MONTREAL, QC--(Marketwired - August 29, 2016) - Siyata Mobile Inc. (the "Company" or "Siyata") (TSX VENTURE: SIM) (OTC PINK: SIMFF) is pleased to report its financial results for the 3 months ended June 30, 2016.
- Top line revenue of $2.0M
- Loss of $240K excluding share based payments of $156K
- Gross Margins increased 14% to 24% over Q1 2016
- Shareholder's equity of $8.64M compared to $5.73M over Q1 2016
- Quarter ended with strong balance sheet ($4.5M working capital)
During the quarter, significant efforts were made to negotiate and finalize the acquisition of Signifi Mobile, and complete a $2.9M financing equity financing. As a result, some second quarter sales opportunities were pushed out and are expected to close in H2 2016. The one time negative growth in connected-vehicle-device sales has no reflection on the continued global market opportunity as evidenced by recent purchase orders and contracts announced in Q3.
Third quarter will represent the first full quarter of sales from both Siyata Mobile and its recently acquired subsidiary Signifi Mobile, which markets and sells Uniden® cellular signal boosters.
Marc Seelenfreund, CEO of Siyata Mobile stated, "Although Q2 sales didn't see growth over Q1, gross margins at 24 percent were substantially higher than our historic average margins of 21 percent as a result of our growing sales in North America. We are confident our sales in the second half of this year will be substantially higher, with continued improvements in margin and bottom line."
A conference call to briefly discuss these results, followed by a short question and answer period will be held tomorrow, August 30 2016 at 9:00AM EDT (6:00AM PDT) and can be accessed by dialing the following numbers.
North American Toll Free: 1-877-291-4570
Local or International: 1-647-788-4965
Siyata's Q2 full financial results can be found at www.sedar.com.
Siyata Mobile Inc. is a leading global developer and provider of innovative cellular communication systems. Siyata's "Connected-Vehicle" devices and accessories are specifically designed for professional fleets such as trucks, vans, buses, ambulances, government cars and more. Siyata aims to provide greater mobile connectivity for professional drivers and to facilitate replacement of the current in-vehicle, multi-device status quo with a single device that incorporates voice, data, and fleet management solutions.
Through its newly acquired subsidiary Signifi Mobile, Siyata also markets and sells Uniden® cellular signal boosters and accessories across Canada and the United States. Siyata's customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the US, Europe, Australia, and the Middle East.
Visit www.siyatamobile.com to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.