RIWI's Year-to-Date Revenue Rises by 53%; Year-to-Date Profit Grows by 617%
Toronto, Ontario--(Newsfile Corp. - July 28, 2020) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm, reported its financial results for the three and six months ended June 30, 2020. All figures are reported in U.S. dollars unless otherwise indicated. RIWI's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
RIWI Highlights - Expressed in U.S. Dollars:
- RIWI had net income of $615,582 during the six months ended June 30, 2020, an increase of 617% compared to net income of $85,848 during the same period in 2019.
- RIWI's revenues were $2,322,881 for the six months ended June 30, 2020, an increase of 53% compared to revenues of $1,515,006 during the same period in 2019.
- The Company had a profitable second quarter in 2020, generating net income of $117,144 despite the Company's expenses associated with stock option grants and cash compensation provided during the quarter to independent directors and made retroactive to January 1, 2020.
- RIWI generated $490,768 in cash from operations for the three months ended June 30, 2020, ending the quarter with over $3.7 million in cash.
- On July 27, the Company began trading its common shares on the TSX Venture Exchange ("TSXV"). This advances management's commitment to expand our investor base and increase our global visibility in the capital markets. RIWI has been designated as a "Tier 1 Technology Issuer". Tier 1 is the TSXV's premier tier and is reserved for the TSXV's most advanced companies with the most significant financial resources.
- In July, BofA Securities signed its second General Services Agreement with RIWI, which lasts until July 31, 2023. Following a competitive tender process and technical review, RIWI received notice in July that it had won a new three-year agreement for data collection services for the United Nations World Food Programme, and the client enjoys the option to extend this new agreement for two additional years. Both of these new agreements enable all country and analyst teams at these client organizations to issue rapid-response task orders for RIWI surveys and audience analytics in any part of the world.
"I am pleased to report steady progress against our continued markers of success: increased growth, larger year-over-year profits and more cash in the bank," said Neil Seeman, RIWI's Chief Executive Officer. "We remain committed to expanding our recurring-revenue business model, including our ongoing subscription-based services, long-term renewable contracts - and expanding our channel partner sales to achieve our overarching mission to deliver sustained value to our clients and shareholders."
"The COVID-19 pandemic and global economic downturn has increased inbound demand for data capture solutions for which RIWI technologies can provide a unique, predictive lens into fast-changing business trends, public health risks, international security and dynamic consumer activity in diverse sectors and regions. The pandemic has not interrupted our strategy of hiring amazing new sales personnel, and diversifying our client base while increasing recurring revenues and channel partner sales," added Mr. Seeman.
RIWI's unaudited interim Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2020, are available via RIWI's website at https://riwi.com and on SEDAR at www.sedar.com.
RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries - without collecting any personally identifiable data. https://riwi.com.
Signed: "Neil Seeman"
Neil Seeman, Chief Executive Officer
For more information, please contact:
Daniel Im, Chief Financial Officer
firstname.lastname@example.org | +1-416-205-9984 ext. 2
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company's expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.
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