MONTREAL, QC--(Marketwired - December 21, 2016) - Siyata Mobile Inc. (the "Company" or "Siyata") (TSX VENTURE: SIM) (OTC PINK: SIMFF) is pleased to provide a review of its achievements in 2016 and corporate guidance for 2017.
2016 proved to be a year of building infrastructure, growing and rebranding the portfolio of cellular devices while adding to the senior management team in preparation for what we anticipate to be a very exciting 2017.
H1 of 2016 ended with the acquisition of Montréal based Signifi Mobile, which sells a portfolio of Uniden® cellular boosters. Signifi had double digit growth, profitable revenue, a Montréal head office, sales team, warehouse, customer service, and relationships with over 50 distributors, while being distributed by some of largest retailers across Canada including Costco, The Source and Amazon. Signifi sales from January 2016 to November 2016 were 35% higher than the same period in 2015, and management believes that the cellular booster category will continue to see strong growth in 2017 while long term synergies and return on investment will pay off in multiples.
The Signifi transaction allowed the Company to partner with Uniden® America and exclusively rebrand its product portfolio in the categories of connected-vehicle-devices, rugged mobile devices and cellular boosters. Uniden® is a strong and recognizable telecom brand around the world, and we believe this strategic move puts Siyata in the league of some of the largest telecom players in the commercial vehicle and enterprise industrial markets. Siyata intends to build on this portfolio of Uniden® products with additional devices for launch in both Canada and the United States in 2017.
In Q3, the Company announced the launch of its Uniden® U620 Rugged Device integrated with KODIAK Push-to-Talk over Cellular (PoC). The Company has already received large purchase orders from a mobile carrier for this product, proving it to be a highly complementary device to Siyata's line of connected-vehicle-devices. We expect strong growth in the rugged phone category in 2017.
With the addition of our new North America VP Sales Glenn Kennedy, we are very excited for what lies ahead in 2017. Glenn brings tremendous experience working with major cellular operators in North America and has spent many years at Motorola where he focused on both the cellular and two-way radio markets. The Company will lean on Glenn's leadership to grow North American sales in all three categories in the portfolio.
2016 Q3 quarter saw record revenue of $3.7M, record margins at 27% and its first adjusted EBITDA positive quarter. We anticipate that Q4 2016 will be another strong quarter and expect this momentum to continue into Q1 2017 and beyond. The Company ended Q3 with ~$4M in working capital and no debt.
In 2017, the Company intends to launch multiple 4G LTE devices including new connected-vehicle-devices, devices in the rugged mobile category as well as additional LTE cellular booster products.
Marc Seelenfreund, CEO of Siyata Mobile states, "We are very excited to be aligning our devices with the growing Push-To-Talk over Cellular (PoC) market and will continue to focus on building a portfolio catering towards the commercial fleet and enterprise industrial markets. This is a rapidly growing vertical, and we believe that Siyata is positioned to become a market leader in this multi-billion dollar space. With all of the elements of 2016 in place, we are poised for strong growth in 2017 and we will work diligently to assure that we continue meet our corporate goals."
According to the United States Department of Transportation, in 2015 there were over 12 million fleet vehicles in the United States. Siyata aims to be the leading provider of connected vehicle and mobile hardware solutions as these commercial fleets upgrade their communication platforms to be compatible with next generation networks, PoC solutions and other software applications.
Siyata Mobile Inc. is a leading global developer and provider of innovative cellular communication systems under the Uniden® Cellular brand. Siyata's "Connected-Vehicle" devices and accessories are specifically designed for professional fleets including trucks, vans, buses, emergency service vehicles, government cars and more. Siyata aims to provide greater mobile connectivity for professional drivers and to facilitate replacement of the aging in-vehicle, multi-device status quo with a single device that incorporates voice, push-to-talk, data, and fleet management solutions.
Siyata also markets and sells Uniden® cellular signal boosters and accessories as well as rugged mobile phones for both the consumer and enterprise markets. 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 and www.unidencellular.com to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Director
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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.