Ynvisible Appoints New Advisory Board Members; Provides Unaudited Q3 2020 Financial Results
November 3, 2020
Vancouver, Canada, November 5, 2020 – Ynvisible Interactive Inc. (the "Company" or "Ynvisible")(TSX-V: YNV, FSE: 1XNA, OTCQB: YNVYF) today announced the addition of three new distinguished members to its Advisory Board. The Company is also providing certain unaudited preliminary third-quarter 2020 results to show recent revenues, expenses, and other income sources.
THREE INDUSTRY LEADERS JOIN ADVISORY BOARD
Ynvisible is excited to announce that it has invited Ramin Heyardarpour, Sal Pellingra, and Tiffany Vasilchik to Ynvisible'sAdvisory Board, to join its existing distinguished members Dr. Michael Okoroafor, Dr. Harlan Byker, and Dr. Harri Kopola.
The new Advisory Board members infuse further Consumer Insights, Engineering, Business, and Packaging expertise into the Ynvisible as it aims to accelerate toward its vision of becoming a leading company in the field of printed and flexible electronics and a knowledgeable, go-to partner for stakeholders across market categories. TheAdvisory Board instills the Company with business insights and deep industry knowledge and networks, as Ynvisible aims to build innovative market leading solutions and technology standards that provide an easy visual interface for the Internet of Things (IoT).
These inspiring professionals work collaboratively with like-minded experts and organizations to cultivate deeper understanding and relationships with industry, academia, government, and financial partners. Ultimately, this infusion of new perspectives will transform the entire Ynvisible value chain.
Jani-Mikael Kuusisto, CEO of Ynvisible, says, "The Ynvisible leadership team is incredibly proud to strengthen our already esteemed Advisory Board. Our Advisory Board shares our enthusiasm, they recognize our potential, and they challenge each of us on theSr. Management Team to constantly improve. Our new Advisory Board is now very much a Next Generational Board and brings new insights, high level of energy, and diversity of expertise for the next phase of Ynvisible's growth."
Having just completed acquisitions of enhanced sales capability from rDot AB, and strategic licensing agreements with NXN and RISE – strategic partnerships that unlock the versatility and appeal of ultra-low power, flexible, printed electronics and displays – Ynvisible is now keenly focused on the scale production of premium retail, supply chain, and health & wellness solutions.
"Our continued success is built on deep technology expertise, continued operational integration and excellence, and accelerating lab-to-fab-to-scale for customers.Our infusion of new Advisors will help to broaden our Sales, Innovation, andOperations teams' already stellar ability and expertise." Says MichaelRobinson, COO.
PROFILES OF YNVISIBLE'S NEW ADVISORY BOARD MEMBERS
Ramin Heyardarpour, Managing Partner,Flex R&D / Former Global VP R&D Avery Dennison
Ramin is the founder is founder and managing partner of Flex R&D Inc. He was previously Global Vice President withAvery Dennison, where he led development of innovative products in the areas of food packaging, brand identification, office and consumer products.
Ramin has a track record of inventing and developing new products in a broad range of applications including liquid packaging, RFID tags, and heat transfer labels. He has 22granted patents. Various leadership positions at Fortune 500 companies in the past 25 years have provided Ramin with a broad perspective and a clear insight in the following areas:
• Building effective R&D organization and growing technical talent
• Alignment of technical capabilities with business strategy
• Connecting unmet market needs to technical solutions
• Efficient development and scale-up of new products
Sal Pellingra, VPGlobal Application & Innovation, ProAmpac
Sal's passion for packaging and innovation has led to increasing positions of responsibility in manufacturing, product development, market development, marketing and innovation leading to Sal's current position as Vice PresidentGlobal Application and Innovation Development at ProAmpac. Sal focuses on new applications of and for flexible packaging as well as focusing on solutions for global and emerging brands. His broad experience from polymers and film development, through converting, application development, shelf life and end uses of packaging and his far reaching co-supplier relationships help brands find new solutions and stay relevant. ProAmpac is seen as a leader in innovative packaging and has evidence of that in the number of packaging awards it receives each year through his technical leadership.
Prior to ProAmpac, Sal spent 25 years with the ExxonMobil Films Business working in product development, marketing development, and as the Americas Market SegmentManager for four core market segments.
Sal holds a BS and MBA from Rochester Institute of Technology. Sal also holds 18 US patents and among other honors has received a Global Technology Award fromExxonMobil Chemical Company. He is also an Adjunct Professor in Packaging at the University of Cincinnati.
