Minerva to Focus on Climate Risk Platform climate85 and Announces Sale of Geology Division
VANCOUVER, BC, Dec. 5, 2022 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) (OTCQB: MVAIF) ("Minerva" or the "Company"), an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining is pleased to announce that the Company has entered into a definitive agreement with Bentley Systems, Incorporated (Nasdaq: BSY) ("Bentley") for Seequent, The Bentley Subsurface Company, to acquire Minerva's geology division including the DRIVER software platform, for $1 million CAD.
Scott Tillman, CEO & Director of Minerva stated: "DRIVER and our entire geology division has built a world class tool over the past three years, and I am so proud of the team and what they have accomplished. Bentley and the Seequent team are the perfect home to take DRIVER to the next level."
Mr. Tillman added: "Interest in our climate85 platform is growing and we intend to focus on the development of the platform as a valuable tool to address the adverse impacts of climate change globally. Our goal is to arm businesses and communities with the tools they need to be prepared and resilient in face of the growing threats to the planet due to climate change."
Closing of the sale of the geology division is subject to certain customary conditions precedent, but is not subject to any regulatory or shareholders' approvals.
The sale of DRIVER allows Minerva to focus its future software efforts on climate risk reporting and adaptation. All proceeds from the sale will be directed to the continued development and marketing of Minerva's climate85 multi-hazard application programming interface (API) for Canada. Proceeds from the sale, coupled with revenue from the Company's remaining products, including climate85, and a dramatically reduced cost structure going forward, are expected to provide the Company adequate working capital for the foreseeable future.
Earlier in the year Minerva announced the launch of the first pan-Canadian API for climate risk data - climate85. This API provides access to leading climate risk forecasting for heat, humidex, precipitation, and wind until the year 2100. The Company is looking forward to launching more climate-related products in the coming months.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada focused on building technology to empower organizations to make defensible decisions in the face of climate change.
Minerva's proprietary technology has initially been applied to the search for critical metals and the assessment of physical climate risk, however, it can be utilized in diverse industries and domains. Minerva's common shares are currently listed on the TSX Venture Exchange (symbol MVAI). For further details, please visit our website www.minervaintelligence.com or follow us on Twitter or LinkedIn.
All information in this release, other than information of historical facts, including, without limitation, statements with respect to business strategy and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking statements include changes in project parameters as plans continue to be refined, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. There is no assurance (i) the sale of the geology division will close on the terms as announced, and (ii) assuming completion of the sale, that the Company will earn sufficient revenues to have adequate working capital for the next 12-18 months. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Minerva Intelligence Inc.
Minerva Intelligence, Jake McGregor, President, [email protected]; Morgan Knowles, Investor Relations, (647) 202-3904, [email protected]
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