BeWhere Holdings Inc. Reports Fourth Quarter and Fiscal Year-End Financial Results and Provides Business Update
Toronto, Ontario — (Newsfile Corp. – April 8, 2019) – BeWhere Holdings Inc.(TSXV: 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 and environmental conditions on fixed or movable assets, is pleased to announce its financial results for the three and twelve months ended December 31, 2018.
Owen Moore, CEO and Co-Founder stated “during the past year we made significant investment in our new MIOT solutions and our visualization platform. We’re very pleased with the results and it’s great too see the growth over the last two quarters allowing BeWhere to finish the year off with strong momentum”.
Chris Panczuk, COO and Co-Founder stated “the revenue growth in the last two quarters of 2018 is in line with initial projections and our focus remains on channel expansion and continued growth of our recurring revenue. We intend to capitalize on the advances we’ve made in distributor partner relations in fiscal 2019”.
Fourth Quarter 2018 Highlights
- Revenues increased by 219% year over year – Revenues for the three months ended December 31, 2018 were $1,411,277 compared to $442,871 for the three months ended December 31, 2017: an increase of $968,406.
- Revenues increased by 34% quarter over quarter – Revenues for the three months ended December 31, 2018 were $1,411,277 compared to $1,052,087 for the three months ended September 30, 2018: an increase of $359,190.
- Net loss – Net loss for the three months ended December 31, 2018 was $314,970 compared to $730,085 for the three months ended December 31, 2017: which is improvement of 415,115 or 57%.
Fiscal 2018 Highlights
- Revenues for the twelve months ended December 31, 2018, were $3,608,676 compared to $1,686,708 for the twelve months ended December 31, 2017: an increase of $1,921,968, or 114%.
- Gross Profit increased by 199% – Gross profits for the twelve months ended December 31, 2018 was $690,998 compared to $230,810 for the twelve months ended December 31, 2017: an improvement of $460,188 or 199%.
- Net loss – Net loss for the twelve months ended December 31, 2018 was $1,407,523 compared to $1,808,394 for the twelve months ended December 31, 2017: which is improvement of 400,871 or 22%.
- Working Capital – At December 31, 2018, the Company had a working capital balance of $1,918,741 including cash of $731,443. During the twelve months ended December 31, 2018, the Company maintained a healthy working capital despite incurring development costs totaling $1,033,569 for its next generation of M-IOT sensors and solutions.
Three months ended December 31:
|Audited||Q4 FY 2018||Q4 FY 2017|
|Total revenue||$ 1,411,277||$ 442,871|
|Gross profit||$ 181,772||$ 218,116|
|Net loss||$ (314,971)||$ (388,381)|
|EPS – basic||$ (0.00)||$ (0.01)|
Twelve months ended December 31:
|Audited||FY 2018||FY 2017|
|Total revenue||$ 3,608,676||$ 1,686,708|
|Gross profit||$ 690,998||$ 230,810|
|Net loss||$ (1,407,523)||$ (1,808,394)|
|EPS – basic||$ (0.02)||$ (0.03)|
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 fixed and movable assets, as well as monitor environmental conditions. The company develops mobile applications, middle-ware and cloud-based solutions that stand-alone or that can be readily integrated with existing software. BeWhere’ solutions are cutting edge, using the latest available cellular technologies (LTE-M and NB-IoT) and offering customers low-cost sophisticated technology to implement a new level of visibility to their businesses.
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.
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 Audited Annual Consolidated Financial Statements for the year ended December 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.
BeWhere Inc. Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
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.