MONTRÉAL, May 26, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM / OTCQX:SYATF/ FRA: WK3D) will be releasing 2019 year end results on Wednesday, June 3rd, 2020 and will be hosting an investor conference call on Thursday, June 4th, 2020 at 9:00 AM EDT (6:00 AM PDT) to discuss these results, followed by a Q&A for investors.
The call will be hosted by CEO Marc Seelenfreund and VP Sales Glenn Kennedy to update current sales pipeline, channels and strategies. Details of the conference call can be found below the corporate update.
Company Update
The company remains an essential services business with sales and large-scale trials for first responders, military and defence contractors which are all very active during this period both in the United States and in international markets.
Since the beginning of fourth quarter 2019, the company has announced over $10 million in new purchase orders for delivery, which had been partially realized in 2019 Q4, with the balance expected in the first half of 2020. This does not include new purchase orders and orders for its cellular booster systems.
Through its 3 portfolio product lines of in-vehicle, rugged handsets, and cellular boosters, the Company is well positioned to capture the paradigm shift of blue collar workers and first responders transitioning from land mobile radio (LMR) to more robust Push-to-Talk over cellular (PoC) devices and nationwide cellular networks for their dispatch and communication needs. These product lines are highly complementary to each other, directly related to improving network connectivity, user functionality, and safety while reducing Capex and Opex for its target market.
Purchase orders are won through cellular carriers, LMR vendors, cellular distributors and software partners. This enables Siyata to leverage the existing relationships of the resellers and empowers the Company to expand into new territories (SE Asia, Saudi Arabia, Australia, Africa, South America and more) without the need for additional sales teams. The cellular carriers which the Company has launched its devices with have a cellular subscriber base which totals over 500M subscribers. With this valuable distribution platform in place, the Company is ramping up sales of its existing product portfolio and launching next generation products aimed at the same target market.
Siyata devices are software agnostic (Android platform), meaning they can integrate with various PTT platforms and other value-added software applications to conform to the needs of cellular carriers and the end customer.
The company previously reported and reiterates that the Company has had no material supply chain, inventory or logistics issues due to Covid-19, while more inventory was ordered in Q1 for delivery in Q2. Covid-19 has paused some trials that were targeting the traditional commercial vehicle market, however the first responder market, both in the US and Globally continues to win business across all three categories (in-vehicle, rugged and cellular boosters) with additional large scale opportunities (over $5M defined as large scale) being presented by these reseller channels. The sales opportunity pipeline and active trials is highly robust and continues to grow.
With the successful deployments and adoption of dedicated first responder cellular networks, the market has seen additional PoC devices become available through various carriers. However, there still remains no dedicated in-vehicle IoT device that directly competes with the Company’s flagship UV350 all-in-one in-vehicle smartphone, nor is the Company aware of any competitors working to enter the market through North American cellular carriers.
The Company advises that due to Covid-19 uncertainties, management and board have taken a voluntary salary reduction of 20%, and reduced other staff salaries by 10%, with a further reduction in employee headcount without disruption to its business.
Details of the conference call:
Date: Thursday, June 4, 2020
Time: 9:00 AM Eastern / 6:00 AM Pacific
North America toll free dial-in number: (866) 521-4909
International dial-in number: (647) 427-2311
There will also be a playback of the conference call, available in MP3 format by contacting investor relations below.
About Siyata
Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular (PTT) devices and cellular booster systems. Its portfolio of in-vehicle and rugged smartphones enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to improve communication, increase situational awareness and save lives.
Its portfolio of enterprise cellular booster systems enables first responders and enterprise workers to amplify its cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for maximum cellular signal strength possible.
Visit www.siyatamobile.com and http://www.unidencellular.com/ to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Marc Seelenfreund
CEO
Investor Relations:
Arlen Hansen
Kin Communications
1-866-684-6730
SIM@kincommunications.com
Sales Department:
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
416-892-1823
glenn_kennedy@siyatamobile.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.