MONTREAL, May 30, 2019 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (TSX-V: MOS) a global Fintech company offering a fully integrated suite of multiple Card-Linked Offers and Rewards (“CLO&R”), Digital Marketing and Business Intelligence (“DMBI”) and Payment (“Payment”) Solutions announces its Q1-2019 financial results (the “Results”).
Q1 2019 versus Q1 2018
- Revenues increased by 13% - $589K vs $520K
- Net loss decreased by 31% - $1.1M vs. $1.6M
- Operating loss decreased by 34% - $1.23M vs $1.85M
By Segment
- Payment: 162% increase - $144,000 vs. $55,000
- CLO&R:
- 7% increase - $73,000 vs. $68,000
- +50% increase in new CLO&R business
- DMBI: 6% decrease - $371,000 vs. $396,000
After the Reporting Period :
- $224,000 loan from Investissement Québec
- $2.8M sale of loyalty contracts – expected closing on June 30th, 2019
- $500,000 private placement equity raise
Allan Rosenhek, CFO of the company said: “The material reduction of the burn rate is a very positive indicator of the company’s efficiency. We have been successfully replacing the legacy business in Argentina with new early stage revenues from the CLO&R line. We expect this segment to perform very well going forward.”
Marcel Vienneau, CEO of MOBI724 said: “On a YoY basis our revenue has grown thereby validating the business development strategy that we initiated in Q2 2018 while, during the same period, our burn rate has continued to decline substantially. We are confident that this trend will continue.”
About Mobi724 Global Solutions Inc.
“We enable smart transactions anywhere.”
MOBI724, a global Fintech company, offers a fully integrated suite of multiple Card-Linked Offers and Rewards, Digital Marketing and Business Intelligence and Payment Solutions (including a mobile EMV compliant payment platform), which work with any payment card, on any mobile device and at any Point of Sale. MOBI724 provides turnkey solutions for card associations, card issuers, banks, retailers, manufacturers, offer providers, to create, manage, deliver and track and measure incentive campaigns worldwide in real time. The company captures value from big data to deliver seamless and personalized user experiences for the benefits of all parties in the ecosystem. MOBI724 headquarters are in Montreal, Canada, and the company presently has operations in North and Latin America, the Caribbean and Asia Pacific.
Legal Disclaimer
Certain statements in this document, including those which express management expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit www.MOBI724.com or contact:
Investor Relations:
Marcel Vienneau
President/CEO
MOBI724 Global Solutions Inc.
T: 514-394-5200; E: ir@mobi724.com