Webtech Wireless Inc.

Webtech Wireless Inc.

October 09, 2014 06:00 ET

Webtech Wireless Provides Update on Preliminary Q3 2014 Revenue; Addition of New Senior Vice President, Sales and Marketing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 9, 2014) - Webtech Wireless Inc. ("Webtech Wireless" or the "Company") (TSX:WEW), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, today announced that it expects to report revenues of approximately $5.5 million for the third quarter of 2014 based on preliminary unaudited financial results. Additionally, the Company announced the appointment of Peter Callaghan as Senior Vice President, Sales and Marketing.

The Company estimates its preliminary revenue for the quarter ended September 30, 2014 will be approximately $5.5 million. Final determination of revenue for the period is subject to finalizing Webtech Wireless' third quarter financial results. Though the Company does experience historically lower revenues in the third quarter due to seasonality, estimated revenues for the three month period are down as compared to the same period in the prior year of $7.4 million. The year over year variance is largely the result of fewer commercial solution sales and hardware-only sales to OEM customers, as well as several large opportunities that did not close in the current period.

Webtech Wireless is pleased to announce the appointment of Peter Callaghan as Senior Vice President, Sales and Marketing. Mr. Callaghan will oversee the Company's commercial and government sales teams, as well as the Company's marketing efforts and channel relationships. Mr. Callaghan brings an extensive track record of sales execution and bottom-line results for various organizations in the high-tech sector with over 25 years of demonstrated success. Mr. Callaghan's portfolio consists of successful tenures with DDS Wireless International, HuStream Technologies, Maximizer Software and Pivotal Corporation among other notable technology-focused organizations he has helped drive forward.

"We recognize and are disappointed that our Q3 revenue performance fell far below expectations, for our shareholders, our board and the entire Webtech team" commented Andrew Gutman, Chairman of the Company and interim Chief Executive Officer. "With the Q3 revenue performance fresh in mind, our team is working hard across a number of fronts to turn around this revenue picture. As one key element of this plan, we are excited to welcome Peter Callaghan to Webtech. Peter brings a wealth of experience and proven sales execution success in the high-tech space. We believe the introduction of Peter's leadership, along with our recently launched Webtech Fleet Center and Webtech Driver Center solutions, and our White Label initiative with a major US cellular channel partner will drive growth in our revenue and subscriber base."

About Webtech Wireless®

Webtech Wireless (TSX:WEW) is a leader in providing fleet management telematics, GPS and automatic vehicle location (AVL) solutions that improve efficiency, accountability and reduce costs. Our end-to-end solutions automate record keeping and regulatory compliance, reduce fuel burn and idling, mitigate risk, and keep drivers safe. Managers trust us to ensure people are accountable and vehicles are visible. Through the cloud, in the office, or straight to mobile devices, we deliver Fleet Intelligence Anywhere™. Our products, InterFleet®, Quadrant® and Webtech Fleet Center™ provide advanced fleet management solutions for winter maintenance, public works and waste management fleets; and, for commercial fleet operations and compliance (HOS, ELD). Please visit www.webtechwireless.com.

All amounts in Canadian dollars (CAD$) unless otherwise noted. The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. Trademarks are the property of their owners.

This News Release may contain forward-looking statements involving risks and uncertainties pertaining to, but not limited to, the Company's actual revenue for the three month period ended September 30, 2014. Given the risks and uncertainties inherent in the markets and industries referred to in this News Release, the Company cannot guarantee that any forward-looking statements will be realized.

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