02 Aug, 2018
[Press Release] I-ON Communications Corp. Announces Symbol Change to "IONI" and Business Updates
SEOUL, South Korea, Aug. 2, 2018 /PRNewswire/ I-ON Communications Co., Ltd. ("I-ON" or the "Company") (OTCQB: IONI), www.i-on.net, a Seoul, South Korea based global enterprise software company focused on delivering leading CMS and unstructured data management products and solutions to mid and large-scale enterprises, is pleased to announce that FINRA has approved the name and symbol change to I-ON Communications Corp. and IONI, respectively. The effective date is August 2, 2018.
Jae Cheol ("James") Oh, Chairman and CEO of I-ON commented, "We would like to thank the U.S. capital markets community for their support and patience during this going public transition period for the Company. With a new symbol that is now clearly reflective of our brand value, we will continue to engage more actively with both the investor community as well as a broader addressable market for our product and solutions, both existing and new, as reflected by the new sports ICT initiatives that are really starting to take hold. We are progressing very well on our recently forged agreement with South Korea's Ministry of Culture, Sports and Tourism, and the Korea institute of Sports Science, a two-year framework aimed at ushering in a new age, dynamic mobile sports IT platform, capable of providing a multitude of value-added solutions for audiences and sponsors across the domestic, professional and amateur sports verticals."
In addition to the Company's sports ICT initiatives that may also entail global partnership opportunities, I-ON remains optimistic about the health of its core enterprise suite of CMS based products based on the increasing complexities of existing engagements, as well as the intermediate to long-term secular growth trends reflected across the enterprise digital marketing ecosystem, which is rapidly evolving.
For example, I-ON recently finalized terms with a major South Korea-based retailer and e-commerce company and has begun a multi-purpose customized migration and implementation of I-ON's core ICS (PaaS) offering. Similar engagements were also initiated during the March and June period with a major South Korea-based life insurer, a leading lender and credit card company, a major automotive manufacturer, and a federal law enforcement agency.
James Oh commented, "I would also like to add that we continue to see attractive acquisition and partnership opportunities across South Korea, the U.S. and South East Asia, in particular Singapore and Indonesia. The symbol change to IONI and finalization of our going public process will enable us to think bigger and focus on more compelling assets over time. The ability to increase our composition of SaaS based offerings and licensing revenue -- currently anywhere from 25-30% of total revenue -- is a key prerequisite going forward. We also believe that offering SI and customized solutions services will always be critical to our enterprise clients, thus we seem to be on the right track overall with respect to where we would like to go with acquisitions."
Fiscal 2018 & 2019 Financial Guidance
The Company is maintaining its 2018 revenue guidance of $15-17 million, which assumes the consummation of one acquisition by the September 2018 period and modest double-digit organic growth. The Company continues to implement a plan to attain a revenue goal of $25-30 million by the end of 2019, which would reflect an improving revenue mix and higher y/y gross and operating margins, above 40% and 15%, respectively.
June Quarter Results
The Company anticipates that it will announce financial results for the quarter ending June 30, 2018 by mid-August and will file a 10Q.
About I-ON Communications Corp.
I-ON Communications, Corp, is a Seoul, South Korea-based enterprise software company founded in 1999. After being awarded its first of six patents by 2003, the Company has since evolved into an industry-leading and recognized developer of enterprise-class unstructured data management and digital marketing software solutions. I-ON has sold to over 1,000 mid to large clients across numerous verticals in both the private and public sectors, primarily throughout South Korea, Japan and Southeast Asia. The Company has 11 products at market that enable clients to create, measure, and optimizes digital experiences for their audiences across marketing channels and devices. These encompass enterprise web content management (CMS), web experience and service delivery software, digital marketing, smart mobility and analytics tools and energy management systems. I-ON's large R&D team has designed and developed industry-leading technologies that are compliant with global standards including GS (Good Software) and NET (New Excellent Technology), while holding numerous domestic and global industry awards and recognition from the likes of Gartner and Red Herring.
Forward Looking Statements
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission ("SEC"). There may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
Sang Min Lee/Byung Woo Yu