Selvas AI, Listing Maintenance Decision... Stock Trading Resumes

[Asia Economy Reporter Jang Hyowon] The stock trading of Selvas AI, an artificial intelligence specialized company, has resumed.

At the Korea Exchange's Corporate Review Committee held on the 15th, it was decided to maintain the listing of Selvas AI. Accordingly, from the 18th, Selvas AI's stock trading resumed, and it was also removed from the management item list.

Mincheol Kwak, CEO of Selvas AI, stated, "We sincerely apologize and thank all shareholders who have trusted and waited for the company. After being designated for a substantial review of listing eligibility, we actively implemented management improvement plans to resolve the reasons for the designation. With all improvements completed, we have secured financial soundness and established a virtuous cycle structure focused on monetization through commercialization from an operational perspective."

Selvas AI received an 'unqualified opinion' from external auditors on its 2018 and 2019 financial statements, and both Selvas AI and its subsidiary Selvas Healthcare resolved uncertainties regarding going concern due to improved performance.

To strengthen financial soundness such as cash liquidity, 22 billion KRW was secured through the sale of shares and management rights of affiliates, and debt repayment was completed. Additionally, by adjusting the business portfolio last year, operating expenses were reduced by 19% and operating losses decreased by 35% compared to the previous year, showing an improvement in profitability.

Selvas AI possesses Korea's top artificial intelligence-based technologies including voice intelligence, video intelligence, and handwriting intelligence, and has been striving to develop products that can be innovated through AI technology and to discover and preoccupy specialized markets.

CEO Kwak said, "The growth engine business, voice intelligence, is continuously discovering application fields such as existing medical and contact centers based on technological superiority. The AI healthcare service 'Selvy Checkup,' which focused on research and development, has begun commercialization in various industries such as insurtech and healthcare, focusing on expanding sales. We will mobilize all core competencies such as technology and sales power to faithfully focus on the essence of the business and create sustainable growth."