All right, everybody. Welcome to Planet MicroCap Las Vegas, powered by MicroCapClub. Up first, here in track 5, we have Brian Balbirnie from ACCESS Newswire. Yeah, this one. Good morning, everybody. I always do these interactive things. If I walk around, don't be mad or upset. If you need me to flip back and forth between slides for questions and answers, I'm happy to do that. Just to make sure we're all awake, how many people do not know the ACCESS Newswire story? Two. Okay, good. For the rest of you, I may get a little more detailed for these folks. One of the things that I love to do, and I've been doing this recently, is right up front with some financial data. Let's talk about the good, the bad. Let's talk about what we do, where we're going, how we make money, and what our passions are, and how we're building this business and where we're going. We'll look at some 2025 revenue, but I really want to focus more on this year and what we're doing ahead. Q1 revenue was down a couple of percent. We're converting customers from pay-as-you-go bundle-based business into subscription-based business. As you all know, that consumption of seasonal kind of lumpy revenue is now being pushed into a one-twelfth bucket of revenue in quarterly annual subscriptions that are being sold. We'll talk about what they are in a second. For those of you that don't know, the couple of you, ACCESS Newswire is the fourth newswire in the market. It's the third largest by volume today, the fourth largest by volume tomorrow. We jump around between us and Business Wire head to head, trying to eke out each other in a volume-based world that we track. The marketplace doesn't track it. We track it because we think it's a competitive benchmark for us to be able to gain credibility. We build tools and technologies to help companies tell their story broadly to the markets. If you have a small business, you want to run a press release in your local community, we're your answer. If you want to reach media personalities nationwide or globally and target and pitch them, we have a subscription product for that. If you don't have the ability to put your news on your website in a custom newsroom, we also do that. For every brand that you want to monitor, yourself, your executives, your competitors, your product names, we do that for all media monitoring, including social. All that's bundled together in something we'll talk about. We can't forget about why we're here as a public company. We also have an IR solution we call ACCESS IR. A little historical for the folks that do know the story. ACCESS Newswire Inc. was an issuing corporation. We were the public company. ISDR was our old trading symbol. In case some of you have forgotten that, I still don't will never forget that. About a year and a half ago, we sold off that compliance business so that we could really narrow the funnel down to what our business is and who we are. That is how we created the new brand, ACCESS Newswire, and that's how we go to market. We've done some accretive acquisitions over the years. We are now focused on execution, building tech, and growing our business. We'll talk about what we're doing there and how we're doing it. The PR distribution market is where we kind of categorize ourselves. When we look at quadrants, we look at Business Wire, we look at PR Newswire, Cision, we look at GlobeNewswire, Notified, from our main competitive cohort, and who that is that we go up against every single day. That market isn't growing. For the folks that know our business and know our industry, that market used to grow at a 7%-9% CAGR. Now it's basically flat. What that essentially means is the number of new businesses continue to come in every day. We'll talk about how much of that we get from an e-com perspective and inbound sales perspective. We're not seeing the velocity and work done by every customer. Whereas in the past, as a small company, either private or public, you may do 20 press releases a year, now they're doing 12 or 13 press releases a year. Part of the reason why is some of the answers that we have on this slide and others is that what they're doing is they're moving that content to other mediums. Folks that understand what I mean is it's going to social, it's going to blogs, it's going to podcasts, it's going to presentations, and it's going on their website and some other executive narrative. That's what we're building for, and we call that the content repurposing market. One of the things forward-looking I'll tell you today is we built technologies internally today we call Amplify. I can take any one of your companies that you're invested in, their last earnings press release, and their transcript, and I can prompt with our own internal MCP and ask it to build an investor presentation, build the next quarterly filing, build a blog, build a podcast, and give me seven social posts over the next two weeks with images. In about 10 minutes, it brings it to life. For the reality is our last earnings call that we did, that presentation was done with that technology. This presentation was done with the same technology. We're taking the round-trip time of creation of a message and a story and compressing it down into minutes where companies can move faster through the market. We'll talk a little bit about what that is and where we're going there. That content repurposing market, we believe is where the ball is moving in our industry. PR may come back in volume, but it may not. Us, as executives in this industry, have to do the right thing by our customer, by our shareholders, to find where the ball is moving. In other words, where is the customer going? What do they need? How do we get there? We're going to get there with partnerships, we'll talk about that a little bit later. ACCESS IR, ACCESS PR are the two main subscription products that we sell. We'll talk about ARR numbers in a second, and we'll look at what that is. If you're a public company today presenting, there's about 30% of the companies that are here are clients of ours. They'll do their investor relations websites, investor.thecompanydomain.com, their quarterly earnings calls, their newsrooms, and their press releases. They buy that as an ACCESS IR subscription, they spend about $12,000-$15,000 a year to use that product. They get