Fintech PR
The INX Digital Company Reports Q3 2023 Financial and Operational Results
TORONTO, Nov. 14, 2023 /PRNewswire/ — The INX Digital Company, Inc. (NEO: INXD, OTCQB: INXDF, INXATS: INX) (the “Company” or “INX”), the owner of INX.One, a security token and digital asset trading platform, a U.S. broker-dealer, an alternative trading system, a transfer agent, and an inter-dealer broker (through its subsidiaries), announced quarterly financial results as of September 30, 2023.
Investment gains/losses for any particular period are not indicative of quarterly business performance. Earnings of The INX Digital Company, Inc. for the third calendar quarter of 2023 are summarized below. All balances are reflected in U.S. Dollars.
2023 Third Quarter Financial and Operational Highlights:
- Operating cash and cash equivalents of $12.8M plus an additional $9.4M invested in short and mid-term duration U.S. treasury securities and investment-grade corporate bonds.
- A strong and unleveraged balance sheet with a working capital of $22.7M.
- Reserve Fund set aside for the protection of customer funds and maintained in addition to operating funds at $36.0M.
- Q3 2023 total revenue at $1.3M, primarily from transaction and brokerage fees, on par compared to Q3 2022.
- YTD revenue at $4.5M compared to $3.5M in 2022, a 28 percent year-over-year increase.
- Q3 2023 net loss from operations of $4.7M.
INX reports a Q3 2023 net loss of $13.6M ($0.06 EPS), which includes an unrealized loss on INX Tokens issued of $9.2M. Under applicable accounting standards, INX Tokens held by token holders are recognized as a liability on the Company’s balance sheet, with resulting unrealized gains or losses recorded in net income. The Company’s adjusted net loss for Q3 2023, excluding the loss on INX Token recorded during Q2 2023, is $4.4M ($12.8M adjusted net loss year-to-date). Adjusted net loss is a non-IFRS measure.
Notable Q3 2023 milestones affirm INX as a frontrunner in the accelerating adoption of security tokens
INX’s main focus remains on creating a go-to holistic solution for founders and corporate partners to raise capital utilizing SEC-regulated security tokens and provide an efficient and transparent secondary market for this asset class, giving access to ‘first look’ investment opportunities to investors in the U.S. and globally. Taking advantage of the path created by the issuance of the INX Token, INX continues to lead other companies and founders in this process.
As of September 2023, seven (7) portfolio companies are actively raising capital in their primary offerings and are available to investors and clients of INX, exclusively on the INX.One trading platform.
The Company continues to enter into listing agreements with private companies in the U. S. and globally that seek to list their previously issued security tokens or common shares only for secondary market trading on INX.One. Two of such issuers are currently undergoing the due diligence and listing process.
Strategic Partnership with Republic
In June 2023, INX entered into a strategic collaboration agreement with Republic (“Republic”), a global financial firm operating a digital merchant bank and a network of investment platforms, pursuant to which the parties will seek to expand the breadth and depth of tokenization infrastructure and access to digital assets for investors worldwide.
By combining INX’s digital trading infrastructure and expertise in tokenized primary offerings and secondary market trading with Republic’s well-established primary distribution, wallet, and portfolio companies, both companies are poised to introduce a wide range of compliant solutions for both primary and secondary markets and redefine the way capital is raised, empowering both institutional and retail investors globally.
Q3 marks significant milestones in the expansion and readiness of the Company’s technology stack and infrastructure to fully integrate and list the Republic security token (Republic Note) on INX.One as well as future tokens from the Republic’s portfolio of companies.
The expansion of infrastructure includes the integration of the Republic Wallet solution as a new custody option for clients trading on INX.One. The Republic Wallet integration is expected to launch on INX.One by the end of 2023.
The Company also completed its integration with the Polygon blockchain. With this recent expansion, INX.One now supports trading in Ethereum, Avalanche, and Polygon blockchain-based tokens.
