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FY22 R&D Refund of ~$750K Received
August 08, 2023
DC Two Limited (ASX: DC2) (“DC Two” or the “Company”), a vertically integrated revenue generating data centre, cloud, and software business, is pleased to announce the approval of its FY22 Research & Development (R&D) tax incentive refund of $749,454.98.
The processing of the claim has now been completed by the Australian Taxation Office with funds received by the Company.
Blake Burton, Managing Director of DC Two, said “This substantial R&D tax incentive refund is representative of the scale of investment which we undertook in the 2022 financial year to advance the technology development within DC Two. These proceeds further strengthen our cash position to focus on the next stage of growth for DC Two moving into the 2024 financial year”.
With the divestment of the Company’s non-core modular assets expected to be completed in September 2023, subject to remaining condition precedents being satisfied (ASX: 31 July 2023), DC Two remains firmly focused on building out a unique technology offering into the broader cloud microservices sector powered by AI.
As part of the new strategy, in 2023 alone the Company has already completed the acquisition of Attained Group (ASX: 4 April 2023), and cyber security expert Thomas Cyber (ASX: 17 July 2023).
AUTHORISATION:
This announcement has been approved for release by the Board of DC Two.
INVESTOR RELATIONS CONTACT DETAILS:
Blake Burton Managing Director DC Two Limited 1300 331 888
investors@dctwo.com.au
Click here for the full ASX Release
This article includes content from DC Two, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
DC2:AU
30 April
Material Sale of VMware Cloud Platform
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to announce it has signed a binding agreement with Zettagrid Pty Ltd (“Zettagrid”) to dispose of it’s VMware cloud platform for a total consideration of up to $1.4 million in cash (“Agreement”).
Highlights:
- Divestment of VMware cloud assets to Zettagrid to generate up to $1.4m in cash.
- $850k upfront payment, with the remaining $550k payable 9 months following settlement date and subject to revenue based earn out criteria.
- Adisyn and Zettagrid to commence strategic partnership for the sale of new cloud services using the Zettagrid cloud platform.
- Adisyn moves towards a capital lite model as it focuses on becoming the sovereign provider of choice for SMEs in the Australian defence industry supply chain.
Following a comprehensive internal review of the Company’s various operations and assets (ASX: 27 February 2024, 15 April 2024), the Company identified it's VMware cloud platform assets (“VMware Cloud Assets”) as non-core to it’s strategy of becoming the sovereign provider of choice for SMEs in the Australian defence industry supply chain (ASX: 15 April 2024).
Zettagrid is an Australian owned Technology Aggregator to the IT channel delivering Edge Cloud Hosting, Backup, Disaster Recovery, Software Licensing and Telecommunications in the Asia Pacific region. Zettagrid services more than 300 IT Channel Partners across seven availability zones and was recently named as a Broadcom Premier Partner for the VMware Cloud Service Provider (VCSP) program for Australia, New Zealand, Indonesia and Singapore.
Under the terms of the Agreement, Adisyn will transfer to Zettagrid all customer agreements and contracts (“VMware Customers”) relating to the VMware Cloud Assets which contributed ~$1.018m of revenue for the December 2023 half year period. The Company and Zettagrid have also agreed to novate across all supplier agreements and equipment leases which are required for the operation of the VMware Cloud Assets.
Subject to completion of the transaction, the Company will receive cash consideration of up to $1.4 million in cash (before costs and adjustments), which will be payable into 2 tranches. The first tranche of $850,000 will be payable on the settlement date (“Settlement Date”), which the parties anticipate to be today, 1 May 2024. The second tranche will be payable 9 months from the Settlement Date (“Completion Date”) and is subject to various adjustments determined by the annualised revenue of the VMware Customers at the Completion Date.
The consideration received by the Company will be used towards further implementing the Company’s growth strategy and towards its existing operations. Further details and the material terms of the Agreement are included in the Annexure to this announcement.
As the Company moves towards a capital lite model (ASX: 15 April 2024), Adisyn and Zettagrid have also agreed to enter into a strategic partnership for the sale of new cloud services. The Company will white-label Zettagrid’s Australian cloud services as part of it’s service offering, allowing Adisyn to focus on providing scalable, service-based solutions while substantially decreasing the Company’s requirement for any significant capital expenditure.
Adisyn’s Managing Director, Blake Burton stated: “I’m excited for Adisyn to be partnering with Zettagrid, who are one of the few premier providers of VMware sovereign cloud services in Australia. This sale and partnership allows us to focus our attention on building service-based solutions for defence-linked SME businesses, while still being able to utilise the cloud infrastructure scale which Zettagrid has built over a number of years. Zettagrid are a national cloud provider in Australia, allowing Adisyn to provide local cloud services in almost every state as part of our sovereign IT offering”.
Zettagrid’s CEO, Nathan Harman, stated: “I'm very pleased to be able to announce the acquisition of Adisyn’s VMware cloud infrastructure. Adisyn customers will be able to experience the benefits of the scale and cloud automation that Zettagrid provides, and the transaction provides us with a new cloud availability zone in Darwin. This will expand our sovereign Australian cloud availability zones to six, which encompasses Sydney, Melbourne, Brisbane, Perth, Adelaide and now Darwin. We’re excited to enter into a strategic partnership with Adisyn, which will allow them to focus on their Managed IT and Cybersecurity services whilst being able to leverage Zettagrid cloud infrastructure.”
The Company is continuing an ongoing internal review for the divestments of assets which are deemed to be non-core to the Company’s new strategic focus.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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30 April
Adisyn Ltd (ASX: AI1) – Trading Halt
Description
The securities of Adisyn Ltd (‘AI1’) will be placed in trading halt at the request of AI1, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 2 May 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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24 April
March 2024 (Q3 FY24) Activities and Cashflow Report
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to provide its quarterly report and Appendix 4C cash flow statement for the period ended 31 March 2024, as it continues to build on it’s unique technology offering and sovereign IT capability.
Highlights:
- Commenced new strategic focus towards creating a compelling value proposition to SMEs operating in the Australian defence industry supply chain
- Appointment of Strategic Advisor to pursue a range of opportunities
- Quarterly cash receipts increasing by ~42% vs Q3 FY23
- Quarterly revenue increasing by ~57% to ~$1,725m vs Q3 FY23
- Net cash used in operating activities decreasing by ~72% to ($60k) vs Q3 FY23
For the March quarter, the Company reported cash receipts of $1,903m, and total revenue of ~$1,725m (up ~42% and 57% respectively, compared to Q3 FY23). Revenue for the quarter from the Company’s core divisions (excluding Miner Hosting) decreased slightly by 2% from the December 2023 quarter, to $1,447m.
The Company has conducted a comprehensive review of its various operations and has prioritised high growth, high margin sectors to focus its future business development activities. In particular, the development of a comprehensive suite of products and services as part of a compelling value proposition to SMEs operating in the fast growing Australian defence industry supply chain. Over time, we expect this to result in growth in longer term recurring revenues with associated higher margins.
Appointment of Strategic Advisor
On 19 February 2024 the Company announced the appointment of a strategic advisor, Mr Harry Karelis. Mr Karelis will be retained as the Company’s Strategic Advisor with a focus on identifying and securing strategic partnerships, assisting with investor relations and general business development activities.
On 15 April 2024 the Company outlined it’s new strategic direction, with a focus on using the Company’s strategic edge in supporting the growing defence industry supply chain.
The Australian Government is investing an additional $5.7 billion in defence capability over the next four years to 2027-28 and $50.3 billion over the next decade to 2033-34, above the previous trajectory over that period. This investment will see the Defence budget grow over the next ten years to an estimated $100 billion by 2033-34, with total funding of $765 billion over the decade. The Australian Government will invest $15-$20 billion in enhanced cyber domain capabilities alone over the decade.1
The Company has recently formed a new advisory board as it looks to expand and focus it’s unique service offering towards the growing defence industry in Western Australia (ASX: 15 April 2024). Mr Karelis has been appointed Chairman of the advisory board, and will spearhead the expansion of the advisory board with defence industry experienced members.
Adisyn Cyber
The Company continues to explore new partnership opportunities to expand it’s cybersecurity offering, reducing the need to spend significant funding and time on developing new products in- house. The cybersecurity offering of the Company will remain a key component of the business as it targets the defence industry supply chain sector, with the Company’s in-house cybersecurity and AI capability allowing it to build niche AI enabled tools for business’ sovereign and personally identifiable data where the necessary tools cannot be supplied through partnerships.
On 17 July 2023, the Company announced that it had completed the successful acquisition of Thomas Cyber. The consideration for the acquisition was for nil cash consideration and included performance rights with various revenue and time-based milestones for the Thomas Cyber management team (ASX: 17 July 2023). On 19 April 2024 the Thomas Cyber management team resigned from the Company, and have agreed to provide services to the Company on a contract basis per customer project where required. All performance rights relating to the acquisition will be forfeited. The Company retains all assets and intellectual property from the acquisition.
The Company expects to be announcing a series of key strategic partnerships to significantly expand the Company’s existing suite of cyber capabilities and through these partnerships clearly differentiate Adisyn in the marketplace.
Share placement
As announced on 19 February 2024, the Company completed a share placement to raise $298,000 to expand the Company's business development in existing and new areas within the business, along with general working capital. The Placement was conducted pursuant to the Company’s existing placement capacity. 13,950,000 shares were issued pursuant to ASX Listing Rule 7.1, and 950,000 shares were issued pursuant to ASX Listing Rule 7.1A. All shares were issued at an issue price of $0.02.
Update on the Miner Hosting business
For the December 2023 quarter, total unaudited revenue for the Company’s non-core Miner Hosting division was ~$278k, which was up ~1% from the December 2023 quarter and down ~52% from the March 2023 quarter. As announced on 25 January 2024, the Company has implemented a new pricing structure for the division, with a focus on organic customer acquisition.
The Company continues to explore options for the division, including potential strategic partnerships or divestment.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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15 April
Sovereign IT Capability Empowering the Defence Industry Supply Chain
Investor Presentation – April 2024
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to present its investor presentation.
This information contained in this presentation has been prepared by Adisyn Ltd (ACN 155 473 304) (ASX:AI1 or ‘the Company’) and makes statements about it as well as its subsidiaries, the presentation is for information purposes only. This presentation does not constitute financial product or investment advice or a recommendation to acquire AI1 shares and has been prepared without taking into account the objectives, financial situation or needs of individuals. This presentation does not purport to contain all of the information that a prospective investor may require to make an evaluation of the Company or its business activities. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. AI1 is not licensed to provide financial product advice in respect of AI1 shares. Certain information in this presentation has been derived from third parties and though AI1 has no reason to believe that it is not accurate, reliable or complete it has not been independently audited or verified by AI1.
AI1, its subsidiaries and their respective logos, are trademarks or registered trademarks of AI1, or its subsidiaries. All other registered or unregistered trademarks mentioned in this presentation are the property of their respective owners, and no trademark rights to the same are claimed.
Financial Data - All dollar values are in AUD dollars (AUD or $) and are unaudited (unless otherwise presented). This presentation has been authorised for release on the ASX by the Board of Directors of AI1.
Future performance any forward looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions at the date of this presentation. Forward looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. An investment in AI1 shares is subject to investment and other known and unknown risks, some of which are beyond the control of AI1.
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, Adisyn Ltd and its officers, employees, related bodied corporate and disclaim all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this Presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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28 February
Appendix 4D & Half Year Financial Report to 31 December 2023
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to present its Half Year Report.
The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Adisyn Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2023.
Principal activities
The Group is a technology and data sciences company that provides a suite of vertically integrated solutions driven by cutting- edge AI powered microservices. With divisions focused on cybersecurity, development, infrastructure, and managed services, Adisyn gives businesses the necessary tools to enhance control, flexibility, and automation. The Group is actively working to create proprietary solutions built on generative AI models which are focused on contextual data that is unique to each business.
Review of operations
During the period, the Group continued to build upon its FY23 next phase of growth strategy (ASX: 31 October 2022). Revenue from ordinary activities for the half year increased by 72% to $3.747m (31 December 2022: $2.176m), while Net Loss attributable to members decreased by 50% to $0.841m (31 December 2022: Net Loss $1.684m).
In October 2023, the name of the group changed to Adisyn Ltd (ASX: AI1) to provide a new corporate identity as the Group expands its product offering beyond data centre and cloud services.
Under the Group’s new strategy, Adisyn has concentrated its attention on developing solutions focused on cybersecurity and generative AI. The Group is confident that these two verticals will provide strong growth avenues moving forward as the data centre and cloud markets evolve, allowing the Group to adapt swiftly to emerging technologies, client demands, and regulatory changes, while positioning itself as an aspiring leader in the industry.
In July 2023, the Group announced the acquisition (ASX:10 July 2023) and completion (ASX: 17 July 2023) of Thomas Cyber, with the formation of a new cyber division within the Group. The acquisition has allowed the Group to expand the current cyber security services offered through Thomas Cyber by utilising the Group’s existing infrastructure and AI capabilities. This includes developing new systems using AI technology.
The Group has continued working on integrating various functions between its business divisions, consolidating a number of suppliers and terminating duplicate services which is expected to result in $750,000 per annum of costs savings moving forward. As announced on 25 January 2024, these restructuring initiatives are now complete, and are in addition to the more than $500,000 in annual cost savings implemented in FY23.
As announced on 12 October 2023, the Group terminated the sale agreement with DComm for the sale of the Group's DC Modular assets. During the period, the Group has worked to streamline the operations of the DC Modular business to create a separate operational division within the Group under the banner ‘Miner Hosting Australia’.
Outlook
The Group continues to focus on its next phase of growth strategy. A considerable amount of restructuring has been undertaken by the Group to ensure all new initiatives are scalable and can be optimised for profitable delivery. A strong emphasis is being placed on partnerships in order to allow the Group to grow the scope of it’s services and the Group will continue to assess value accretive M&A transactions to acquire technology and talented individuals, expand its capabilities and enhance its market position.
Separately, an ongoing internal review is being conducted to assess the potential for disposal of any non-core assets within the Group which do not align with the Group's new strategy.
The Group is continuing to assess options for the ‘Miner Hosting Australia’ division, predominately focusing on strategic partnerships which may add further value to the division.
Results for the period
The Group incurred a net loss after tax for the half-year ended 31 December 2023 of $841,162 (31 December 2022: $1,683,690). As at 31 December 2023, the Group recorded a net asset position of $2,376,597 (30 June 2023: $2,483,861). Net operating cash inflows of $170,144 (31 December 2022: outflows of $802,465). Adisyn ends the financial period with a cash balance of $286,185 (30 June 2023: $676,806).
Significant changes in the state of affairs
During the period, the Group raised $400,000 as part of a capital raising and provided details on the use of funds to the market in the announcement dated 24 November 2023.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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18 February
Appointment of Strategic Advisor and Successful Capital Raising
Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company") is pleased to announce the appointment of Mr Harry Karelis as a Strategic Advisor to the Company. Mr Karelis will be retained as the Company’s Strategic Advisor with a focus on identifying and securing strategic partnerships, assisting with investor relations and general business development activities. This lays the foundation for the identification of new opportunities for the Company that have the potential for strong revenue growth over coming years.
Highlights:
- Appointment of Strategic Advisor to pursue a range of opportunities
- Successful capital raising to provide additional working capital
- Adisyn laying the foundations for future growth
Mr Karelis holds tertiary qualifications in science, business and cyber security including a Master of Cyber Security Operations degree from the University of New South Wales/Australian Defence Force Academy. In addition, he is a Fellow of the Financial Services Institute of Australia, a Fellow of the Australian Institute of Company Directors and has qualified as a Chartered Financial Analyst (CFA) from the CFA Institute in the United States. He has over 30 years’ experience in the capital markets with roles in financial analysis, funds management and private equity investing both in Australia and overseas. He has also been an angel investor in a number of start-up companies in Australia and overseas and has experience in listed markets including the ASX
Adisyn’s Managing Director, Blake Burton, commented on this appointment, saying: “We are pleased to appoint Harry as a Strategic Advisor to the Company. Over the past twelve months we have focused on completely restructuring the operations of Adisyn, and I am excited to welcome Harry to be a part of our next stage. He brings with him a wealth of experience in the early stage technology space as well as an extensive network in the cyber security and national intelligence sectors, all of which are expected to enjoy significant growth in coming years.”
The key terms of the engagement are summarised in an annexure to this announcement, and include performance rights, the issue of which will be subject to shareholder approval at a future general meeting of the Company.
Share Placement
In conjunction with the appointment of Harry Karelis as Strategic Advisor, the company has received binding commitments to successfully raise $298,000 through a Company led placement. The Placement will see the Company issue 14,900,000 new fully paid ordinary shares at an issue price of
$0.02 per share, representing a 16.67% to Adisyn’s 15 day VWAP. The Placement has been conducted pursuant to the Company’s existing placement capacity, with strong support from new high net worth and strategic investors. 13,950,000 shares are to be issued pursuant to ASX Listing Rule 7.1, and 950,000 shares are to be issued pursuant to ASX Listing Rule 7.1A.
Funds will be used primarily to expand the Company’s business development in existing and new areas within the business, along with general working capital.
Click here for the full ASX Release
This article includes content from Adisyn, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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