CALGARY, April 28, 2017 /CNW/ - Trakopolis IoT Corp.
("Trakopolis" or the "Company") (TSX VENTURE: TRAK) has reported
financial results for the 2016 period end and the three months
ended December 31, 2016. The
financial year end of the Company was changed from June 30 to December 31.
Fourth Quarter highlights include:
- Revenue of $1.214 million, which
represents a 8% increase over same quarter in 2016.The increase was
mainly driven by growth in hardware sales through units deployed
through a strategic partnership in gas detection integration.
- Adjusted EBITDA was negative $522
thousand for the quarter, this compared to negative
$697 thousand from the same period in
2015, representing a 25% improvement.
- A net loss of $3.824 million was
recorded for the quarter This is compared to $1.089 million from the same period in 2015. The
net loss for the quarter included $3.285
million of transaction costs related to the reverse takeover
of TSXV shell company of which $3.009
million was non-cash. The company anticipates its expenses
will normalize in the coming quarters, as these costs are not
expected to be recurring.
"Becoming a listed issuer over the last 6 months' positions
Trakopolis to initiate our growth plan," stated Brent Moore, Chief Executive Officer of
Trakopolis. "We also completed a small software acquisition,
continued field testing of the exclusive Honeywell ConneXt
Loneworker product and managed the subsequent hiring and onboarding
of new staff. We are looking forward to our strategic efforts being
reflected in our operating results in future
quarters."
Trakopolis' 2016 fourth quarter and year end financial
statements & management discussion have been posted to the
Company's website and can be accessed at
http://trakopoliscorp.com/investors/. The MD&A and Financial
Statements have also been filed with SEDAR and will be accessible
at www.sedar.com.
About Trakopolis
Trakopolis is a Software as a Service (SaaS) company with
proprietary, cloud-based solutions for real-time tracking, data
analysis and management of corporate assets such as equipment,
devices, vehicles and workers. The Company's asset management
platform works across a variety of networks and devices. Trakopolis
has a diversified revenue stream from many verticals including oil
and gas, forestry, transportation, construction, rentals, urban
services, mining, government and others.
Disclaimer for Forward-Looking Information
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation that are not
historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding: future sales of as part of
the Honeywell ConneXt Loneworker™ solution and expansion of the
relationship with Honeywell. Forward-looking statements are
necessarily based on a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties and other factors which may cause 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: commercial success of the
Honeywell ConneXt Loneworker™ solution and sales of the solution
and other solutions under an expanded Honeywell relationship;
general business, economic and social uncertainties; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; those additional risks set
out in the Company's public documents filed on SEDAR at
www.sedar.com; and other matters discussed in this news release.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply
as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed time frames or at
all. Except where required by law, the Company disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
This news release contains references to certain financial
measures that do not have any standardized meaning prescribed by
IFRS and may not be comparable to similar measures presented by
other entities. These non-GAAP financial performance measures
should be viewed as a supplement to, and not a substitute for, the
Company's results of operations reported under IFRS. These
financial measures are identified and defined below:
EBITDA is an indicator of the financial results generated by our
business activities excluding the impact of any financing
activities, amortization and depreciation of property, equipment
and intangible assets, and taxes.
Adjusted EBITDA is a further refinement of EBITDA to remove the
effect of share-based compensation expense and one-time costs
associated with the RTO transaction. As such, Adjusted EBITDA
provides more meaningful continuity with respect to the comparison
of our operating results over time.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Trakopolis IoT Corp.