“As digital security tokens surge towards full adoption, it underscores the clarity of INX’s dedicated path. The security token market is rapidly expanding across asset classes, gaining traction among traditional institutions. The crucial steps taken in recent years have laid the foundation for INX to expand its operations and establish itself as a leader. With significant investments in global education for investors and issuers, coupled with strategic partnerships and collaborations, INX takes vital steps toward realizing the Company’s full potential, offering clarity on the new technology and the opportunities it presents,” commented Shy Datika, INX CEO.
About INX:
INX provides regulated trading platforms for digital securities and cryptocurrencies. With the combination of traditional markets expertise and a disruptive fintech approach, INX provides state-of-the-art solutions to modern financial problems. INX is led by an experienced and dedicated team of business, finance, and technology veterans with the shared vision of redefining the world of capital markets via blockchain technology and a disciplined regulatory approach.
About The INX Digital Company, Inc.:
INX is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies. The INX Group’s vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group’s overall mission is to bring communities together and empower them with financial innovation. Our journey started with our initial public token offering of the INX Token in which we raised US$84 million. The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA.
In addition to operating two regulated trading platforms for blockchain assets, INX’s interdealer broker, I.L.S. Brokers, plans to offer non-deliverable cryptocurrency forwards to Tier-1 banks in the future. For more information, please visit the INX Group website here.
Cautionary Note Regarding Forward-Looking Information and Other Disclosures
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, INX has made certain assumptions, including with respect to, the continuous development of the INX trading platform, the completion of the transactions described herein, the offering of non-deliverable cryptocurrency forwards, and the development of the digital asset industry. Although INX believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to regulatory developments, the state of the digital securities and cryptocurrencies markets, and general economic conditions. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, INX disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
CBOE Canada is not responsible for the adequacy or accuracy of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information, contact:
The INX Digital Company, Inc.
Investor Relations
+1 855 657 2314
Contact: Alan Silbert
Email: [email protected]
For more information, contact:
Liz Whelan
[email protected]
(312) 315-0160
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Fintech PR
Cold Chain RFID Market to Hit $4636.6 Million by 2030: Explore Trends, Segmentation, and Growth Factors | Valuates Reports
BANGALORE, India, Jan. 8, 2025 /PRNewswire/ — Cold Chain RFID Market is Segmented by Product (Sensors, RFID Tag, RFID Reader), by Technology (Passive RFID, Active RFID), by Application (Food and Beverages, Pharmaceutical & Biomedical).
The Cold Chain RFID Market was estimated to be worth USD 1544.1 Million in 2023 and is forecast to a readjusted size of USD 4636.6 Million by 2030 with a CAGR of 16.5% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Cold Chain RFID Market:
The Cold Chain RFID Market is poised for substantial growth, driven by the increasing need for efficient and reliable tracking solutions in the transportation and storage of temperature-sensitive products. RFID technology offers comprehensive monitoring and real-time data collection, ensuring that products such as pharmaceuticals, food, and biologics are maintained within optimal conditions throughout the supply chain.
The ability to provide detailed visibility into the movement and status of goods enhances operational efficiency, reduces losses, and ensures compliance with regulatory standards. Additionally, advancements in RFID technology, including improved sensor integration and data analytics capabilities, further enhance the effectiveness of cold chain management systems.
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TRENDS INFLUENCING THE GROWTH OF THE COLD CHAIN RFID MARKET:
RFID tags are instrumental in driving the growth of the Cold Chain RFID Market by enabling precise tracking and monitoring of temperature-sensitive products throughout the supply chain. These tags provide real-time data on the location and condition of goods, ensuring that products such as pharmaceuticals, food, and perishable items are maintained within optimal temperature ranges during storage and transportation. The ability of RFID tags to offer detailed insights into environmental conditions helps businesses prevent spoilage, reduce waste, and ensure compliance with regulatory standards. As the demand for efficient and reliable cold chain management solutions increases, RFID tags become essential tools for enhancing visibility, improving inventory accuracy, and ensuring the integrity of temperature-sensitive products. This critical functionality propels the adoption of RFID technology in the cold chain sector, thereby driving market growth.
