Correction Notice of Press Release Announcing HeartCore’s Expansion of its CMS Platform Offering into a SaaS Delivery Model

Rhea-AI Summary

HeartCore Enterprises (Nasdaq: HTCR) issued a correction to its October 30, 2024 press release regarding its projected sales growth. The company amended its projected software business sales growth forecast from the previously stated 115% to 15% following its transition to a SaaS delivery model. This correction specifically addresses a numerical error in the second paragraph of the original press release, with all other content remaining unchanged.

Positive

• Projected 15% sales growth in software business

Negative

• Significant downward revision of sales growth projection from 115% to 15%

Insights

Financial Analyst

This correction of HeartCore's projected sales growth from 115% to 15% represents a significant downward revision that materially impacts investor expectations. For a microcap company with a market cap of just $21.5M, this 100% difference in growth projections could substantially affect valuation models and investment decisions. The revised 15% growth target, while still positive, is considerably more modest and aligns better with typical SaaS transition growth rates. This type of correction raises questions about internal controls and financial projection processes, though the company's swift correction demonstrates commitment to accurate disclosure.

NEW YORK and TOKYO, Nov. 01, 2024 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or “the Company”), a leading enterprise software and data consulting services company based in Tokyo, announced a correction to a number in the second paragraph of its press release sent out on October 30, 2024.

In the release, the sentence read: “The Company projects 115% sales growth across its software business as a result of this new transition.”

The release has been corrected to read: “The Company projects 15% sales growth across its software business as a result of this new transition.”

The remainder of the press release remains unchanged.

About HeartCore Enterprises, Inc.
Headquartered in Tokyo, Japan, HeartCore Enterprises is a leading enterprise software and consulting services company. HeartCore offers Software as a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics services that allow enterprise businesses to create tailored web experiences for their clients through best-in-class design. HeartCore’s customer experience management platform (CXM Platform) includes marketing, sales, service and content management systems, as well as other tools and integrations, which enable companies to enhance customer experience and drive engagement. HeartCore also operates a digital transformation business that provides customers with robotics process automation, process mining and task mining to accelerate the digital transformation of enterprises. HeartCore’s GO IPOSM consulting services helps Japanese-based companies go public in the U.S. Additional information about the Company's products and services is available at https://heartcore-enterprises.com/.

Forward-Looking Statements
All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore 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. The contents of any website referenced in this press release are not incorporated by reference herein.

HeartCore Investor Relations Contact:
Gateway Group, Inc.
Matt Glover and John Yi
HTCR@gateway-grp.com
(949) 574-3860

FAQ

What is HeartCore's (HTCR) revised sales growth projection for 2024?

HeartCore revised its software business sales growth projection to 15%, down from the previously announced 115%.

When did HeartCore (HTCR) issue the correction to its sales growth projection?

HeartCore issued the correction on November 1, 2024, regarding a press release originally published on October 30, 2024.

How much did HeartCore (HTCR) reduce its sales growth forecast?

HeartCore reduced its sales growth forecast by 100 percentage points, from 115% to 15%.