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Mobi724 Announces Q2-2022 Financial Results

Newsfile Corp.
·2 min read

Montreal, Quebec--(Newsfile Corp. - August 29, 2022) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-powered payment card-linked solutions, today released its second quarter 2022 results for the three-month and six-month period ended June 30, 2022.

Operating and Financial Highlights for the second quarter and post-reporting period:

  • Entered into a long-term license and support agreement with CGI. The agreement is for an initial term of 10 years;

  • Revenues of $0.147 million, an increase of 14% when compared to the previous quarter;

  • Operating costs of $1.099 million, a decrease of 7% when compared to the previous quarter;

  • Net loss of $1.403 million, a decrease of 4% when compared to the previous quarter;

  • Proceeds from demand debt for a total cash consideration of $0.190 million;

  • Cash and cash equivalents of $0.057 million as of June 30, 2022;

  • The company completed a $0.5 million equity raise on August 11, 2022.

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"The Company has had a busy few months as it accelerates its revenue growth, enters into important strategic relationships and strengthens its balance sheet," commented Marcel Vienneau, Chief Executive Officer. "We have now signed multiple important contracts for our industry-leading AI-powered solutions with global brands and as well as with key transaction providers for our connectivity network and especially in our key market of Mexico for the Latam region. We continue discussions with our acquisition target in the context of continuing adverse conditions in the capital markets which are making a win-win transaction more challenging. Our focus in the coming quarters is to bring the company to cash flow positive," said Marcel Vienneau, CEO.

This press release should be read in conjunction with the Company's condensed interim consolidated financial statements and the Company's Management Discussion and Analysis for the six-month period ended June 30, 2022. These documents and additional information can be accessed under Mobi724's company profile on www.sedar.com.

About Mobi724 Global Solutions Inc.
Make Every Transaction An Opportunity

Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients. Learn more at Mobi724.com.

Legal Disclaimer

Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR. These forward-looking statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Mobi724 cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Mobi724's control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Mobi724 undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of TSX-V) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE DOES NOT CONSTITUTE A SOLICITATION TO BUY OR SELL ANY SECURITIES IN THE UNITED STATES AND IS NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Investor Relations:

For further information, please visit www.Mobi724.com or contact:

Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 ir@mobi724.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135287