Sensors are a pivotal component driving the growth of the Cold Chain RFID Market by providing essential data on environmental conditions such as temperature, humidity, and vibration. These sensors, integrated with RFID tags, continuously monitor the state of goods throughout the supply chain, ensuring that they remain within specified parameters. The real-time data collected by sensors allows for immediate detection of any deviations, enabling swift corrective actions to prevent product degradation. Advanced sensor technologies enhance the accuracy and reliability of monitoring systems, making them indispensable for maintaining the quality and safety of sensitive products. The increasing emphasis on data-driven decision-making and the need for comprehensive monitoring solutions in the cold chain industry further boost the adoption of sensors, thereby fueling the growth of the Cold Chain RFID Market.
Passive RFID systems drive the growth of the Cold Chain RFID Market by offering a cost-effective and energy-efficient solution for tracking and monitoring products. Unlike active RFID systems, passive RFID tags do not require an internal power source, making them simpler and more affordable to deploy across extensive supply chains. These tags rely on energy from RFID readers to transmit data, enabling widespread adoption without significant infrastructure investments. Passive RFID is ideal for applications where long-term monitoring and low-cost solutions are essential, such as in the transportation of pharmaceuticals and perishable foods. The scalability and durability of passive RFID systems make them suitable for diverse cold chain environments, from warehouses to refrigerated trucks. As businesses seek efficient and economical tracking solutions, the demand for passive RFID systems continues to rise, driving the expansion of the Cold Chain RFID Market.
The increasing demand for traceability in the supply chain is a major factor driving the Cold Chain RFID Market. Traceability ensures that products can be tracked from their origin to their final destination, providing transparency and accountability throughout the supply chain. In the cold chain sector, traceability is crucial for maintaining the quality and safety of temperature-sensitive products such as food, pharmaceuticals, and biologics. RFID technology enables detailed tracking and monitoring, allowing businesses to verify the integrity of their products and comply with regulatory requirements. Enhanced traceability helps in identifying and addressing issues promptly, reducing the risk of product recalls and ensuring consumer safety. The growing emphasis on traceability and the need for reliable tracking solutions significantly boost the adoption of RFID technology in the cold chain industry, driving market growth.
The rapid expansion of e-commerce is a key driver of the Cold Chain RFID Market, as the surge in online retail necessitates efficient and reliable logistics solutions for delivering temperature-sensitive products. The rise of e-commerce platforms has increased the volume of shipments that require strict temperature control, such as fresh food, beverages, and pharmaceuticals. RFID technology facilitates seamless tracking and monitoring of these shipments, ensuring that products are handled appropriately throughout the delivery process. The need for timely and accurate data on product conditions helps e-commerce businesses maintain high standards of quality and customer satisfaction. As e-commerce continues to grow globally, the demand for advanced cold chain management solutions, including RFID systems, escalates, thereby propelling the Cold Chain RFID Market.
Governments are increasingly enforcing standards that necessitate the adoption of advanced technologies like RFID to enhance supply chain transparency and accountability. Compliance with these regulations not only ensures the safety and quality of products but also fosters consumer trust, encouraging businesses to invest in RFID solutions for their cold chain operations. The regulatory push towards enhanced supply chain management significantly boosts the adoption of RFID technology, driving the growth of the Cold Chain RFID Market.
RFID technology provides precise tracking and monitoring, enabling companies to identify inefficiencies and implement corrective measures that lower operational costs. By reducing the incidence of temperature excursions and ensuring that products are maintained within optimal conditions, RFID systems help minimize spoilage and waste, leading to substantial cost savings. Additionally, the automation of inventory management and the reduction of manual labor through RFID technology enhance overall efficiency, further contributing to cost reductions. The ability to achieve higher accuracy and reliability in cold chain operations at a lower cost makes RFID an attractive investment for businesses, driving the adoption and growth of the Cold Chain RFID Market.
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COLD CHAIN RFID MARKET SHARE:
North America leads the market, driven by its advanced logistics infrastructure, high adoption rates of RFID technology in sectors like pharmaceuticals and food, and stringent regulatory standards for cold chain management.
Europe follows closely, with substantial investments in supply chain technologies, strong emphasis on sustainability, and increasing demand for temperature-sensitive products.
