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Realized annual cost savings of more than $2.4 million through enhanced operational efficiencies
Continues to target annualized cost savings of $4 million by the end of 2019
Remains on track to meet or exceed quarterly revenue guidance of $8.5 million
ALMONTE, Ontario, Sept. 26, 2019 (GLOBE NEWSWIRE) -- 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE:SAFE) (SAYFF) (62P2.F) is pleased to announce that the Company, which operates through its wholly-owned subsidiary, 3 Sixty Secure Corp., has realized annualized cost savings of more than $2.4 million through enhanced operational efficiencies; the Company maintains its annualized cost reduction target of $4 million by the end of 2019. These realized and expected cost savings are expected to accelerate the Company’s path to sustainable profitability while supporting 3 Sixty’s growth strategy. The Company expects a strong finish to the third quarter as it continues to secure lucrative contracts across all company services platforms and is on track to meet or exceed its previously announced revenue target of $8.5 million for Q3 while aggressively enhancing efficiencies. These efficiencies have been identified primarily post-transaction of the INKAS Security Services Ltd. acquisition.
“3 Sixty remains in growth mode, however management has identified and implemented significant cost savings that accelerate our path to sustainable profitability without sacrificing our commitment to customer service or impacting our growth agenda,” said Thomas Gerstenecker, CEO and Founder of 3 Sixty. “An improved cost structure, continued customer wins and meeting or exceeding our quarterly revenue guidance provides us with the financial flexibility to execute against our growth strategy as we remain laser-focused on leading the cannabis security industry in Canada and expanding our services within the US.”
“Management will identify further efficiencies heading into 2020 as we continue to build a lean company while expanding our service offerings, gaining market share within Canada, and expanding into strategic locations in the US,” added Thomas Gerstenecker. “We have already secured licenses in Nevada, Florida, Ohio and managed services in New Jersey, and we have set our sights on Missouri, New York, Colorado, Arizona and California as potential areas of expansion.”
The Company has retained the services of Renmark Financial Communications Inc. (“Renmark”) to manage parts of its investor relations activities. In consideration of the services to be provided, the monthly fees incurred by 3 Sixty will be a cash consideration of up to $7,000 CAD, starting September 1, 2019 for a period of six months ending on March 31st, 2020 and monthly thereafter. Renmark does not have any interest, directly or indirectly, in 3 Sixty or its securities, or any right or intent to acquire such an interest.
About 3 Sixty Risk Solutions Ltd.
3 Sixty Risk Solutions Ltd., operating through its wholly-owned subsidiary, 3 Sixty Secure Corp., is one of Canada's leading security service providers to the cannabis sector, transporting approximately $250 million of product every month. 3 Sixty provides cannabis security consulting, guarding and secure transport security services to more than 600 customers and more than 100 licensed cannabis producers, including some of the world's largest, such as licensed producers owned by Canopy Growth Corporation. 3 Sixty has a staff of over 650 employees and employs a fleet of over 150 vehicles, which management believes provides a combined security footprint to approximately 35 million square feet of patrolled area.
For further information regarding the Company, please contact:
Carlo Rigillo, Chief Financial Officer, 3 Sixty Secure Corp.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.