MONTREAL, QC—(Marketwired – May 29, 2017) – Siyata Mobile Inc. (the “Company” or “Siyata”) (TSX VENTURE: SIM) (OTCQB: SYATF) is pleased to announce it has filed its Q1 2017 financial results and will hold a conference call on Tuesday May 30th, 2017 at 9:00AM EST.
- Q1 2017 revenue of ~$4.9MM versus ~$2.7MM in Q1 2016, an ~80% increase in sales over Q1 2016;
- Adjusted EDITBA of $163K for Q1 2017 versus $28K for Q1 2016, a 482% increase over Q1 2016;
- North American sales of $927K in Q1 2017 versus $42K in Q1 2016, due to Signifi acquisition and increasing dealership and sales channels;
- Gross margin for Q1 was $1,321K (27% of Sales) versus Q1 2016 gross margin of $575K (21.1% of Sales), a 130% increase over Q1 2016;
- $8.2M in working capital as of March 31, 2017.
Marc Seelenfreund, CEO of Siyata Mobile, commented, “We are extremely satisfied with our Q1 financial results with very strong growth in all parameters. I believe that Siyata is still at the early stages of its large scale potential and that we are well positioned to become a market leader in innovative cellular solutions for enterprise customers.”
The Company will hold a conference call on Tuesday, May 30, 2017, at 9:00 a.m. Eastern Time (6:00 a.m. PST), to discuss its recent Q1 financial results along with an investor call with Marc Seelenfreund, CEO of Siyata Mobile.
Details of the conference call:
Date: Tuesday, May 30, 2017
Time: 9:00 a.m. Eastern Time
North America dial–in number: 1–877–291–4570
International dial–in number: 1–647–788–4919
There will also be a playback of the conference call, available in mp3 format.
Siyata Mobile Inc. is a leading global developer and provider of cellular communications systems for enterprise customers, specializing in connected vehicle products for professional fleets, marketed under the UnidenÂ® Cellular brand. Since developing the world's first 3G connected vehicle device, Siyata has been a pioneer in the industry, launching the world's first 4G LTE all–in–one fleet communications device in 2017. Incorporating voice, push–to–talk over cellular, data, and fleet management solutions into a single device, the company aims to become the connected vehicle communications device of choice for commercial vehicles and fleets around the world.
Siyata also offers rugged phones for industrial users and signal boosters for homes, buildings, and fleets with poor cell coverage. Siyata's customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the U.S., Europe, Australia, and the Middle East.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Director
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This news release may include forward–looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward–looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward–looking statements. Factors that could cause actual results to differ materially from those in forward–looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward–looking statements except as required under the applicable laws.