TORONTO, ONTARIO--(Marketwire - Aug. 28, 2012) - Quantitative Alpha Trading Inc. (CNSX:QAT) ("QAT", "the Company") today announced that its financial results for the three and six months ended June 30, 2012, along with management discussion and analysis, have been filed on SEDAR.
For the three and six months ended June 30, 2012, QAT reported a net loss of $829,888 ($0.00 per share) and $1,848,094 ($0.01 per share) as compared to a net loss of $991,215 ($0.00 per share) and $2,634,825 ($0.01 per share) for the respective three and six months ended June 30, 2011.
At June 30, 2012, the Company had $337,825 (2011 - $1,921,765) of cash on hand and working capital of $203,516 (2011 - $2,180,200).
On August 21, 2012, the Company entered into a Definitive Agreement to be acquired by Mobile Integrated Systems Inc., "MOBI", exchanging 0.2222 of a share of MOBI common stock for each outstanding share of QAT. MOBI has also agreed to provide QAT with up to $800,000 via a first priority secured bridge loan in order to assist QAT in meeting its normal course obligations until the close of the transaction.
On August 19, 2012, the Company entered into a commercialization agreement with MOBI to develop and market QAT software and products, whereby QAT and MOBI will share equally in the net income earned under the agreement.
The unaudited consolidated condensed interim financial statements, management's discussion and analysis and additional information are available on the Company's website (www.qatinc.com) and on SEDAR.
For more than a decade, QAT has been researching, developing and maintaining proprietary algorithmic securities trading systems that operate across numerous financial markets. Relying on behavioural science patterns, the Company's proprietary systems use a linked series of computer programs to analyze securities market data in real-time and directly execute buy or sell orders over the electronic securities exchanges while monitoring the status of every trade within a given portfolio without human intervention. The Company trades on CNSX under the symbol QAT and in the United States on the OTCQB under the symbol QATSF.
Except for historic information, the matters discussed in this document contain certain forward-looking statements. These statements involve known and unknown risks, delays, uncertainties and other factors not under the Corporation's control that may cause actual results, levels of activity, performance or achievements to be materially different from the results, levels of activity, performance, achievements or expectations expressed or implied by these forward-looking statements.
CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.