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Montreal, Quebec--(Newsfile Corp. - August 26, 2021) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked solutions, today released its second quarter 2021 results for the three and six months ended June 30, 2021.
Second Quarter 2021 Highlights
Continued progress on growth strategy by enhancing Mobi724's brand awareness in key Latam markets
Strengthened management team through the addition of new Chief Revenue Officer
Improved capital position by closing on the first tranche of a loan of $1.15 million for a maximum amount of $2.3 million from the Government of Québec and a private placement of $0.85 million for a total of $2.0 million
Revenue was $0.16 million which was an increase of 15% compared to the same period last year and a quarter-over-quarter decrease of 18%
Operating Costs of $0.88 million increased by 23% compared to second quarter of 2020 and increased by 1% quarter-over-quarter
Net Loss of $1.01 million increased by 61% compared to the same period last year and increased by 4% quarter-over-quarter
Cash and cash equivalents of $1.26 million as at June 30, 2021
"Our goal is to establish a proper foundation in order to position Mobi724 for future growth and success," said Marcel Vienneau, CEO of Mobi724. "We have made significant progress raising brand awareness amongst the large payment processing networks in our target market of Latam. As we head into the second half of 2021, we expect to continue our company's growth as we begin commercializing existing business agreements and relationships and enter into new agreements."
Mobi724's pay for performance business model is especially relevant in today's environment, as sectors globally adopt digital services to focus on efficiency and create a frictionless and all-digital consumer experience. Mobi724's payment-agnostic functionality bodes well into this new reality, and the Company is pursuing opportunities in keeping with prevailing market conditions.
The Company is focused on the following near-term priorities:
Advancing business relationships with large payment processing networks in Latam in order to expand access to the real-time visibility on purchase transactions, to acquire new clients, to accelerate revenues and to add barriers for the entry of competitors.
Building a pipeline across the region by leveraging multiple channels, including Mobi724's growing network of alliances, partners, and subsidiaries.
This press release should be read in conjunction with the Company's Q2-2021 Management Discussion and Analysis and Q2-2021 Consolidated Financial Statements. These documents and additional information can be accessed under Mobi724's company profile on www.sedar.com.
About Mobi724 Global Solutions Inc.
Every Transaction is 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.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) 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.
For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 email@example.com
Nicole Piasentini, Investor Relations
NATIONAL Capital Markets
T: 647-382-9373 firstname.lastname@example.org
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94576