a set number of press releases. It's not unlimited anymore. We're getting out of that game, we'll talk more about that in a little bit. If they want, they can add on the ACCESS PR product. That's what I mentioned earlier, where if you want to monitor your brand, pitch media, have a more customized newsroom and additional press releases, they can buy both of them. Just from a marketing perspective, we call that All Access. Customers get everything, and they generally spend about $25,000 a year. One of the things that we've tried hard in the past 12 months is, what is the competitive moat around our product set that we can build that nobody in the industry has? A little bit more interactiveness. How many of you have run a press release before? Nobody has. A couple, right? When you run this press release, the next day, the provider, let's say it's PR Newswire that you used, sends you what they call a distribution report. In that report, it tells you where your article went, right, all these links and magic places. It tells you how many engagements and the potential audience, it gives you fancy charts and tables. Everybody looks at that. I am guilty of this, too. I used to call it the defendability report, right? It's how do I, as a PR exec or an IR person, how do I defend what I've done for my client or the company I work for? You give it to your executive, they think, "Well, okay, great. That's wonderful," right? For the last couple of quarters, we've said something to our clients publicly and our shareholders, I've said it in our earnings calls, is, not to be social, but hashtag kill the report. Get rid of the distribution report because it is useless. It doesn't mean anything today. What means something today is do you have brand authority? Are you on a listicle? Is there a citation about you? Do you have the right metadata in the press release? Do you have the right strings in that metadata, NewsML, that we provide that gets to the downstream partners, so that if somebody Googles you or somebody puts you in ChatGPT or Grok or something else, you come up, right? That is the important thing of what we're trying to achieve. We released what we now call our ACCESS Insights. What we tell our customer from our new report is what is the tonality ranking of your press release, your voice, how did it come back into the market to the investment community, to journalists? We grade you on LLM scores. We grade you on 14 different things in real time about your content, about your company, and where you're picked up in the right ways, then provide deep analytics into your IR platform to do it. We could give that away, but we didn't. We charge. Customers that are buying press releases on a pay-go basis pay $100 more. About 18% of our customers today are buying that upgrade. We launched our social monitoring product about a quarter ago, this quarter, actually, in April, with 62% of our subscribing customers into ACCESS PR took the social monitoring upgrade, which is about $2,400 additional ARR a year. This competitive moat is what I'm talking about, right? These products, Business Wire doesn't have. These products, GlobeNewswire doesn't have. PR Newswire does have some of them, but not the analytics and insight reports. We've got a lot more things coming that are going to drive further value to increase this ARR that we're talking about, but also provide ourselves the ability for customers to select us because of our uniqueness of our platform and the abilities to what they can get from us, not to mention the great editorial and customer service and everything that they have. I talked about some of these prices already, right? ACCESS PR, $10,000-$12,000. ACCESS IR is a little more, $12,000-$15,000. We've made a commitment to the market, and we've told our shareholders this in the last couple of calls. We're going to get to a $15,000 ARR number, and we're confident we'll do that by the end of this year. We started tracking subscriptions a couple of years ago. We're about $8,000. We'll look at a slide here in a second. We drive 60% of our revenue from the left-hand side of the screen, right? Customers that are committed to annual contracts, buying our subscription products in any one of these variants. Our top of funnel is the right side of the screen. You can visit any of our domain properties today. I'd love for you to go look at some of them. A good example is pressrelease.com. If any of you are TV or movie buffs, we just launched commercials for pressrelease.com. We've seen probably a 30% increase in throughput of sales in the last week since we started running commercials. Never done commercials before. We did PPC and SEO and trade shows, but we're starting to see a lot more velocity. What's important to this, even though I've guided that 80% of our revenues will come from subscriptions, I still need that top of funnel. I need hundreds of customers every single week coming into our brands like pressrelease.com, newswire.com, and accessnewswire.com and buying a press release. We're the only one of the four major newswires that you can physically buy a press release on that website and get started today. Everybody else runs you through a proposal process, talking to a sales rep, getting vetted. We build technologies to do all that much quicker. We end up with 10- 15 new customers a day in any one of those three brands buying a press release. The average ticket price on pressrelease.com prior to last week was about $300 initial purchase. I looked this morning, the last five business days, it's $1,300. We've introduced that typical e-com B2C mentality that you bought a press release, oh, you should add this because everyone that bought that bought this before. We're starting to see customers selecting more distribution, asking for writing services, asking for social monitoring and analytic reporting, so it's driving the average ticket up. What that means for us is those customers are dropping in the funnel much faster because the local cupcake shop or lawnmower shop in your community that buys a press release doesn't know the value of what they bought. They were told to buy the press release. They were told to do this by somebody else. You've got to teach them over a period of months, sometimes a year, to get them to buy more or do it again. Customers