VANCOUVER, BC, Aug. 31, 2020 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) ("Minerva" or the "Company"), an artificial intelligence company focused on knowledge engineering, is pleased to provide a corporate update related to the Company's commercialization strategy.
Since the February corporate update, the Company has successfully executed on its previously disclosed go-to-market strategy that included delivering solutions for commercial use and the launch of Minerva's GAIA mapping suite. Both of these approaches have resulted in revenue-producing contracts, successful commercialization of several of products, and the impending debut of others.
"We've accomplished many of our goals thus far in 2020 and look forward to turning products into additional contracts throughout the rest of the year with the goal and expectation of surpassing internal benchmarks," said Scott Tillman, Chief Executive Officer of Minerva. "As the metals and mining industries benefit from continued interest by investors and rising prices of real assets, Minerva stands to directly benefit, as these types of companies seek out creative ways to incorporate innovative technology that can reduce costs and provide precision when drilling. Our technology has the potential to be at the forefront of this change, and over the past six months we have seen a significant shift towards this being the case."
Key Economic Geology (TERRA) Highlights
During the second quarter and current quarter, Minerva has put the finishing touches on its DRIVER product, which uses proprietary software to search for deep insights into multi-element drilling data. There has been great buzz in the industry on DRIVER, and the positive reaction it is generating, combined with advanced discussions with a number of potential partners, lead the Company to be confident that DRIVER will soon generate multiple sales.
Minerva also recently increased the global visibility of its TERRA Mining AI suite, which provides solutions for every stage of the exploration and mining process, by partnering with technology resellers to establish local footprints in key regions. Through a partnership with Allinno, the Company now has an active sales force in the Australian and New Zealand markets, while the Company's reseller agreement with Trigteq offers the ability to market in local language to China, Russia, and Mongolia.
Minerva's LEO software has debuted as the Company's first fully SaaS (software as a service) product and has begun to build a strong client base. LEO is an advanced document management system that allows quick indexing, tagging, geotagging and searching of documents and data. The Company is currently in the process of having LEO included in mining-focused SaaS platforms, including Oren (a new mining software marketplace run by IBM and Shell) and Axora, a similar platform with deep ties to major mining interests.
SOLACE, Minerva's software/service solution for standardizing and harmonizing data, has been built out into a standalone product, with the data maintenance solution now available as a SaaS product; this aspect of SOLACE is also being incorporated into the mining software platforms noted above. The SOLACE software continues to be a lynchpin for other TERRA solution offerings.
Key Natural Hazards (GAIA) Highlights
In the most recent quarter, Minerva's Natural Hazards section was awarded its largest-ever contract to-date. The contract, awarded with domain-expert partner Ebbwater Consulting, will see the Company provide a National Flood Hazard Data Layer for Natural Resources Canada.
Q2 2020 also saw the debut of GAIA Sea to Sky Hazard Map to the general public. Users can now create an account and freely navigate the webmap. Debuting the map in this fashion has allowed Minerva to identify users and their needs and tailor the map accordingly. Marketing efforts based on the insights acquired have led to discussions for collaboration with governmental agencies and international engineering firms, which are proceeding apace.
Minerva's other landslide map currently in production, for the Veneto Region in Italy, has also been signing up users, and has led to a significant proposal to develop a geotechnical taxonomy for the IRPI, part of Italy's National Research Council.
Minerva's rainfall flood mapping application, GAIA Flood, is set to debut in Q3. The Company's novel approach to flood mapping has already led to robust conversations with insurance providers, insurtech companies, engineering firms, and flood mitigation specialists around the world. Minerva is currently in discussions for collaboration on a multi-hazard map incorporating client proprietary data and the Company's unique cognitive AI technology to create a revolutionary new hazard prediction product, with commercial appeal across multiple sectors.
In April, Minerva welcomed Craig Tuckman to the Board of Directors. Mr. Tuckman, an economics graduate of The University of Chicago, has over 20 years of executive experience in the Mining & Metals sector. Craig currently serves as the Head of Marketing, Metals Americas for Mitsui Busan Commodities (USA) Inc., where his responsibilities include business development for Americas Metals clients, marketing team management, new product development and desk support.
In August, Minerva was honored to have been named one of the five most promising companies in mining technologies by StartUs Insights, a European data science company monitoring start-ups, technologies & industry trends. This recognition shows that the Company's marketing efforts are bearing fruit, and we believe that further steps forward will be made in coming quarters.
Minerva also announces that it has retained Mackie Research Capital Corporation ("MRCC") to provide market making services to the Company in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. Under the terms of the agreement, MRCC will receive $4,500 per month. There are no performance factors contained in the agreement and MRCC will not receive shares or options as compensation.
For more details, please refer to our recently filed Q2 financials with SEDAR.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary evidence-based decision-making software is bringing the benefits of artificial intelligence technology to industries dependent on reasoning with complex technical and scientific data. Although Minerva's applications currently focus on earth science-related domains including natural hazards and mineral exploration, their technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture (symbol MVAI).
For further details, please refer to their website www.minervaintelligence.com.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the 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 press release.
SOURCE Minerva Intelligence Inc.