TORONTO, May 16, 2018 (GLOBE NEWSWIRE) — UpSnap Inc. (CSE:UP) (“UpSnap” or the “Company”), a leading provider of mobile and intent based advertising solutions, today announced its first quarter (Q1) financial results for the three month period ended March 31, 2018.
First Quarter Financial Highlights
- Revenue from Intentional Direct Mail (“IDM”) was $0.1 million in Q1 2018 compared to $nil in Q1 2017.
- Total gross sales from Intentional Direct Mail (“IDM”) for Q1 2018 was $0.3 million and over 200 IDM customers were added to the platform.
- Total operating cost of $0.9 million for Q1 2018, compared to $1.1 million in Q1 2017, a decrease of 17%.
- Loss from operations was $0.1 million for Q1 2018, compared to a loss of $0.1 million in Q1 2017.
- Total operating revenue was $0.8 million for Q1 2018 compared to $1.0 in million in Q1 2017.
“Our IDM technology solution has garnered significant interest from brands and advertisers and we are excited about the future of this technology,” said Bruce Howard, Chief Executive Officer of UpSnap. “We have taken a number of steps to ramp up spend from this product including a refocused partnership with resellers and the inclusion of a new sales channel. In addition, we are seeing an increase in demand for our legacy mobile DSP through this reseller channel. SMBs continue to show demand for a mobile programmatic offering and we are working to add unique solutions that can address this need.”
This news release should be read in conjunction with UpSnap’s unaudited financial statements and the accompanying notes, as at and for the quarter ended March 31, 2018, together with the related Management Discussion and Analysis. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR (www.sedar.com) and on the UpSnap website at www.upsnap.com.
UpSnap provides highly-targeted, data-driven mobile advertising to attract the ideal audience for brands big and small. Combining first-party proprietary data and real-time analytics, UpSnap goes beyond location to deliver site agnostic and results-driven campaigns that produce qualified, engaged customers. UpSnap tailors each campaign to align with unique business goals, delivering the right customers for more meaningful exposure and better business results.
For further information, please contact:
|Alex Pekurar, CPA, CA
Chief Financial Officer
Virtus Advisory Group Inc.
Caution Regarding Forward Looking Information
Certain information set out in this News Release constitutes forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “hope”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “scheduled”, “believe” and similar expressions. The forward-looking information set out in this News Release relates to future events or our future performance and includes: (i) information concerning the positive effect of reducing costs; (ii) the positive effect on growth of developing a new product and platform; (iii) the positive effect on growth of expanding the reseller network.
Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Forward-looking statements involve substantial known and unknown risks, uncertainties and other factors which cause actual results to vary from those express or implied by such forward looking statements. These statements should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved.
The forward-looking statements contained in this press release are made as of the date hereof and based on what management of the company believes are reasonable assumptions. The Company disclaims any intention or obligation to update or publicly revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Furthermore, the Company does not assume responsibility for the accuracy and completeness of the forward looking statements set out in this news release. The Company’s forward looking statements are expressly qualified in their entirety by the foregoing cautionary statements.
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