NEW YORK, June 05, 2019 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (OTC QB: FNGR), a US fintech company with mobile payment and recharge platform operations in China, is pleased to announce that the company’s Gross Transaction Volume (GTV) for the first quarter was $157 million, which represents a 36% quarter over quarter increase versus the $115 million achieved in the fourth quarter, which ended February 28th. This would translate to an annualized run rate of $600 million.
Due to technical integration issues, the SMS business commenced in mid-May, approximately one month later than anticipated. However, for the two-week period, estimated unaudited SMS revenues were 1,068,313 RMB (USD $150,000) and greatly exceeded the Company’s entire first-month projection of 600,000 RMB (USD $84,000) by 78%.
Martin Shen, CEO of FingerMotion, Inc. said:
| “The interest in our platform is growing from top-tier e-commerce platforms. We are deeply focused on our business development and expect to have our next large e-commerce platform launched in the next several weeks, with more in our pipeline. We are very pleased with our quarter over quarter growth and expect it to accelerate. | |
| In addition, the SMS business is now operating at a very efficient level, and we are surpassing even our internal projections. It is our belief that we are moving quickly toward profitability, which makes us even more attractive to investors and partners.” |
About FingerMotion Inc.
FingerMotion is an evolving US technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of a select few companies in China with access to wholesale rechargeable minutes through top-up credits on the mobile phone. As the primary business continues to grow its user base, the company is developing value-added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases and eventually drive a consolidation of the top wholesalers. Finger Motion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
In order for Finger Motion to realize its vision, it must aggressively invest in research and development. The primary area of focus will be the development of “must have” applications for consumers and businesses. The longer-term focus will be to develop a marketing platform capable of leveraging all the meta data that is collected by the top telecom companies into a predictive model that is able to isolate and extract consumer behavior and habits for future monetization.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements give our current expectations of forecasts of future events. All statements other than statements of current or historical fact contained in this press release, including statements regarding our future financial position, business strategy, new products, budgets, liquidity, cash flows, projected costs, regulatory approvals or the impact of any laws or regulations applicable to us, and plans and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “hope,” “should,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations about future events. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed below in the filings we make with the Securities and Exchange Commission.
Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We do not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
For further information e-mail: info@fingermotion.com