SOURCE: Siyata Mobile Inc.

Siyata Mobile Inc.

April 26, 2016 15:41 ET

Siyata Mobile Reports Fiscal 2015 Results

TORONTO, ON --(Marketwired - April 26, 2016) - Siyata Mobile Inc. (the "Company" or "Siyata") (TSX VENTURE: SIM) (OTC PINK: SIMFF) is pleased to report its financial results for the twelve months ended December 31, 2015.

Highlights

  • 12-month revenue of $9.9M, an increase of 34.5% over 2014;
  • Negative 12-month EBITDA1 of $260K versus positive EBITDA of $250K in 2014;
  • Working capital of $3.2M compared to a working capital deficiency of $3.2M at 2014-year end; and
  • Shareholder's equity of $6.15M compared to deficiency of $807K at 2014-year end.

"We are very pleased with the results from our operations in 2015," states Marc Seelenfreund, CEO of Siyata Mobile. "Fiscal 2015 was a very busy year for the Company with the completion of our going public transaction in July, which resulted in a number of one-time costs that contributed significantly to our 2015 loss. During the year we also saw industry acceptance for our products in new markets throughout the world, which is well evidenced by the 34% increase in sales. Going into 2016, we have a strong balance sheet with over $3.2M in working capital to execute our sales strategy in North America, and the significant increase in new distributors and carriers offering Siyata products, positions us very positively for future strong revenue growth." 

Mr. Seelenfreund added, "Last week we announced our plan to acquire Signifi Mobile Inc., a profitable Montreal-based private company that manufactures, markets and sells Uniden cellular signal boosters and accessories across Canada and the United States. In addition to our continued focus on growing sales organically, the acquisition of Signifi fits perfectly with our intention to also grow through accretive acquisitions within our industry."

Siyata's full year fiscal 2015 results can be found at www.sedar.com.

1 EBITDA is calculated as net operating income (loss) before interest, income taxes, depreciation, amortization and stock based compensation.

About Siyata

Siyata Mobile Inc. is a leading global developer and provider of a vehicle-mounted communications platform over advanced mobile networks. 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.

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 facilitate replacement of the current in-vehicle, multi device status quo with a single device that incorporates voice, data, and fleet management solutions. Visit www.siyatamobile.com to learn more.

On Behalf of the Board of Directors of:

SIYATA MOBILE INC.

Marc Seelenfreund
CEO and Director

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.

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