Skkynet Announces Q1 2020 Financial Results and Provides Corporate Update

Increased sales result in 60% revenue growth, improved earnings, and strong cash position for future growth.

Mississauga, Ontario, March 23, 2020Skkynet Cloud Systems, Inc. (“Skkynet” or “the Company”) (OTCQB: SKKY) is pleased to announce its quarter-end operating and financial results for the period ended January 31, 2020.  The Company reported a record first quarter revenue of $419,482 compared to $262,989 for the same period in 2019, which is a 59.5% growth in sales. Comprehensive loss for the 3-month period was $17,035 compared to a loss of $165,963 for the same period in 2019.

“Skkynet’s Q1 2020 results marks a milestone in our growth trajectory, and our robust cash position allows us to further accelerate our growth in 2020,” stated Andrew Thomas, CEO.  “While the outlook for 2020 is strongly muted by recent economic events, we remain positive and expect to continue our growth through expanded distribution, and to maintain a strong financial position”.

Highlights of the past year include:

  • Skkynet became a Siemens partner.  On September 16, 2019, Skkynet announced a collaboration with Siemens Mobility to deliver on Secure IIoT; a hardware/software combination to provide secure access to industrial data, vendor-neutral connectivity, and support for main industrial protocols.
  • Significant increase in activity in Asia as a result of our partnership with AVEVA (Schneider Electric), and our Master Distributor in Japan, BellChild, Ltd.
  • Continued partner growth, customer acquisition and sales in a number geographies including India, Europe, and the Middle East.
  • New case studies on large-scale infrastructure implementations including the TANAP pipeline in Turkey, Air Liquide rollout in the USA, and Siemens in Argentina.
  • Skkynet strengthened its intellectual property portfolio substantially; a total of eight (8) issued U.S. patents across three separate technologies, with more filings underway.

“We see accelerating growth in demand for secure remote access to industrial data, and with the validation of our Siemens collaboration, we are entering a new stage of market adoption 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”, Skkynet’s solution requires 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, visit: https://skkynet.com/investors/

About Skkynet

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.

Safe Harbor

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.

Air Liquide uses conditional bridging for robust control

A recent article in CONTROL magazine tells how engineers at Air Liquide now have a standard way to connect the company’s air separation units.  These units need to work with a variety of distributed control systems in a number of locations. The challenge was to build a system flexible enough to connect to the different control systems without having to reconfigure each of them.

Using the Bridging interface in Skkynet’s DataHub industrial middleware, along with a custom DataHub script created in collaboration with Software Toolbox, Air Liquide has successfully installed their first system, and now plans to expand to more locations in a standard way.

“When Air Liquide shared their requirements with us, the DataHub came immediately to mind as the easiest and most reliable approach,” said Win Worrall of Software Toolbox, who worked closely with the engineering team.

Skkynet software networks OPC A&E data in Turkish pipeline project

Automation.com, a leading online publisher of automation-related content, recently ran an article on a recent Skkynet case study.  DataHub middleware from Skkynet was used by ABB to support redundant, secure networking of OPC A&E and real-time data on the Trans-Anatolian Natural Gas Pipeline (TANAP) project in Turkey.

“Almost every functionality that the DataHub offers gets used here,” said Sam Harrasi, PCS Engineer for ABB, the pipeline project technical leader. “Some of the features of the DataHub that we have used are unique to the DataHub, features that other companies with similar products aren’t able to even offer.”

 

Skkynet and Siemens Mobility collaborate on Secure IIoT

Hardware/software combination provides secure access to industrial data, vendor-neutral connectivity, and support for main industrial protocols.

Mississauga, Ontario, September 16, 2019Skkynet Cloud Systems, Inc. (“Skkynet” or “the Company”) (OTCQB: SKKY), a global leader in real-time data communication for industrial systems, is pleased to announce a cooperative agreement with Siemens Mobility GmbH to provide a highly secure Industrial IoT hardware and software combination.  Siemens Mobility’s Data Capture Unit (DCU) ensures one-way data flow will be connected to industrial and corporate software using Skkynet’s DataHub real-time middleware, allowing secure access to plant data by corporate IT staff and cloud services in real time.

