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Biotricity Achieves Positive Free Cash Flow Milestone

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First Time in the Company’s History

REDWOOD CITY, Calif., Dec. 3, 2024 /PRNewswire/ — Biotricity Inc. (OTCQB: BTCY) (“Biotricity” or the “Company”), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced achieving positive free cash flow, a measure of financial health and another major milestone towards profitability.

Dr. Waqaas Al-Siddiq, Biotricity’s Founder & CEO, explains: “While continuing on our mission to produce transformative healthcare technologies, we have demonstrated a strong commitment to growth and operational efficiency through innovation, automation and financial discipline, driving revenue and margins on our path to profitability. One of the key metrics management and investors use as a measure of progress to profitability is Free Cash Flow. We are pleased to see this measure become positive during the second fiscal quarter ended September 30, 2024.”

Free Cash Flow is a non-generally accepted accounting principle (“non-GAAP”) measure that represents the cash that the Company generates from its operations after deducting cash used on operating expenses and any capital asset spending. Unlike other accounting measures such as earnings or net income, this measure of profitability excludes non-cash expenses, but includes spending on capital assets and changes in working capital on the Company’s Balance Sheet. Free Cash Flow therefore represents the cash that the Company has generated that is available to repay creditors and pay interest or dividends to lenders and investors. New product launches anticipated in FY25 will be accelerated, bringing the Company closer to long-term profitability and sustainability.

Management intends to report this metric as it continues on its path to profitability.” Positive Free Cash Flow of $355,016 for the quarter ended September 30, 2024 demonstrated consistently strong progress from the immediately preceding quarter ended June 30, 2024, when this measure was negative $725,567; and even more pronounced progress from the corresponding quarter one year ago, when the measure was negative $1.6 million. Free Cash Flow per share for the quarter ended September 30, 2024 was positive $0.016 per share compared to negative –$0.186 in the corresponding quarter of the prior fiscal year.

Free Cash Flows

3 months
ended
September
30, 2024

$

3 months
ended

June 30,
2024

 $

3 months
ended
September
30, 2023

$

6 months
ended
September
30, 2024

$

6 months
ended
September
30, 2023

$

Net cash used in operating activities

(397,059)

(1,494,240)

(2,390,036)

(1,891,299)

(4,222,154)

Add: Interest expense

752,075

768,673

753,268

1,520,748

1,413,780

Less: Investment in capital assets

Free cash flows before one-time items

355,016

(725,567)

(1,636,768)

(370,551)

(2,808,374)

Add (Less):

One-time items (1)

Free Cash Flows

355,016

(725,567)

(1,636,768)

(370,551)

(2,808,374)

Weighted average number of common
shares outstanding

22,493,626

14,169,441

8,795,742

18,354,277

8,774,242

Free Cash Flow per Share, Basic and
Diluted

0.016

(0.051)

(0.186)

(0.020)

(0.320)

(1) These items relate to financing transactions and therefore do not reflect the Company’s core operating activities

Non-GAAP Measures
We provide non-GAAP financial information to enhance the understanding of Biotricity’s GAAP financial information; it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess business performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.

About Biotricity Inc.
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity’s unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The Company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.

Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. There cannot be any assurance that the Company will ever become profitable. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contacts

Investor Relations
Biotricity Investor Relations
investors@biotricity.com

 

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Dr. Gerard van Belle Appointed Director of Science at Lowell Observatory, Charting a Bold Future for Research

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Dr. van Belle to guide scientific exploration and foster innovation in the next era of astronomical research

FLAGSTAFF, Ariz., Jan. 10, 2025 /PRNewswire/ — Lowell Observatory is pleased to announce the appointment of Dr. Gerard van Belle as the new Director of Science. Van Belle, who has been an astronomer at the observatory since 2011, has been serving as the interim Director of Science.

In his new role, van Belle will lead a diverse team of astronomers and planetary scientists. He will spearhead the observatory’s new Science Vision, which focuses on advancing research capabilities and implementing cutting-edge technological improvements supporting Lowell’s leadership in astronomical research.

Under his leadership, the science department will continue to advance Lowell Observatory’s mission to pursue the study of astronomy, including the study of our solar system and its evolution, and to conduct pure research in astrophysical phenomena.

