MONTRÉAL, June 11, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM / OTCQX:SYATF/ FRA: WK3D) announces its 2019 year-end audited financial statements have been filed on SEDAR and will host an investor call on June 12, 2020 at 9:00AM EDT. Details of the call can be found below.
2019 Year End Highlights:
- 2019 Top Line Revenue of $13.02M versus $14.22M in 2018, a negative variance of 8.4% due to lower 3G device sales as the Company continues to shift towards its 4G/LTE product portfolio
- 2019 gross margin of 25.2% versus 14.5% in 2018, a YoY increase of 59.6% mostly attributed to higher gross margins on its 4G/LTE portfolio and a higher concentration of North American sales, accounting for $4.7M in sales versus $3.6M in 2018 (32% YoY increase in NA sales)
- Adjusted EBITDA loss improved (before share based payments, development expenses and amortization) to negative $4.5M in 2019 from $6.3M in 2018 a positive variance of 28.5%
- Net Loss for the year of $10.2M, versus a net loss in 2018 of $11.5M a positive variance of 12%
- Ended the year with $6.7M in working capital, versus $4.6M at year end 2018, a YoY increase of 47%
- Cash on hand as of December 31, 2019 of $3.5M, an increase of $1.1M over 2018
Marc Seelenfreund, CEO of Siyata Mobile states, “We recognize that the transition from our 3G portfolio to our diverse product selection of 4G/LTE devices impacted our top line revenue, however, our gross margins and EBITDA improved as a result of the 4G sales and higher percentage mix of sales in North America as expected. With device approvals behind us, we are now actively working with North American carriers, offering our UV350 to their enterprise and first responder customers. We are very pleased with the progress that we are making with the carriers and distributors to penetrate our target markets, with growing sales and numerous large scale opportunities in the works.”
2019 Subsequent Events:
- Hired Jason Depue, VP of Sales for AT&T and FirstNet
- Launched Uniden UV350 at Verizon Wireless
- Signed master supply agreement (MSA) with global Land Mobile Radio (LMR) and software vendor
- Entered South Asian market with its in-vehicle portfolio, partnering with TASSTA, a leading global Push-To-Talk software vendor
- Launched UR5 Rugged Handheld device to bring PTT communications to mobile enterprise and the first responder workforce
- Commenced delivery of international government tender for up to 15,000 PTT devices, the Company advises that a portion was delivered in Q1 and the balance is expected between Q2 and Q3
- Launched its next generation of 4G cellular signal boosters at Canadian retailers including Amazon.ca, Costco.ca, TheSource.ca, BestBuy.ca
- Arranged a $1M USD convertible debenture private placement to refinance the outstanding convertible debenture payments due June 28th, 2020
- Management and board reduced salary by 20%, and reduced other staff salaries by 10%, with further reduction in employee headcount and without disruption to its business
The Company recently completed a customer testimonial from Palm Beach County Schools and AT&T/FirstNet outlining the benefits of the UV350 within its network. In this video, Rob Lavielle, AT&T FirstNet Sales Manager, stated, “Palm Beach County schools came to the AT&T and FirstNet teams looking for a solution to replace their land-mobile radio system. The UV350 hit on all cylinders. Uniden UV350 is a unique device that adds both applications and the usability of being on FirstNet.”
The full customer testimonial video can be found here: https://www.youtube.com/watch?v=Ncuvop2fSEQ&t=85s
Conference Call Details
Date: Friday, June 12, 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
The Company further announces that it will be filing its Q1 2020 financials on or before June 30th, 2020 to be followed with an investor conference call and Q&A. Further details on timing will be announced shortly.
The Company is relying on the 45-day filings extension provided by B.C. Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements for its interim financial statements and accompanying management's discussion and analysis for the three months ending March 31, 2020. The 45-day extension is being provided in response to the COVID-19 pandemic, for certain periodic filings that are required to be made on or before June 1, 2020.
The Company's directors, officers and other insiders are subject to a trading blackout that reflects the principals described in section 9 of National Policy 11-207 - - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, until such time as it is no longer applicable.
The Company confirms that there have been no material business developments that have occurred subsequent to the filing of the Company's September 30, 2019 interim financial statements, that have not already been disclosed by the Company through news releases filed on SEDAR.
About Siyata
Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular (PTT) IoT 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.