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Prodigy Ventures Inc. Announces Record Q4 Revenue, Full Year Results

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Prodigy Ventures Inc. (TSXV: PGV) (“Prodigy” or the “Company“) today announced the results for the year and fourth quarter ended December 31, 2018.

“Prodigy continued its rapid revenue growth in 2018, with the greatest acceleration in the last half of the year.” said Tom Beckerman, Prodigy’s CEO. “Gross profit increases enabled the company to make additional R&D, sales and marketing expenditures to build for the future. Prodigy’s client base continues to expand beyond the banking sector and also into the USA, as the Company reduces revenue concentration and creates new, higher margin opportunities.”

Full Year 2018 Financial Results

  • Revenue for the year ended December 31, 2018 totalled $16,943,045 compared to $12,140,692 for the year ended December 31, 2017, an increase of 40%.
  • Gross profit for the year ended December 31, 2018 of $4,050,984 as compared to $3,599,780 for the year ended December 31, 2017, an increase of 13%.
  • Operating Expenses for the year ended December 31, 2018 of $3,782,792 as compared to $3,093,319 for the year ended December 31, 2017, an increase of 22%, primarily due to increases in staff costs.
  • Net Income for the year ended December 31, 2018 totalled $175,595 as compared to $347,528 for the year ended December 31, 2017, a decrease of 49%.
  • The Company had working capital of $2,688,268 as of December 31, 2018 compared to $2,292,644 as of December 31, 2017.

Fourth Quarter 2018 Financial Results

  • Revenue for the three-month period ended December 31, 2018 totalled $4,687,362 compared to $3,007,244 for the three months ended December 31, 2017, an increase of 56%.
  • Gross profit for the three-month period ended December 31, 2018 of $1,117,740 as compared to $797,247 for the three-month period ended December 31, 2017, an increase of 40%.
  • Operating Expenses for the three-month period ended December 31, 2018 of $1,108,179 as compared to $778,139 for the three-month period ended December 31, 2017, an increase of 42%.
  • Net Income for the three-month period ended December 31, 2018 totalled $1,418 as compared to $5,310 for the three-month period ended December 31, 2017, a decrease of 73%.

The complete audited financial statements and associated Management’s Discussion and Analysis are available under the Company’s profile at www.sedar.com or the Company’s website at www.prodigy.ventures.

Three months ended 
December 31

Year ended 
December 31

2018

$

2017

$

2018

$

2017

$

Revenue

4,687,362

3,007,244

16,943,045

12,140,692

Gross Profit

1,117,740

797,247

4,050,984

3,599,780

Expenses

1,108,179

778,139

3,782,792

3,093,319

Net and comprehensive income for the period

1,418

5,310

175,595

347,528

Net income per share – basic and diluted

0.00

0.00

0.00

0.00

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.

About Prodigy Ventures Inc.

Prodigy is an innovation company that has combined an enterprise technology services business – Prodigy Labs – with a Venture Builder business. The two businesses work together to create and deliver new enterprise and consumer platforms and apps using emerging technologies in mobile, video, secure ID, voice, blockchain, artificial intelligence, payments and augmented reality.

Prodigy has been ranked as the 9th fastest growing Canadian company on the 2018 Growth 500, Canadian Business’ Ranking of Fastest-Growing Canadian Companies. Prodigy has also been named as one of Canada’s fastest growing technology companies in the 19th, 20th and 21st annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. In addition, Prodigy also ranked on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Prodigy has also been named to the prestigious Branham300 list for the second consecutive year. This ranking recognizes the financial performance of Canadian companies in the Information and Communications Technologies sector.

Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the Company’s expectations with respect to higher margin revenue opportunities. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2018, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

 

SOURCE Prodigy Ventures Inc.

Fintech

Suning Finance Receives AAA Rating for Domestic Credit

Vlad Poptamas

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On February 14th, Suning Finance entered the ranks of the highest domestic credit rating for the first time. Its long-term credit rating was determined as AAA, and its rating outlook was “stable”. Currently, only 52 private enterprises nationwide have received AAA ratings. It means that Suning Finance has obtained the same credit rating as large state-owned commercial banks and national joint-stock commercial banks.

Regarding the above decision, United Credit believes that Suning Finance has a strong shareholder background and capital strength. After years of development, it has now established a diversified financial main business structure, relying on the resource advantages of the Suning ecosystem and the omni-channel layout of O2O integration. The financial business scale and income continued to grow rapidly.

As a pioneer of online-to-offline (O2O) finance in China, Suning Finance is positioned as a fintech company featuring O2O integration and development. It has always adhered to and practiced the development model of “scenario finance + fintech = inclusive finance”, focusing on supply chain finance, commercial finance, consumer finance, payments, wealth management, and fintech export “5 + 1” core businesses.

In 2019, Suning Finance successfully completed the C round of tens of billions of financing, the post-investment valuation reached 56 billion, the transaction volume exceeded the trillion marks for three consecutive years, and the number of active customers exceeded 70 million. Suning Pay daily offline scan code breakthrough 100,000 transactions, the supply chain financial investment exceeded 100 billion. And has successfully obtained 2 international syndicated loans, and successively issued 6 phases of supply chain finance ABS and 1 phase of consumer finance ABS, which fully demonstrates that Suning Finance’s business capabilities, asset quality, and market reputation have been highly recognized by domestic and foreign financial institutions.

Based on the root ‘innovative financial technology leads the development’, Suning Finance keeps enhancing its technological capabilities, especially the block chain techs to apply in many scenarios, such as data sharing, payment, mortgage and BaaS. In the future, Suning Finance will continue to provide premium financial services and operate under the concept of integrity, stable and discretion to become a reliable and widely influential comprehensive financial service company.

