Ynvisible Interactive Inc. (the "Company" or "Ynvisible")
(TSX-V: YNV, FSE: 1XNA, OTCQB: YNVYF) today announced the
addition of three new distinguished members to its Advisory Board.
The Company is also providing certain unaudited preliminary
third-quarter 2020 results to show recent revenues, expenses, and
other income sources.
THREE INDUSTRY LEADERS JOIN ADVISORY BOARD
Ynvisible is excited to announce that it has invited Ramin
Heyardarpour, Sal Pellingra, and Tiffany Vasilchik to Ynvisible's
Advisory Board, to join its existing distinguished members Dr.
Michael Okoroafor, Dr. Harlan Byker, and Dr. Harri Kopola.
The new Advisory Board members infuse further Consumer Insights,
Engineering, Business, and Packaging expertise into the Ynvisible
as it aims to accelerate toward its vision of becoming a leading
company in the field of printed and flexible electronics and a
knowledgeable, go-to partner for stakeholders across market
categories. The Advisory Board instills the Company with business
insights and deep industry knowledge and networks, as Ynvisible
aims to build innovative market leading solutions and technology
standards that provide an easy visual interface for the Internet of
Things (IoT).
These inspiring professionals work collaboratively with
like-minded experts and organizations to cultivate deeper
understanding and relationships with industry, academia,
government, and financial partners. Ultimately, this infusion of
new perspectives will transform the entire Ynvisible value
chain.
Jani-Mikael Kuusisto, CEO of Ynvisible, says, "The Ynvisible
leadership team is incredibly proud to strengthen our already
esteemed Advisory Board. Our Advisory Board shares our enthusiasm,
they recognize our potential, and they challenge each of us on the
Sr. Management Team to constantly improve. Our new Advisory Board
is now very much a Next Generational Board and brings new insights,
high level of energy, and diversity of expertise for the next phase
of Ynvisible's growth."
Having just completed acquisitions of enhanced sales capability
from rDot AB, and strategic licensing agreements with NXN and RISE
– strategic partnerships that unlock the versatility and appeal of
ultra-low power, flexible, printed electronics and displays –
Ynvisible is now keenly focused on the scale production of premium
retail, supply chain, and health & wellness solutions.
"Our continued success is built on deep technology expertise,
continued operational integration and excellence, and accelerating
lab-to-fab-to-scale for customers. Our infusion of new Advisors
will help to broaden our Sales, Innovation, and Operations teams'
already stellar ability and expertise." Says Michael Robinson,
COO.
PROFILES OF YNVISIBLE'S NEW ADVISORY BOARD MEMBERS
Ramin Heyardarpour, Managing Partner, Flex R&D / Former
Global VP R&D Avery Dennison
Ramin is the founder is founder and managing partner of Flex
R&D Inc. He was previously Global Vice President with Avery
Dennison, where he led development of innovative products in the
areas of food packaging, brand identification, office and consumer
products.
Ramin has a track record of inventing and developing new
products in a broad range of applications including liquid
packaging, RFID tags, and heat transfer labels. He has 22 granted
patents. Various leadership positions at Fortune 500 companies in
the past 25 years have provided Ramin with a broad perspective and
a clear insight in the following areas:
- Building effective R&D organization and growing technical
talent
- Alignment of technical capabilities with business strategy
- Connecting unmet market needs to technical solutions
- Efficient development and scale-up of new products
Sal Pellingra, VP Global Application & Innovation,
ProAmpac
Sal's passion for packaging and innovation has led to increasing
positions of responsibility in manufacturing, product development,
market development, marketing and innovation leading to Sal's
current position as Vice President Global Application and
Innovation Development at ProAmpac. Sal focuses on new applications
of and for flexible packaging as well as focusing on solutions for
global and emerging brands. His broad experience from polymers and
film development, through converting, application development,
shelf life and end uses of packaging and his far reaching
co-supplier relationships help brands find new solutions and stay
relevant. ProAmpac is seen as a leader in innovative packaging and
has evidence of that in the number of packaging awards it receives
each year through his technical leadership.
Prior to ProAmpac, Sal spent 25 years with the ExxonMobil Films
Business working in product development, marketing development, and
as the Americas Market Segment Manager for four core market
segments.
Sal holds a BS and MBA from Rochester Institute of Technology.
Sal also holds 18 US patents and among other honors has received a
Global Technology Award from ExxonMobil Chemical Company. He is
also an Adjunct Professor in Packaging at the University of
Cincinnati.
Tiffany Vasilchik, SVP Growth Strategy, Magid
Based in New York City, Tiffany has spent over 20 years
positioning brands for growth. With experience spanning both the
client and consulting sides, she has worked with both established
and early-stage companies across virtually every consumer-facing
category. She loves a brand challenge.
Most recently, Tiffany was Chief Growth Officer at Landor and a
Partner at Prophet, a leading brand consultancy. Tiffany also
gained deep innovation experience as the Head of New Business at
Fahrenheit 212 and as VP, Consulting for ThinkLAB, the innovation
consulting practice of Material ConneXion, the world's largest
global materials library. Her own entrepreneurial ventures include
founding Heard It From A Mom (HIFAM), a new product community of
over 25,000 Moms and HeartCam, a non-invasive cardiac imaging
practice at Penn Presbyterian Medical Center.
