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HIRE Technologies Announces Financial Results for the First Quarter of 2020

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For Immediate Release

  • HIRE achieved its best quarterly financial results to date with adjusted EBITDA(1) of $50,019 and adjusted net earnings(2) of $12,566, during the three months ended March 31, 2020. Net loss for the quarter was $744,865, or 0.02 per share.
  • HIRE’s revenue and profitability is proving to be highly resilient throughout the COVID-19 pandemic with only a 3.6% YoY decrease in revenue for the quarter ended March 31, 2020, offset by a 3.8% YoY increase in gross profit compared to the quarter ended March 31, 2019.
  • HIRE has made key changes to its leadership team to enhance and execute on its strategic plan, promoting Simon Dealy to CEO and Eric Loree to Chief Legal Officer while adding Dan Teguh as VP, Finance.

Toronto, Ontario–(Newsfile Corp. – June 1, 2020) – HIRE Technologies Inc. (TSXV: HIRE) (“HIRE” or the “Company”) announces financial results for the quarter ended March 31, 2020.

“While the COVID-19 pandemic has created a high degree of uncertainty for many people, we feel truly fortunate that our operations were uninterrupted and that we continue to provide a high level of service in support of our clients. As we evolve our business, we are leveraging our expertise in flexible staffing solutions to keep the businesses of our clients operating during these challenging times,” said Simon Dealy, Chief Executive Officer.

COVID-19 did not have a material financial impact on HIRE for the quarter ended March 31, 2020. This demonstrated the resiliency of HIRE’s recurring temporary placement revenues. Given the measures taken by all levels of government to slow the spread of COVID-19 and the consequent impact on the economy, the Company continues to be vigilant and focused on opportunities where it can help clients.

“Organizations rely on us to provide qualified IT, finance and back-office staff,” continued Mr. Dealy. “With a focus on technology-driven solutions, HIRE is well-positioned to help re-engage impacted workers as the economy transitions out of the lock-down phase of the pandemic.”

First Quarter Highlights

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  • For the quarter ended March 31, 2020, the Company’s revenue was $2,902,786, slightly lower than $3,011,887 for the quarter ended March 31, 2019, a difference of $109,101.
  • Gross profit as a percentage of revenue for the quarter ended March 31, 2020, was 23.8%, up from 22.1% for the quarter ended March 31, 2019.
  • Adjusted EBITDA was $50,019 for the quarter ended March 31, 2020 versus ($330,926) in 2019.
  • Net loss for the period was $744,965 or 0.02 per share (March 31, 2019 – $849,938 or 0.01 per share). Adjusted net earnings were $12,566 (March 31, 2019 – adjusted net loss of $432,156 or 0.01 per share).
  • A comprehensive reorganization was initiated by management at the end of the quarter, which will result in significant expense reductions going forward.
  • The Company’s cash flow from operations was a net cash outflow of $1,599,453 for the quarter ended March 31, 2020 (March 31, 2019 – $1,060,850).
  • The Company has a revolving demand operating facility with a credit limit of the lesser of $1,700,000 and the percentages of certain qualified receivables. As at March 31, 2020, the balance outstanding on the facility was $nil (March 31, 2019 – $1,425,000).
  • On February 20, 2020, HIRE and RSI International Systems Inc. (NEX: RSY.H) (“RSI”) entered into a letter of intent pursuant to which the Company and RSI have agreed to amalgamate with the combined entity continuing operations under the name of HIRE.

Outlook

For the remainder of 2020, the Company plans to focus on the following objectives:

  • Follow a disciplined acquisition and capital allocation strategy,
  • Achieve organic growth for its existing operating businesses,
  • Complete the reorganization of HIRE’s current operations, and
  • Increase awareness of HIRE and its unique value proposition.

Selected Financial Highlights

Please see SEDAR for complete copies of the Company’s unaudited condensed consolidated interim financial statements and MD&A for the three months ended March 31, 2020.