that are adding these additional services at the time of purchase are talking to our sales reps quicker and wanting to know what more they can do. For us, that's a good indicator. It is early. It's only been a week for that. We're starting to find some throughput in what we believe can give us something special there. I was talking about this a minute ago. If you think about subscriptions, less than 1,000 back at the 2024 mark, all the way up to probably close to 1,200+ now, at $12.8, giving some forward-looking numbers. We're over $13 now in ARR, what we're looking at this quarter already. We talked about 15,000. How do we get there? Social monitoring, the ACCESS Insights & Analytics, then we've got two other products in IR coming for IR customers next quarter. At the end of the year, we've got a new product platform I talked about a little bit ago that's building tech and tools just absolutely like this. I'll take a deep breath here and kind of stop for a couple of things. I think I've talked about this, so I'm going to ignore this slide. I want to look at a couple of more slides here that I think are really important, and I want to get into some Q&A. Everybody in the market's like, "Hey, these all guys do press releases." These are the four major places you can go. Customers aren't buying press releases anymore. 80% of our IR customers buy everything from us. The minute they get into an ecosystem like ours, there's a justified reason of time, value of money, and savings, hard dollar savings, that draws them to the rest of the platform. We think that is a very important point to conclude that most of our competitors aren't doing these things. I know it's very difficult to sit up here and talk to you all and say we're better than Business Wire. You're saying, "Wait a minute, that's Berkshire Hathaway, Warren Buffett. He's perfect. Everybody loves Warren." You're right, he is great. Those sales folks, they walk into a customer, and they hand a business card saying that they're Business Wire, Berkshire Hathaway, and 90% of those customers do business with them just because of that. Business Wire does one thing. They distribute press releases. That's all they do. Companies like Moderna and BlackBerry and hundreds of others that use Business Wire that now use us, it's because they only did one thing. We've figured out how to sell against them and what our competitive advantage is to these customers. I think it's important to sometimes point these things out. The industry, we are the only public Newswire left. There used to be a bunch of them. That's changed, obviously. It's hard to get a lot of data, so we competitively market these folks and competitively shop them to get intel data, but we're still outperforming these folks on a gross margin level. We do more press releases per head count of editorial than any other Newswire in the market because we build technologies to help it move faster and with better quality to the end user and the customer. I think some of these things are really important to really talk about. This is the telltale sign. I will say this in reflection. I don't lay awake at night thinking about, do I have the right executive team or employees? I don't lay awake at night wondering if my technology is good enough to execute and grow. I don't lay awake at night wondering if there's going to be a new entrant to the market that's going to disrupt us because we're very connected, and all of those things check the box. I sleep wonderfully. What I don't sleep well at night sometimes is having a business that's just really misunderstood. For the 100+ employees that we've got, they all do their jobs amazing every single day. We're going to talk about this slide so that I could then tell you that I've probably not done my job the best that I can. I've not sat here and told you what the value is to what we're building and what we're doing because everybody's just focused on the top-line revenue. If the top-line revenue's not growing, I want nothing to do with the company, even though the company generates more gross margin than any other industry competitor, even though the company continues to generate cash, it's buying its own stock back, it's investing in the business, hiring more people every single quarter, investing in its tools and tech, and still finding a way to get 11% adjusted EBITDA margins out of that. What I keep on saying to somebody is, if you do a stock quote and you look at the business, this was done at $7. I'm embarrassed to say that the multiples are even worse. We're trading at less than one times revenue today. It's silly. If you go to comps, and I encourage you, and I'll point you in the directions you want, the IR/PR averages, let's look at Notified, what they got bought for from Equiniti. That makes our business worth $80+ million. If we look at Q4 that was taken private based on the multiples they were given from the agency that bought them is that make our business worth $107 million today. Somehow we find it in ourselves to say that the business is worth $22 million market cap today. I've not done my job right, and that's my job to fix, to be sure that I'm going back in these slides more and more with each of you today on a one-on-one basis and for the foreseeable future to ensure that you understand what we're building, what we're doing, and where we're going. As we talked about earlier, we're moving this content repurposing business to something that's just been a static PR business. Business Wire, PR Newswire, GlobeNewswire are not doing that. Do the research, I encourage you. PR Newswire is owned by a company called Cision. They're $240 million in debt, and they can't service it, and the debt's traded at a discount on the debt markets. They're going to have some major problems in the next year and a half or two. They'll likely end up having to split that business apart. Don't want to talk about Warren Buffett because you have nothing bad to say about that guy and everything they're doing there. GlobeNewswire is owned by Notified. Notified is owned by Equiniti, and Equiniti just sold the entire thing to some company called Bullish. Anybody know who Bullish is? It's the old president of New York Stock Exchange, did a SPAC, De-SPAC deal, called themselves Bullish. They're a tokenized