Closure of Quantum Computing Inc. – GuruFocus.com
- The combination of QPhoton QPS and QCI’s Qatalyst software represents a major milestone in the quantum computing industry.
- The acquisition allows QCI to launch complete off-the-shelf quantum systems and expand its solutions in key markets such as supply chain and portfolio optimization, fraud detection, underwriting and government defense and security projects.
- The technology works seamlessly alongside today’s mainstream technology.
LEESBURG, Va., June 16, 2022 (GLOBE NEWSWIRE) — Quantum Computing Inc. (“QCI” or the “Company”) (QUBT), a leader in accessible quantum computing, today announced the successful completion of its previously announced merger agreement to acquire QPhoton, Inc., a quantum photonics innovation company that has developed a quantum photonics system (QPS). Closing of this transaction will allow QCI to provide the first comprehensive off-the-shelf, widely accessible and affordable QPS that can be used by non-quantum experts, anywhere, for real-world commercial applications. QCI plans to release initial quantum solutions leveraging QPhoton’s QPS in Q4 2022.
Following the transaction, QPhoton becomes a wholly owned subsidiary of QCI. Dr. Yuping Huang, CEO of QPhoton, Gallagher Associate Professor of Physics and Director of the Center for Quantum Science and Engineering at Stevens Institute of Technology, joins QCI as Chief Quantum Officer as well as Director. QCI will issue a global merger consideration consisting of: 5,802,206 common shares of QCI, 3,079,864 Series B preferred shares, convertible into 23,770,280 common shares to QPhoton shareholders (subject to QCI shareholder approval) and exercisable warrants, at a purchase price of $0.0001 per share, to purchase up to 7,028,337 common shares (subject to receipt of QCI shareholder approval).
“This acquisition represents an important event in the quantum computing industry and a significant milestone for QCI and its shareholders. I couldn’t be more proud that the QCI/QPhoton team has come together to transform QCI into a complete quantum computing company,” said Robert Liscouski, CEO of QCI. “This acquisition represents a significant leap forward in real-world usability in the quantum computing space. Currently, quantum computing approaches are extremely expensive, cumbersome, and require very complex software coding for each specific problem set. This restrictive environment severely limits the affordability and accessibility of quantum computing value to an elite, highly funded, and highly skilled quantum workforce. With this acquisition, QCI will be a provider of complete quantum software and hardware solutions, delivering value and results to non-quantum experts, truly democratizing quantum computing. We are excited to have Dr. Huang and his quantum team join QCI and that they will deliver the most advanced quantum technology to accelerate the value of quantum computing in today’s business world.
QCI Qatalyst™ is the only out-of-the-box quantum computing software that eliminates the need for complex quantum programming. QPhoton’s QPS operates at room temperature and maintains stability in a variety of technological environments. The merger of Qatalyst and QPhoton will significantly expand QCI’s addressable market by enabling a wider set of non-quantum users to access the power of quantum at significantly reduced cost and complexity.
“QPhoton is proud to innovate with QCI to deliver the most powerful, user-friendly and cost-effective quantum solutions on the market,” said Dr. Huang. “We intend to provide powerful quantum solutions for the complex and critical problems that today challenge several areas of industry, such as logistics and supply chain, fraud detection, biomedical imaging , clinical drug trials, data security and more.”
Qatalyst will continue to be vendor-neutral software, supporting a variety of quantum computing platforms, including D-Wave, IonQ, Oxford Quantum Circuits, Rigetti, and QPhoton, among others.
To learn more about QCI and how Qatalyst can deliver results for your business today, visit www.quantumcomputinginc.com.
About Quantum Computing Inc.
Quantum Computing Inc. (QCI) (QUBT) is a full-spectrum quantum software and hardware company whose mission is to accelerate the value of quantum computing for real-world business solutions. The company recently acquired QPhoton, a quantum photonics innovation company that has developed a series of quantum photonic systems (QPS). The combination of QCI’s flagship ready-to-use software product, Qatalyst, with QPS from QPhoton, puts QCI on the path to providing a widely accessible and affordable complete quantum solution that can be used by non-quantum experts, n anywhere, for real -world industrial applications. QCI’s team of finance, IT, security, math and physics experts has over a century of experience with complex technologies; from cutting-edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information on QCI, visit www.quantumcomputinginc.com.
QPhoton is a quantum photonics innovation company. It develops and commercializes powerful quantum nanophotonic systems and technologies to transform critical areas of industry, including healthcare, cybersecurity, finance, environment and computer vision. QPhoton manages a growing and diverse portfolio of patented nanophotonic and quantum technologies, spanning quantum sensing, imaging, information privacy, authentication, data analytics, and quantum photonic computing.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. These statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the “Company”) and its management, and the assumptions on which such statements are based. Potential investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by these forward-looking statements.
Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events and, as such, all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. may contain certain forward-looking statements. regarding anticipated or projected future plans, performance and developments, and other statements regarding future operations and results. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “aim”, “objective”, “seek” , “tents”, “aims to”, or variations of these or similar words, identify forward-looking statements. These statements include statements regarding the Company’s ability to complete its planned acquisition of QPhoton, the anticipated benefits of such acquisition and the Company’s ability to successfully develop, market and sell its products. Factors that could cause actual results to differ materially from those in the forward-looking statements contained in this press release include, but are not limited to, the potential inability of the parties to complete the proposed transaction, including due to a failure to satisfy the closing conditions of the contemplated transactions; risks that QPhoton will not be successfully integrated; failure to realize the anticipated benefits of the combined operations; potential litigation related to the proposed transaction and disruptions to the proposed transaction that could adversely affect the business of the Company or QPhoton; ability to retain key personnel; the potential impact of the announcement or completion of the proposed transaction on relationships with third parties, including customers, employees and competitors; capital market conditions; and risks described in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which is expressly incorporated herein by reference, and other factors that may be described from time to time in the filings. by the company with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements to reflect changed terms.
Qatalyst™ is the trademark of Quantum Computing Inc. All other trademarks are the property of their respective owners.
Robert Liscouski, CEO
Quantum Computing, Inc.
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