Three months ended
March 31, 2020
Three months ended
March 31, 2019
$ $
Net loss (744,965) (849,938)
Interest 16,559 57,974
Amortization 22,650 22,650
Depreciation 69,452 47,231
Tax (4,660) (4,373)
EBITDA (640,964) (726,456)
Add:
Restructuring and other non-recurring items 717,531 417,782
Rent expense (26,548) (22,252)
Adjusted EBITDA 50,019 (330,926)

 

Three months ended
March 31, 2020
Three months ended
March 31,
2019
$ $
Net loss (744,965) (849,938)
Add:
Restructuring and other non-recurring items 717,531 417,782
Non-recurring rent 40,000
Adjusted net earnings (loss) 12,566 (432,156)

 

Footnotes:

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(1) EBITDA and adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. EBITDA is defined as net income/loss adjusted to exclude interest, taxes, depreciation, and amortization, and provides management with insight into the operating performance of HIRE and its operating subsidiaries without the impact of significant accounting policies on depreciation and amortization, financing, and tax implications. Adjusted EBITDA is defined as EBITDA, excluding restructuring and other non-recurring items. Adjusted EBITDA is also adjusted to include rent payments, which are not accounted for in EBITDA following the adoption of IFRS 16 Leases. Management believes that EBITDA and adjusted EBITDA are useful measures in evaluating the performance of the Company.

(2) Adjusted net earnings (loss) is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS. The Company defines net earnings (loss) as net earnings (loss) excluding restructuring and other non-recurring items. Management believes that adjusted net earnings (loss) is a meaningful metric in assessing the Company’s financial performance.

About HIRE Technologies

HIRE is focused on the acquisition of information technology, staffing, and HR consulting firms. We provide our partners with meaningful cross-selling opportunities, access to leading technology, and a centralized back-office system to support growth.

For further information, please contact:

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HIRE Technologies Inc.

Simon Dealy, Chief Executive Officer

Phone: (647) 868-9611

Email: [email protected]

Web: hire.company

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Neither the TSXV 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.

Forward Looking Information

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to hereafter as “forward-looking statements”) within the meaning of applicable Canadian securities legislation.

All statements that address activities, events or developments that HIRE Technologies expects or anticipates will, or may, occur in the future, including statements about HIRE’s business prospects, future trends, plans, strategies, including, in particular, HIRE’s acquisition strategy and expense reductions, and the expected benefits thereof, are forward-looking statements. In some cases, forward-looking statements are preceded by, followed by or include words such as “may”, “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “proposes”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, or the negative of those words or other similar or comparable words.

Although the management of HIRE believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement herein will prove to be accurate.

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Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of HIRE to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others: risks related to the recent outbreak of COVID-19, which may have material adverse effects on the global financial markets, and its business, financial position, financial performance, and cash flows; the impact on the business of broader economic factors; alignment of HIRE’s’ cost structure with revenue; HIRE’s limited operating history and needs for additional capital; uncertainty relating to liquidity and capital requirements; risks inherent in HIRE’s acquisition strategy; HIRE may not be able to obtain financing necessary to implement HIRE’s business plan; HIRE may not be able to obtain access to technology necessary to compete in the recruiting industry; HIRE operates in a highly competitive industry and may be unable to retain clients or market share; barriers to client portability are low; reliance on key management; and compliance with financial reporting and other requirements as a public company. Additional risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting it and the staffing industry can be found in the Company’s continuous disclosure record available on SEDAR including the Company’s Management’s Discussion and Analysis dated June 1, 2020, and the Company’s Filing Statement dated November 26, 2019, and in particular, the sections entitled “Risk Factors” and “Narrative Description of the BTG Business – Regulatory and Trends.” Although HIRE has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended.

Such cautionary statements qualify all forward-looking statements made in this press release. HIRE undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56967

Fintech

How to identify authenticity in crypto influencer channels

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Modern brands stake on influencer marketing, with 76% of users making a purchase after seeing a product on social media.The cryptocurrency industry is no exception to this trend. However, promoting crypto products through influencer marketing can be particularly challenging. Crypto influencers pose a significant risk to a brand’s reputation and ROI due to rampant scams. Approximately 80% of channels provide fake statistics, including followers counts and engagement metrics. Additionally, this niche is characterized by high CPMs, which can increase the risk of financial loss for brands.

In this article Nadia Bubennnikova, Head of agency Famesters, will explore the most important things to look for in crypto channels to find the perfect match for influencer marketing collaborations.

 

  1. Comments 

There are several levels related to this point.

 

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LEVEL 1

Analyze approximately 10 of the channel’s latest videos, looking through the comments to ensure they are not purchased from dubious sources. For example, such comments as “Yes sir, great video!”; “Thanks!”; “Love you man!”; “Quality content”, and others most certainly are bot-generated and should be avoided.