“Through digitalization, Siemens Mobility is providing transportation operators with intelligent infrastructure and this collaboration will expand our ability to bring secure connectivity to critical systems across industrial sectors,” said Andre Rodenbeck, CEO Mobility Management, Siemens Mobility. “We see value for and need within the Industrial IoT market to mitigate the risk of connectivity to the cloud as well as IT Networks.”

“This agreement couples the best features of both products,” said Harry Forbes, Research Director at ARC Advisory Group. “The Skkynet DataHub software has been designed to enable outbound data flow with no changes to corporate firewalls. Together with the Siemens DCU data diode functionality, the combination provides real-time asset data with security from both hardware and software.”

The Data Capture Unit (DCU) from Siemens Mobility is a small, reliable and cost-effective hardware implementation of data diode technology designed for Industrial Internet connectivity. It is designed to eliminate any direct wired (optical or copper) physical connections.  This allows the DCU to meet all major cybersecurity regulations for critical infrastructure and to operate in rugged environmental conditions (industrial and transportation).  Typically located on the edge of the network, the DCU provides boundary protection for the Operations Technology (OT) network, and a secure bridge when connected to the Information Technology (IT) network.

The DataHub from Skkynet has been extensively tested by Siemens Mobility to act as a secure and easy-to-configure One-Way Gateway (OWG) for the DCU.  The DataHub software collects and filters data on the OT side, supporting protocols OPC UA, OPC DA, OPC A&E, and Modbus. The data is then sent via the DCU to a second DataHub on the IT side, which pushes it along by TCP or ODBC to IT applications, or by MQTT to Siemens’ IoT platform MindSphere or other cloud services. The DataHub’s secure-by-design architecture is fully compatible with the DCU’s one-way model, and allows industrial protocols like OPC UA and others to function seamlessly with the DCU.

“This collaboration offers industrial users in all sectors—healthcare, energy, oil & gas, and transportation to name a few—a highly secure and cost-effective Internet gateway,” said Paul Thomas, President of Skkynet.  “Equally effective for both new and legacy systems, it allows virtually any company to easily make secure connections to the Industrial IoT.”

Working together, the DCU and DataHub provide a secure OT – IT bridge and vendor-neutral connectivity, supporting main industrial protocols. The DCU ensures the highest safety and security level for the protected assets, while the DataHub enables real-time secure connectivity across a wide range of protocols on both sides of the connection.  Both the hardware and software have been proven in the field for many years and are used in thousands of applications in virtually all industrial sectors.

About Skkynet

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.

Safe Harbor

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.

All statements, information and recommendations in this document and on any provided material are believed to be accurate but are presented without warranty of any kind, expressed or implied. This is solely for informational purposes and Siemens does not warrant or represent that they will satisfy the specific requirements of any project. The information in this document may contain specifications or general descriptions related to technical possibilities of individual products which may not be available in certain cases (e.g. due to product changes). Siemens does not represent that the documents are complete regarding the planning steps that need to be taken for any project, or that they represent customer-specific solutions. They are only intended to provide basic information for typical applications. User waives and releases any rights of recovery against Siemens that it may have related to its use of these documents and agrees that Siemens shall not be liable for any form of loss, damage, claim or expense, irrespective of origin, including negligent acts or omissions, even if Siemens have been advised of the possibility of such damages.

Skkynet Announces Year-End 2018 Financial Results and Corporate Update

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/

About Skkynet

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.

Safe Harbor

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.

Food Processing Plants Look to IIoT to Stay Competitive

A recent article in Food Engineering collected insights and opinions from executives at a number of industrial automation and control companies regarding how IIoT, Industrie 4.0 and digitization of the plant floor will play out in the area of food and beverage manufacturing.

The shared view was that these new initiatives are worth pursuing in food processing, as long as they are balanced with caution and good judgement. The article said, “While no one interviewed would suggest that a food or beverage manufacturer convert all its manufacturing software systems to an industrial internet of things (IIoT) platform in one fell swoop, many would suggest that to remain competitive in a fast-changing consumer product environment, it wouldn’t be a bad idea—for those that haven’t already done so—to embark on the ‘digitalization journey’ now.”

Skkynet’s contribution to the conversation focused on the value of connecting real-time production data to management, and what that might look like in the context of food processing. We also shared our thoughts on a number of other topics, such as the value of secure-by-design data communications, but these were outside the scope of the final published article.