CULVER CITY, CA--(Marketwired - Nov 28, 2016) - FlitWays Technology (OTC PINK: FTWS), a Los Angeles-based ground travel technology company, today announced financial results for the third quarter ended September 30, 2016.
Revenue grew in the third quarter of 2016, reflecting 250% growth over the fourth quarter of 2014.
Service Cities expansion grew 41% year-over-year to 170 cities as of September 2016.
Drivers -- Drivers and providers grew 32% year-over-year to approximately 15,789 as of September 2016.
Mobile App Install grew 21% month-over-month.
Local revenue grew 32%, representing 41% growth compared to the third quarter of 2015.
Corporate and Other revenue grew 7% compared to the third quarter of 2015.
FlitWays Technology Inc. (OTC PINK: FTWS) is engaged in travel booking technologies for ground transportation that charter mainly for corporate travelers. The company currently operates in 170 cities around the world, serves 400 airports, and maintains a fleet of 15,000 vehicles. Formerly known as Cataca Resources, Inc. (OTC PINK: CATQ), FlitWays is seeing shares dive 40%, during early trading on Thursday, November 3, 2016. Over the past two months, FlitWays has seen average daily volume of 515,918 shares. However, nearly 780,825 shares or dollar volume of $1.2 million, has already exchanged hands through early trading Thursday.
FlitWays covers 110 major cities globally including North America, South America, Europe and Asia with access to over 15,000 vehicles. The Company's strategic international expansion plan is to expand its service to global emerging travel markets and it anticipates to launch in several additional South American cities and South East Asia over the next few weeks.
In the recent weeks, FlitWays has announced several updates on the company's plans, expansions and new partnership agreements such as expanding its service to South America, signing distribution agreement with Xerox, Megabus, TUI and many more.
In the latest headline: FlitWays was named by CNN as one of the "New Travel Start-Ups Making Business Trips Less Stressful in 2016." This comes following multiple awards and nominations for FlitWays, including being awarded as one of the "15 Best Startups at Collision."
FlitWays Director of Growth, Zacky Hamraz, commented, "It is an honor for FlitWays to be recognized by a respected and global organization such as CNN. We strive to give travelers a true seamless experience when they use FlitWays. We understand business travelers' needs and cater to them in an innovative and unique method. And that's what fuels our success and growth."
FlitWays has been featured in top media publications including Yahoo! Finance, CNN, FORTUNE, Fast Company, Reuters, New York Magazine, Skift, VentureBurn, Digital Journal, Travel Pulse, the Examiner, and many others.
For additional information regarding FlitWays, visit www.FlitWays.com.
Additional information regarding FlitWays Technology, Inc. can also be found in the Company's most recent filings with SEC at www.sec.gov and further Company press releases.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of FlitWays Technology Inc. All statements, other than statements of historical fact included herein are "forward-looking statements," including, but not limited to; the proposed corporate name change; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.