REG - GenIP PLC Tekcapital plc - Corporate Update

TekcapitalAnnouncement

08/10/2024 07:00

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RNS Number : 2372H  GenIP PLC  08 October 2024

 

 

 

 

 

8 October 2024

 

 

GenIP Plc

("GenIP" or the "Company")

 

Corporate Update

 

GenIP plc, a technology business providing Generative Artificial Intelligence
(GenAI) services to help research organisations and corporations commercialise
their innovations, is pleased to provide an update on orders for the GenAI
enhanced services since their launch on 1 September 2024.

 

 

Highlights:

 

·    Since launching GenAI services, orders worth approximately $121,000
have been secured, representing over 40% of legacy service full-year 2023
revenue

·    This includes over 80 Invention Evaluator Generative AI analytical
assessments

·    Winning four Vortechs executive search assignments

·    Leading Fortune 500 technology company client has doubled the pace of
orders after GenAI enhancements

·    Advanced discussions with multiple research organisations over new
orders

·    GenIP has been Invited to attend leading international technology
transfer events by long-term partners

 

 

The volume of initial orders is very encouraging and the Company anticipates
the level of new orders from current and new customers to grow.

 

 

Invention Evaluator

 

Invention Evaluator's Generative AI algorithms are now fully integrated and
are generating enhanced analytical commercialisation assessments for our
clients at a high efficiency level. Since the beginning of September 2024, new
and existing clients have placed over 80 fresh orders for Invention Evaluator
Generative AI analytical assessments.

 

 

Vortechs

 

Vortechs' advanced machine learning and natural language processing executive
search services has received several new assignments in the technology
transfer sector. GenIP's sales team is engaged in advanced negotiations with
multiple research organisations representing a robust Vortechs pipeline of new
business.

 

 

International Technology Transfer Event Participation

 

Building on deep relationships with leading research organisations, GenIP has
been invited to attend a significant healthcare event in Singapore, where
dignitaries, partners, clinicians, and key stakeholders in the healthcare
ecosystem will gather. In addition, GenIP will address delegates at a major
technology transfer event in Brazil. This event will bring together over 500
qualified attendees, including representatives from more than 60 Technology
Transfer Offices (TTOs) across Brazilian universities and research centres.

 

GenIP looks forward to providing further updates on commercial progress in due
course. The Company does not plan to provide monthly updates on sales or
orders and will provide updates on material developments.

 

Melissa Cruz, CEO of GenIP, comments:

 

"We are highly encouraged by the strong demand for GenIP's Generative AI
analytic services over the past five weeks, with total orders amounting to
approximately $121,000. We remain laser-focused on building on this momentum,
expanding our client base, and delivering our services to research
organisations globally."

 

 

For further information regarding GenIP, please visit www.genip.ai
(http://www.genip.ai/) , or contact:

 

 GenIP Plc                                                                 Via Redchurch Communications

 Melissa Cruz, CEO

 Beaumont Cornish Limited (Nominated Adviser)                              Tel:  +44 (0) 20 7628 3396

 Roland Cornish / Asia Szusciak / Andrew Price

 Novum Securities Limited (Broker)                                         Tel: +44 (0)20 7399 9425

 Jon Belliss                                                               JBelliss@novumsecurities.com

 Redchurch Communications (Financial PR)                                   genip@weareredchurch.com (mailto:genip@weareredchurch.com)

 John Casey

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018.

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Notes to Editors

 

About GenIP

 

GenIP provides generative artificial intelligence (GenAI) analytic services to
help companies, research institutions and venture funds assess and
commercialise new discoveries. GenIP combines expert human technical review
with GenAI algorithms to provide insightful and verified services.

 

GenIP provides two complementary platform-based services:

1.   Invention Evaluator: Provides bespoke research reports that assess the
market potential of new technological innovations and discoveries using
AI-driven proprietary software; and

 

2.   Vortechs: which is an executive recruitment platform that through
advanced machine learning algorithms and natural language processing
technologies assists in matching technology organisations with experienced
executives skilled in technology commercialisation.

 

The Company believes that its integrated GenAI service offerings will help
organisations to evaluate and commercialise their technological innovations.

Company Strategy

GenIP's goal is to create a leading Generative AI analytic services company.
To achieve this, the Company has established three strategic pillars:

 

·    Organically grow Invention Evaluator and Vortechs' revenue through
institutional and corporate connections as well as increase client pipeline
through marketing, advertising and social media spend.

·    Expand the Generative AI service offerings within InventionEvaluator
and Vortechs' to reach new customers and improve margins.

·    Bolt-on acquisitions of additional Generative AI services that are
helpful to our clients and have demonstrated initial market traction.

 

 

 

 

 

 

Forward looking statements

 

Certain statements contained in this announcement constitute forward-looking
statements. When used in this announcement, the words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to the Company,
are intended to identify forward-looking statements. These statements include,
but are not limited to, statements regarding intentions, beliefs or current
expectations concerning, among other things, the Company's results of
operations, financial position, liquidity, prospects, growth, strategies and
expectations of the industry in which the Company operates.

 

Such statements reflect the Company's current views with respect to future
events and are subject to certain risks, uncertainties and assumptions. Many
factors could cause the Company's actual results, performance or achievements
to materially differ from those described in this announcement Should one or
more of these risks or uncertainties materialise, or should assumptions
underlying forward-looking statements prove incorrect, actual results may
differ materially from those described in this announcement as "intended",
"planned", "anticipated", "believed", "proposed", "estimated" or "expected".

 

For the avoidance of doubt, the contents of the Company's website and any
hyperlinks accessible from the Company's website are not incorporated by
reference into, and do not form part of, this announcement and investors
should not rely on them.

-ENDS-

 

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