TIDMALB
RNS Number : 2250W
Albert Technologies Ltd
31 July 2018
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
31 July 2018
Albert Technologies Ltd.
("Albert Technologies" or the "Company")
Trading update, Board changes and Notice of AGM
Albert Technologies (AIM: ALB), a global software company and
creator of Albert, the first-ever fully autonomous artificial
intelligence marketing platform, today provides a trading update
for the six months ended 30 June 2018.
The Board is pleased to report that the Company continues to
execute its stated growth strategy, with revenue for the period
expected to be approximately $1.9 million, representing an increase
of more than 4x on the corresponding period last year. Unaudited
adjusted EBITDA loss(1) for the first half of 2018 is expected to
be approximately $6.4 million. Following a successful
oversubscribed placing in May 2018, the cash balance as at 30 June
2018 is expected to be approximately $22.0 million.
(1) Excluding share-based compensation expenses of $0.3
million.
Business Highlights
This performance has been driven by continued investment in
sales and marketing with an emphasis on targeting large
enterprises. Our most recent contract wins during the period,
include an agreement with one of the largest US retailing chains,
as well as with one of the largest telecommunications companies in
Australia (the latter was signed through our Australian
partnership). Both companies will begin pilots during the third
quarter which, if successful, will transform into commercial
agreements.
In parallel we continue to execute our "land and expand"
strategy. During the first half of 2018 we successfully grew our
business with some of our existing global customers. This included
an extension of a pilot with an international consumer goods
company (announced in April 2018), into additional territories and
brands, and the expansion of our pilot project with one of the
world's biggest insurance companies, initially announced in March,
into additional geographies.
Outlook
Based on the performance in the period and the outlook for the
second half, the Board is pleased to report it expects the
financial results for the full year to be in line with
expectations.
Board changes
As recently announced, the Board has been informed by John
Allwood of his intention to retire from the Board at the next
Annual General Meeting of the Company ("AGM"), having served as an
Independent Non-Executive Chairman of the Board since its admission
to trading on AIM in June 2015. We are pleased to announce the
proposed appointment at the AGM of Lisa Gordon, who has served as
Independent Non-Executive Director for the past three years, as the
new Chairman of the Board.
In addition, we continue to broaden the experience of the Board.
As previously announced, it is intended to appoint Rob Norman as an
Independent Non-Executive Director at the AGM. Rob has been acting
as an Advisor to the Board for the last 3 months and brings with
him a wealth of media agency experience, having served at WPP's
GroupM as Global Chief Digital Officer and, before that, Chief
Executive of GroupM (North America). In addition to the appointment
of Rob, we are seeking shareholder approval to appoint Meir Moshe
as an Independent Non-Executive Director and an External Director
of the Company (under Israeli Company Law). Meir qualified as an
accountant with EY and has served as CFO of Israeli/global publicly
traded companies throughout his career, including 16 years as CFO
at NASDAQ-listed Radware Corp. Meir carries significant experience
as a senior executive and financial expert, with a proven record in
the High-Tech industry. Meir will replace Ofir Gomeh who served in
this role for the past three years and will step down from his role
as Independent Non-Executive Director at the AGM.
The Board would like to take this opportunity to thank John and
Ofir for their contribution and commitment to the Company over the
last three years and to wish them well in the future.
Notice of AGM
We hereby announce we will be holding our AGM at 11.00 a.m.
(London time) / 13.00 p.m. (Tel Aviv time) on 6 September 2018 at
the offices of Bryan Cave Leighton Paisner LLP, Adelaide House,
London Bridge, London EC4R 9HA, United Kingdom.
The Notice of Annual General Meeting, Form of Proxy and/or Form
of Direction have been sent to shareholders and will shortly be
available to download from the Company's website at
https://albert.ai/.
AIM Rules Disclosures
Save for the information above and below, there are no further
disclosures to be made in accordance with Rule 17, Schedule 2(g) of
the AIM Rules for Companies in respect of the appointment of Robert
Norman.
