Fireswirl Technologies Inc.

Fireswirl Technologies Inc.

November 29, 2010 14:55 ET

Fireswirl Reports 2010 Q3 Financial Results and Steady Revenue Growth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - Fireswirl Technologies Inc. (TSX VENTURE:FSW), "the Company", today announced its financial results for the second quarter ended September 30, 2010. All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Highlights for the third quarter were as follows:

  • Total revenue for the three and nine months ended September 30, 2010 increased by 5,038% and 5,376% to $4,743,827 and $13,692,034 respectively compared to $92,328 and $250,051 for the same periods in 2009. The increase was mainly due to the increase in the scale of operations after the consolidation of XCXD's business.
  • Total operating expenses for the three and nine months ended September 30, 2010 increased by 164% and 134% to $775,546 and $1,936,112 respectively from $293,540 and $826,037 during the same periods in 2009. The increase was mainly due to the increase in the scale of operations after the consolidation of XCXD's business.
  • Loss and comprehensive loss for the three and nine months ended September 30, 2010 decreased by 6% and 23% to $272,826 and $647,453 respectively compared to net loss of $291,445 and $838,379 during the same periods of 2009. This net loss translated into a loss per share of $0.01 and $0.02 for the three and nine months ended September 30, 2010 respectively compared to a loss per share of $0.01 and $0.03 for the same periods in 2009.
  • As at September 30, 2010, the Company had cash and cash equivalents of $974,499 compared to $1,467,401 as at December 31, 2009, representing a decrease of 34%. As at September 30, 2010, the Company had working capital of $1,581,290 compared to $1,855,426 as at December 31, 2009, representing a decrease of 15%. The Company had long-term debt of $30,311 (excluding the current portion of $44,119) as at September 30, 2010 compared to $64,315 (excluding the current portion of $37,741) as at December 31, 2009.

Tony Lau, CEO, Fireswirl Technologies Inc. stated, "We are very excited about the company's recent progress on building a strong foothold in the China e-commerce market, which is one of the fastest growing internet markets in the world. Fireswirl is currently the market leader in branded e-commerce platform in China for mobile devices, and it is quickly expanding into other product categories. We are currently exploring partnerships with other leading international brands which could lead to further sales growth."

About Fireswirl

Fireswirl Technologies Inc. (TSX VENTURE:FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multicurrency and multi-language capabilities. Our solutions can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users through internet or wireless applications.

Further information can be found on the company at:

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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