Increased sales and cash flow result in strong cash position for future growth.
Mississauga, Ontario, February 14, 2019 – Skkynet Cloud Systems, Inc. (“Skkynet” or “the Company”) (OTCQB: SKKY) is pleased to announce its and year-end operating and financial results for the period ended October 31, 2018. The Company reported record sales of $1,466,142 for the year, an increase of $130,096. Although the Company recorded a net loss of $490,843 due to non-cash items, cash flows from operations increased to $122,534 from $31,697 in the previous year, resulting in a strong cash position for future growth.
“Skkynet’s 2018 results positions us to accelerate growth in the coming year,” stated Andrew Thomas, CEO. “We look to 2019 for continuing our growth through expanded distribution and a continued strong financial position”.
Highlights of the past fiscal year include:
- Skkynet became an AVEVA technology partner. On March 1, 2018, AVEVA Group plc combined with Schneider Electric’s industrial software business to create one of the world’s largest end-to-end industrial software portfolio and partner network.
- Skkynet opened the OPC UA Lab in Yokohama, Japan. With the support of partners BellChild Co. Ltd. and Puerto Co., Skkynet’s OPC UA Lab provides testing, development, and advisory services for users and vendors of OPC UA-enabled hardware and software. Additionally, Skkynet Japan website was released: https://skkynet.jp.
- Skkynet’s software became available directly from the AVEVA Digital Exchange, which is the first industrial marketplace to unite end users with solution providers to drive digital transformation across the complete operations and asset management value chain.
- Throughout the year Skkynet developed new capabilities to the DataHub software, including MQTT for broader Industrial IoT connectivity. Over 100 partners participated in the beta testing program prior to the final release of DataHub Version 9 this year.
“With the AVEVA partnership in place, increased activity in Japan, and the release of DataHub Version 9, we are poised to make a significant impact on the industrial data communications market in 2019, particularly in the areas of IIoT, Industrie 4.0, and digital transformation,” said Paul Thomas, President of Skkynet.
Skkynet’s products and services—DataHub for in-plant, SkkyHub for cloud, and ETK for embedded devices—provide secure access to industrial data through open, standard industrial protocols, allowing users to fully integrate OT with IT systems and other applications anywhere in the world. Secure by design, they require no VPN, no open firewall ports, no special programming, and no additional hardware. Secure integration of embedded devices, on-premise systems, and remote locations through seamless, end-to-end connectivity in real time lets users derive maximum value from Industrial IoT and Industrie 4.0. For more information, see https://skkynet.com.
For full financial results, please visit: https://skkynet.com/investors/financials/
Skkynet Cloud Systems, Inc. (OTCQB: SKKY) is a global leader in real-time cloud information systems. The Skkynet Connected Systems platform includes the award-winning SkkyHub™ service, DataHub® middleware, and Embedded Toolkit (ETK) software. The platform enables real-time data connectivity for industrial, embedded, and financial systems, with no programming required. Skkynet’s platform is uniquely positioned for the “Internet of Things” and “Industry 4.0” because unlike the traditional approach for networked systems, SkkyHub is secure-by-design. For more information, see https://skkynet.com.
This news release contains “forward-looking statements” as that term is defined in the United States Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements, including beliefs, plans, expectations or intentions regarding the future, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors, such as the inherent uncertainties associated with new business opportunities and development stage companies. Skkynet assumes no obligation to update the forward-looking statements. Although Skkynet believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Investors should refer to the risk factors disclosure outlined in Skkynet’s annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the U.S. Securities and Exchange Commission.