MOBI724 Announces Q2-2019 Financial Highlights: Q2-2019 vs. Q1-2019


MONTREAL, Aug. 29, 2019 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (TSX-V:MOS) a fintech company, offering a fully integrated suite of multiple Card-Linked Offers and Rewards (“CLO&R”), Digital Marketing and Business Intelligence and Payment Solutions announces its Q2-2019 financial results (“Results”).

Quarter-over-Quarter (Q2-2019 vs. Q1-2019):

  • Revenue from core business (CLO&R) increased by 72% - $126K from $73K
  • Overall revenue increased by 18% - $695K from $589K
  • Overall net loss increased by 28% - $1.43M from $1.12M

Year-over-Year (January 1 to June 30, 2019 vs.  January 1 to June 30, 2018):

  • Revenue from core business (CLO&R) increased by 7% - $199k from $ 187K
  • Overall revenue decreased by 2% - $1.28M from $1.31M
  • Overall net loss increased by 1% - $2.55M versus $2.53M

Significant Event not Reflected in Q2 2019 Results: Sale of certain loyalty-based contracts to Ackroo Inc. for an amount of $2.8M announced on May 9, 2019 and closed on July 2, 2019.

The increase in the net loss in Q2 2019 is attributable to seasonal expenses such as auditing of annual financial statements; severance payments made to former employees; investments in development of cloud-based software platform (including AI capabilities); and to a marked increase in travel expenses associated with the growth in the Company’s core business.

Allan Rosenhek, CFO of Mobi724 commented: “We are deploying new technologies in the emerging markets which involve multiple variables, and where revenue generation has taken longer than projected. We are confident in the success of Mobi724 because we are deploying a highly scalable product, built to address very clear and real market needs. Our value proposition is fully aligned with the objectives sought by the largest parties in the payment ecosystem such as banks and payment processing networks.”

Marcel Vienneau, CEO of Mobi724 said: “In Q2 we continued the strategic repositioning of the Company, that we commenced in January 2019, and have started seeing benefits from this concentrated effort, both in early stage revenues and in the cross-regional progress in business development.”

Additional Information - This press release should be read in conjunction with the Company’s Interim Q2-2019 Management Discussion and Analysis and Interim Q2-2019 Consolidated Financial Statements. This and additional information can be accessed under Mobi724’s company profile on www.sedar.com.

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; ir@mobi724.com