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Eight Solutions Reports Continued Success with Cumul8 in Entertainment and Doubles its Operating Line Facility to $1.8 M
Monday, November 28, 2016Company Profile | Follow Company
Vancouver, BC, November 22, 2016--(T-Net)--Eight Solutions Inc. (TSXV:ES) announced that a major entertainment customer has renewed its Cumul8 license for another year of design and support.
Eight Solutions continues to focus on developing and selling its Cumul8 platform into both the Entertainment and Forestry sectors. In addition to this major Hollywood client, Eight Solutions reported that it is seeing increased interest in Cumul8 by other significant Hollywood businesses.
“Cumul8's use in the Entertainment sector started our push into big data visual narratives”, says Rory Armes, Eight Solutions' CEO, “and it is exciting to see this product take on some serious digital media challenges with its elegant, yet powerful solution. I am looking forward to just how far this tool can expand into helping manage and move digital assets throughout the Entertainment industry in Hollywood and other markets”.
Today, the Cumul8 platform in the Entertainment sector has over 2000 users, 1.5 petabytes of stored and managed data, and 100+ million files managed. The use of Cumul8 in Entertainment helps solidify Eight Solutions' overall Cumul8 Big Data platform as a raw data transformation system where data is stored safely and then articulated into an appropriate big data narrative.
The Company reported that it has also increased its operating line facility with the Royal Bank of Canada from $900,000 to $1,800,000 on the same terms as the existing operating line facility, including an increase by Export Development Canada of its credit insurance policy on the loan from $1,0000,000 to $2,000,000. Proceeds of the loan will be used for general working capital purposes.
About Eight Solutions
Eight Solutions Inc. is a technology company led by a team of gaming industry veterans. Eight's flagship product is Cumul8, a data analytics and visualization solution. Cumul8 works with any type of data source to help people and companies understand, collaborate, and make better decisions with data. Eight's portfolio also includes an award-winning 3D technology licensed to the film industry and Reelhouse, a unique video-on-demand platform that allows films makers to distribute their content directly to users. For more information, visit www.eightsolutions.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Eight believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Contact:
Investor Relations
investor.relations@eightsolutions.com
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6
Phone: (604) 669-8885
Fax: (604) 669-8855
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