RIWI Reports Record Revenue over Three Quarters
Toronto, Ontario--(Newsfile Corp. - November 10, 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 nine months ended September 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 - in U.S. Dollars:
- RIWI's revenues were $3,262,900 during the nine months ended September 30, 2020, an increase of 29% compared to revenues of $2,521,373 during the same period in 2019. The revenues for nine months in 2020 have surpassed the twelve months of revenue in 2019 of $3,110,878. RIWI had net income of $690,038 during the nine months ended September 30, 2020, an increase of 10% compared to net income of $629,822 during the same period in 2019.
- The Company's third quarter revenue was $940,019, which generated profits of $74,458 during a period of organizational change for certain of RIWI's clients amid COVID-19. As promised, RIWI invested substantially during the third quarter of 2020 in sales personnel, sales-related marketing, and sales and technical partnership initiatives to ensure long-term growth. As a result of operational interruptions facing our clients amid COVID-19, the Company encountered postponements of the initiation of certain projects by clients, and experienced delayed receivables for completed work.
- 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 steadily 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. RIWI staff virtually opened the market on August 4, 2020 to celebrate RIWI's new listing on TSXV.
- 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 an international multilateral organization, 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. Further, RIWI's long-term agreements for G7 government agencies focused on international security continue uninterrupted during the fourth quarter of 2020 and are expected to continue for many years.
"I am pleased to report steady progress against our continued markers of success, including year-to-date growth in revenue and profits," said Neil Seeman, RIWI's Chief Executive Officer. "During our third quarter, certain clients postponed projects due to COVID-19 related budget changes. Based on commitments made by our long-term clients, we remain confident that these projects will continue this quarter and into the future, and we expect these client relationships to grow steadily over the next 12 months."
"COVID-19 has challenged businesses in different ways. We are growing at a time when many other companies are laying off staff, acquiring debt or shutting down. RIWI has hired numerous people since the start of 2020. Our cash reserves enable us to manage unexpected events amid a turbulent economy. We chose in the third quarter to invest in sales activity and sales-focused marketing to build recurring revenues and a diverse sales portfolio for the long run, and to boost innovation to serve current and future clients," added Mr. Seeman.
RIWI's unaudited interim Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 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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