VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 6, 2016) - RewardStream Solutions Inc. ("RewardStream" or the "Company") (TSX VENTURE:REW)(FRANKFURT:JL4L) (WKN Number A2APX1), a world leader in referral marketing solutions for telecommunications, financial services and e-commerce providers, announces a corporate update for its three main target segments.
Financial Services Business Segment
The Company currently serves a number of financial services organizations, providing SaaS-based referral marketing capabilities to credit unions and banks. With current customers such as Envision Financial, Arsenal Credit Union, Valley First, Island Savings, Utilities Employee Credit Union and more, the Company continues to focus on growing its business in this sector to the more than 6,000 credit unions in North America1. Credit unions remain a significant market opportunity, as customer satisfaction ratings exceed 90% and word of mouth remains the most effective method at acquiring new customers.
Telecommunications Business Segment
The Company continues to serve major telecommunications clients with its enterprise-class referral marketing platform. The Company currently provides services for major national and regional/specialty wireless carriers including Rogers Wireless, Freedom Mobile (formerly WIND Mobile), Koodo Mobile and a leading Hawaii-based carrier in the United States.
The Company's referral marketing program with a major U.S. telecommunications carrier has recently ended and the Company will complete the wind-down of service to this customer in the second calendar quarter of 2017. The decision to end the program was due to budgetary considerations and the Company remains engaged with the customer for potential future projects. While this will negatively impact the Company's 2017 financial performance, the Company has identified, and is pursuing, growth opportunities in the carrier market in Canada, the United States and Europe.
E-Commerce Business Segment
As previously disclosed, the Company is moving into the high-growth E-Commerce industry by integrating its referral marketing software into existing large scale E-Commerce platforms. The worldwide E-Commerce market is expected to grow to over 4 trillion U.S. dollars by 20202.
As previously disclosed, the Company's referral marketing platform is now available as an integrated "plug-in" for two major E-Commerce platforms - Magento and WooCommerce. Magento powers over 270,000 online stores3 including the largest number of the Internet Retail Top 1000 stores of any other E-Commerce platform4. WooCommerce powers over 1.5 million online stores5 and is the most broadly used E-Commerce platform in the world. The Company is nearing completion of its beta-testing phase with Shopify (TSX:SHOP), an additional platform providing E-Commerce capabilities for over 325,000 online stores6. Once the Shopify extension is complete, the Company will have an addressable market of 2 million online stores currently powered by these three platforms. The integration strategy provides fast and easy onboarding for clients without requiring IT involvement, and integrates RewardStream referral marketing tools directly into the store's shopping cart process.
As previously disclosed, the Company has already seen uptake in the E-Commerce market and launched programs for online retailers including iPromo.com, Scholar's Choice, Double Your Dating, Messy Maids and more. The Company continues to evaluate integration opportunities with additional leading E-Commerce platforms to further expand the addressable market opportunities in this fast growing segment.
About RewardStream Solutions Inc.
RewardStream specializes in the execution of automated referral marketing programs that help brands to acquire, engage, and retain their most valuable stakeholders - customers. By utilizing an innovative blend of marketing insight and proprietary technology, RewardStream turns an existing customer base into a powerful new sales channel for all of our clients. RewardStream delivers a scalable, real-time technology platform as the foundation of our client's referral program. The platform provides customer acquisition programs that deliver new, highly loyal customers at very low cost per acquisition rates. Our award-winning marketing solutions have powered loyalty and referral marketing programs across 39 countries for brands including Boost Mobile, Virgin Mobile, Envision Financial, Koodo Mobile and more. For more information please visit www.rewardstream.com.
This press release contains certain forward-looking statements within the meaning of applicable securities laws, including statements regarding growth of the Company's business in various business segments, potential market opportunities and their rate of growth, movement into new industry segments, and completion and integration of the Company's E-Commerce extensions. Words such as "expects", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on RewardStream's current expectations about future events, and on certain assumptions and analysis made by RewardStream in light of current conditions and expected future developments and other factors management believes are appropriate. These expectations are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual events to differ materially from those anticipated in these forward-looking statements. Although RewardStream believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that actual events will be consistent with these forward-looking statements. Actual events could differ materially from those projected in the forward-looking statements as a result of numerous factors, many of which are beyond RewardStream's control. The forward-looking statements contained in this news release represent RewardStream's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. RewardStream undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
This press release contains information obtained by the Company from third parties, including but not limited to market data. The Company believes such information to be accurate but has not independently verified such information. To the extent such information was obtained from third party sources, there is a risk that the assumptions made and conclusions drawn by the Company based on such representations are not accurate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.