BeWhere Holdings Inc.
TSX VENTURE : BEW

BeWhere Holdings Inc.

November 28, 2016 08:30 ET

BeWhere Holdings Inc. Reports Third Quarter 2016 Financial Results

TORONTO, ONTARIO--(Marketwired - Nov. 28, 2016) - BeWhere Holdings Inc. (TSX VENTURE:BEW) ("BeWhere" or the "Company") today announced that it has filed its Consolidated Interim Financial Statements for the Quarter (Q3 2016) ending September 30, 2016. The Consolidated Financial Statements and Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com.

Quarter ended September 2016 Highlights:

  • Sales pipeline continued to grow and commercial rollouts commenced during the quarter
  • The quarter witnessed the launch of a new version of the flag-ship beacon that is 20% smaller yet maintains all the functionality and battery life of its predecessor. In addition, the Company also launched a new single battery beacon, which is 50% smaller than the original double battery beacon, making it ideal for the monitoring of smaller equipment and tools.
  • BeWhere solutions launched in Fleet Complete telematics platform in early August
  • During the quarter the Company augmented its cash reserves with an oversubscribed, non- brokered private placement of for gross proceeds of $1,280,000.
  • Cash balances ending the quarter at $1,986,903
  • The quarter saw the addition of industry veteran Greg Cameron to the Board of Directors. This was followed with a further strengthening of the Board with the appointment of Mark Kohler in October.
  • Subsequent to the quarter the BeWhere solution was added to the Geotab Market Place where it is available to Geotab's 100 plus dealers. This compliments the earlier commercial launch to all Geotab's Value Added Resellers

Management Commentary

Owen Moore Co-Founder and Chief Executive Officer stated "the last quarter with the commercial launch of our solutions we saw our vision of Blue Tooth beacons providing key tracking and asset condition data points, materialize. We are further encouraged by and the positive feedback and the acceptance of the product received from these sales initiatives. Interest in our product is expanding and our sales pipeline continues to grow across new industries and verticals. With the addition of the private placement in September and two prominent new board members I'm very excited going into 2017 and believe strongly we are well positioned to significantly grow our revenue, leading to enhanced shareholder value".

Chris Panczuk Co-Founder and Chief Operating Officer added "Telematics companies are playing a strong role in our overall go to market strategy. The combination of fleet tracking with our asset tracking and monitoring solutions is gaining market acceptance. With our strategic relationships with industry leading telematics companies like Geotab and Fleet Complete plus our reselling agreement with Bell Mobility, we are strongly positioned to take advantage of this immerging demand'.

About BeWhere

BeWhere (TSX VENTURE:BEW) is an Industrial Internet of Things ("IIOT") solutions company that designs and manufacturers hardware with sensors and software applications to track real-time information on movable assets. The company develops mobile applications, middle-ware and cloud based solutions that stand-alone or that can readily integrated with existing software. Its solutions enable end-users a level of operational visibility that is more easily accessible and significantly easier to implement than in the past.

Cautionary Statements Regarding Forward Looking Information

Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".

We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.

Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

BeWhere Holdings Inc. (the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.

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