TORONTO, April 11, 2019 (GLOBE NEWSWIRE) -- Globalive Technology Inc. (TSX-V: LIVE) (the “Company”), a technology and software commercialization firm developing and investing in innovative solutions to disrupt traditional industries, including retail consumer finance and billing, today announced its financial and operational results for the financial year ending December 31, 2018.
“We are excited about the unique opportunities we are pursuing in the retail consumer finance and billing spaces,” said Anthony Lacavera, the Company’s founder and Chief Executive Officer. “These are industries that are ripe for disruption and we are well positioned to capitalize on the need for change and opportunities for future growth.”
For a summary of the financial results, see the Selected Annual Financial Highlights set out below as well as the more detailed information contained in the Company’s annual financial statements and related management discussion and analysis which, along with this press release, are available on the Company’s SEDAR page at www.sedar.com.
SELECTED ANNUAL OPERATIONAL HIGHLIGHTS
Key milestones and operational developments for the Company in the period from March 1, 2018 to December 31, 2018 (the “Financial Period”) include:
SELECTED ANNUAL FINANCIAL HIGHLIGHTS
Key financial characteristics of the Company as at the end of the Financial Period and the previously completed financial year of its predecessor, Globalive Technology Partners Inc. (“GTP”), ended February 28, 2018 were:
December 31, 2018 | February 28, 2018* | ||||
Cash | 13,436,845 | 1,408,779 | |||
Working capital** | 13,546,228 | 1,197,686 | |||
Total Assets | 38,311,011 | 12,479,875 | |||
Total Liabilities | (1,046,334 | ) | (1,908,790 | ) | |
Change in unrealized gain (loss) from investments | (10,598,541 | ) | 6,888,890 | ||
Net income (loss) before taxes for the period | (24,610,730 | ) | 6,431,862 | ||
Deferred tax recovery (expense) | 912,778 | (912,778 | ) | ||
Net income (loss) and comprehensive income (loss) attributable to the shareholders of the Company | (22,450,560 | ) | 5,519,084 |
*Note that GTP’s prior financial year ending February 28, 2018 was a short financial year, covering the period from its incorporation on December 7, 2017 to February 28, 2018.
** Note that “working capital” does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Working capital consists of current assets minus current investments minus current liabilities plus promissory notes. Working capital excludes investments.
ABOUT GLOBALIVE TECHNOLOGY
Globalive Technology is a next generation software company and venture partner that is developing and investing in innovative solutions to disrupt traditional industries, with a particular focus on the retail consumer finance and billing industries. The company forms partnerships with leading high growth companies to develop and commercialize software solutions using optimal technology stacks. It is controlled by Globalive Capital Inc., which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from $10M to $1.3B USD, has made over 100 venture investments and has over 45 technology companies in its portfolio. For more information, visit www.globalivetech.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements relating to the Company, its potential acquisition of a control position in the Flexiti Group, its software development projects and its business ventures and their future business plans. Such forward-looking statements are identified by terms such as “will”, “to prototype”, “potential”, “conditional”, “in the event”, “may”, “begin the process”, “expect”, “continue” and similar expressions. All statements, other than statements of historical fact included in this release, including those noted above, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include changes to the Company’s business focus or strategic plan; changes in market and industry conditions; unexpected operating gains or losses; management’s assessment of the viability of different businesses and business partners; a breakdown in the Company’s relationship with its existing or potential future business venture partners; changes in the Company’s management and employees; the availability of future transactional opportunities; the satisfaction of the conditions precedent to completing any existing business or transactional opportunities, including the availability of adequate financing and regulatory, shareholder and third-party approvals; other parties seeking to acquire an interest in the Flexiti Group; difficulties combining the businesses of the Flexiti Group and the Company; difficulties or delays in the development of new technologies; technologies not functioning as expected; third parties not using technologies and services as expected; economic conditions making certain technologies or services less attractive than anticipated; competitors in the industry; and other risks as set out in the Company’s Filing Statement available on its SEDAR page at www.sedar.com.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The Company cannot guarantee that any of the forward-looking statements contained in this press release will occur as disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information.
Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
For media inquiries:
Rob Moysey
Communications Manager, Globalive
Media@globalivetech.com
For investor inquiries:
Melanie Barbeau
Account Manager, Renmark Financial Communications
InvestorRelations@globalivetech.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release