LEESBURG, Va., Jan. 16, 2020 (GLOBE NEWSWIRE) — Quantum Computing Inc. (OTC:QUBT) (the “Company” or “QCI”), an advanced technology company developing quantum ready applications for quantum computers, announced today that the Company has released its first “Quantum Ready” software application – The Quantum Asset Allocator (QAA).
The target market (estimated at over $1 billion) for QAA is financial institutions who are currently addressing asset allocation problems but are looking for better tools with which to optimize portfolio performance. QAA is available both as a cloud based software service and as an on premises software + hardware system. Both implementations are designed to quickly return optimal or near-optimal interactive solutions and analyses of financial asset allocation problems. QAA leverages a financial institution’s strategy for calculating risk and expected return, based on analytical values for the various index sectors and subsectors in its investable universe. QAA has been proven to enhance fund strategy by calculating the optimal portfolio mix to maximize returns in beta tests against portfolios using traditional portfolio management techniques. “This is a major breakthrough for QCI”, stated Robert Liscouski, CEO of Quantum Computing Inc. “We are excited to be releasing QAA which will provide small and medium sized funds the ability to do asset allocation that previously was the province of large brokerage firms, mutual fund and the largest quant funds. Beta tests have demonstrated superior portfolio performance using quantum inspired techniques on both classical and existing quantum computing hardware,” he added. Liscouski stated that QCI is already working with beta clients to implement QAA in their environment.
“QCI develops and sells quantum-ready software solutions for clients who have problems that can be solved using quantum techniques to provide superior results on classical computers today. Our software is designed to also run on quantum computers when they deliver performance faster than classical computers,” stated Steve Reinhardt, VP of Product Development at QCI. “This is the launch of our first of a series of products that will leverage quantum techniques to provide differentiated performance on both classical computers and on a variety of early-stage quantum computers such as DWave and other annealers, which are on the market today. Our applications are designed to be deployed on a client’s infrastructure on premises or in the AWS cloud”, he added. Mark Wainger, Director of Application Development stated, “Asset allocation is well known for being a complex calculation, with several types of constraints making it an NP-hard problem. QCI’s Quantum Asset Allocator has been tested and proven to provide superior results for portfolio management and we are excited to be working with our first clients.”
Quantum Computing Inc. is a technology company focused on developing novel applications and solutions utilizing quantum and quantum-inspired computing techniques to solved difficult problems in various industries. The Company is leveraging their collective expertise in finance, computing, security, mathematics, and physics to develop commercial applications for industries and government agencies that will need quantum computing power to solve their most difficult problems. For more information about QCI, please visit www.quantumcomputinginc.com or email us at [email protected].
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This press release contains forward-looking statements as defined within 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. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such 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 such forward-looking statements.
The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. 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. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this presentation that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” “aim to”, or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC.
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