Van Belle’s own research focuses on fundamental stellar parameters, including the sizes, shapes, masses, distances, and temperatures of various types of stars. He is also renowned for his expertise in optical and near-infrared astronomical interferometry.

He earned his bachelor’s degree in physics from Whitman College in 1990, followed by a master’s degree from The Johns Hopkins University in 1993, and a Ph.D. in physics from the University of Wyoming in 1996.

Throughout his career, van Belle has been instrumental in the development and commissioning of major optical interferometers worldwide, including the Palomar Testbed Interferometer, the Keck Interferometer, and the Very Large Telescope Interferometer. His pioneering work in stellar surface imaging earned him the inaugural Edward Stone Award for Outstanding Research Publication at NASA’s Jet Propulsion Laboratory in 2002.

In 2011, van Belle joined Lowell Observatory’s science staff, where he applied high-resolution astronomical techniques to detect nearby exoplanets and map stellar surfaces. He served as the Director of the Navy Precision Optical Interferometer (NPOI) in Flagstaff, Arizona, from 2017 to 2018, and subsequently as its Chief Scientist until 2022.

Notably, van Belle was among the astronomers who voted against the definition of ‘planet’ advanced during the 2006 International Astronomical Union (IAU) conference in Prague, which relegated Pluto to being a ‘dwarf planet’ (which according to the IAU resolution is not a planet).

His extensive experience and dedication to advancing astronomical research make him a valuable leader for Lowell Observatory’s scientific endeavors.

“I am honored to take on this role at such a pivotal time for Lowell Observatory,” said van Belle. “Our Science Vision will guide us in exploring new frontiers in astronomy while strengthening our commitment to public engagement and education.”

Executive Director Dr. Amanda Bosh expressed her confidence in van Belle’s leadership: “Gerard’s extensive experience and dedication to our mission make him the ideal person to lead our scientific endeavors. I look forward to working closely with him as we embark on this exciting new chapter for Lowell Observatory.”

For more information about Lowell Observatory’s research and public programs, visit lowell.edu.

About Lowell Observatory
Founded in 1894, Lowell Observatory in Flagstaff, Arizona, is a renowned nonprofit research institution. It is the site of historic and groundbreaking discoveries, including the first evidence of the expanding universe and the discovery of Pluto. Today, Lowell’s astronomers utilize global ground-based and space telescopes, along with NASA spacecraft, for diverse astronomical and planetary science research. The observatory hosts more than 100,000 visitors annually for educational tours, presentations, and telescope viewing through a suite of world-class public telescopes.

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SOURCE Lowell Observatory

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ALTICE USA IS ABANDONING LOCAL SPORTS FANS AND IS KEEPING MSG NETWORKS AND ITS KNICKS, RANGERS, ISLANDERS AND DEVILS COVERAGE OFF THE AIR

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NEW YORK, Jan. 10, 2025 /PRNewswire/ — MSG Networks released the following statement about their dispute with Altice USA:

“Altice USA has pulled their last proposal and walked away from negotiations to bring MSG Networks back to its Optimum subscribers. They also just dropped WPIX Channel 11 in New York and other local stations around the country. If you have been waiting, like we have, for them to do right by their customers – don’t wait any longer. Now is the time to switch to Verizon Fios who has a special offer for Optimum subscribers. Meanwhile, Optimum has been charging their over 1 million customers for local sports programming they have not been receiving and EVERY subscriber should be credited at least $10 a month.

Verizon Fios is ready to take your business. If you are not in Verizon Fios area, you can get games through these other providers DirecTV, DirecTV Stream, Fubo and The Gotham Sports App. For more options on how to switch providers, visit www.keepMSG.com.”

About MSG Networks

MSG Networks, a pioneer in sports media, owns and operates two award-winning regional sports and entertainment networks (MSG and MSG Sportsnet) and MSG+, a direct-to-consumer and authenticated streaming offering (included in the Gotham Sports App), that serve the nation’s number one media market, the New York DMA, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. The networks feature a wide range of compelling sports content, including exclusive live local games and other programming of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as the gold standard in regional sports. MSG Networks is part of the Sphere Entertainment Co. (NYSE: SPHR).

