CULVER CITY, CA--(Marketwired - Jan 19, 2017) - FlitWays (OTC PINK: FTWS), a Los Angeles-based ground travel technology company, that specializes in ground travel for corporations and travel resellers, issues a shareholder letter to update investors on recent advancements on company milestones, and how its emerging corporate vision continues developing.
Dear Valued Shareholders of FlitWays,
The ground transportation industry has been changing and evolving over the past few years, and continues to grow. As the perception of ride-hailing changes, and more of the population becomes familiar, so does the business landscape surrounding it. For the first time in 2016, ride-hailing service accounted for the majority of receipts in the ground transportation industry. This uniquely positions FlitWays and our business plan for success moving forward.
Since our inception, FlitWays was created to help businesses, corporations, and their travelers be able to seamlessly schedule a ride anywhere in the world by creating curated mobility solutions to fit their needs. This past year was tremendous for FlitWays Technology Inc. Expanding our team, network and service around the world. We met milestones and were able to generate growth through many different avenues. As we prepare to go into the next quarter, we would like to use this chance to update our investors on our outlook of 2017 as well as review milestones from 2016.
Review of 2016
1) The company successfully raised Series A round of $1.2 million dollars to fund growth and international expansion in South America and Southeast Asia.
2) FlitWays was able to close deals with major organizations in the travel industry including Xerox, TUI Group, Megabus, among other corporations, airlines, online travel agencies, travel management companies, and transportation network companies.
3) The company was successfully able to increase revenue and it grew in the third quarter of 2016, reflecting 250% growth over the fourth quarter of 2014
4) FlitWays grew coverage, Service Cities expansion grew 41% year-over-year to 170 cities as of September 2016.
5) FlitWays was featured by major publications including CNN, as one of the "New Travel Start-Ups Making Business Trips Less Stressful in 2016."
Outlook of 2017
1) FlitWays to release new, upgraded, state-of-the-art Enterprise Mobility Solution and Mobile Application to expand our global enterprise clientele.
2) Continuing international expansion plan by targeting travel industry businesses and corporations in South America, Southeast Asia, and other countries around the world.
3) Growing revenue, projected to increase current annual revenue by 100% for year end 2017 through increasing partnerships with travel industry companies and corporations
4) Raising additional funding through Series B to continue sales growth and expand our team and provide additional invaluable resources
5) Projected to increase available service cities by 100% to almost 400 cities internationally
FlitWays is positioned to be at the forefront of the corporate ground transportation industry moving forward. The increased use of ride-hailing services by business travelers along with heightened awareness of the availability of ride-hailing services is an opportunity for our curated mobility solutions tailored for enterprise and corporate travelers and allow us to capitalize on this segment of the ground transportation industry.
In conclusion, I would like to thank our loyal investors for your continued support and belief of our company. We are looking forward to the opportunities in 2017, and will continue to strive in our plans to grow FlitWays. Our efforts in the past year, and next will continue to result in both long and short term growth. Our goal is to provide value and growth for our shareholders and we will continue to keep you updated at every step of the way.
Tobi Mac Aro
Chief Executive Officer
FlitWays, a Los Angeles-based travel technology company, offers curated mobility solutions for enterprises and travel resellers, ground transportation in 170 cities around the world -- including rideshares, taxis, black cars, and airport shuttles. Currently servicing over 400 airports with a fleet of over 20,000 vehicles, FlitWays is there to handle all travel ride needs. FlitWays provides security and peace of mind for both business and private travelers with secure booking and all-inclusive rates.
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.