Trust Stamp (Nasdaq: IDAI, Euronext Growth: AIID ID) announces that it has filed a Form 8-K with the Securities and Exchange Commission ("SEC").
As of August 23, 2022, the Company has cut approximately 12% of its employed and contractor workforce which is in addition to prior Q2 of 2022 and Q3 of 2022 reductions of approximately 8% through attrition and reorganizations, representing a $2.5 million annual saving in personnel costs. In addition, the reorganization is expected to result in non-personnel savings in excess of $0.5 million.
The optimization process will not impair the Company’s ability to serve its current clients or add new clients and is in part due to the ending of a labor-intensive pilot program, the maturing stage of its technologies, and the number of channel partnerships that the Company has in place or is negotiating.
These efficiencies are expected to reduce the Company’s operational burn for the ensuing twelve months to under $2.0 million, including a one-time restructuring charge of approximately $0.6 million.
Enquiries
Trust Stamp Email: Shareholders@truststamp.ai
Gareth Genner, Chief Executive Officer
Davy (Euronext Growth Advisor) Tel: +353 1 679 6363
Barry Murphy
Investor Relations Tel: +1 212-671-1021
Crescendo Communications Email: idai@crescendo-ir.com
About Trust Stamp
Trust Stamp, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located in seven countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 100 people.
LEGAL DISCLAIMER
All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events based on information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
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