BeWhere Holdings Inc. Reports First Quarter Financial Results of Fiscal 2019
TORONTO – May 27, 2019 – BeWhere (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company”), a Mobile Internet of Things (M-IoT) solutions provider, is pleased to announce its financial results and operational highlights for the three months ended March 31, 2019.
First Quarter 2019 Operational Highlights
- The Company’s mission is to disrupt the mobile asset tracking market with sophisticated low-cost solutions and to be a first-mover in the Mobile Internet of Things (M-IoT) connected sensor market. To that end, the Company progressed with a number of initiatives during and post Q1 2019;
- BeWhere showcased new M-IoT solutions at the Mobile World Congress Barcelona in February 2019. The Company demonstrated its clean water-supply monitoring, highlighted on CNBC and its connected-sensor solutions, highlighted on GSMA-TV;
- The company’s technology and distribution partners launched additional marketing and awareness campaigns with Asset Tracking Fun with Mason and Macy;
- The company expanded the number of technology and distribution partners, such as new valued partners Fleet Hoster and Trakopolis; and
- The Company continues to expand its technology and distribution network with the recent signing of a distribution agreement with a Tier 1 Mobile Network Operator, and an expected product launch date in Q3 2019.
First Quarter 2019 Financial Highlights
- Revenues increased by 168% year over year – Revenues for the three months ended March 31, 2019 were $1,433,928 compared to $534,614 for the three months ended March 31, 2018: an increase of $899,314;
- Recurring revenue increased by 42% year over year – Recurring revenues for the three months ended March 31, 2019 were $385,594 compared to $270,970 for the three months ended March 31, 2018: an increase of $114,624;
- Recurring revenue increased by 17% quarter over quarter – Recurring revenues for the three months ended March 31, 2019 were $385,594 compared to $330,878 for the three months ended December 31, 2018: an increase of $54,716;
- Net loss – Net loss for the three months ended March 31, 2019 was $506,603 compared to $454,588 for the three months ended March 31, 2018: an increase of $52,015 or 11%. This is primarily due to planned increase in expenses associated to staffing levels and marketing;
- The company closed a $4 million equity financing with a significant portion of the raise subscribed through insiders, management and strategic investors; and
- Working Capital – At March 31, 2019, the Company had a working capital balance of $5,087,083 including cash of $3,651,624. the Company maintained a healthy working capital despite incurring development costs totaling $195,342 for its next generation of M-IoT sensors and solutions.
BeWhere (TSXV: BEW, OTCQB: BEWFF) is a Mobile Internet of Things (“M-IoT”) 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.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 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 ended March 31, 2019 and 2018, 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.
SOURCE: BeWhere Holdings Inc.
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