CULVER CITY, CA, May 01, 2018 (GLOBE NEWSWIRE) -- FlitWays Technology Inc. (OTC Pink: FTWS), a leading ground travel technology company, has filed its Annual Report on Form 10-K with audited financial results for the year ended December 31, 2017, which showed an increase in net sales of 300% over the previous year. The report can be viewed on the Securities and Exchange Commission website, www.sec.gov and the company’s disclosure page on the OTC Markets website, https://www.otcmarkets.com/stock/FTWS/disclosure.
The annual report shows that the business expansion FlitWays initiated in 2017 is already positively impacting revenue and assets, with net sales for the year increased by 300% to $1,257,000 as compared to $434,000 for 2016. The company’s total assets grew 63% over 2016, and gross profit increased. The reported sales growth is attributed to an overall increase in business as Flitways continues to expand into additional markets and through new business partnerships.
Over the course of 2017, FlitWays focused on revenue growth through expansion of its ground travel technology solutions to new countries, the addition of new corporate accounts, and the launch of non-emergency ground transportation services.
“We are very happy to have the annual report posted for our investors to see, especially the significant increase in net sales over the previous year,” said FlitWays CEO Tobi Mac. “Revenues, profits, and assets all increased in each quarter of 2017 over the same periods of 2016. This growth demonstrates the effectiveness of our 2017 business expansion, which has continued into 2018. We strongly believe that our business will continue to expand in 2018, with increased total users, mobile app installs, cities served, supply of drivers, and growth in other key categories.”
The following results reflect FlitWays’ financial performance and key operating metrics for the year ended December 31, 2017.
Year-End 2017 Key Revenue and User Highlights:
- Revenue grew 300% to $1.2 million as compared to $400,000 for 2016
- Enterprise Revenue grew 52% compared to the year ended 2016
- Enterprise accounts grew 172% compared to the year ended 2016
- Mobile app installs grew 800% compared to the year ended 2016
Year-End 2017 Coverage Highlights:
- Cities expansion grew 22% year-over-year to 220 cities
- Service providers grew 36% to 35,470 as compared to 25,963 for 2016
Year-End 2017 Service Highlights:
- Launched non-emergency medical transportation (NEMT) services for low-risk patients to expand service into the health care industry
- Launched New Travel Management Platform for travel resellers
For more information on FlitWays, please visit the company’s corporate website at www.FlitWays.com and its Investor Relations page at https://flitways.com/ir. Investors wishing to subscribe to the company’s Investor Alert system are asked to fill in the appropriate fields at the bottom of the Investor Relations page to receive notices of S.E.C. filings, press releases after they cross the newswire, periodic newsletters, and other information about FlitWays’ business that management believes will be of interest to holders of the company’s stock.
The company also encourages shareholders to follow the company’s social media pages: Twitter: https://twitter.com/FlitWaysFTWS, Facebook: https://www.facebook.com/flitwaysftws. and Instagram: https://www.instagram.com/flitways).
About FlitWays:
FlitWays Technology Inc. (www.FlitWays.com), traded under the stock symbol FTWS, is an innovative, disruptive travel technology company that offers a convenient, cost-effective ground transportation solution for corporate travelers and a new source of revenue for travel businesses. While companies like Uber and Lyft focus on individual consumers, FlitWays serves the massive enterprise market, including industry leaders Amazon, Samsung, Xerox, and others. The company also provides travel businesses – including the world’s largest airlines, online travel agents and travel distributors – a new source of revenue and an attractive add-on service for their clients. FlitWays’ growing network of ground travel providers currently covers 220 major cities and 400 airports worldwide, and the company is projecting continued expansion in both enterprise (corporate) and travel business segments. Catching the eye of business and travel industry media, FlitWays has been featured in outlets such as CNN, FORTUNE, Fast Company, Reuters, New York Magazine, Skift, VentureBurn, Digital Journal, Travel Pulse, and many others.
Cautionary Statement Regarding Forward-Looking Information This press release may contain certain "forward-looking statements" relating to the business of FlitWays Technology Inc. All statements, other than statements of historical fact included herein are "forward-looking statements," including, but not limited to; the proposed corporate name change; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.