San Francisco, CA, Oct. 23, 2017 (GLOBE NEWSWIRE) -- VinCompass® Corp. (OTC: VCPS) reported on their 10-Q Quarterly Report an operating loss, before other expense items such as interest and debt amortization of $230,385 for the period ending August 31, 2017 as compared to a loss before other expense items, such as interest and debt amortization of $204,057 in the same period ending on August 31, 2016. Net loss including all other extraordinary other expenses for the period ending August 31, 2017 was $559,294 as compared to $211,727 in the same period ending on August 31, 2016.
Company Updates
VinCompass® continued investment in its core technology with the company’s development expense of $85,413 as of period ending August 31, 2017 as compared to $91,773 for the same period ending August 31, 2016. We have aligned the major refresh of our website and apps for the newest iOS 11 release from Apple. We are in the final testing phase and submission to Apple, expecting general availability in the near future. Support of the latest release from Apple will provide the most mobile device support coverage opportunities as well as providing our customers alternative member authentication such as LinkedIn. Additionally enhanced personalized recommendations that anticipates the VinPrint® (wine DNA preferences) of members and individually curated wine with better optimizing the recommendation. These enhancements are essential in providing scale and cost efficiencies to help reach our goal of 25,000 Restaurants. Regarding patent updates from the Patent Trademark Office (PTO), the Company has confirmation of the next major milestone (stage 9 of 13 stages) of examiner assignment and request for further information. During this stage we will also determine the best strategy of filing for additional Patents for applications that we have developed or possible alternative uses for the IP. However the application might take 6 months or more of continued review based on the regular process and PTO resources. For further information on the process please see the PTO process summary (https://www.uspto.gov/patents-getting-started/patent-basics/types-patent-applications/utility-patent/process-obtaining).
Financial Updates:
VinCompass® continues to focus raising capital to support the company’s investments and growth plans. During the period ending August 31, 2017, a total of $39,500 was secured from third parties. Additionally the Company had stock based compensation of $22,500 for the period ending August 31, 2017.
The VinCompass’s operating plan proposes a minimum capital injection of $1,000,000 for the year ending February 2018, and is also evaluating all equity and debt financing options; and/or a registration statement for up to $5,000,000. The Company has continued to advance discussions and negotiations with various third-party Family Offices, Financial Institutions and Private Individuals. We expect to close additional capital funds for operations prior to the end of the period ending November 30, 2017 or as a subsequent event prior to our filing. These funds would support operating expenses and accelerate monetization across all products. While the Company is not pleased with the stock performance or the higher than expected dilution from the Convertible Notes, we are working to improve the situation and the additional capital will accelerate the Company’s milestones and ultimately monetization.
VinCompass® plans to participate in multiple financial events over the next 12 months in order to increase investor awareness and to provide more updates on the business and monetization plans. The Company has also received request from various individuals and in compliance with SEC disclosure requirements will not respond individually, but respond rather via the Company’s FAQ in the Investor Relations section (http://www.vincompass.com/investor_relations). Those request and any new ones will be reviewed and respond periodically based on various compliance and disclosure requirements of the Company.
About the Company
VinCompass® (OTC: VCPS) - guiding your wine journey with personal curation starting in the restaurant – is a wine e-commerce business that offers a mobile solution designed to guide users through the wine selection process while providing the convenience of a personalized wine club and access to private label wines. Users create a digital blueprint of their wine preferences (VinPrint®) to overcome the fear and anxiety of selecting wine. In social settings, VinCompass® matches consumers' wine preferences with a database of over 1 million wines and wine lists at more than 10,000 restaurants. No other solution solves the annual $12 billion+ restaurant angst sometimes known as “Fear of the Wine List” (FoWL™). With the consumer's VinPrint® on hand, the VinCompass® e-commerce solution is a one-to-one wine club that tailors its monthly offering based on the preferred quality and tastes of its subscribers on an individual basis. Private label wines are also available to both corporations and individuals via VinCompass's e- commerce solution. In the $4 billion annual wine club and private label business, VinCompass® is the first to apply predictive analytics to fulfill consumer e-commerce purchases. VinCompass’s mission is to use its patent pending data engine technology to help everyone enjoy wine more with less effort, starting in the restaurant and shipping wine to your office or home in over 40 states.
Safe Harbor Statement
Statements in this press release may be "forward-looking statements". Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "optimizing," "potential," "goal," and similar expressions, as they relate to the Company, its business or management, are forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission.