Montreal, Quebec--(Newsfile Corp. - May 28, 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 Q1-2020 financial highlights.
Starting with 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.
For the three months ended March 31, 2020, the Company recorded:
- Increase in sales revenue of 285% from continuing operations: $622,030 in revenues in the first quarter compared to $161,438 for the same period in 2019;
- Decrease in net loss of 52%: $530,826 in the first quarter compared to $1,115,232 for the same period in 2019; and
- Decrease in burn rate of 98% in cash used in operating activities: $22,159 in cash used in the first quarter compared to $1,228,858 for the same period in 2019.
Allan Rosenhek, CFO of MOBI724 said: "In Q1-2020, prior to the pandemic related slow down, we focused on accelerating revenue from all sources. We are managing short term responses to the COVID-19 crisis, including cash preservation, while preparing the ground for a post-pandemic accelerated growth."
Marcel Vienneau, CEO of MOBI724 said: "Q1 was our best quarter to date as we continued to build on the momentum from Q4-2019. While revenues in Q2-2020 will be negatively impacted by the decrease in economic activity related to COVID-19, we expect to make material progress in terms of business developments prior to the next reporting period and we remain confident that the company's future is bright. Our team continues to execute its COVID-19 plan and leverage the new opportunities that can be derived from our portfolio of solutions in our target markets."
Relief by Securities Commissions regarding certain filing and delivery requirements:
Canadian Securities Administrators ("CSA") have acknowledged that due to the pandemic numerous public companies have had to delay their annual general meetings ("AGMs") and, thus, are providing public companies with temporary blanket relief from certain filing and delivery requirement, which are generally tied to the sending of materials for annual general meetings. With the granting of this temporary relief, the CSA is giving public companies until December 31, 2020 to file their executive compensation disclosure and, the CSA is also providing public companies with temporary relief from the requirements to send copies of their annual financial statements and MD&A to investors within certain time periods. Given that, as announced on May 6th, 2020, the Company has decided to postpone its AGM to Q4-2020, and in reliance on the exemption granted by the Autorité des marchés financiers (Décision #2020-PDG-0034), the disclosure of the Company's executive compensation, as well as all other material normally contained in the management information circular, will also be postponed until Q4-2020 but will, nevertheless, be provided with sufficient lead time to allow shareholders to review the material.
Additional Information - This press release should be read in conjunction with the Company's Q1-2020 Management Discussion and Analysis and Q1-2020 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 Q1-2020 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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