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Information Analysis Incorporated (OTCQB: IAIC) announced the sale of 1,400,000 Units at $2.00 each in a private placement financing. Each Unit consists of one share of common stock and one warrant exercisable through August 31, 2026, at an exercise price of $3.00. The financing was led by CEO Jaime Benoit, who invested $1.5 million, alongside existing investors including the Board of Directors. The proceeds will enhance working capital for an aggressive acquisition strategy and support a potential uplisting to Nasdaq.
Information Analysis Incorporated (OTCQB: IAIC) has appointed Jamie Benoit as Chairman and CEO effective August 26, 2021. Benoit, with a rich background in defense and intelligence, aims to transform IAI into a disruptive technology leader through growth strategies. His previous role at FedData resulted in substantial returns and integration success. The transition is backed by outgoing Chairman Mark T. Krial, emphasizing the need for agility in the evolving cybersecurity market. Benoit plans to enhance IAI's government services and expand into commercial sectors.
Information Analysis Incorporated (OTCQB: IAIC) reported strong financial results for the second quarter and six months ended June 30, 2021. Professional fees surged to $3.3 million, up from $1 million, resulting in a gross margin increase to 20.2%. Net income reached $43,157, reversing a loss from the previous year. Total revenues rose to $8.2 million, driven by a 258.5% increase in professional fees, although software sales fell 63.9%. The acquisition of Tellenger is expected to enhance growth opportunities and expand IAI's capabilities in securing government contracts.
Information Analysis Incorporated (OTCQB: IAIC) released an investor presentation on June 3, 2021, highlighting significant growth and modernization opportunities. Key points include a contracted backlog of $43.1 million, 66% revenue growth in Q1 2021, and an adjusted EBITDA of $340,000. The recent acquisition of Tellenger enhances IAIC’s cybersecurity and cloud capabilities. The presentation emphasizes a massive modernization opportunity, especially in sectors reliant on outdated COBOL systems, with costs ranging from $5 to $10 per line. The CEO expressed optimism about future growth and strategic acquisitions.
Information Analysis Incorporated (OTCQB: IAIC) reported a 65.9% increase in revenues for Q1 2021, totaling $3,419,580 compared to $2,061,756 in Q1 2020. The company achieved a net income of $270,815, marking a significant turnaround from a net loss of ($126,339) in the same quarter last year. Basic and diluted earnings per share were $0.02, compared to a loss of ($0.01) in 2020. Following the quarter, IAIC completed the acquisition of Tellenger, Inc., enhancing its cybersecurity and data analytics offerings.
Information Analysis Incorporated (OTCQB: IAIC) has appointed Donald J. Tringali to its Board of Directors, effective May 6, 2021. CEO Stan Reese emphasized that Tringali's extensive experience is crucial for guiding the company's aggressive growth plan. Tringali is the founder of Augusta Advisory Group and has held numerous executive roles across various industries. With a background in corporate law and business advisory, he brings valuable expertise to IAI. This strategic addition aims to bolster the company's direction and enhance its capabilities in the competitive tech landscape.
Information Analysis Incorporated (IAIC) announced a letter from CEO Stan Reese emphasizing the company’s growth trajectory, highlighting profitability and strategic acquisition of Tellenger, Inc. The letter details a strong foundation in legacy systems modernization, with significant contracts totaling $25 million over 7 years. The company aims for an up-listing to NASDAQ or NYSE, leveraging new leadership expertise and existing relationships with government agencies. The focus on cybersecurity and cloud computing positions IAIC for future growth.
Information Analysis Incorporated (OTCQB: IAIC) has acquired Tellenger, Inc., enhancing its capabilities in the fields of cybersecurity, cloud, and data analytics. This acquisition aims to strengthen IAI's service offerings for financial institutions, merchants, and governments, enabling better protection of digital assets. Tellenger's products are anticipated to contribute positively to IAI's revenue and earnings within the first year. Both companies aim to address pressing cyber risks and help organizations safeguard critical information.
Information Analysis Incorporated (OTCQB: IAIC) announced the appointment of Jack Johnson to its board of directors, effective March 15, 2021. With over 40 years of experience in cybersecurity and strategic consulting, Johnson is expected to enhance IAI's operations and mission-critical solutions. Stan Reese, the current President and CEO, was also added to the board. Johnson's background includes serving as the first Chief Security Officer for the Department of Homeland Security and extensive experience within the U.S. Secret Service.
Information Analysis Incorporated (OTCQB: IAIC) has appointed Stan Reese as its permanent President and Chief Executive Officer after serving as Interim CEO since early 2021. With over 25 years of management experience, including 20 years as COO at IAI, Reese aims to advance the company’s strategic goals in IT solutions, cybersecurity, and cloud services. The Board expressed confidence in Reese's leadership to drive growth and innovation. The company maintains its financial guidance for 2021 amid ongoing market changes.
