SANTA MONICA, CA--(Marketwired - Apr 17, 2017) - 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 advertising component across North America, today announced its financial results for the year ended December 31, 2016.
"Last year marked a transition year for U-Vend. The introduction of the wholesale grab-and-go distribution strategy doubled points of sale and proved strong sell-through in a non-vending format. This is a high cash-on-cash return approach which may be replicated in new markets as the company focuses on expansion in 2017 and beyond," stated David Graber, CEO of U-Vend, Inc. "I am very much looking forward to focusing the continuation of U-Vend's growth with our existing products as well as new brands in development. The number one priority for our future is product and market expansion and profitability," added Graber.
Select Financial Data Year Ended December 31, 2016
- Revenues for the twelve months ended December 31, 2016 increased 60.2% to $1,428,045 as compared to revenue of $891,227 for the twelve months ended December 31, 2015
- Gross profits for the year ended December 31, 2016 increased 103% to $714,175 as compared to gross profit of $351,228 for the year ended December 31, 2015
- Gross margin for the year ended December 31, 2016 increased to 50% as compared to gross margin of 39% for the year ended December 31, 2015
- Net loss for the year ended December 31, 2016 increased 27% to $2,607,461 as compared to a net loss of $2,050,574 for the year ended December 31, 2015
- Basic and diluted net loss per share of ($0.13) per common share for the twelve months ended December 31, 2016 compares to the ($0.15) net loss per common share for the twelve months ended December 31, 2015
A full analysis of results for the year ended December 31, 2016 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 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.
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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.