trademarks and/or registered trademarks of ViXS. XConnex™ and other trademarks are the property of their respective owners. For more information on ViXS, visit our website: www.vixs.com.