SOURCE: U-Vend, Inc.

U-Vend, Inc.

November 24, 2014 08:45 ET

U-Vend, Inc. Announces Third Quarter 2014 Financial Results

SANTA MONICA, CA--(Marketwired - Nov 24, 2014) - U-Vend, Inc. (OTCQB: UVND) (the "Company"), a consumer products and technology company that develops, distributes and markets next-generation self-serve electronic kiosks in a variety of retail environments across North America, today announced the filing of their financial results for the three and nine months ended September 30, 2014. 

"The focus of U-Vend remains on the expansion of our retail kiosk distribution points and technology integration with our well-known consumer products partners. We now have operating facilities in Chicago and Los Angeles and are poised to continue our U.S. growth," stated Raymond Meyers, CEO of U-Vend, Inc. 

Financial Highlights for Three- and Nine-Month Period Ended September 30, 2014

  • Revenues for the third quarter 2014 were $86,530, and $182,166 for the nine months ended September 30, 2014, versus no revenue in the comparable periods of 2013.

  • Sequential revenue growth over second quarter 2014 was 39%, reflective of the expansion of the Company's installed self-serve kiosk base. 

  • Gross margins remained consistent, above the 40% range for both the third quarter 2014 and nine months ended September 30, 2014.

  • The Company continues to invest in infrastructure and expansion costs and is expected to continue these investments in 2015. As a result, the Company reported a loss of ($0.03) per share for the third quarter, an improvement from the second quarter loss of ($0.07) per share.

  • Net loss for the nine months ended September 30, 2014 was approximately $1,452,000 reflecting a loss of ($0.18) per share. Included in this loss was approximately of $815,000 of non-cash expenses for acquisition activities, depreciation, amortization, and stock based compensation.

"We continue to see the dramatic change to the business-to-consumer landscape relating to the product sales process. Global consumer brands and retailers are embracing the significant advantages of 'frictionless transactions,' and consumers are enjoying an enhanced buying experience utilizing the latest technologies available through self-serve retail kiosks. U-Vend continues to position itself to emerge as an industry leader as these disruptive technologies in the business-to-consumer relationship continue to revolutionize all aspects of the retail customer buying experience," added Meyers.

"I am very excited with what we have been able to accomplish in less than twelve months of operation, concurrent with transitioning from a private entity to publicly-traded company. We've grown our self-serve kiosk distribution points to 108 locations as of the date of this release, established exclusive distribution agreements with two of the largest consumer product companies in the world, begun expansion into the Southern California marketplace, and are currently laying the groundwork for new consumer product introductions and potential explosive growth opportunities with several international partners," stated Paul Neelin, U-Vend, Inc. founder and COO.

U-Vend, Inc. Third Quarter 2014 Report
A full analysis of results for the period ended September 30, 2014 is available in the Company's Form 10-Q, 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. is headquartered in Santa Monica, CA, with additional locations in: Stoney Creek, Ontario Canada, Chicago, IL, Los Angeles, CA and Las Vegas, NV. U-Vend develops, distributes and markets various "next-generation" self-serve electronic kiosks in a variety of retail locations in North America. The Company owns and operates kiosks with a particular focus on "Healthy Vending" and has partnered with numerous national consumer product companies to deliver new and unique customer retail experiences in an automated setting. 

For more information on U-Vend, visit www.u-vend.com

Follow U-Vend on Twitter: https://twitter.com/u_vend

Like U-Vend on Facebook: https://www.facebook.com/pages/U-Vend-Inc/515566561886917 

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:

    Corporate Office
    Tel: (855) 55-UVEND
    Email: Email Contact

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