NEW YORK, June 10, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), a global Fintech and AI catalyst for transformative industries, today announced it has been named in the 2019 Preliminary Russell Microcap Index additions, and the 2019 Preliminary Russell 3000 Index additions.
"The inclusion in the FTSE Russell is an important milestone for Ideanomics, as we prepare to demonstrate our ability to grow shareholder value for both the retail and institutional market segments," said Tony Sklar, VP of Communications and Head of Investor Relations. "We intend to continue this momentum throughout 2019 and into 2020, with a focus on innovation as a driver to profitable growth."
Ideanomics continues to grow both its presence and IP within the new energy commercial vehicle market. By combining new fleet sales approach with financing practices, the company has been able to streamline inefficiencies, and this has resulted in increased value and transparency for the cleantech commercial automotive value chain. This will lead to larger fleet sales financing rates, from supply chain financing through to large-scale ABS lease finance programs for enterprise and governmental clients.
"I am very pleased that our efforts to apply fintech and AI technologies to transformative industries is being acknowledged through increased collaboration with industry leaders, and also inclusion on benchmark indices for future growth companies such as the FTSE Russell," said Dr. Bruno Wu, Chairman of Ideanomics. "We are on a path to sustainable growth and profitability, which is built upon a foundation of striving to be an industry leader in everything we do. This focus helps us towards reaching our objectives of providing our shareholders with increased value in the short, medium, and long term."
Ideanomics has consolidated its EV activities into the formation of The New Energy Commercial Vehicle Group (NECVG). The group is supported by an alliance of innovative EV and hydrogen vehicle manufacturers, as well as leading China-based banks as strategic financing partners. We believe that the group is making sufficient progress such that it should increase its presence at an international level to exploit the significant sales growth anticipated in the future. To that end, it has begun exploring a public listing on an International exchange in a 2020/2021 timeline.
Additionally, Ideanomics recent acquisitions of Fintalk, Grapevine and CommentsRadar have developed a combined value proposition to take advantage of significant opportunities in the large and very active business communication markets. The combined offering will come under the Grapevine umbrella with the combined services available throughout Asian markets. The Grapevine service will begin piloting the combined services with partners in Q3 and is positioned to help meet current Asian market demand for the convergence of high capacity social engagement with advertising over mobile, and includes real-time metrics for business communications, content creators, advertisers, and their agency partners. As Grapevine develops revenues around this combined offering, it will be reviewed as a candidate for spin-off, or merger with a complementary service provider for the benefit of shareholders.
Since finalizing the transformation of the business, Ideanomics has been focused on progressing its core activities: its AI business (under Intelligenta and Fortifa), its Fintech Advisory Service - combining deal origination with technology as part of the next generation of financial services - and its Digital Asset Management and Advisory Services. The market demand for these services continues to be strong and has provided the company with a healthy pipeline of opportunities in addition to its current revenue activities.
"As part of the company's ongoing efforts to streamline operations, several of the company's legacy or low-margin business units, such as the electronics and oil logistics, are being sold or divested, including several joint ventures that are considered slow-performing or no longer a key revenue driver," said Alf Poor, CEO of Ideanomics. "This is the final part of the transformation of the business and will allow us to focus on our core revenue-producing and high growth activities. The company has reached an agreement in principal with Seven Stars Innovation Technology group, a related party, to assist with the disposal of these properties. This effort is timed to coincide with a roll-out of best-in-class cross-border accounting software, and will result in a leaner, more efficient, organization that can scale for growth while at the same time provide improved transparency to our shareholders and partners."
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next-generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provides our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments and, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.
The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.
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This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov.. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.