Midpoint Holdings Ltd.
TSX VENTURE : MPT

Midpoint Holdings Ltd.

October 31, 2017 10:05 ET

Midpoint Announces 2017 Annual Results

LONDON, UNITED KINGDOM--(Marketwired - Oct. 31, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Midpoint Holdings Limited (TSX VENTURE:MPT) ("Midpoint" or the "Company") is pleased to announce its 2017 annual financial results. The full text of Midpoint's audited financial statements for the year ended June 30, 2017 and the related management's discussion and analysis are available electronically on Midpoint's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.

For three months ended June 30, 2017:

Revenue increased 33% Quarter on Quarter to $ 118,238 with the following business highlights:

  • Record quarterly revenue and number of transactions
  • Average transaction size of approximately $38,000 which have remained relatively constant
  • The Company incorporated a subsidiary corporation for future operation in Hong Kong and is currently obtaining authorization with the local regulator in this jurisdiction.

For year ended June 30, 2017:

Revenue increased 38% to $371,677

  • Gross margin increased from 26% to 67%
  • Basic and Diluted Loss per share decreased from $0.018 to $ 0.006
  • Expenses reduced by 45%
  • Working capital ratio improves by 68% to 2.46:1
  • Significant improvements in several areas relieves company of past going concern
  • Registered and authorized clients from 53 countries

Approximately $ 260 million has been matched on the Midpoint platform since inception in 2013 and over $100 million was matched in the last 12 months.

"The company's financial position has improved significantly validating our turnaround efforts. We will continue to focus on managing our balance sheet and cash position as we embark on sustainable growth with prudent capital allocation strategies" stated Corbin Comishin, Group CFO.

"Our focus for the year ahead will be an aggressive pursuit of growth whilst maintaining margins through targeted sales efforts and partnerships" added David Wong, Chairman and CEO.

About Midpoint

Headquartered in London, Midpoint is an FCA authorized payments institution with the world's first authentic peer-to-peer ('P2P') foreign exchange marketplace. SMEs, overseas professionals, property owners, foreign students, individuals and anyone involved in international payments, use Midpoint's US patent protected platform for transparent, multi-party, multi-currency services.

Midpoint is currently handling transactions in 22 currencies with the ability to collect and transfer across 72 countries. This highly secure platform provides customers with the most cost-effective FX at the midpoint of the interbank buy/sell rate therefore removing the spread as well as hidden costs and fees.

Midpoint Holdings Limited is listed on the TSX Venture Exchange and cross-listed on the Frankfurt Stock Exchange.

Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this news release.

Forward-looking information

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing Midpoint and its business and affairs, readers should refer to Midpoint's Management's Discussion and Analysis. Midpoint undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Contact Information

  • Corbin Comishin, CFO
    Midpoint Holdings Ltd.
    (250) 352-7667

    David Wong, President and CEO
    26 Finsbury Square, EC2A 1DS, London, United Kingdom
    +44 20 7448 3081