exchange that wants to tokenize the stock transfer industry. When I talked to Tom to congratulate him a week after the announcement and set to close here in about six months, I'm like, "We're now going to be competitors." He goes, "What are you talking about? You're not a transfer agent anymore." I'm like, "No, you own Notified. You're going to own Notified, which is GlobeNewswire." He goes, "I didn't know that. We're going to have a Newswire?" He's like, "We don't care about that. All we want to do is figure out the transfer agent business and how to tokenize it, because if we do that, we can go to DTC, and we own the world." They don't care about that. Right? Point is, each one of these three competitors are not innovating, they're losing customers at a higher rate than we are, and they're doing it in a way that they have to continually reduce costs and lay off people and find ways to increase prices to customers. I think we find ourselves in a very unique position. I hope I've done my job explaining who we are, what we do, where we're headed. I know we're running out of time, ladies, right? Questions, if we have any, I'd love to answer them. Yes, sir. If we go back five years, Tom, keep me honest, probably 3%, 4%, right? Tom is one of our sales directors here. We were a couple percent of the market five years ago, right? We continued to grow at such a high rate. If any of you have known our business for a while, we would caution this. We were growing at 10%-15%-20%-25% year-over-year on our volume and revenues. I kept saying, "Guys, this is going to slow down. It's not sustainable to keep doing this. You're going to get to an innovation point where you've kind of absorbed everything you can in the market, the low-hanging fruit, and now you've got to build a brand and grow faster." That's what we're doing. Today, Business Wire and us are between that kind of 16%-20% of market. We jump back and forth every month. PR Newswire is the largest. They're about 35%. GlobeNewswire is probably in the high 20s and 30s, that's kind of how the market shapes up. I'm not going to say that there are not others. There's one other one that is owned by Toronto Stock Exchange. They have about 1% of the market, they're really not relevant for our conversation. Yes, sir. Content repurposing is becoming an important focus. Can you picture for us about how you are going to evolve storytelling process for companies? Historically, you just do press releases. Yep. It seems like there's not really any more growth in that industry. What really has to change to get back to growth? That's a great question, Brock. The content repurposing business for us really is about the items that I selected or mentioned to you earlier. Let me use a specific example, I'll use us as the example. Okay? I will begin the process with our outside IR firm to draft an earnings press release. They'll give me their recommendations on a quote. My CFO will drop in all the financial data. We'll foot and tick and tie all the information, as you'd expect. It goes through a series of changes, right? It goes to board members, audit committee, goes to legal. Everybody's got their comments they want to make to it, which is perfectly fine. Then you get to the final version, to be fair, that's several days worth of work. We're not going to disrupt that process because you can't change the process. What ultimately happens is you finally show up at the Newswire door, right? You go to ACCESS Newswire or Business Wire, and you say: "Here it is." They distribute it, and it goes to all the distribution points that you would expect it to go to. You get all the broker terminals and shareholder interest and follow-up calls. That's it. In most cases, that's all. If you examine the microcap space, small cap space and down, we did this research. Over 85% of these companies do nothing else besides the press release. They don't put anything on social afterwards. A small percentage do. More of the employees do than the executives of the brand or the business itself. They don't repurpose the content for anything else. Our model, Brock, really as long-term, is to say: "Give me a topic, give me something specific, like that earnings document, and tell me what you really want to do. Let our MCP AI network go build it for you." We can take and refine your earnings press release, turn it into a social post, build a blog, build a podcast, build a presentation, and help you with the transcript that you're going to have to do a couple of days later or that very same day. We can do all that in about 10 minutes. That technology's there inside of our network already. I was talking to some folks here this morning about letting them in, starting to play with it so we can get some customer feedback and start to move that. That is the repurposing perspective of what we're looking to do. If that's a $300 or an $800 press release, so it's earnings, it will be more, say it's $2,000, our objective is to take that customer out of the PR space and go down the hall to get the marketing folks involved. Right? That's where the budget's at. That's where the money sits in some of these companies compared to just IR and PR, where we're all being squeezed because of rising costs of audit and legal and being public. We want to go down the hall where there's more money, and they control that. I got one minute left. That's the repurposing prospect, is we want to be able to be at the forefront of that and to be able to provide the technologies to get them there. I think we can squeeze one more in. Yes, sir. Go, do it. Look, I'll tell you the honest reality, we've done the test. PR Newswire is the best right now. That content repurposing into the LLM, they're the best. Right? They're the 12th most cited press release website in the market. Right? They've done a fantastic job. Every one of us, we are the second, and we're not even anywhere close. Right? Schema.org and NewsML, proprietary algorithms that we're building inside of our system to help citations and listicles and all that is where we hope to kind of mature ourselves to. They're by far, they've been around 80 years. They're the leader in that, and they've got the domain authority for that, but that's what we're doing. Hopefully, I did that right on time. Right? Thank you, everybody.