BeWhere Holdings Inc. Reports 1st Quarter Financial Results and Provides 2017 update
TORONTO, ONTARIO–(Marketwired – May 24, 2017) – BeWhere Holdings Inc. (TSX VENTURE:BEW)(OTCQB:BEWFF) (“BeWhere” or the “Company”) a Company that designs and sells patent pending Bluetooth beacons, mobile applications, middle-ware and cloud based solutions when combined, provides users with real-time information on the condition and location of their items in transit or at facilities, today announced its financial results for the first quarter ended March 31, 2017.
- The Company continues to focus on product development and is expecting to launch a next generation Low-Powered Wide Area Network(“LPWAN”) cellular Beacon in cooperation with its telecommunication partner. LPWAN technologies are designed for machine to machine (“M2M”) networking environments. With decreased power consumption, longer range and lower costs than mobile networks, LPWAN will enable much wider range of M2M and Internet of Things (‘IoT”) enabling projects that were previously constrained by budgets and power constraints to move forward. BeWhere’s LPWAN offering will be positioned at the forefront of this emerging technology and in combination with its current Bluetooth offering will enable its customers a low-cost asset tracking solution in a broad array of situational needs and market places.
- Limited initial installations were recognized in the First Quarter for the armoured car contract announced in April and is expected to contribute increasing revenues as the contract progresses through to the end of year.
- Liquidity remains strong with the closing cash balance at quarter end being $1,443,068
- Follow on orders from several existing clients continue to come in proving the return on investment
- Subsequent to the end of the First Quarter the company announced a partnership with Firetech Manufacturing Ltd. to supply Bluetooth enabled medical bags to the Emergency Medical Services (“EMS”) market.
- Subsequent to the end of the First Quarter the company announced that Aphria Inc. selected BeWhere to provide asset management solutions throughout the medical cannabis supply chain in their Leamington, Ontario facilities.
- Contracted backlog to date should allow the Company to end 2017 in a healthy financial position
- Installations on the armoured car contract will ramp up significantly quarter over quarter with the majority of the contracted installations to be delivered in Q3 and Q4
- Installations on the recently announced Aphria Inc. contract to begin in Q2
- Launch of the LPWAN Beacon with our telecommunications partner is expected in Q3
- Continued conversion throughout the remainder of 2017 of our 60 plus pilots to commercial contracts
BeWhere achieved multiple milestones during the first quarter 2017, including early initial installations on the armoured car contract, the signing of its first OEM contract with Firetech Manufacturing. The Company will continue to announce new partnerships and build its pipeline of contracted revenue throughout the remainder of 2017 well continuing its leading edge product development.
Owen Moore CEO and Founder stated “It’s exciting to see our 2016 objectives turning into orders and revenues in our targeted markets proving our products are continuing to display traction in each our targeted markets. It’s reassuring to know the team’s efforts are turning into contracted backlog allowing good visibility into the remainder of 2017. The upcoming launch of our LPWAN cellular Beacon will compliment nicely our current product offering and deepen our penetration into the rapidly expanding asset tracking space.
Financial Highlights for First Quarter Ended March 31, 2017
|Q1 2017||Q1 2016|
|Basic and diluted loss per share||(0.01)||(0.04)|
BeWhere (TSX VENTURE: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 integrated 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.
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.
BeWhere Holdings Inc.
1 (844) 229-4373