MONTREAL, May 01, 2019 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724”) or the “Company”) (TSX-V:MOS) (OTCQB:MOBIF), a global Fintech company offering a fully integrated suite of multiple Card-Linked Offers and Rewards, Digital Marketing and Business Intelligence and Payment Solutions announces its Q4-2018 and FY 2018 financial results (the “Results”).
Q4 versus Q3
- Revenues increased of 4% - $640K vs $618K
- Net loss decreased of 45% (excluding the impairment on goodwill in Q4) - $794K vs $1.4M
- Net cash used in operating activities decreased of 16% - $794K vs $940K
- Lowest burn rate quarter from operating activities of the past 8 quarters
2018 versus 2017
- Revenues decreased of 11% - $2.6M vs $2.9M
- Decline in the Argentinian Peso – impact above $260K
- Cash flow used in operating activities decreased of 12% - $4.2M vs $4.8M
- Cash flow used in investing decreased by $1.8M
Year ended December 31, 2018
- Cash balance of $479.8K
The CFO of MOBI724, Allan Rosenhek said: “Although the 2018 financial results lagged, we are pleased with the progress made towards focusing on the most scalable portion of our business.”
Marcel Vienneau, CEO of MOBI724 seconded: “In 2018, we continued building a solid foundation for the accelerated growth of our company in 2019 and beyond, to enable shareholder value creation in mid-to-longer term.”
Debt conversion
The Company also announces that it has converted $12,500 owed to Jorge Sierra pursuant to the terms of a consultant agreement previously announced and has issued 250,000 common shares at $0.05 in consideration for the debt to shares conversion. This conversion is subject to the conditional approval of the TSX Venture Exchange.
Grant of onboarding options
The Company also announces that it has granted 166,694 onboarding options to Jorge Sierra and to Vincent Hogue. The options granted expire 5 years from grant, vest immediately and have an exercise price of $0.05.
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