Key Companies:
- Alien Technology
- Checkpoint Systems Inc
- Impinj
- Invengo Technology BV
- GAO RFID Inc.
- Avery Dennison Corporation
- Sato Holdings Corporation
- Maka RFID
- Nedap
- Nedap N.V.
- RFID4U (eSmart Source, Inc.)
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– RFID Cold Chain Management Market
– Cold Chain Monitoring Devices Market
– Radio-Frequency Identification (RFID) in Pharmaceuticals Market
– RFID-enabled Scanners Market was estimated to be worth USD 351 Million in 2023 and is forecast to a readjusted size of USD 456.7 Million by 2030 with a CAGR of 3.9% during the forecast period 2024-2030.
– The global Cold-Chain Temperature Loggers market was valued at USD 1120 Million in 2023 and is anticipated to reach USD 2013.3 Million by 2030, witnessing a CAGR of 9.0% during the forecast period 2024-2030.
– Passive RFID Tags for Asset Tracking Market was estimated to be worth USD 103 Million in 2023 and is forecast to a readjusted size of USD 132.3 Million by 2030 with a CAGR of 3.6% during the forecast period 2024-2030.
– RFID Electronic Control Card Market
– Cold Chain Monitoring System Market was estimated to be worth USD 4977.6 Million in 2023 and is forecast to a readjusted size of USD 7248.2 Million by 2030 with a CAGR of 5.4% during the forecast period 2024-2030.
– UHF RFID Chip Market was estimated to be worth USD 683 Million in 2023 and is forecast to a readjusted size of USD 1103.2 Million by 2030 with a CAGR of 7.1% during the forecast period 2024-2030.
– Smart RFID Ear Tag Market was estimated to be worth USD 198 Million in 2023 and is forecast to a readjusted size of USD 263.7 Million by 2030 with a CAGR of 4.2% during the forecast period 2024-2030.
– RFID Inventory Retail Management Market was estimated to be worth USD 7475 Million in 2023 and is forecast to a readjusted size of USD 13150 Million by 2030 with a CAGR of 8.5% during the forecast period 2024-2030.
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Fintech PR
Cost-Effective Solutions: How Online Bookkeeping is Revolutionizing Florida’s Small Businesses
MIAMI, Jan. 8, 2025 /PRNewswire/ — The U.S. accounting services industry, including bookkeeping, is experiencing significant growth, projected to reach over $1 trillion by 2026. This surge reflects the rising demand for innovative financial management solutions, with online bookkeeping emerging as a leading choice for small businesses in Florida.
Online bookkeeping services are meeting this demand by offering cost-effective, efficient, and secure alternatives to traditional financial management. With cloud-based software, businesses can automate processes and access financial data anytime, anywhere, enabling faster, more informed decision-making that boosts both efficiency and productivity.
Schedule 30-minute free consultation to streamline your Florida business’s bookkeeping- https://www.ibntech.com/free-consultation/?pr=prnewswire
“One of the key challenges for small businesses has always been managing finances without overstretching their resources,” says Ajay Mehta, CEO of IBN Technologies. Online bookkeeping solutions provide an efficient, accurate, and cost-effective way to simplify financial management for businesses.
A standout benefit of online bookkeeping is its affordability. Small businesses can significantly reduce costs by eliminating the need for in-house staff and expensive software. Instead, they only pay for the services they need, freeing up resources for critical investments like marketing and growth.
Beyond cost savings, online bookkeeping services enhances accuracy and security. Advanced encryption technology and automated workflows minimize human error and protect sensitive financial data. Small business owners can rest assured knowing their financial records are accurate and secure, enabling them to focus on scaling their operations.
“Financial technology is no longer just about convenience—it’s about empowering businesses to make smarter, data-driven decisions,” added Ajay Mehta, CEO of IBN Technologies. “By adopting online bookkeeping, Florida’s small businesses can position themselves for long-term success in an increasingly competitive market.”
