LAS VEGAS, Jan. 11, 2021 /PRNewswire/ -- Remark Holdings,
Inc. (NASDAQ: MARK), a diversified global technology company with
leading artificial intelligence ("AI") solutions and digital media
properties, today announced that after an initial review of its
fourth quarter 2020 performance, revenue for its fourth quarter
ending December 31, 2020 is expected
to total at least $4.7 million,
bringing total revenue in fiscal year 2020 to over $10.0 million, representing a doubling of revenue
compared to the $5.0 million recorded
in fiscal year 2019. Additionally, Remark announced that its Board
of Directors has authorized the future repurchase of up to
$30.0 million of the company's
shares.
"The current share price reflects the underlying value of Remark's
assets or the progress made in our core AI business."
"Our multi-year commitment to building best-of-breed AI-driven
computer vision solutions is beginning to gain traction,
specifically in the retail, banking and education markets. Business
activity has been strong and our Smart Customer Retail Platform has
been adopted by several major banks in different regions of
China. Smart Community projects
are underway and expanding, and the rollout of China Mobile retail
stores is expected to accelerate in the coming year," noted
Kai-Shing Tao, Chairman and Chief
Executive Officer of Remark Holdings. "Finally, I am very pleased
to announce Board approval for a stock repurchase program. The
buyback plan demonstrates the Board's confidence in our future and
commitment to delivering value to all of our shareholders. We do
not believe the current share price reflects the underlying value
of Remark's assets or the progress made in our core AI
business."
Under the terms of the intended program, Remark would repurchase
its outstanding common shares from time to time in the open market
and in privately negotiated transactions. The timing, price and
quantity of purchases under the program will be at the discretion
of Remark's management and will depend upon a variety of factors
including share price, general and business market conditions,
compliance with applicable laws and regulations, corporate and
regulatory requirements, and alternative uses of capital.
Repurchases would be made in compliance with all Securities and
Exchange Commission rules and other legal requirements and may be
made in part under a Rule 10b5-1 plan, which permits stock
repurchases when the issuer might otherwise be precluded from doing
so. The company would fund the intended buyback program
with cash from any future asset monetization.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated
suite of AI solutions that enable businesses and organizations to
solve problems, reduce risk and deliver positive outcomes. The
company's easy-to-install AI products are being rolled out in a
wide range of applications within the retail, financial, public
safety and workplace arenas. The company also owns and operates an
e-commerce digital media property focused on a luxury beach
lifestyle. The company is headquartered in Las Vegas, Nevada, with additional operations
in Los Angeles, California and in
Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please
visit the company's website (www.remarkholdings.com).
Forward-Looking Statements
This press release may contain forward-looking statements,
including information relating to future events, future financial
performance, strategies, expectations, competitive environment and
regulation. Words such as "may," "should," "could," "would,"
"predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, including those
discussed in Part I, Item 1A. Risk Factors in Remark Holdings'
Annual Report on Form 10-K and Remark Holdings' other filings with
the SEC. Any forward-looking statements reflect Remark Holdings'
current views with respect to future events, are based on
assumptions and are subject to risks and uncertainties. Given such
uncertainties, you should not place undue reliance on any
forward-looking statements, which represent Remark Holdings'
estimates and assumptions only as of the date hereof. Except as
required by law, Remark Holdings undertakes no obligation to update
or revise publicly any forward-looking statements after the date
hereof, whether as a result of new information, future events or
otherwise.
Company Contacts
E. Brian Harvey
Senior Vice President of Capital Markets and Investor Relations
Remark Holdings, Inc.
ebharvey@remarkholdings.com
702-701-9514
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+86) 13702108000
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SOURCE Remark Holdings, Inc.