Siyata Mobile Reports $3.0MM In Q1 2018 Revenue, Company to Host Conference Call May 31, 2018
31 May 2018 - 7:35AM
Siyata Mobile Inc. (the "
Company" or
"
Siyata") (TSX-V:SIM) (OTCQX:SYATF) announces that
it has filed its Q1 2018 financial results and will hold a
conference call on Thursday May 31, 2018 at 09:00AM EST.
Highlights
- Revenue for the quarter was $3.0MM compared to $4.9MM for the
same period in the previous year. This negative variance of $1.9MM
(39%) is due mainly to the decrease in demand for the legacy
products as well as sales decline in North America primarily
due to new 4G products which required FCC and IC certification as
well as customer acceptance procedures;
- Adjusted EBITDA is negative $833,775 versus positive $163,480
in the same period in 2017 a negative variance of $997,255;
- Gross Margin for the Q1 2018 was 27.8% vs. 27% in Q1 2017;
- Working Capital as of March 2018 is $8.5MM vs. $8.2MM in March
2017.
Marc Seelenfreund, CEO and Chairman of Siyata Mobile, comments,
“Q1 was a challenging quarter as we continued to shift both our
existing and new customers from our legacy 3G products towards our
new 4G LTE portfolio. In Q2 we are witnessing a lift in sales of
our 4G products and we are very confident that this momentum will
continue in the coming quarters of 2018 and beyond.”
The company will hold a conference call on Thursday
May 31 at 09:00 am Eastern Time (06:00 am PST) to discuss the Q1
2018 results, along with a Q&A session with Siyata Mobile CEO
and Chairman, Marc Seelenfreund.
Details of the conference
call:
Date: Thursday, May 31, 2018Time:
06:00 am PT / 09:00 am ETOperator Assisted
Toll-Free Dial-In Number: (866) 521-4909Local or
International Dial-In Number: (647) 427-2311There
will also be a playback of the conference call, available in MP3
format by contacting investor relations below.
The company also announces that it has received approval from
the TSX Venture Exchange (the “Exchange”) to amend
the expiry date of share purchase warrants of an aggregate of
8,299,714 that were originally issued on June 10, 2016 with an
exercise price of $0.50 in connection with the Company’s private
placement (the “Warrants”). The Warrants now have
an expiry date of December 10, 2018. No amendment to the exercise
price of the Warrants was made.
In addition, the Company is pleased to announce that, subject to
regulatory approval, it has retained Mackie Research Capital
Corporation (“Mackie Research”) to initiate market
making services to the Company in compliance with the policies and
guidelines of the TSX Venture Exchange.
Beginning June 01, 2018, Mackie Research will trade shares of
the Company on the Venture Exchange for the purposes of maintaining
and improving the liquidity of the Company’s common shares. The
agreement between Mackie Research and the Company will continue in
effect unless terminated by either party with written or verbal
notice of 30 days. The Company has agreed to pay Mackie Research
CAD$4,000 per month, quarterly in advance with the funds coming
from its working capital. There are no performance factors
contained in the agreement between Mackie Research and the Company
and Mackie Research will not receive any shares or options from the
Company as compensation for services it will render.
The Company and Mackie act at arm's length, but Mackie may
provide investment banking services to Siyata, and Mackie and/or
its clients may have an interest, directly or indirectly, in the
securities of the Company. The agreement is solely for the purposes
of maintaining market stability and liquidity for the Company's
common shares and is not a formal market making agreement.
About Mackie Research Capital CorporationMackie
Research is one of Canada’s largest independent full-service
investment firms, and proudly traces its roots back to 1921. Mackie
Research is privately owned by many of its 300 employees. As a
fully integrated national investment dealer, Mackie Research offers
a full complement of capital markets and wealth management services
to private clients, institutions and growth companies.
About Siyata
Siyata Mobile Inc. is a leading global developer and provider of
cellular communications systems for enterprise customers,
specializing in connected vehicle products for professional fleets,
marketed under the Uniden® Cellular brand. Since developing the
world’s first 3G connected vehicle device, Siyata has been a
pioneer in the industry, launching the world’s first 4G LTE
all-in-one fleet communications device in 2017. Incorporating
voice, push-to-talk over cellular, data, and fleet management
solutions into a single device, the company aims to become the
connected vehicle communications device of choice for commercial
vehicles and fleets around the world.
Siyata also offers rugged phones for industrial
users and signal boosters for homes, buildings, and fleets with
poor cell coverage. Siyata’s customers include cellular operators,
commercial vehicle technology distributors, and fleets of all sizes
in Canada, the U.S., Europe, Australia, and the Middle East.
Visit www.siyatamobile.com and
http://www.unidencellular.com/ to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Marc Seelenfreund CEO and Chairman
Investor Relations: Arlen Hansen
Kin Communications 1-866-684-6730 SIM@kincommunications.com
Sales Department: Glenn Kennedy,
VP Sales Siyata Mobile Inc. 416-892-1823
glenn_kennedy@siyatamobile.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may include forward-looking
statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to
be considered forward looking. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, continued
availability of capital and financing, and general economic, market
or business conditions. There can be no assurances that such
statements will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. We do not
assume any obligation to update any forward-looking statements
except as required under the applicable laws.
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