Mobi724 Global Solutions (TSX-V: MOS) Announces Q3 2019 Financial Highlights
28 Noviembre 2019 - 3:05PM
Mobi724 Global Solutions Inc. (“Mobi724” or the
“Company”) (TSX-V: MOS), a fintech company that offers a suite of
integrated technology-agnostic, BI & AI powered
card-linked offers & reward solutions announces its Q3 2019
financial results (“Results”).
Effective September 30, 2019, in order to be
consistent with the focus of its business, MOBI724’s reporting was
structured to consist of a single reporting and operating segment,
namely, Smart Transactions Processing. Previously, the divisional
structure and the Company’s three reportable and operating segments
were Card-Linked Offers & Rewards (“CLO&R”), Digital
Marketing & Business Intelligence (“DMBI”), and EMV Payments
(“Payments”). The single segment reporting is aligned with the
organizational structure and strategic direction of the Company.
The Smart Transactions Processing segment comprised of the former
CLO&R and will incorporate revenues from AI enhanced products
and services offering.
The Results are adjusted to the divestiture of
non-core segments and are as follows:
Revenues:
Q3-2019 versus Q3-2018
- Revenue increase by 144% - $342K
from $140K
9 months ended September 30, 2019 versus 9
months ended September 30, 2018
- Revenue increase by 59% - $703M
from $443K
Monthly average net burn rate on quarterly
basis:
Q3-2019 versus Q2-2019
- Net burn rate decrease by 42% - $223K from $384K
Marcel Vienneau, CEO of MOBI724 said: “In 2019
we focused on attaining the following strategic objectives:
Realigning the company to focus on its core business, which is
processing card-linked AI-powered offers & rewards – Smart
Transactions; Reducing the burn rate & steering the company
towards cash-flow positive status; Executing new contracts and
scaling up commercial operations. In Q3 the integration of
platforms was completed under a single architecture. We developed
new strategic business relationships with global companies. Our AI
development progressed and is nearing commercial production. We
successfully divested some of the I.Q.7/24 customer base, while
retaining the IPs, and the unique expertise of key I.Q.7/24 team
members. Since its acquisition, we streamlined the
operations of I.Q.7/24 and successfully brought the company to a
cash-flow positive status while keeping all the IP portfolio and
netting a gain on the sale of over $456k. The sale of the Company’s
stake in Mobi724 Asia completed the initiative of streamlining
operations and focusing on our most value creating core business.
By exiting the payment division in Asia Pacific, and realigning the
focus on larger accounts, we are targeting an improvement in
margins and sustained growth over the coming quarters.”
Allan Rosenhek, CFO of Mobi724 commented: “We
succeeded in accelerating revenues, while completing the Company’s
restructuring in order to decrease the net burn rate by nearly
half. We have previously stated that we anticipated a considerable
increase in our core business of Smart Transactions Processing.
This quarter we start seeing this increase. As a co-founder of
MOBI724 and a significant shareholder, I remain confident in the
future of the company.”
Additional Information - This press release
should be read in conjunction with the Company’s Interim Q3-2019
Management Discussion and Analysis and Interim Q3-2019 Consolidated
Financial Statements. This and additional information can
be accessed under Mobi724’s company profile on
www.sedar.com.
About Mobi724 Global Solutions Inc.
“Processing Smart Transactions Anywhere”
Mobi724 Global Solutions Inc. (TSX-V: MOS) is a
Fintech company headquartered in Montreal, Canada. The company
offers a suite of integrated technology-agnostic, BI & AI
powered card-linked offers & reward solutions that work with
any digital payment method, at any point of sale, both online and
in physical locations. Mobi724’s global processing platform enables
card issuing banks, payment networks, merchants and
loyalty program operators to generate incremental revenues by
driving new commercial opportunities, while delivering seamless
engaging and rewarding experiences to cardholders.
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:
Eli RozhanskyInvestor RelationsMOBI724 Global Solutions Inc.T:
514-394-5200ir@mobi724.com
Mobi724 Global Solutions (TSXV:MOS)
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