 

SOURCE Suning Holdings Group

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Opera Limited of Class Action Lawsuit and Upcoming Deadline – OPRA

Vlad Poptamas

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Pomerantz LLP announces that a class action lawsuit has been filed against Opera Limited (“Opera” or the “Company”) (NASDAQ:  OPRA) and certain of its officers.  The class action, filed in United States District Court for the Southern District of New York, and indexed under 20-cv-00674, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired: (a) Opera American depositary shares (“ADSs”) pursuant and/or traceable to the Company’s initial public offering commenced on or about July 27, 2018 (the “IPO” or “Offering”); and/or (b) Opera securities between July 27, 2018 and January 15, 2020, both dates inclusive (the “Class Period”).  Plaintiff pursues claims against the Defendants under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Opera securities pursuant and/or traceable to the IPO and/or during the Class Period, you have until March 24, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

Opera was founded in 1996 and is headquartered in Oslo, Norway.  The Company, through its subsidiaries, provides mobile and Personal Computer web browser applications in IrelandRussia, and internationally, under the Opera Mini, Opera for Android, Opera Touch, and Opera for Computers brand names. 

Opera has also increasingly invested in its fintech businesses, providing mobile loan and financing applications marketed to KenyaNigeria, and India, under the OKash, OPesa, CashBean, and OPay brand names, which are offered on Google LLC’s (“Google”) Play Store marketplace, as downloadable applications.

On August 9, 2018, Opera completed its IPO, issuing 9,600,000 ADSs priced at $12.00 per share, raising approximately $115.2 million in proceeds before underwriting discounts and commissions, and other expenses.

The Complaint alleges that the offering documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation.  Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Opera’s sustainable growth and market opportunity for its browser applications was significantly overstated; (ii) Defendants’ funded, owned, or otherwise controlled loan services applications and/or businesses relied on predatory lending practices; (iii) all the foregoing, once revealed, were reasonably likely to have a material negative impact on Opera’s financial prospects, especially with respect to its lending applications’ continued availability on the Google Play Store; and (iv) as a result, the Offering Documents and Defendants’ statements were materially false and/or misleading and failed to state information required to be stated therein.

On January 16, 2020, Hindenburg Research (“Hindenburg”) published a report asserting that Hindenburg had “a 12-month price target of $2.60 on Opera, representing a 70% downside.”  Among other issues, Hindenburg reported that Opera’s “browser market share is declining rapidly, down ~30% since its IPO”; that Opera was involved in “predatory short-term loans in Africa and India, deploying deceptive ‘bait and switch’ tactics to lure in borrowers and charging egregious interest rates ranging from ~365-876%”; that Opera’s lending business applications, many of which are offered on Google’s Play Store—particularly, OKash, OPesa, CashBean, and Opay—were “in black and white violation of numerous Google rules” aimed at “curtail[ing] predatory lending”; and that consequently, Opera’s entire lending business was “at risk of disappearing or being severely curtailed when Google notices” Opera’s alleged violation of its rules.

On this news, Opera’s ADS price fell $1.69 per share, or 18.74%, to close at $7.33 per share on January 16, 2020.

The Pomerantz Firm, with offices in New YorkChicagoLos Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

 

SOURCE Pomerantz LLP

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Addepar Broadens Reach with Expanded Offerings for RIAs

Vlad Poptamas

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Addepar, Inc., a leading technology platform for wealth management, announced a number of releases aimed at helping RIAs that serve a variety of client types excel in an increasingly competitive market. The new capabilities and features make it easier than ever for firms to adopt Addepar’s modern technology stack, streamline their operations and offer a truly differentiated client experience powered by best in class data, analytics and reporting.

“As the wealth management industry continues to undergo a dramatic transformation, we’re making good on our goal to meet wealth advisors where they are. We’re delivering new functionality in our platform that empowers RIAs to navigate these changes with purpose-built, intuitive solutions so that they can deliver lasting value to clients and grow their business for years to come,” said Addepar CEO Eric Poirier.

Making it easier for RIAs to modernize their tech stack
For established RIAs who want to modernize their reporting technology but find it daunting to make the switch, Addepar is introducing a broader and more flexible set of data migration options to efficiently and precisely fulfill each client’s data onboarding needs. This includes a newly introduced “Advent Converter,” which streamlines migrating data from Advent’s APX and Axys systems into Addepar. Addepar will continue investing in additional data management and conversion solutions to make it easy for any firm to upgrade to Addepar’s technology.

Addressing emerging demand and delivering more client value
Addepar’s strong traction with large RIA firms, banks and broker-dealers has exposed a previously unmet need in the market: the power to use Addepar’s platform for all advisor teams, from those with ultra-high net worth clients to those who serve the mass affluent. Today, the company is introducing AddeparGoSM, an offering that tailors Addepar’s software to the specific needs of these larger firms. AddeparGo is designed with a set of features, capabilities and custodial data feeds that optimize for speedy implementation and make it easy for larger firms who have a range of advisor teams to adopt. The company is making AddeparGo available to key partners and clients now, and will continue shaping this offering based on feedback.

Helping the back-office streamline operations and scale productivity
Many well-established firms have turned to Addepar for its ability to support sizable and complex implementations and provide data aggregation, analytics and reporting at scale. To offer even greater support, the company is pleased to announce the release of Addepar Teams. Teams is a set of advanced controls and permissions to serve firms that need to grant varying access by team, branch, role and functional responsibility. This set of digital capabilities dramatically simplifies the previously time-intensive and error-prone operational process of managing reporting controls, while achieving legal, risk and compliance goals.

 

SOURCE Addepar

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