Vancouver, BC – Minerva Intelligence Inc. (TSXV: MVAI) (“Minerva” or the “Company”), an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, is pleased to provide a corporate update on the development of the Company and its corporate strategy throughout 2022.
The Company anticipates strong revenue growth driven by commercial adoption of its solutions in both Economic Geology and Climate Risk. This includes the adoption of Minerva’s Driver SaaS solution from junior and major mining companies as well as the successful launches of Minerva’s GAIA solution from governments, insurance companies, and corporate issuers globally.
“After a strong 2021, we are well on track to deliver our strongest financial performance ever as a company in 2022 through the addition of new clients and the launch of new services, including Driver and our Climate Risk solutions,” said Scott Tillman, CEO of Minerva Intelligence. “We are well positioned to deliver on our growth strategy as the demand of a viable and truly insightful platform that is able to provide transparency into Climate Risk exposures. The additions made to our Board of Directors throughout 2021 are already paying dividends as we capitalize on our teams’ extensive relationships with industry veterans and unparalleled relationships.”
Minerva is proud to be focused on initiatives in sustainability and the net-zero transition.
Minerva is pleased to provide an update on its existing Economic Geology business segment, which is assisting mining and mineral explorers more efficiently secure the minerals and metals needed for the transition to clean energy technologies. With continued momentum and strong demand for the Company’s innovative solutions, the Company anticipates additional clients throughout 2022 as well as existing clients expanding their spend with the Company. Driving this growth is the launch of Driver, Minerva’s SaaS product.
Driver provides automatic 3D block modelling for rapid, comprehensive analysis of drilling data and is cloud-hosted and web-based, making it accessible anywhere there is an internet connection. Minerva’s Driver is allowing geologists to vector towards new areas of the deposit, better predict metallurgical and environmental concerns and save months of time in the modelling process.
Toward the end of 2021, Minerva began offering ‘proof of concept’ trials to customers. These trials have made it easy for Minerva to demonstrate the value of Driver and have helped generate buzz within the industry. Most importantly, they have been met with quicker adaption of Driver with the benefit of immediate feedback that has been incorporated into the improving technology. The Company anticipates a strong conversion rate from trial customers to licensed users throughout the year.
Continuing momentum from Q4 2021, the Company continues to see strong demand for its Climate Risk solutions, including several pilot programs with commercial entities. As well, the Company is carrying out its innovation solution project for the Canadian government (see press release dated November 29, 2021), and remains optimistic that this contract will expand.
As a part of Minerva’s Climate Risk strategy, the company is building partnerships to address risk quantification in the real estate sector. Specifically, the company seeks to assist REITs with visualization and analysis to better understand their exposure to Climate Risk and better manage their financial risks and opportunities.
Minerva anticipates a public launch of its GAIA Climate Risk platform to occur later this year. GAIA is a unique AI application that enables users to generate and interact with maps of natural hazard susceptibility over large areas. The Company’s cognitive AI system mimics human-expert reasoning about natural hazards and provides explainable hazard assessments, making it easier for non-experts to understand the results.
“We continue to garner significant interest in our solutions related to Climate Risk and are working hard towards reaching as many prospective clients as possible,” said Jake McGregor, President of Minerva Intelligence. “With several pilot projects on the go, we are extremely optimistic that 2022 will result in material revenue from this segment of the business and we are working closely with clients to develop solutions that directly match their needs.”
Changes to Board of Directors
In addition, the Company is pleased to welcome David Poole to its Board of Directors. Mr. Poole will be replacing Clinton Smyth, who has agreed to step down from his position.
As one of the initial investors and founders of Minerva Intelligence, Mr. Poole bring a wealth of artificial intelligence experience to the Company’s Board of Directors. He is currently a professor at the University of British Columbia and received his PhD from the Australian National University.
“I am thrilled to welcome David to our Board of Directors and look forward to leveraging his knowledge and understanding of artificial intelligence, particularly as one of the founders of Minerva, as we execute on both our Economic Geology and Climate Risk strategies,” continued Scott Tillman. “I would like to thank Clinton for his time on our Board, and wish him the best of luck on his future endeavors.”
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is an artificial intelligence software company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their software is helping decision makers better understand the earth. Minerva’s applications focus on climate risk mitigation, carbon sequestration monitoring and the search for critical metals and its proprietary AI software 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.
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.
For further information: Virtus Advisory Group, Investor Relations, (416) 644 5081 , firstname.lastname@example.org; Jake McGregor, President, (604) 620 1051, email@example.com