BeWhere Holdings Inc.
TSX VENTURE : BEW
OTCQB : BEWFF

BeWhere Holdings Inc.

May 01, 2017 07:30 ET

BeWhere Holdings Inc. Reports Year End 2016 Results

TORONTO, ONTARIO--(Marketwired - May 1, 2017) - BeWhere Holdings Inc. (TSX VENTURE:BEW)(OTCQB:BEWFF) ("BeWhere" or the "Company"), a Company that designs and manufactures Bluetooth beacons that in combination with mobile applications, middle-ware and cloud based solutions, provide users with real-time information on the condition and location of their items in transit or at facilities, today announced its financial and operating results for the three and twelve months ended December 31, 2016 (the "Quarter" and "Year‐to‐Date", respectively).

2016 Highlights

  • Commercialization of the BeWhere Solution began mid-year 2016. Despite the curtailed sales period, sales revenues consisting of mostly pilots for 2016 totaled $225,436.
  • Liquidity remains strong with the closing cash balance at year end being $1,824,103.
  • BeWhere solutions launched on the Fleet Complete telematics platform early August 2016.
  • On November 9, 2016, the Company announced the inclusion of its products onto the Geotab Marketplace platform. The Geotab Marketplace is a robust complement to the MyGeotab platform that provides customers with an extensive ecosystem of valuable business-focused applications and add-ons. Utilized by companies with fleets large and small, the Marketplace offers key applications to more than 14,000 Geotab customers. Currently, there are over 50 ongoing pilots with various Geotab resellers.
  • The Company continued to focus on product development, releasing a version of its existing beacon which is 30% smaller than the predecessor and creating a new beacon that is an addition 50% smaller yet maintains the functionality. Additional versions and features to be launched throughout 2017.
  • Released French and Spanish versions of its mobile and web apps to support its growing list of non-English speaking customers.
  • Greg Cameron joined the Board of Directors in an active role as lead director in late August followed by Mark Kohler in October as Head of the Audit Committee.

Management Commentary

Mr. Moore continued, "I am pleased with the traction that our products are beginning to display in our market place. With our recently announced agreement with an international provider of armoured car transportation to provide asset management solutions for its fleet of armoured cars in the United States, we will see significant top line growth, meaningful improvements in corporate performance and enhanced shareholder value. This is just the beginning of the conversion of our pilots into customers."

Financial Highlights for Fiscal 2016 Fourth Quarter and YeartoDate period

Q4 2016 YTD 2016
Net Sales 87,828 225,376
Net (loss) (738,326)1 (2,684,813)1
Basic and diluted loss per share (0.02) (0.07)
Cash 1,824,103 1,824,103
1 Of the total loss, $376,991 represents a reclassification of share issue costs to listing expense as those activities were directly attributable to the RTO and not the concurrent equity raise, as was previously recognized.

About BeWhere

BeWhere (TSX VENTURE:BEW)(OTCQB:BEWFF) 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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