SOURCE: U-Vend, Inc.

U-Vend, Inc.

December 17, 2015 12:56 ET

U-Vend, Inc. Announces Third Quarter 2015 Financial Results

Three and Nine-Month Revenues Increase Over 300% for Both Yearly Comparable Periods

SANTA MONICA, CA--(Marketwired - Dec 17, 2015) - 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, announced its financial results for the third quarter ended September 30, 2015.

"With the filing of our 2015 third quarter financial results, we have now posted our sixth consecutive quarter of revenue growth," stated Raymond Meyers, CEO of U-Vend, Inc. "We are experiencing positive results as we continue the rollout of our Mini Melts ice cream offerings in the Southern California and Las Vegas markets. In addition, we have expended a significant amount of resources in the 3rd quarter to develop new relationships and explore potential partnerships that we believe will provide great long-term value to our shareholders," added Meyers.

Select Financial Data for Three and Nine Month Period Ended September 30, 2015

  • Third quarter revenues increased 318% to $275,266 for the quarter ended September 30, 2015 as compared to revenues of $86,530 for the quarter ended September 30, 2014.

  • Revenues for the nine months ended September 30, 2015 increased 343% to $624,478 as compared to revenue of $182,166 for the nine months ended September 30, 2014.

  • Gross profits for the third quarter ended September 30, 2015 increased 245% to $87,567 as compared to gross profit of $35,656 for the three months ended September 30, 2014.

  • Gross profit for the nine months ended September 30, 2015 increased 287% to $221,510 as compared to a gross profit of $77,311 for the nine months ended September 30, 2014.

  • Net loss for the quarter ended September 30, 2015 increased 216% to $619,039 as compared to a net loss of $286,121 for the quarter ended September 30, 2014.

  • Net loss for the nine months ended September 30, 2015 decreased 1.4% to $1,431,764 as compared to a net loss of $1,451,611 for the nine months ended September 30, 2014.

  • Basic and diluted net loss per share of ($0.04) per common share for the quarter ended September 30, 2015 compares to the ($0.03) net loss per common share for the quarter ended September 30, 2014.

  • Basic and diluted net loss per share of ($0.11) per common share for the nine months ended September 30, 2015 compares to the ($0.18) net loss per common share for the nine months ended September 30, 2014.

A full analysis of results for the quarter ended September 30, 2015 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., located in Santa Monica, CA, 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.

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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