Mobi724 Global Solutions Inc.
CNSX : MOS

Mobi724 Global Solutions Inc.

February 08, 2016 09:00 ET

Mobi724 Global Solutions Inc. (CSE:MOS) Announces $1.53M in Sales for 2015, Restatements of Some Interim Unaudited Consolidated Financial Statements for 2015 and Company Highlights for 2015

MONTREAL, QUEBEC--(Marketwired - Feb. 8, 2016) - Mobi724 Global Solutions Inc. ("Mobi724" or the "Company") (CSE:MOS), a technology leader in the digital incentives, couponing and payment space, announces that it has booked sales of just over $1.53M for the fiscal year ending December 31, 2015, including the sales from its previously announced acquisition IQ 7/24 (for Q2, Q3 and Q4). The 2015 consolidated sales has been reviewed by the audit committee.

The Company will release its consolidated results in April 2016. The Company will amend its condensed interim unaudited consolidated financial statements for the three and the six month periods ended June 30, 2015 and for the three and nine month periods ended September 30, 2015.

The 2015 consolidated sales and expenses, excluding non-recurrent expenses, compared to previous years are:

MOBI724 GLOBAL SOLUTIONS INC AUDITED AUDITED INTERNAL
FINANCIAL REVIEW 2013 2014 2015
OPERATIONS:
SALES $65,935 $149,637 $1,529,611
ADJUSTED (1) OPERATING EXPENSES ($8,566,893 ) ($7,060,089 ) ($5,641,355 )
ADJUSTED (1) NET FINANCIAL EXPENSES ($24,391 ) ($99,995 ) ($39,097 )
TOTAL ADJUSTED EXPENSES ($8,591,284 ) ($7,160,084 ) ($5,680,452 )
ADJUSTED NET LOSS BEFORE INCOME TAXES ($8,525,349 ) ($7,010,447 ) ($4,150,841 )
(1)Excluding non recurrent expenses
FINANCING ACTIVITIES (2): 2013 2014 2015
Convertible Debt $400,000 $2,900,000 $1,083,204
Common Shares $4,869,077 $2,443,437 $2,014,965
Long-term debt & Demand debt $137,700 $733,127 $0
$5,406,777 $6,076,564 $3,098,169
(2)Annually (non cumulative basis)

The important modifications to the condensed interim unaudited consolidated financial statements for the three and the six month periods ended June 30, 2015 and for the three and nine month periods ended September 30, 2015 will be as follows:

  1. Presentation of additional information regarding the acquisition of IQ 7/24 in 2015 by the Company;
  2. Restatement of the Company's Consolidated Statements including: statements of net income and comprehensive loss, financial position, cash flows and changes in equity;
  3. Additional note disclosure with respect to segmented information;
  4. Restatement to the Company's Management Discussion and Analysis in order to reflect the above adjustments and to present additional information.

The key highlights for 2015 are:

  • Management has improved the balance sheet;
  • Successfully completion of an acquisition (IQ 7/24) that should add over $2M yearly sales in the following years;
  • Raised financing of approximately $3 M in 2015 including an investment of over $1.8 M by a prestigious and global investment fund;
  • Successfully concluded multiple contracts with clients and also agreements with partners and resellers that are expected to contribute to our top line growth in the coming year.

Marcel Vienneau, CEO of the Company, stated: "This past year was very challenging as we refocused the Company's attention on the monetization of all of our innovative solutions. Our customers have begun to see the true value that our solutions bring to their businesses and this will enable us to deliver solid value to our shareholders during the course of 2016 and beyond."

About Mobi724 Global Solutions

Mobi724 Global Solutions (CSE:MOS), a corporation based in Montreal, Canada offering a unique and fully integrated suite of solutions - PAYMENT-COUPONING AND LOYALTY - all in one.

Our vision is to enhance the value of commoditized payment transactions to the players in this eco-system (card associations, banks, mobile carriers and retailers) by adding layers of intelligence to these card linked transactions (i.e. smart transactions) in a seamless manner for all the players in the eco-system.

Mobi724 Global Solutions unleashes the true potential of both payment and card linked couponing/rewards transactions for both online and offline points of sale.

The Corporation provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enables card associations, retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and "track and measure" incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales in real time.

Our credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.

Mobi724's PCI and EMV based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market enabling multi layered intelligent transactions therefore SMART TRANSACTIONS.

For more information on its products and on Mobi724 Global Solutions, visit www.mobi724globalsolutions.com.

Some of the statements in this document, including those which express management's expectations or estimates with regard to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.

The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.

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