Just to compare: 

LEVEL 2

Don’t rush to conclude that you’ve discovered the perfect crypto channel just because you’ve come across some logical comments that align with the video’s topic. This may seem controversial, but it’s important to dive deeper. When you encounter a channel with logical comments, ensure that they are unique and not duplicated under the description box. Some creators are smarter than just buying comments from the first link that Google shows you when you search “buy YouTube comments”. They generate topics, provide multiple examples, or upload lists of examples, all produced by AI. You can either manually review the comments or use a script to parse all the YouTube comments into an Excel file. Then, add a formula to highlight any duplicates.

LEVEL 3

It is also a must to check the names of the profiles that leave the comments: most of the bot-generated comments are easy to track: they will all have the usernames made of random symbols and numbers, random first and last name combinations, “Habibi”, etc. No profile pictures on all comments is also a red flag.

 

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LEVEL 4

Another important factor to consider when assessing comment authenticity is the posting date. If all the comments were posted on the same day, it’s likely that the traffic was purchased.

 

2. Average views number per video

This is indeed one of the key metrics to consider when selecting an influencer for collaboration, regardless of the product type. What specific factors should we focus on?

First & foremost: the views dynamics on the channel. The most desirable type of YouTube channel in terms of views is one that maintains stable viewership across all of its videos. This stability serves as proof of an active and loyal audience genuinely interested in the creator’s content, unlike channels where views vary significantly from one video to another.

Many unauthentic crypto channels not only buy YouTube comments but also invest in increasing video views to create the impression of stability. So, what exactly should we look at in terms of views? Firstly, calculate the average number of views based on the ten latest videos. Then, compare this figure to the views of the most recent videos posted within the past week. If you notice that these new videos have nearly the same number of views as those posted a month or two ago, it’s a clear red flag. Typically, a YouTube channel experiences lower views on new videos, with the number increasing organically each day as the audience engages with the content. If you see a video posted just three days ago already garnering 30k views, matching the total views of older videos, it’s a sign of fraudulent traffic purchased to create the illusion of view stability.

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3. Influencer’s channel statistics

The primary statistics of interest are region and demographic split, and sometimes the device types of the viewers.

LEVEL 1

When reviewing the shared statistics, the first step is to request a video screencast instead of a simple screenshot. This is because it takes more time to organically edit a video than a screenshot, making it harder to manipulate the statistics. If the creator refuses, step two (if only screenshots are provided) is to download them and check the file’s properties on your computer. Look for details such as whether it was created with Adobe Photoshop or the color profile, typically Adobe RGB, to determine if the screenshot has been edited.

LEVEL 2

After confirming the authenticity of the stats screenshot, it’s crucial to analyze the data. For instance, if you’re examining a channel conducted in Spanish with all videos filmed in the same language, it would raise concerns to find a significant audience from countries like India or Turkey. This discrepancy, where the audience doesn’t align with regions known for speaking the language, is a red flag.

If we’re considering an English-language crypto channel, it typically suggests an international audience, as English’s global use for quality educational content on niche topics like crypto. However, certain considerations apply. For instance, if an English-speaking channel shows a significant percentage of Polish viewers (15% to 30%) without any mention of the Polish language, it could indicate fake followers and views. However, if the channel’s creator is Polish, occasionally posts videos in Polish alongside English, and receives Polish comments, it’s important not to rush to conclusions.

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Example of statistics

 

Wrapping up

These are the main factors to consider when selecting an influencer to promote your crypto product. Once you’ve launched the campaign, there are also some markers to show which creators did bring the authentic traffic and which used some tools to create the illusion of an active and engaged audience. While this may seem obvious, it’s still worth mentioning. After the video is posted, allow 5-7 days for it to accumulate a basic number of views, then check performance metrics such as views, clicks, click-through rate (CTR), signups, and conversion rate (CR) from clicks to signups.

If you overlooked some red flags when selecting crypto channels for your launch, you might find the following outcomes: channels with high views numbers and high CTRs, demonstrating the real interest of the audience, yet with remarkably low conversion rates. In the worst-case scenario, you might witness thousands of clicks resulting in zero to just a few signups. While this might suggest technical issues in other industries, in crypto campaigns it indicates that the creator engaged in the campaign not only bought fake views and comments but also link clicks. And this happens more often than you may realize.

Summing up, choosing the right crypto creator to promote your product is indeed a tricky job that requires a lot of resources to be put into the search process. 

Author Nadia Bubennikova, Head of agency  at Famesters

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Nadia Bubennikova, Head of agency at Famesters

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Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

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At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

The post Central banks and the FinTech sector unite to change global payments space appeared first on HIPTHER Alerts.

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

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TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

The post TD Bank inks multi-year strategic partnership with Google Cloud appeared first on HIPTHER Alerts.

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