SOURCE: U-Vend, Inc.

U-Vend, Inc.

May 03, 2016 10:00 ET

U-Vend, Inc. Announces Record 2015 Financial Results

Company Increases Revenue by Over 300%

SANTA MONICA, CA--(Marketwired - May 3, 2016) - U-Vend, Inc. (OTCQB: UVND) (the "Company"), a consumer products and technology company that develops, distributes, and markets next-generation self-serve electronic kiosks and merchandisers with a digital component across North America, today announced the financial results for the Company's fiscal year ended December 31, 2015.

"While I am pleased that we were able to increase our 2015 year over year revenues by over 332%, I am equally pleased with our operational performance supporting the continued implementation of the robust business foundation needed to support the continued expansion of our business model," stated Raymond Meyers, CEO of U-Vend, Inc. "As we anticipate introducing and penetrating the market with our Frozen Pond™ Premium Ice Cream product, the Official Ice Cream of the NHL®, and secure sizable retail and wholesale distribution partners, we expect to continue to meet our internal goal of period over period revenue growth. The globally-recognized brand partnerships we have been able to establish, the creative consumer products we are developing; coupled with the geographical expansion of our retail self-serve kiosk and merchandiser locations, provide us with tremendous long-term opportunity," added Meyers.

Select Financial Data Year Ended December 31, 2015

  • Revenues for the twelve months ended December 31, 2015 increased 332% to $891,227 as compared to revenue of $268,804 for the twelve months ended December 31, 2014

  • Gross profits for the year ended December 31, 2015 increased 386% to $351,228 as compared to gross profit of $90,965 for the year ended December 31, 2014

  • Gross margin for the year ended December 31, 2015 increased to 39.8% as compared to gross margin of 33.8% for the year ended December 31, 2014

  • Net loss for the year ended December 31, 2015 increased 2.4% to $2,050,574 as compared to a net loss of $2,002,586 for the year ended December 31, 2014

  • Basic and diluted net loss per share of ($0.15) per common share for the twelve months ended December 31, 2015 compares to the ($0.23) net loss per common share for the twelve months ended December 31, 2014

A full analysis of results for the year ended December 31, 2015 is available in the Company's Form 10-K, which is available on the Company's website at www.u-vend.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.

ABOUT U-VEND, INC.
U-Vend, Inc., headquartered in Santa Monica, CA., and with offices in Oakville Ontario, Canada, Orange, CA and Las Vegas, NV., is a consumer products and automated retailing company specializing in the creation, marketing and sales of unique ice cream and related food products which are distributed to the retail markets utilizing various "next-generation" self-serve electronic kiosks throughout North America. The Company owns and operates kiosks and has partnered with numerous national consumer product companies to deliver new and innovative customer retail experiences in automated "frictionless" settings. For more information on U-Vend, visit www.u-vend.com or call (855) 55-UVEND.

Follow U-Vend on Twitter and Like U-Vend on Facebook  

FORWARD LOOKING STATEMENTS
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to market acceptance for the Company's products and services, its ability to succeed in increasing revenues in the near term to attain profitable operations and generate sufficient cash flow from operations, the effect of new competitors in its markets, its integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K which are available at the SEC's website www.sec.gov. Other factors not currently anticipated may also materially and adversely affect U-Vend's results of operations, financial position, and cash flows. There can be no assurance that future results will meet expectations. While the Company believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. The Company does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact Information

  • For more information, contact:

    U-Vend, Inc. Corporate Office
    Tel: (855) 55-UVEND
    Email: Email Contact

    U-Vend, Inc. Investor Relations
    Tel: (855) 55-UVEND, ext. 3
    Email: Email Contact