Wellfield Technologies, Inc. Reports Q3 Financial Results

March 01, 2024 8:30 AM EST | Source: Wellfield Technologies Inc.

Toronto, Ontario--(Newsfile Corp. - March 1, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (OTCQB: WFLDF) (FSE: K8D) (the "Company" or "Wellfield"), announces the release of its unaudited financial results for the third quarter ended December 31, 2023, which are available on the Company's SEDAR+ profile at www.sedarplus.ca. All currency referenced used in this news release are in Canadian dollars ($) unless otherwise noted.

Financial Highlights

  • Gross margins of $0.92 million for Q3 compared to $1.1 million in Q2.
  • Cash and current receivables of $0.86 million for Q3 compared to $1.14 million in Q2.
  • Net loss of $0.02 per share for Q3 compared to net loss of $0.02 per share for Q2.

Management Commentary

Levy Cohen, CEO of Wellfield, commented, "This third fiscal quarter represented an important transitional period for Wellfield as we move past the operational reorganization of Coinmama's business and begin to lay the foundations for future growth. During the last quarter we saw a profound industry wide sentiment shift with the solidification of cryptocurrencies as a legitimate asset class and the recognition of blockchain as a disruptive technology to improve traditional financial markets. As we push forward with our efforts in tokenized gold, Bitcoin DeFi, institutional custody, and at Coinmama, our focus at Wellfield includes a strategic plan to fortify our balance sheet to position us to seize the opportunities ahead."

About Wellfield Technologies

Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions leveraging blockchain technology. Our platform Coinmama (web and Mobile app), provides seamless access to the cryptocurrency market for over 3.5 million registered users across 180 countries. We offer disruptive on-chain and web3 secure and friendly self-custody solutions through Coinmama. Additionally, Wellfield operates Tradewind Markets platform to digitize and trade real-world assets, including our flagship VaultChain™ Gold and VaultChain™ Silver products. Expanding our offerings for institutional clients, we present Brane Trust Company Limited aiming to operate in Alberta Canada's second qualified digital asset custodian.

Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.

For further information contact:

Wellfield Technologies Inc.

Levy Cohen, CEO
(832) 483-2575

Ryan Graybill, Investor Relations

Cautionary Statements as to Presentation of Financial Information & Cautionary Note for U.S. Securityholders

The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP.

Cautionary Notice on Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.

The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's expectation to realize additional cost savings in the following quarters; the Company's ability to launch new products and work towards profitability; the Company's ability to monetize its decentralized financial services and Ethereum based digital gold that will be launched to the public early next year, and the ability to achieve the anticipated timing of such launch; and the development of the Company's business and future activities following the date hereof.

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company will have sufficient working capital and the ability to obtain the financing required in order to develop and continue its business and operations; no adverse changes will be made to the regulatory framework applicable to the Company's business; the Company will be able to generate cash flow from operations, the Company will be able to execute on its business strategy as anticipated; the Company will be able to meet the requirements necessary to obtain and/or maintain authorizations required to conduct the business; general economic, financial, market, regulatory, and political conditions will not negatively affect the Company or its business; the Company will be able to successfully compete in its industry; the Company will be able to effectively manage anticipated and unanticipated costs; the Company will be able to maintain internal controls over financial reporting and disclosure, and procedures in order to ensure compliance with applicable laws; general market conditions will be favourable with respect to the Company's future plans and goals; and the Company will reach the anticipated sales from continuing operations.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company's ability to meet the working capital requirements; material adverse changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws; compliance with extensive government regulation, the ability of the Company to raise additional capital to fund future operations, compliance with extensive government regulations, domestic and foreign laws and regulations adversely affecting the Company, the impact of COVID-19, and the decentralized finance industry generally.

There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated. Readers are cautioned that the foregoing list is not exhaustive and the forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are encouraged to review the disclosure documents accessible on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has approved nor disapproved the contents of this news release, nor do they accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200036