The stock of Remark Holdings, Inc (NASDAQ:MARK) closed at $10.19 gaining 2.36% in yesterday’s trading session. The huge investment on artificial intelligence by this company is one of the aspects it looks back at with great pride.
A few years ago, Remark Holdings signed an agreement where it was supposed to dedicate itself to the provision of quality customers to Bank of China. That would move along way towards cutting down on the loan defaults. The success associated with the deal was immense and it came about earlier than expected. That has led to the signing of a second agreement which seeks to deliverer the same service for a new loan product which will soon be unveiled by the bank.
If everything goes according to plan, the new contract might end up generating about $4 million in terms of accumulated revenue for Remark during 2018.
The Chairman and CEO of Remark Holdings, Kai-Shing Tao opined, “This deal, in addition to our agreement announced last week with China ShenHua Energy Company represented the first step toward a larger partnership forecasted to initially generate several millions of dollars of revenue, validate the breadth and depth of our KanKan Artificial Intelligence platform.”
He moved further to outline that the deal showcased the continued ability of the company’s platform. That was in terms of placing it in a much better position that would allow it exceed the targets stipulated in the previous earnings call.
The company’s spokesperson while addressing a number of news reporters said that they were happy with their accomplishments as a company. It was not easy for them to get to the point where they are right now. At the moment they are proud owners and operators of digital media properties that do a remarkable job delivering relevant and dynamic content.
Challenges popped up along the way from time to time but the most impressive thing was the way the management swung into action to make sure that nothing stood on the way of the company towards achieving its set business goals. The company has its headquarters in California, Los Angeles, and Shanghai.