Microgrids are Now the Next Logical Solution for Power Grid Failures

Financialnewsmedia.com News Commentary

PALM BEACH, Florida, Feb. 6, 2020 /PRNewswire/ -- Traditional power grids are severely vulnerable to weather conditions, and even fires, as we saw in California. Every day, says Microgrid Knowledge, "somewhere in the U.S. power fails because of weather, accidents, equipment malfunctions or other causes. The costs of these outages vary based on their length and who they affect." Fires in California disrupted millions of people for days, in some instances. Business, schools, and hospitals were all impacted. The power issue has grown so severe that PG&E recently outlined its plans with the California Public Utilities Commission to set up 300 MW of temporary generation for the 2020 wildfire season, according to Utility Dive. Such news is creating sizable, exciting opportunity for top companies like CleanSpark, Inc. (NASDAQ:CLSK), General Electric Company (NYSE:GE), IBM (NYSE:IBM), Cognizant Technology Solutions Corp. (NASDAQ:CTSH), and Advanced Energy Industries Inc. (NASDAQ:AEIS).

CleanSpark, Inc. (NASDAQ:CLSK) BREAKING NEWS: CleanSpark, Inc., a software company with advanced engineering, software and controls for innovative microgrid and distributed energy resource management systems today announced it has completed the acquisition of all of the issued and outstanding shares of p2klabs, Inc. a design and innovation consulting firm that specializes in applying design, technology, and business process methodologies to create intuitive digital experiences and journeys that help transform and grow businesses. "This acquisition will enable CleanSpark to continue to accelerate the development and deployment of our software platforms and significantly expand our sales and marketing capabilities. This strategic move will bring significantly increased software revenues, and the integration of the talented p2k team will allow us to reduce our operating expenses. We have been working with p2klabs for the past several months and have been impressed with their capabilities. It was quickly apparent that an acquisition of p2k's technologies and team was the right move." said CEO of CleanSpark, Zach Bradford.

Mr. Bradford continued, "We are projecting that the acquisition will add up to $2,000,000 in additional revenue related to the acquired business in the coming year. We will also be adding significant depth in software sales experience and will be enhancing our top-tier sales and marketing team. Mr. Amer Tadayon will join the CleanSpark executive team as the Company's Chief Revenue Officer to oversee this enhanced business development strategy. Mr. Tadayon has more than 25 years of experience working with world-class companies including IBM, Cognizant and Frog Design." Mr. Tadayon commented, "We are excited to join the CleanSpark family of personnel and technologies and to help further innovate on their product offerings, as well as to make available an even more diverse set of services to their existing client base." Mr. Bradford concluded, "We've identified the opportunity to maximize the value of our offering, internalize what would otherwise be expenses, and diversify our ability to better serve our valued clients. We also plan to add further strategic acquisitions in the near future to continue to build the Company's reach and capabilities."

Other related developments from around the markets include:

IBM's (NYSE:IBM) Board of Directors has elected Arvind Krishna as Chief Executive Officer of the company and a member of the Board of Directors, effective April 6, 2020. Krishna is currently IBM Senior Vice President for Cloud and Cognitive Software, and was a principal architect of the company's acquisition of Red Hat. James Whitehurst, IBM Senior Vice President and CEO of Red Hat, was also elected by the Board as IBM President, effective April 6, 2020. Virginia Rometty, IBM Chairman, President and Chief Executive Officer, will continue as Executive Chairman of the Board and serve through the end of the year, when she will retire after almost 40 years with the company. "Arvind is the right CEO for the next era at IBM," said Rometty. "He is a brilliant technologist who has played a significant role in developing our key technologies such as artificial intelligence, cloud, quantum computing and blockchain. He is also a superb operational leader, able to win today while building the business of tomorrow. Arvind has grown IBM's Cloud and Cognitive Software business and led the largest acquisition in the company's history. Through his multiple experiences running businesses in IBM, Arvind has built an outstanding track record of bold transformations and proven business results, and is an authentic, values-driven leader. He is well-positioned to lead IBM and its clients into the cloud and cognitive era."

General Electric Company (NYSE:GE) announced results for the fourth quarter ending December 31, 2019. GE Chairman and CEO H. Lawrence Culp, Jr. said, "The fourth quarter marked a strong close to the year for GE. We met or exceeded our full-year financial targets and are on a positive trajectory for 2020. We're proud of our progress in 2019, including decisive actions to reduce our leverage and strengthen our businesses. Our work continues, but GE's committed team, exceptional technology, and global network make me more confident than ever that we can deliver." Culp continued, "Our priorities looking forward are clear. We are solidifying our financial position, continuing to strengthen our businesses as improvement efforts build momentum, and driving long-term profitable growth. We remain committed to creating value as we continue our multi-year transformation."

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) has entered into exclusive negotiations to acquire the French operations of EI-Technologies, a Paris-based, privately-held digital technology consulting firm and leading independent Salesforce specialist in France. The proposed acquisition would complement Cognizant's global Salesforce practice, expanding client resources in Europe. The planned acquisition requires advance consultation with the relevant works councils and would be subject to customary closing conditions.  Financial terms of the proposed transaction are not being disclosed. "We're determined to help our clients become fully digital, data-enabled, customer-centric businesses. Cloud has changed the way IT is delivered across infrastructure, applications and platforms, and is one of our strategic focus areas," said Brian Humphries, Cognizant CEO.  "EI-Technologies, based in France, would not only support our effort to further scale our international business but also add Salesforce expertise and capabilities to our cloud management portfolio."

Advanced Energy Industries Inc. (NASDAQ:AEIS) will release its fourth quarter 2019 financial results before the market opens on Tuesday, February 18, 2020. Management's quarterly conference call will be held later that morning beginning at 8:30 a.m. Eastern Time.

DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third- party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM expects to be compensated thirty five hundred dollars for news coverage of current press releases issued by CleanSpark Inc., by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Media Contact:
 Email: editor@financialnewsmedia.com 
+1(561)325-8757

SOURCE Financialnewsmedia.com