Inspired by creating the future, Tiffany served as principal and
director of consulting services at BrainReserve, a trend-based
marketing consultancy founded by trend expert and author, Faith
Popcorn. Early in her career, she worked in brand management at
Nabisco and Pepsi-Cola.
A graduate of Cornell University's School of Hotel
Administration with a major in Food & Beverage, Tiffany
received her MBA from the University of Chicago Booth School of
Business.
Preliminary Unaudited Results for Q3 2020
Today, the Company is also providing the following business
updates:
Ynvisible is forecasting the following financials results for
the period of July 1, 2020 to September 30, 2020 ("Q3") as
compared to its most recently reported period of April 1, 2020 to
June 30, 2020 ("Q2").
- The Company is forecasting Q3 sales of $108,000 and Q3 cost of
sales of $91,000 compared to reported Q2 sales of $77,264 and Q2
cost of sales of $33,093.
- Operating expenses are expected to decrease to $1,050,000 in Q3
from $1,312,990 in Q2.
- Income from other sources, including Prototype Projects and EU
co-funded project grants, is expected to be $287,000 for Q3
compared to $276,914 reported in Q2.
Since the completion of its reverse takeover ("RTO") on January
19, 2018, the Company has systematically focused on building its
team and in-house design, prototyping and production infrastructure
for printed electrochromic displays and other printed electronic
functionality. Ynvisible has also announced external partnerships
complementing this capability. In Q4 2019 and during first nine
months of fiscal 2020, Ynvisible has made changes to the management
of its sales and marketing, enhanced its sales process and has
strengthened its sales and customer support teams, e.g. through the
acquisition of rdot AB's electrochromic display business on May 19,
2020. The Company has also taken systematic steps to expand beyond
its services business toward more standardized and potentially more
scalable printed electrochromic products and solutions.
During fiscal 2020, the Company is seeing steady growth in
income from clients. With the financial forecasts announced today,
the Company is forecasting cumulative Revenue and Prototype
Projects Revenue for the first nine months of 2020 to be $384,000.
This is a 300% increase compared to the first nine months of fiscal
2019 when revenues were $127,780. Total estimated operating
expenses for the first nine months of 2020 were $3,471,825. This is
a 21% increase compared to the first nine months of fiscal 2019
when operating expenses were $2,864,212.
As a result of its recent the acquisition of rdot AB's
electrochromic displays business, the Company's marketing
initiatives and a transition to increased on-line sales and more
standardized products, the Company's client base has grown and
customer pipeline strengthened during the first nine months of
2020. The Company invoiced 75 customers during the first nine
months of the year. In fiscal year 2019, the Company invoiced 49
customers during the full year.
The guidance provided herein has been approved by management on
November 4, 2020. The Company will file its Q3 financial statements
and MD&A on or before November 30, 2020 and will update these
financial results then.
About Ynvisible Interactive Inc.
Ynvisible aims to be a leading company in the emerging printed
and flexible electronics sector. Given the cost and
power-consumption advantages over conventional electronics, printed
electronics are a key enabler of mass adoption of the Internet of
Things ("IoT") and smart objects. Ynvisible has the experience,
know-how and intellectual property in electrochromic materials,
inks, and systems. Ynvisible's interactive printed graphics
solutions solve the need for ultra-low power, mass deployable,
& easy-to-use electronic displays and indicators for everyday
smart objects, IoT devices, and ambient intelligence (intelligent
surfaces). Ynvisible offers a mix of services, materials and
technology to brand owners developing smart objects and IoT
products. Additional information on Ynvisible is available at
www.ynvisible.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jani-Mikael Kuusisto," CEO,
Ynvisible Interactive
Neither 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 release.
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. All statements,
other than statements of historical fact, that address activities,
events or developments the Company believes, expects or anticipates
will or may occur in the future, including, without limitation,
statements about the Company's Q3 forecast of sales, cost of sales,
operating expenses and income from other sources; the Company's
business strategy, plans and outlooks; the future financial or
operating performance of the Company; and future marketing and
operating plans are forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties that
may cause the actual results of the Company to differ materially
from those discussed in the forward-looking statements and, even if
such actual results are realized or substantially realized, there
can be no assurance that they will have the expected consequences
to, or effects on, the Company. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things: the impact of COVID-19; risks and
uncertainties related to additional costs being subsequently
identified and the allocation of costs between reporting periods;
and the possibility that the actual financial results will not be
consistent with the Company's expectations. Actual results may
differ materially from those currently anticipated in such
statements. Readers are encouraged to refer to the Company's public
disclosure documents for a more detailed discussion of factors that
may impact expected future results. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, unless required pursuant to applicable laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20201104005784/en/
Elyssia Patterson elyssia.patterson@ynvisible.com Investor
Relations +1 778-683-4324 ir@ynvisible.com
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