MOBI724 GLOBAL SOLUTIONS INC. /THIS NEWS RELEASE DOES NOT CONSTITUTE A SOLICITATION TO BUY OR SELL ANY SECURITIES IN
Operating and Financial Highlights for the third quarter:
- Entered into a commercial agreement with Banco Hipotecario to implement its AI-driven Customer Engagement, Data Monetization & Offers platform for cardholders of Banco Hipotecario, a leading
Argentine Bank , leveraging MOBI724's integration and connectivity with the Visa Offers Platform; - Entered into a multi-country commercial agreement with
Visa to enable its customer engagement solutions toVisa cardholders of banks operating in multiple markets acrossCentral America and theCaribbean ; - Revenues of
$0.091 million , a decrease of 38% when compared to the previous quarter; - Mobi724 announced a contract early in 2022 which was successfully completed at the end of second quarter and during the third quarter the company entered into a new contract that is expected to generate revenues starting in the last quarter of 2022 and into 2023;
- Operating costs of
$1.345 million , a decrease of 22% when compared to the previous quarter: - The company continues to optimize its operations in a challenging environment;
- Net loss of
$1.394 million , a decrease of 1% when compared to the previous quarter; - Proceeds from the issuance of shares and warrants for private placement of
$0.5 million ; - Proceeds from long-term debt for a total cash consideration of
$0.189 million ; and - Cash and cash equivalents of
$0.069 million as ofSeptember 30, 2022 .
"This year has been a very challenging and transformative year for the company. Our strategy of leading with a low cost rapid proof of concepts ("POC") started to pay dividends in the last 2 quarters, with the team converting these POCs into contracts with global brands, leading banks, and multiple transaction providers to create a solid foundation for our accelerated growth for 2023 and beyond. I'm very happy with the market response to our AI powered real-time payment card behavior driven offers solutions as we enter this new year. For additional information, please refer to our business update of
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 nine-month period ended
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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. Such factors include, among other things: risks and uncertainties relating to mobi724's ability to complete the proposed Acquisition; and other risks and uncertainties. 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. Completion of the Acquisition is subject to conditions, including but not limited to, TSX-V acceptance. There can be no assurance that the Acquisition will be completed as proposed or at all.
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.
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