Release of better-than-projected earnings and aggressive sales growth follows recent technology acquisition from leading U.S. semiconductor manufacturer
TORTOLA, BRITISH VIRGIN ISLANDS / ACCESSWIRE / April 24, 2019 / Blockchain Holdings Ltd. (the "Company" or "Blockchain Holdings") (CSE: BCX), following its previous announced strategic investment into Airbeam Wireless Technologies Inc. ("Airbeam") on February 26, 2019, the Company is pleased to report that it has received an update from Airbeam on its operating revenue. Blockchain Holdings' investment helps to support Airbeam as it invests in a new generation of wireless network technologies that are designed to take advantage of existing and emerging high-speed data markets, including 5G, the future global telecommunication standard.
See Airbeam's complete news release below for details:
Airbeam Wireless Technologies Inc. ("Airbeam") (airbeamtech.com), a new wireless semiconductor company working to unlock a global opportunity in Smart City infrastructure and 5G rollout, today provided selected financial results for its first full month of operations since the acquisition of its next-generation 60Ghz products, including WiGig and WiHD (collectively, the "Airbeam Products").
Airbeam had sales of C$2.15M in March and April 2019. Prior to Airbeam's acquisition, the business line generated an estimated C$2.68M over the previous 12-months.
- Over C$2 million in revenues since March 2019 acquisition.
- Sales include both modules and chipsets.
- Global sales, including clients serviced in North America, Asia and Europe.
- Contract manufacturer relationships and associated manufacturing infrastructure in place to build on this success moving forward.
- Revenue includes client backlog related to closing asset sale.
- Airbeam's cost of goods sold and operating expenses for March and April were C$948,031.30.*
Airbeam's aggressive growth follows the recent acquisition of the Airbeam Products from a major U.S. semiconductor manufacturer. The acquisition included an inventory of sale-ready chipsets which were used to complete April sales orders. Future sales will be derived from the manufacture of new modules and chipsets, which is well underway, as well as remaining inventory on-hand.
"We had a clear roadmap in place for this technology since day one, so we're excited to hit the ground running with sales across the globe," said Mr. Yan Zhang, an Airbeam Director. "Our April sales results outstrip anything this cutting-edge 5G-focused wireless technology experienced before our purchase, our customers now have clarity about growth in the product line and are responding showing the untapped potential and the opportunity for aggressive growth for Airbeam moving forward."
The Airbeam Products open up a global opportunity in 5G and IoT (Internet of Things) that are expected to form the building blocks of Smart City infrastructure. 5G, the next generation of cellular mobile communications, promises data speeds many times faster than the current 4G system, and could lead to higher capacity and much greater device connectivity. The Smart City initiative uses information and communication technologies to improve transportation, safety, energy use, as well as other infrastructure issues, for a better quality of life and greater competitiveness. We believe that Our Airbeam Products could act as critical components which connect 5G micro base stations with the backbone wirelessly.
* Reported amounts are based on unaudited financial information of Airbeam. Recent results are not necessarily indicative of future sales or operating results.
About Blockchain Holdings
Through the proprietary portal BCXdata.com, Blockchain Holdings provides investors and fund managers with unique insights into the growing ecosystem of crypto-assets. BCXdata.com captures and aggregates data from different blockchains for use and analysis with a clean and approachable API. With a portfolio of proprietary tools, Blockchain is giving users an institutional-grade analysis package that forms the basis for an extended suite of product offerings in the future.
AirBeam is a new company that is looking to unlock a worldwide opportunity in Smart Cities and 5G rollout. Based off a production-ready modular chip design, AirBeam is a next generation wireless solution that is primed to take advantage of existing and emerging high speed data markets.
For further information, please contact:
Alan Tam, CFO
Wayne Lloyd, CEO
This news release contains forward-looking statements that are based on Blockchain's expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans, completion of its investment in Airbeam 60Ghz, and the timing thereof, the completion of Airbeam 60Ghz's purchase of "Airbeam", including the timing thereof, the expected benefits from Airbeam, including with respect to revenue, growth, costs and markets, and the timing thereof, the potential for a new generation of wireless network technologies, the implementation of new applications and the development of new technologies and products. Although Blockchain believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteed of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and Blockchain undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE: Blockchain Holdings Ltd.