Tiffany Vasilchik, SVP Growth Strategy, Magid
Based in New York City, Tiffany has spent over 20 years positioning brands for growth. With experience spanning both the client and consulting sides, she has worked with both established and early-stage companies across virtually every consumer-facing category. She loves a brand challenge.
Most recently, Tiffany was Chief Growth Officer at Landor and a Partner at Prophet, a leading brand consultancy. Tiffany also gained deep innovation experience as the Head of New Business at Fahrenheit 212 and and as VP, Consulting forThinkLAB, the innovation consulting practice of Material ConneXion, the world's largest global materials library. Her own entrepreneurial ventures include founding Heard It From A Mom (HIFAM), a new product community of over 25,000Moms and HeartCam, a non-invasive cardiac imaging practice at Penn PresbyterianMedical Center.
Inspired by creating the future, Tiffany served as principal and director of consulting services at BrainReserve, a trend-based marketing consultancy founded by trend expert and author, Faith Popcorn. Early in her career, she worked in brand management at Nabisco and Pepsi-Cola.
A graduate of Cornell University's School of Hotel Administration with a major inFood & Beverage, Tiffany received her MBA from the University of ChicagoBooth School of Business.
PreliminaryUnaudited Results for Q3 2020
Today, the Company is also providing the following business updates:
Ynvisible is forecasting the following financials results for the period of July 1, 2020 toSeptember 30, 2020 ("Q3")as compared to its most recently reported period of April 1, 2020 to June 30,2020 ("Q2").
· TheCompany is forecasting Q3 sales of $108,000 and Q3 cost of sales of $91,000compared to reported Q2 sales of $77,264 and Q2 cost of sales of $33,093.
· Operating expenses are expected to decrease to $1,050,000 in Q3 from $1,312,990 in Q2.
· Income from other sources, including Prototype Projects and EU co-funded project grants, is expected to be $287,000 for Q3 compared to $276,914 reported in Q2.
Since the completion of its reverse takeover ("RTO")on January 19, 2018, the Company has systematically focused on building its team and in-house design, prototyping and production infrastructure for printed electrochromic displays and other printed electronic functionality. Ynvisible has also announced external partnerships complementing this capability. In Q42019 and during first nine months of fiscal 2020, Ynvisible has made changes to the management of its sales and marketing, enhanced its sales process and has strengthened its sales and customer support teams, e.g. through the acquisition of rdot AB's electrochromic display business on May 19, 2020. The Company has also taken systematic steps to expand beyond its services business toward more standardized and potentially more scalable printed electrochromic products and solutions.
During fiscal 2020, the Company is seeing steady growth in income from clients. With the financial forecasts announced today, theCompany is forecasting cumulative Revenue and Prototype Projects Revenue for the first nine months of 2020 to be $384,000. This is a 300% increase compared to the first nine months of fiscal 2019 when revenues were $127,780. Total estimated operating expenses for the first nine months of 2020 were $3,471,825.This is a 21% increase compared to the first nine months of fiscal 2019 when operating expenses were $2,864,212.
As a result of its recent the acquisition of rdot AB's electrochromic displays business, the Company's marketing initiatives and a transition to increased on-line sales and more standardized products, theCompany's client base has grown and customer pipeline strengthened during the first nine months of 2020. The Company invoiced 75 customers during the first nine months of the year. In fiscal year 2019, the Company invoiced 49 customers during the full year.
The guidance provided herein has been approved by management on November 4, 2020. TheCompany will file its Q3 financial statements and MD&A on or beforeNovember 30, 2020 and will update these financial results then.
About Ynvisible Interactive Inc.
Ynvisible aims to be a leading company in the emerging printed and flexible electronics sector.Given the cost and power-consumption advantages over conventional electronics, printed electronics are a key enabler of mass adoption of the Internet ofThings ("IoT") and smart objects. Ynvisible has the experience, know-how and intellectual property in electrochromic materials, inks, and systems. Ynvisible's interactive printed graphics solutions solve the need for ultra-low power, mass deployable, & easy-to-use electronic displays and indicators for everyday smart objects, IoT devices, and ambient intelligence(intelligent surfaces). Ynvisible offers a mix of services, materials and technology to brand owners developing smart objects and IoT products. Additional information onYnvisible is available at www.ynvisible.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jani-Mikael Kuusisto," CEO, Ynvisible Interactive
For further information, please contact:
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This news release contains forward-looking statements.Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's Q3 forecast of sales, cost of sales, operating expenses and income from other sources; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future marketing and operating plans are forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact ofCOVID-19; risks and uncertainties related to additional costs being subsequently identified and the allocation of costs between reporting periods; and the possibility that the actual financial results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws.