INPX stock is moving higher in early trading on January 14, 2020, after the company announced another patent.
Inpixon (Nasdaq: INPX), a leading indoor data company that specializes in delivering indoor intelligence, today announced that the Canadian Patent Office has granted it Patent number 2,835,210, titled, “Managing Network Interaction for Devices.” This patent serves to extend protection of embodiments within Inpixon’s U.S. Patent 9,742,773 previously issued by the U.S. Patent and Trademark Office.
“While mobile phones, IoT devices, and BYOD policies can be a big productivity booster, organizations need to mitigate risks,” noted Adam Benson, CTO of Inpixon. “Whether used as part of a mobile device management (MDM) system or standalone, Inpixon’s patented technologies can help identify rogue devices, enable geofence alerts, disable phones in no-phone zones, and provide overall situational awareness for effective physical cyber security.”
The patent covers techniques to locate, track and manage wireless devices. Signals from an unidentified device at a location related to a communications network are correlated with identification patterns of managed devices to identify whether or not the unidentified device corresponds to a managed or unmanaged device in the communications network. Both managed and unmanaged devices can be tracked, and network interaction can be managed for devices that are identified as managed devices.
On January 13, 2020, Inpixon released the following business update to shareholders from CEO Nadir Ali.
Nadir Ali, CEO of Inpixon, said, “On November 15, 2019, our shareholders approved a reverse split in order to allow the Company to regain compliance with Nasdaq’s $1.00 minimum bid price requirement. As communicated during our third quarter earnings call, we determined not to immediately proceed with the reverse split even after obtaining shareholder approval prior to the November 26, 2019 compliance deadline so that we could request that Nasdaq grant us additional time to regain compliance without the need for a reverse split.
On November 27, 2019, we reported that the Nasdaq staff had denied the Company’s request for additional time to evidence compliance and that our common stock would be subject to delisting. In order to stay the delisting of our common stock, we requested a hearing to appeal the Nasdaq staff’s determination, which is currently scheduled for January 23, 2020. At the hearing, we will be required to demonstrate to the Nasdaq Hearings Panel, a sustainable ability to meet and maintain compliance with Nasdaq’s minimum bid price requirement.
On January 6, 2020, we announced plans to conduct the reverse split approved by stockholders, which became effective on January 7, 2020. While we regret the need to conduct the reverse split, especially in light of the strong momentum we had in the market, the decision was one of timing and potential necessity. Following consultation with our advisors, our Board of Directors determined that the implementation of the reverse split at the approved ratio at least 10 trading days before the hearing would allow the Company to not only demonstrate at the hearing that its share price satisfied the minimum bid price requirement for the minimum required period, but also an ability to remain in continuing compliance.
While there was an uptrend in our share price immediately prior to the implementation of the reverse split, there were no assurances that we would have been able to satisfy the minimum bid price organically prior to our Nasdaq hearing in order to demonstrate that the share price could meet the minimum bid price requirement on an ongoing basis. As a result, our Board concluded that implementation of the reverse split provides the greatest opportunity for a successful outcome following the hearing to ensure our continued listing on Nasdaq and avoid the significant challenges for us all that would arise from a delisting.
It is important to note that the reverse split does not alter shareholders’ pro-rata ownership percentage, as all shares, including those held by the Board and management, were reduced by the same amount.
As a publicly traded company, my Board and I are keenly aware that our number one priority is protecting and building shareholder value and we understand that stock price is an important measuring tool of our business performance. Every decision we have made was carefully considered by our Board with our shareholders’ investment interests in mind.
We are working diligently to firmly establish our leadership in the multi-billion-dollar indoor intelligence market and to grow our market share. We anticipate all of the acquisitions we made last year to be accretive and they have allowed Inpixon to position itself as one of the only companies currently in the market that can offer end-to-end solutions for indoor intelligence that include intelligent mapping, positioning, analytic services and development tools across a variety of verticals and industries with a multitude of price and entry points.
We believe the growth experienced and milestones achieved in 2019, as well as our prospects for 2020, will enable us to drive shareholder value. We are rapidly growing our commercial and government customer base, and our sales pipeline is more robust than ever. This is best illustrated by the 63% increase in revenue for the third quarter of 2019, compared to the same period in the prior year, which represents our third consecutive quarter of year-over-year growth. We also ended our 2019 fiscal year with an improved cash position and continue to anticipate revenue growth, all of which lead me to strongly believe that the outlook heading into 2020 is brighter than ever.
The purpose for the reverse split is clearly set forth above and it was conducted to give Inpixon the greatest opportunity to regain compliance for the benefit of all of you, our shareholders. The entire Board and I are sharply focused on advancing Inpixon’s business and once again, we are brightly optimistic about the Company’s future. As I have hopefully explained here, my Board and I believe the reverse split, although unfortunate, was absolutely necessary under the circumstances to protect our Nasdaq listing and forward prospects for our shareholders.
