BeWhere Holdings Inc. Reports Fourth Quarter and Fiscal Year-end Financial Results and Provides Business Update
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 be readily integrated with existing software, announces its financial results for the three and twelve months ended December 31, 2017.
- Revenues increased by over 748% year over year, and 504% quarter over quarter – Revenues for the three months ended December 31, 2017 were $443 thousand compared to $88 thousand for the three months ended December 31, 2016: an increase of $355 thousand (504%). For the twelve months ended December 31, 2017, revenues were $1,686 thousand compared to $225 thousand for the twelve months ended December 31, 2016: an increase of $1,461 thousand (748%).
- Gross Profit continues to trend higher – Gross profits for the twelve months ended December 31, 2017 was $332 thousand compared to $57 thousand for the twelve months ended December 31, 2016: an increase of 580%. Gross profits increased primarily as a result of increased product and solution deliveries in the quarter and the positive effect of scaling the Company’s shipments as part of previously announced customer wins.
- Working Capital remains healthy – At December 31, 2017, the Company had a working capital balance improved and amounted to $3,640 thousand, including cash of $3,205 thousand. This compares favorably with the working capital balance of $1,765 thousand, including cash of $1,824 thousand at December 31, 2016.
- On November 9, 2017 BeWhere, Bell Canada and Huawei together with The Premier of Ontario Kathleen Wynne announced the successful completion of the first Low-Powered Wide Area (“LPWA”) cellular case study at Henry Pelham Winery in Pelham, Ontario show casing BeWhere’s disruptive technology for environmental monitoring
- The Company continues to pursue relationships with the industry association (GSMA), MNO’s and Telecommunication Infrastructure Providers and expects its new product line to be launched and sold through specific carrier channels starting in 2018.
- The Company plans a commercial launch of its LPWA cellular solution in second quarter of 2018
- PTCRB certification of our LPWA cellular beacon has been completed in first quarter of 2018.
BeWhere again achieved multiple milestones during the twelve months ended December 31, 2017 including: record revenues, and backlog, completed installations on the original Brinks contract, implementation and rollout of a new worker safety solution for Brinks Canada and successful rollout of the company’s new LPWA cellular environmental monitoring solution at Henry Pelham with Partners Bell Canada and Huawei. The Company will continue to announce new partnerships and build its pipeline of contracted revenue in 2018 all while continuing its leading- edge product development.
Owen Moore CEO and Founder stated “the fiscal 2017 ended with record revenue and a strong balance sheet allowing the team to continue to grow revenue and backlog. We are on the cusp of rolling out our disruptive LPWA cellular solution to strong interest from our partners. The successful pilot of this solution at Henry Pelham in a real-world application further solidifies the disruptive nature of the technology we have created. Our distribution platform of value added resellers is really starting to convert pilots into revenue and the launch of our LPWAN cellular Beacon will compliment nicely our current product offering and deepen our penetration into the rapidly expanding environmental monitoring and asset tracking space.
Financial Highlights for year ended December 31, 2017
|Basic and loss per share||($0.03)||($0.07)|
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 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.
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
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.