HALIFAX, June 14, 2017 /CNW/ - kneat.com, inc. (TSXV: KSI) ("Kneat" or the "Company"), developer of the next generation Kneat Gx platform for regulated industries, is pleased to provide a corporate update outlining Kneat's key accomplishments since completing a public listing on the Canadian TSX Venture Exchange on July 5, 2016.
"Since listing on the TSX Venture Exchange, Kneat has made significant advances, focusing on key milestones that will support Kneat's long-term success," said Eddie Ryan, Chief Executive Officer. "Firstly, we concentrated on building a strong, international sales team and the corporate infrastructure to support growth of the business and customer base.
Secondly, we continued to advance the Kneat Gx platform, including completion and deployment of our software as a service ("SaaS") model. We can now address the needs of both segments of the market with on-premise or SaaS cloud deployments.
Most significantly, we achieved an industry breakthrough with global deployment of the Kneat Gx platform at a multi-national customer and published significant customer findings from the use of our platform by this customer. This success has increased market awareness of Kneat's next generation capabilities within life sciences and other regulated industries.
Lastly, we secured additional funding to build on the momentum that we have gained from our achievements throughout 2016 and in the first half of 2017."
Significant events included:
- Signing of a $1.1 million contract and global deployment of the on-premise Kneat Gx platform at a multi-national customer site, replacing many of its paper-based validation and GxP testing processes within their highly regulated manufacturing facilities world wide;
- Successful deployment and implementation of our SaaS platform at two customer sites. Kneat's SaaS platform allows small to medium-size companies to benefit from paperless validation and GxP testing within their regulated facilities, without requiring a full in-house information technology infrastructure and support team;
- The Journal of Validation Technology published the article 'Case Study: Implementation of an Electronic Life Cycle Management System for Validation ….and Beyond' which outlines how the Kneat Gx platform assisted a multi-national, highly regulated company implement best practices across its global network, providing productivity gains in excess of 100% and cycle time improvements of more than 50% in validation and GxP testing, with the prospect of leveraging the Kneat Gx platform across many other testing processes;
- Hiring of two sales directors has added significantly to Kneat's ability to market, demonstrate and sell to the European and North American markets;
- Expansion of the Kneat development team has increased the pace of software development. This has allowed Kneat to substantially advance and move forward on the development road map; and
- Closing of the $3 million private placement, as announced on May 31, 2017. The funds raised will be used to accelerate development, increase awareness of the Kneat Gx platform for multiple applications across several life sciences industries and enhance the team needed to support a growing list of customers.
Kneat, headquartered in Limerick, Ireland, develops and markets the next generation Kneat Gx software platform. Kneat Gx, enables an end-to-end paperless process for all validations, commissioning and qualification, production execution and quality document management. Kneat Gx allows users to electronically create, approve and execute all deliverables, manage any exceptions and post approve final deliverables in a controlled FDA 21 CFR Part 11 compliant platform. Users with correct permissions can see everything in real time. Customer case studies are reporting productivity improvements in excess of 100% and a higher compliance standard. www.kneat.com.
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the ability to generate sales of the Kneat Gx platform, the ability to build relationships with current and prospective customers, the market potential for the Kneat Gx platform, the ability to develop new features for the Kneat Gx platform, and the compliance of the Kneat Gx platform under regulatory audit and inspection. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor's own risk.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Sarah Oliver, CFO, kneat.com, inc., 2001-1969 Upper Water Street, Halifax, NS, B3J 3R7, T: +353 61 203826, E: firstname.lastname@example.org