Zonetail Inc. Reports Q2 Results
Toronto, Ontario--(Newsfile Corp. - August 30, 2019) - Zonetail Inc. (TSXV: ZONE) (the "Company" or "Zonetail") reported its financial and operational results for the second quarter ended June 30, 2019. These filings are available for review on the Company's SEDAR profile at www.sedar.com.
Second Quarter 2019 Highlights:
The company's focus on the condominium market continues to drive sales and the numbers are expected to increase over time as more condo residents download Zonetail's software. The launch of the condo platform was announced in January of 2019, and the company has continued to work with the condo property management corporations throughout Q2 to promote the app directly to condo residents.
The Company's Q2 net loss of $521,299 for the three months ended June 30, 2019, compared to $441,054 for the three months ended June 30, 2018 is mainly attributable to:
- Business development and salaries expense to facilitate growth in the company;
- Interest and accretion decreased by $193,783 as the Company converted all convertible debentures during the year ended December 31, 2018, there was no associated interest and accretion expense in the three months ended June 30, 2019;
- Considerable legal fees incurred to ward off continued frivolous claims by Belgravia Capital against the Company.
The company is currently engaged in discussions with several potential strategic partners and will continue to pursue strategic relationships that will enhance the technology, grow the user base, and generate revenue, all in efforts to bring added value to shareholders.
Zonetail Inc. (TSXV: ZONE) is a mobile platform for hotels and condominiums providing guests and residents access and interaction with building amenities and services as well as neighboring restaurants, stores, services, and attractions. Zonetail is partnered with AAHOA, the largest association of hoteliers in the world, representing over 25,000 hotels and 50% of the US market. Zonetail is also partnered with Shiftsuite, one of the largest property management system software providers to the condo industry in Canada, with approximately 2,000 condo buildings, representing an estimated 400,000 units. Zonetail has offices in Toronto, Ontario and San Dimas, California.
For more information please visit https://zonetail.com/
Mark Holmes, President and Chief Executive Officer
Telephone: (416) 583-3773 ext. 228
This press release contains forward-looking statements that relate to Zonetail's current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "seek", "believe", "potential", "continue", "is/are likely to" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Certain matters discussed in this announcement contain statements, estimates and projections about the growth of Zonetail's business, potential distribution partnerships and/or clients, and related business strategy. Such statements, estimates and projections may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause our actual results to differ may emerge from time-to-time. Zonetail undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are based on certain assumptions and analysis made by Zonetail in light of its experience and perception of historical trends, current conditions and expected future developments and other factors Zonetail believes are appropriate, and, are subject to risks and uncertainties. Although Zonetail believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Given these risks, uncertainties and assumptions, prospective purchasers should not place undue reliance on these forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47417