Upco International Inc. Announces Year Ended 2018 Results
Vancouver, British Columbia--(Newsfile Corp. - April 22, 2019) - Upco International Inc. (CSE: UPCO) (OTCQB: UCCPF) (FSE: U06) ("Upco") is pleased to announce it has filed its audited consolidated financial statements and Management's Discussion and Analysis for the year ended December 31, 2018. These documents can be accessed from the SEDAR web site at www.sedar.com.
Upco is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp.
Upco reported revenues US$2,514,627 (2017 - US$6,688,138) and a net loss of US$2,490,682 (2017 - US$1,212,152) for its fiscal year 2018.
Highlights for 2018
- Upco made significant investments in Technology and Resources to enter the Fintech industry.
- The Company released a revamped version of its communication application on both iOS and Android. Further development of the application to integrate the company's advanced Fintech e-wallet
- Signed strategic contract with Emoney PLC to support the Company's monetary payment and transfer services within the application.
- Began discussing strategic joint venture with SixthContinent Inc. Under the terms of the joint venture, the two companies will collaborate to merge the user community of SixthContinent into UpcoPay, a robust, ledger-based system integrated with Upco's banking partner, E-money. The new system will be branded under SixthContinent but will be powered by Upco. The parties to the agreement will share in both the associated technology merger costs and the profits based on transaction volumes.
- Upco plans to increase revenues thru its Wholesale Telecom business and Fintech business.
- We are re-focusing our Wholesale telecom to ensure a Revenue stream with profitability through new strategic alliances.
- Upco will continue to build out its professional sales team in order to market its current services and the Upco App to increase revenues and profitability.
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp.
Please visit www.upcointernational.com for further information.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
212 461 3676
This press release contains forward-looking information or forward-looking statements (collectively "forward- looking information") within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: "will" "may" "believe", "expect", "anticipate", "intend", "estimate", "development", "forthcoming", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements.
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