As Florida’s small businesses navigate a competitive landscape, embracing online bookkeeping is no longer just an option—it’s a necessity. Solution providers like IBN Technologies are at the forefront of this transformation, offering tailored, reliable, and cost-effective online bookkeeping services that empower small businesses to simplify financial management and achieve sustainable growth. By partnering with IBN Technologies, businesses gain access to innovative tools and expertise that help them stay ahead in today’s dynamic market.
Therefore, online bookkeeping is changing the game for Florida’s small businesses, delivering cost-effective and secure financial management solutions. By adopting these innovative tools and partnering with trusted providers like IBN Technologies, businesses are empowered to operate more efficiently, allocate resources strategically, and focus on what matters most—driving growth and success.
About IBN Technologies
IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.
Contact Details:
Pradip
[email protected]
+1 – 844 – 644 – 8440
USA:
IBN Technologies LLC
66 West Flagler Street Suite 900 Miami, FL 33130
India: Global Delivery Centre
IBN Technologies Limited
Kohinoor House, 2nd floor,
691/A/1B, Plot no. 7,
Bibwewadi Road, Pune-411037
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Fintech PR
Davidson Kempner and Afendis complete acquisition of YSCO, advancing Glacier’s ambitions in European ice cream market
LONDON, Jan. 8, 2025 /PRNewswire/ — Davidson Kempner Capital Management LP (“Davidson Kempner“), a global investment management firm, supported by operating partner Afendis Capital Management (“Afendis”), has completed the acquisition (the “Transaction”) of ice cream producer YSCO through its ice cream investments platform, Glacier. Financial terms of the transaction were not disclosed.
The acquisition is transformational for Glacier’s ambitions to grow in the global ice cream industry, with YSCO joining Gelato d’Italia which was acquired in 2022. Gelato d’Italia is a leading independent ice cream producer with two sites in Italy and a key innovation and manufacturing partner for ice cream brand owners and retailers worldwide.
Bringing Gelato d’Italia together with YSCO will create one of the largest third-party ice cream manufacturers globally with revenues in excess of €600 million. Aligned in their commitments to innovation, efficiency and customer satisfaction, the companies are highly complementary in operations and ethos.
YSCO works closely with almost all the mainstream European retailers for the co-creation and production of their home-brand ice cream products. YSCO has production capabilities in Belgium and France and distributes up to 200 million liters of ice cream per year, predominately within the European market.
Glacier aims to leverage its scale to become a key partner to ice cream brand owners worldwide, aided by its commitment to delivering the fastest ideation-to-launch for new products.
Working with these international brand owners, Glacier is targeting international expansion and becoming the third-party ice cream manufacturer of choice.
Bert Van Nieuwenborgh, CEO of YSCO, said:
“This acquisition represents an exciting opportunity for YSCO to accelerate our growth as part of Glacier’s ambitious vision. As Europe’s second-largest private label ice cream producer, our expertise in large batch production and strong retailer relationships perfectly complement Glacier’s innovative approach. Together, we are well-positioned to lead the way in a rapidly growing and evolving market, delivering exceptional value to our partners and customers.”
Cem Karakaş, Chairperson of Glacier and Partner at Afendis, said:
“Glacier is perfectly positioned to capitalize on strong growth in the fragmented European third-party ice cream sector. By building on the success of Gelato d’Italia and leveraging YSCO’s scale and expertise in long-run production of large batch products, Glacier is well-placed to be a leading player in Europe. This acquisition will be the launchpad for further expansion across the globe.”
About Davidson Kempner Capital Management LP
Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has approximately $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.
About Afendis Capital Management
Afendis Capital Management is a specialist investor and investment manager of food and pharmaceutical businesses.
About Glacier
Glacier is a global ice cream investments platform backed by Davidson Kempner Capital Management and Afendis Capital Management. It unites leading producers like YSCO and Gelato d’Italia, creating one of the world’s largest third-party manufacturers with revenues over €600 million. Glacier specializes in innovation, efficiency, and rapid ideation-to-launch, partnering with brand owners and retailers worldwide to drive growth and set new industry standards.
Contact details:
Davidson Kempner Capital Management LP
[email protected]
Afendis Capital Management
Matthew Frost
[email protected]
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