VANCOUVER, BC, Dec. 9, 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, is pleased to announce that the Company has completed
its previously announced sale of the geology division including the
DRIVER software platform to Bentley Systems, Incorporated
(Nasdaq: BSY) ("Bentley") for Seequent, The Bentley
Subsurface Company for $1 million
CAD.
Scott Tillman, CEO & Director
of Minerva stated: "With DRIVER in great hands we can now
turn our focus to climate risk reporting and adaptation. climate85
our flagship climate risk product has an exciting future ahead. As
we look into the new year our team is focusing on building and
executing a go to market strategy for climate85."
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.
About Minerva Intelligence
Inc.
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 assessment of physical climate risk including, but not limited
to, the effects of extremes in heatwaves, precipitation events,
windstorms, flooding and wildfire, 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.
Cautionary Note Regarding
Forward-Looking Statements
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.
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SOURCE Minerva Intelligence Inc.