Full name: Robert David Norman
Age: 58
Robert Norman is, or has during the last 5 years, been, a
director of the following companies:
Current Past 5 years
Playbuzz Ltd BBC Global News Limited
----------------------------
comScore, Inc. 2Sixty Technologies Limited
----------------------------
Inspo LLC Essence Group Limited
----------------------------
Wild Tangent Inc. Essence Global Limited
----------------------------
Unified Enterprises Corp. Xasis LLC
----------------------------
Globant S.A.
----------------------------
Mr. Norman was a director of Netpoll Limited, The Internet
Research Company Limited, The Bloxham Group (Holdings) Limited,
Multimedia Marketing Group (Europe) Limited and Mediatude Limited
at the time they were dissolved. All of these companies were part
of the WPP group of companies following the merger with Tempus
Group Plc.
Save for the information above and below, there are no further
disclosures to be made in accordance with Rule 17, Schedule 2(g) of
the AIM Rules for Companies in respect of the appointment of Meir
Moshe.
Full name: Meir Moshe
Age: 64
Meir Moshe is, or has during the last 5 years, been, a director
of the following companies:
Current Past 5 years
nil Ability Inc.
-------------
For further information, please visit https://albert.ai/ or
contact:
Albert Technologies Ltd
Or Shani, Chief Executive Officer Tel: +972 3537 7137
Yoram Freund, Chief Financial Officer
Cantor Fitzgerald Europe
Marc Milmo
Catherine Leftley +44 (0)20 7894 7000
About Albert Technologies
Founded in 2010, Albert Technologies Ltd. (AIM: ALB.L), a global
software company, is the creator of Albert - the first-ever fully
autonomous artificial intelligence marketing platform, driving
digital marketing campaigns from start to finish for some of the
world's leading brands. Albert's mission is to liberate businesses
from the complexities of digital marketing - not just by
replicating their existing efforts, but by executing them at a pace
and scale not previously possible. Albert serves as a highly
intelligent and sophisticated member of brands' marketing teams,
wading through massive amounts of data, converting this data into
insights, and autonomously acting on these insights, across
channels, devices and formats, in real time. This eliminates the
manual and time-consuming tasks that currently limit the
effectiveness and results of modern digital advertising and
marketing. Brands such as The Big Red Group, Gallery Furniture and
Dole Asia, and global advertising agencies, credit Albert with
significantly increased sales, an accelerated path to revenue, the
ability to make more informed investment decisions, and reduced
operational costs.
The Company's core focus is its SaaS Sales Channel, which offers
its artificial intelligence-based software, Albert, to brands using
a SaaS model. Albert Technologies Ltd. listed in 2015 to accelerate
both investment into and commercialisation of Albert.
The Company and its management received 18 awards in 2017,
including being named as Gartner Cool Vendors in Advertising, an
International Stevie Award for "Best New Product of the Year," the
"Market Disruptor" Award from the Masters of Marketing, and being
named "AI Application of the Year" by the Global Annual Achievement
Awards for AI. Albert CEO, Or Shani, was recognized as Innovator of
the Year (bronze) in the International Stevie Awards and was chosen
for the DMN 40 Under 40 List.
About Albert
Albert replaces the human campaign manager in managing brands'
online advertising campaigns. A brand provides Albert with access
to its Google, Facebook, Bing, Twitter and other online marketing
channels. When a brand manager wishes to launch a new online
advertising campaign, all that is needed is to simply log into
Albert and deploy that new campaign, which is usually no more than
a 15-minute task.
Albert autonomously creates hundreds of micro campaigns across
all relevant online marketing channels (Google, Facebook, Bing,
Twitter, Instagram, Display, Email, etc.), then reviews these
hundreds of micro campaigns every few minutes and optimises each of
them as needed. Albert works in very much the same way that a human
campaign manager would, making correlation and cost/benefit-based
decisions.
Where an experienced campaign manager could possibly make circa
100 decisions per day, Albert can make thousands per minute.
Albert's ability to launch hundreds of micro strategies and review
and amend them all every few minutes typically brings about a
significant increase in ROI. In addition, all learnings from the
decisions made remain in-house, and the brand has full and instant
transparency and can easily scale up marketing activities through
larger budgets or applications to new brands and new geographies,
without hiring new expert campaign managers.
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END
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