BeWhere Holdings Inc. Reports 2nd Quarter Financial Results, and Provides an Update on the Remainder of 2017
Toronto, Ontario (FSCwire) – (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company” an Industrial Internet of Things (“IIOT”) solutions company that designs and sells hardware with sensors and software applications to track real-time information on movable assets. The company develops mobile applications, middle-ware and cloud based solutions that stand-alone or that can readily integrate with existing software, today announced its financial results for the second quarter ended June 30, 2017.
Highlights & Update
- Revenues increased 337% to $404,816 for the three months ended June 30, 2017 over the $92,450 reported for the three months ended June 30, 2016. Revenue will continue to grow quarter over quarter throughout the remainder of 2017.
- Gross Margin for the three months ended June 30, 2017 was 39.55% versus 29.96% for the three months ended June 30, 2016.
- Liquidity remains strong with approximately $1.3m of cash and working capital on hand at June 30, 2017, and the Company continues to operate an efficient capital deployment strategy focused on product development geared towards the growing IIOT market needs.
- The Company will launch a Low-Powered Wide Area Network (“LPWAN”) cellular beacon in the fall of 2017 and continues to garner strong interest for its LPWAN technologies, and is in the process of finalizing certification for its product with a number of carriers across the globe. Additionally, the company has been invited to speak at the Mobile World Congress Innovators Showcase debut in September in San Francisco.
- The implementation of the BeWhere solution with a Fortune 500 international provider of security solutions, announced on April 7, 2017, contributed to revenue growth in the second quarter and is expected to increase in the third quarter. Additional opportunities, both in North America and internationally, are being actively pursued.
- On May 15, 2017, the company announced that Aphria Inc. selected BeWhere to provide asset management solutions throughout the medical cannabis supply chain in their Leamington, Ontario facilities with the initial order having been delivered and installed.
- On June 1, 2017 Bell Canada announced it will launch the first LTE-M network in Canada to transform the way Canadians use the Internet of Things. To date, BeWhere has successfully demonstrated its LPWA Cellular beacon on the Bell network and is in final discussions on the launch of this product for tracking real-time information.
- On June 28, 2017 Huawei, a leading global information and communications technology (“ICT”) solutions supplier partnered with BeWhere to develop Mobile IoT LPWA applications to enable the deployment of smart cities technologies.
The Company expects to continue to announce new partnerships and build its pipeline of contracted revenue throughout the remainder of 2017 while continuing its leading-edge product development.
Owen Moore, CEO and Founder, stated “It was a great quarter on many levels and its comforting to know we are in solid financial position, and I’m very proud of the team for delivering on a great quarter. During the past twelve months, five full time equivalent employees were added which will allow us the execute on the opportunities in front of us and give us the scalability to significantly ramp our revenues. I’m really looking forward to the fall launch of our LPWA technologies and telling the world more about this exciting new technology in San Francisco in September.”
Financial Highlights for Second Quarter Ended June 30, 2017 and 2016
|Q2 2017||Q2 2016|
|Basic and diluted loss per share||(0.01)||(0.01)|
BeWhere (TSX-V: BEW, OTCQB: BEWFF) is an Industrial Internet of Things (“IIOT”) solutions company that designs and sells hardware with sensors and software applications to track real-time information on movable assets. The company develops mobile applications, middle-ware and cloud based solutions that stand-alone or that can readily integrate with existing software. Its solutions enable end-users a level of operational visibility that is more easily accessible and significantly easier to implement than in the past. Additional information related to the Company, is available on SEDAR at www.sedar.com.
Cautionary Statements Regarding Forward Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”.
We caution you that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
BeWhere Holdings Inc. (the “Company“) does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company’s historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.
Owen Moore, CEO
1 (844) 229-4373