SANTA MONICA, CA--(Marketwired - Nov 15, 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 advertising component across North America, today announced the financial results for the Company's fiscal quarter and nine months ended September 30, 2016.
"Crossing the million dollar revenue mark is certainly a milestone for our Company and validates that our expansion initiatives are being executed successfully," stated Raymond Meyers, CEO of U-Vend, Inc. "During the third quarter, we placed over 130 Mini Melt merchandiser freezers in our regions through our popular 'Grab It-Taste It-Love It' program, continued to optimize the placement of our 140 traditional Mini Melts vending kiosks, and launched several unique pilot marketing programs with a prestigious entertainment venue in our Las Vegas region. In addition, work has continued on the development of our major league sports-themed products and the integration of our digital advertising platform," added Meyers.
Select Financial Data for Three and Nine Months Ended September 30, 2016
- Revenues for the three month ended September 30, 2016 increased over 50% to $414,842 as compared to revenue of $275,266 for the three months ended September 30, 2015. As of September 30, 2016, the Company had 140 electronic self-serve vending kiosks and over 130 "Grab It-Taste It-Love It" merchandiser freezers installed in our Southern California and Las Vegas regions.
- Gross profits for the quarter ended September 30, 2016 increased approximately 140% to $209,438 as compared to gross profit of $87,567 for the quarter ended September 30, 2015.
- Operating expenses for the quarter ended September 30, 2016 increased approximately 35% to $932,464, as compared to operating expenses of $690,080 for the quarter ended September 30, 2015.
- Net loss for the quarter ended September 30, 2016 was $953,514 as compared to a net loss of $619,039 for the quarter ended September 30, 2015.
- Revenues for the nine month ended September 30, 2016 increased 74.5% to $1,089,865 as compared to revenue of $624,478 for the nine months ended September 30, 2015.
- Operating expenses for the nine months ended September 30, 2016 were $2,188,852 as compared to operating expenses of $1,450,649 for the nine months ended September 30, 2015.
- Net loss for the nine months ended September 30, 2016 was $2,011,864 as compared to a net loss of $1,431,764 for the nine months September 30, 2015.
A full analysis of results for the three and nine months ended September 30, 2016 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., headquartered in Santa Monica, CA, and with offices in 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.
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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.