Contact:

Dan Schoenberg (dan.schoenberg@msg.com)

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SOURCE Sphere Entertainment Co.

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Infor Nexus Unveils NexTrace, its End-to-End Traceability Solution at NRF 2025

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Leveraging AI technology and a supplier-centric philosophy, the solution simplifies the data collection process, helping to promote accuracy and compliance

NEW YORK, Jan. 10, 2025 /PRNewswire/ — Infor Nexus™ , the single-instance supply chain network platform providing unparalleled visibility and collaboration, today announced NexTrace. This innovative solution is designed to improve customer transparency and provide a competitive advantage. With the EU Digital Product Passport (DPP) set to take effect in 2027, companies need to start preparing now by implementing traceability solutions. NexTrace can give customers a head start to meet regulatory requirements like the EU DPP and the Corporate Sustainability Due Diligence Directive (CSDDD). 

NexTrace provides end-to-end transparency by seamlessly tracking raw material through to finished products and beyond, ensuring full traceability throughout the entire supply chain journey. It integrates supplier ESG data and certificates for a holistic view of sustainability and compliance information. Leveraging AI technology and a supplier-centric philosophy, NexTrace simplifies the data collection process, ensuring accuracy and compliance.

“Last June, we launched Map and Trace, which empowers our customers to map their supply chains and collect documentation from multiple supplier tiers. Map and Trace provides evidence of chain of custody compliance with regulations such as the US UFLPA and the French AGEC law. With NexTrace, we’re taking this to the next level by proactively gathering full-scale item-level traceability from each tier of the supply chain. This will help our customers to not only meet upcoming regulations like the EU Digital Product Passport but also gain a competitive edge by providing comprehensive data on their products’ journey, composition, and sustainability,” said Brian Carelli, Infor VP, Sustainability and Partnerships. 

Meeting regulatory and consumer demands for product traceability requires collaboration across supply chain tiers. By connecting to Infor Nexus, companies gain a head start, leveraging an established ecosystem of over 94,000 brands, retailers, and suppliers already on the platform. Managing traceability and chain-of-custody data alongside existing supply chain processes on a unified platform accelerates progress, boosts efficiency, and reduces reliance on multiple systems. 

NexTrace Capability Highlights: 

Enables seamless lot and item-level tracing by tracking the movement of raw material lots and batches through their conversion into finished products Leverages AI to collect data from the multiple tiers of suppliers, while automatically associating transactions from one tier to the next, helping to reduce the burden on suppliers and increase data accuracy and tracing efficiency Allows suppliers to upload data from existing reports in one easy step, rather than necessitating manual data entry RFID scanning of serialized barcodes at source automatically links the multi-tier chain of custody data Integrates supplier ESG data and certificates with traceability information, providing a comprehensive view of sustainability and compliance throughout the supply chain Creates a digital link and visualization to share traceability and product information with consumers, enhancing transparency and trust throughout the supply chain Tracing data automatically updates the network graph creating linkages between products and materials providing a higher fidelity map of your supply chain network 

“Vendors will be eager to tout their Digital Product Passport solutions at NRF, but their focus is often on flashy features, rather than the minutiae of how to feed such data-hungry systems. At NRF, we look forward to demonstrating how trace data is built and how to scale a system of this magnitude,” said Carelli. 

To learn more about building a more responsible supply chain, visit https://www.infor.com/solutions/scm/infor-nexus/sustainability

About Infor Nexus 

Infor Nexus™ is the leading global supply chain platform. Infor Nexus connects a network of over 94,000 brands, retailers, manufacturers, suppliers, logistics providers and banks on single-instance network platform to seamlessly orchestrate global supply chain processes from source through to delivery and payment. Companies streamline their operations to eliminate inefficiencies and waste while gaining data-driven insights and optimizing the flow of capital for improved agility, resilience, and sustainability. Visit www.infor.com/solutions/scm/infor-nexus

Media Contact: 
Alexandria Truby 
Senior Public Relations Specialist, Infor 
Alexandria.Truby@infor.com

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SOURCE Infor

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