Personally, I want each of our shareholders to know that I value you, every member of our Board is hearing you in all forms of communication, and we are confident in the prospects of Inpixon’s business. As I look to our future together, I want to express my sincere appreciation for all of you. I look forward to providing meaningful updates on our operational progress in the days and weeks ahead.”
On January 8, 2020, Inpixon (Nasdaq: INPX) announced that its Inpixon Sensor 4000 has been selected as the winner of the “IoT Sensor Product of the Year” award in the 4th annual IoT Breakthrough Awards program from IoT Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Internet-of-Things (IoT) market.
The Inpixon Sensor 4000 is a multi-channel radio frequency (RF) sensor that dynamically surveys for Wi-Fi, Bluetooth, cellular and active RFID. Inpixon not only detects wireless devices but also positions them on a facility map to reveal a picture of a building’s occupants and technology. The on-premise monitoring and alerts offer near real-time situational awareness, and an optional cloud-based AI engine delivers advanced analytics.
“Our customers are realizing significant real-world benefits from their Inpixon solutions, ranging from increased physical cyber security situational awareness and rogue device detection, to visitor management and office space optimization,” said Nadir Ali, Inpixon CEO. “We are proud to receive this 2020 IoT Breakthrough Award in recognition of our innovation and success in the IoT sensor market.”
While many alternative solutions sense only Wi-Fi or Bluetooth, the Inpixon solution detects and locates wireless devices emitting a range of RF signals. Further, devices do not need to be joined to a network nor have an app installed. Superior device coverage combines with advanced algorithms and multilateration sensor input to deliver customers an award-winning indoor intelligence solution.
James Johnson, managing director at IoT Breakthrough, noted, “Trusted by organizations around the globe, Inpixon is breaking through the crowded marketplace by providing the most complete and accurate device detection and visitor analytics possible. Inpixon’s multi-band, multi-channel, RF sensors deliver powerful wireless detection capabilities, and we look forward to seeing continued innovation from Inpixon going into the new decade.”
The mission of the IoT Breakthrough Awards program is to recognize the innovators, leaders and visionaries from around the globe in a range of IoT categories, including Industrial and Enterprise IoT, Smart City technology, Connected Home and Home Automation, Connected Car, and many more. This year’s program attracted more than 3,700 nominations from companies all over the world.
The Inpixon Sensor 4000 is part of Inpixon’s enterprise-class, government-grade indoor data and location platform. The extensible solution can scale to accommodate multiple buildings, floors and zones. Featuring an open architecture, it can be leveraged for both security and business intelligence applications.
On January 7, 2020, Inpixon (Nasdaq: INPX) announced that it had been selected by Parque Arauco Kennedy Mall as their indoor mapping partner. Inpixon’s indoor mapping platform, Jibestream, provides smart and fully customizable indoor mapping solutions and can be combined with the company’s other indoor data solutions to deliver actionable indoor location data and intelligence.
Parque Arauco is a Latin American real estate developer and operator with more than 50 properties across Chile, Peru and Columbia. Parque Arauco Kennedy, the company’s flagship mall, spans over a million square feet and attracts approximately two million visitors a month. Known for their attractive store mix and distinct and innovative space, Parque Arauco Kennedy is one of the most complete and comprehensive commercial centers in Chile.
Looking to elevate guest experiences, Parque Arauco’s first initiative will be to implement Inpixon’s indoor navigation and wayfinding into mall kiosks and the Parque Arauco Kennedy website. This will enable customers to easily search for and locate desired destinations and to see the best route to get there, delivering an exceptional user experience by making indoor spaces instantly familiar. Parque Arauco intends to leverage additional location and indoor data features to enhance the visitor experience as the relationship progresses.
Fernanda Gonzalez, Head of Innovation at Parque Arauco, commented, “We are committed to creating frictionless experiences for our visitors, and partnering with Inpixon is a pivotal step in our digital innovation journey. We are eager to begin implementing Inpixon’s technology to help visitors more seamlessly journey throughout our large mall with multiple parking areas. We chose Inpixon’s solution due to its robust, highly configurable and scalable platform that will enable us to create smart indoor spaces while gaining valuable insights about how our space is being used, including which stores and areas our customers engage with the most. We are excited to build this relationship and intend to leverage their indoor intelligence solutions at other Parque Arauco malls in the future.”
Soumya Das, Chief Operating Officer at Inpixon, commented, “We are thrilled to have been selected by Parque Arauco as its indoor mapping provider. Given the complexity and Parque Arauco’s anticipated future expansion plans, which include adding a Hilton Hotel, a Convention Center and new retail outlets, we believe our platform provides the necessary technological foundation to create exceptional visitor experiences through location awareness. We look forward to the rollout of our technology at Parque Arauco Kennedy and the opportunity to expand our relationship with Parque Arauco as they continue to innovate.”