Montreal, Quebec--(Newsfile Corp. - April 29, 2020) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech company, that offers a suite of integrated technology-agnostic, BI & AI powered card-linked offers & reward solutions announces FY 2019 financial highlights.
Starting from Q3-2019 the Company reports financial results in one segment for the continued operations following the divestiture of non-core assets in Q2/Q3-2019.
FY 2019 versus FY 2018
Revenue from continuing operations increased 70%: $1.06M vs. $0.62M
Operating loss decreased 31%: $3.38M versus $4.87M (not including special gains, amortization, depreciation, share-based compensation and goodwill impairment)
Net loss decreased 27%: $5.29M vs. $7.28M
Cash burn rate decreased 14%: $3.62M vs. $4.23M
Cash position increased 116%: $1.04M on FY 2019 vs. $0.48M on FY 2018
Allan Rosenhek, CFO of MOBI724 said: "We are pleased with our transformation. By refocusing the Company on our higher margin vertical, we grew our top line by 70%, closed a number of important agreements, invested in the integration of Artificial Intelligence technology capabilities as a core of the platform; all while decreasing our operating loss by 31% and our cash burn by 14%."
Marcel Vienneau, CEO of MOBI724 said: "Our sympathies go out to all affected by COVID-19 and we thank all those working to keep people safe through this crisis. On behalf of the Board and management, I would also like to thank every one of our team members for their tireless efforts during these uncertain times. We ended 2019 with a solid sales pipeline to ensure continued growth in 2020 and beyond. Our vision is to create an ecosystem where the purchasing power of hundreds of millions of payment card users is combined and leveraged with the objective to drive commercial opportunities for banks and merchants, by delivering the most engaging digital consumer experience."
Additional Information - This press release should be read in conjunction with the Company's FY 2019 Management Discussion and Analysis and FY 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. (TSXV: 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.
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's FY 2019 Management Discussion and Analysis.
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:
Mobi724 Global Solutions Inc.
Marcel Vienneau, CEO
T : 514-394-5200
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