Mobi724 Global Solutions Announces Financial Highlights for 1st Half of FY 2020
Montreal, Quebec--(Newsfile Corp. - August 27, 2020) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked incentives, announces its financial results for the 1st half of the FY 2020.
For the 6 month-period, which ended June 30th, 2020, vs. the same period of 2019, the Company notes that:
- Revenues increased by 103% from continued operations: from $374K in 2019, to $759K in 2020;
- Net loss decreased by 55%: from $2,547K in 2019 to $1,158K in 2020;
- Burn rate decreased by 81%: from $1,894K in 2019 to $362K in 2020.
For the second quarter of 2020, compared to the 2nd quarter of 2019, the Company notes that:
Revenues decreased by 35% from continued operations: from $212K in 2019; to $137K in 2020;
Net loss decreased by 56%: from $1,432K in 2019 to $628K in 2020;
Burn rate decreased by 49%: from $665K in 2019 to $340K in 2020.
Allan Rosenhek, CFO of Mobi724 said: "Despite the negative impact resulting from the occurrence of COVID-19, we have generated higher revenues from continued operations during the first 6 months of 2020 in comparison to 2019, while successfully optimizing the burn rate and, subsequent to Q2, raising funds on favorable terms."
Marcel Vienneau, CEO of Mobi724 stated: "We have managed to successfully steer the Company through the most unpredictable stage of the pandemic, have identified new unique business opportunities and advanced the commercializing of our AI powered portfolio of solutions."
The Company also announces that, subject to regulatory approval, it has retained Generation IACP Inc. ("Generation") to provide market making services with the objective of maintaining a reasonable market and improving the liquidity of its common shares. Under the agreement between Generation and the Company (the "Generation Agreement"), the Company has agreed to initially pay Generation a monthly fee of $7,500 plus applicable taxes. Generation will not receive any common shares or options as compensation. Generation does not currently own any securities of Mobi724, however, Generation and its clients may acquire a direct interest in the securities of the Company. Mobi724 and Generation are unrelated and unaffiliated entities. Generation is a member of the Investment Industry Regulatory Organization of Canada and a member firm of the Toronto Stock Exchange and the TSX Venture Exchange. The Generation Agreement may be terminated upon 60 days' prior written notice, subject to a minimum 6-month term.
Additional Information - This press release should be read in conjunction with the Company's Q2-2020 Management Discussion and Analysis and Q2-2020 Consolidated Financial Statements. This and additional information can be accessed under Mobi724's company profile on www.sedar.com.
About Mobi724 Global Solutions Inc.
"Every Transaction is an Opportunity"
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company which provides a platform, that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
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 Management Discussion and Analysis, available on SEDAR.
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:
Investor Relations Coordinator
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62691