BeWhere Holdings Inc. Reports First Quarter 2018 Financial Results and Announces Grant of Options
TORONTO, ON. May 29, 2018 – (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 be readily integrated with existing software, announces its financial results for the three months ended March 31, 2018.
First Quarter Fiscal 2018 Highlights
- Revenues increased by 21% quarter over quarter – Revenues for the three months ended March 31, 2018 were $535 thousand compared to $443 thousand for the three months ended December 31, 2017: an increase of $92 thousand (21%).
- Revenues increased by 305% year over year – Revenues for the three months ended March 31, 2018 were $535 thousand compared to $132 thousand for the three months ended March 31, 2017: an increase of $402 thousand (305%).
- Gross Profit continues to trend higher – Gross profits for the three months ended March 31, 2018 was $217 thousand compared to $26 thousand for the three months ended March 31, 2017: an increase of 716%.
- Working Capital remains healthy – At March 31, 2018, the Company had a working capital balance which amounted to $2,766 thousand, including cash of $2,367 thousand. During the three months ended March 31, 2018, the Company maintained a healthy working capital despite incurring significant one-time expense associated with an asset purchase of a Virginia based company ($213 thousand). Additionally, the Company incurred development costs totaling $421 thousand for its next generation of M-IOT sensors and solutions during the quarter with a portion being one-time costs associated with certifications and product development.
|Unaudited||Q1 FY2018||Q1 FY 2017|
|Total Revenue||$ 534,614||$ 132,065|
|Gross profit||$ 217,011||$ 26,591|
|Net loss||$ (454,588)||$ (381,535)|
|EPS – basic||$ (0.01)||$ (0.01)|
|EPS – fully diluted||$ (0.01)||$ (0.01)|
|Cash||$ 2,367,224||$ 3,205,914|
Owen Moore, CEO and Founder stated “the Q1 of fiscal 2018 ended with improved revenue and a strong balance sheet. I’m very pleased that during the quarter some sales opportunities got converted to purchase orders and with the launch of cellular beacons, we expect to see hardware shipments in Q2. We remain focused on executing our long-term plan on converting significant opportunities in our sales funnel to revenue.”
Grant of Options
The Company announces that it has granted a director and CFO of the Company an aggregate 500,000 options to purchase 500,000 Common Shares at an exercise price of $0.335 per share, which options will expire on May 29, 2023.
BeWhere (TSXV: 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 non-powered moveable assets. The company develops mobile applications, middle-ware and cloud-based solutions that stand-alone or that can be 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.
BeWhere sells its products through a worldwide network of distribution and technology companies. BeWhere has secured distribution agreements and technology partnerships with a large roster of companies including major telecommunications providers, leading vehicle telematics providers and logistic and supply chain management solution providers.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373×107
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.
The Company’s Unaudited Interim Consolidated Financial Statements for the three months ending March 31, 2018 and 2017, together with its corresponding management’s discussion and analysis can be found under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.bewhere.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the Policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.