Glance Announces Fiscal 2017 Results and Reports Record Revenues in Fourth Quarter of 2017
VANCOUVER, British Columbia, March 29, 2018 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET.CN) (OTCQB:GLNNF) (FKT:GJT) (“Glance” or the “Company”) today announced financial results for the fourth quarter and fiscal year ended November 30, 2017.
“We made tremendous progress in fiscal 2017 towards establishing Glance Pay as a mobile payment system that offers unique benefits to both merchants and consumers. We expanded our footprint into new locations and verticals, began working on a rewards based cryptocurrency, and raised the capital to fund our growth,” said Glance CEO Desmond Griffin. “We are very excited about the opportunities ahead as we continue to advance our technology roadmap and execute on our vision.”
Fiscal 2017 Financial Highlights:
Revenue of $1,070k increased 132,723% from $8k in fiscal 2016.
Operating expenses of $10,427k increased 383% from $2,158k in 2016, with expenses growing in most categories as business activity ramped. Most notable was a $4,458k increase in sales & marketing, and a $2,948k increase in stock option-based payments, a non-cash expense driven in part by the high stock price at November 30, 2017.
Loss from operations was $9,356k, or $(0.12) per share, increased 351% compared to $2,150k, or $(0.04) per share, in fiscal 2016.
$18.2 million raised in equity financing during the fiscal 2017. This figure does not include approximately $11.05 million of gross proceeds raised through a brokered bought deal financing in December 2017.
As at November 30, 2017, the Company had $10,294k of cash ($361k a year earlier), no debt ($nil in 2016) and a positive working capital position of $9,803k ($323k in 2016).
Fourth Quarter 2017 Financial Highlights:
Revenue of $687k in Q4 2017 compared to $240k in Q3 2017, and $7k in Q4 2016.
Net loss of $5,863k in Q4 2017, representing $(0.08) per share or $(0.04) diluted, compared to $1,032k in Q4 2016, representing $(0.02) per share or $(0.01) diluted.
Fiscal 2017 Operating Highlights:
More than doubled the number of signed merchants to 282, from 130 at the end of 2016.
Upgraded the mobile payment application features for a more enhanced customer experience.
Diversified market space into the retail and services industry, demonstrating agility to serve more markets.
Initiated a blockchain strategy to deliver, among other applications, a rewards-based cryptocurrency.
Launched Glance Dollars, a form of credit that can be distributed to app users for compensation (referrals) or for promotions and competitions.
Launched Merchant Dollars, an in-app digital coupon which is specific to a particular restaurant for a specific time period, enabling business and merchant partners to do promotional events without effort.
Targeted new vertical markets through licensing agreements signed with Cannapay Financial Inc., Active Pay Distribution Inc., and Euro Asia Pay Holdings Inc.
The Company’s complete financial results for fiscal 2017 are available in its audited annual financial statements and annual management’s discussion and analysis for the year ended November 30, 2017, each of which have been filed with Canadian securities regulators at www.sedar.com.
Outlook
Management intends to pursue a number of technology, product and marketing initiatives to continue to drive growth in fiscal 2018. The Company’s strategic priorities include:
Growing monthly recurring revenue by continuously adding new merchants and consumers.
Accelerating the roll-out to merchants through a new downloadable merchant app that enables merchants to quickly set up Glance Pay on their own devices.
Building a rewards-based cryptocurrency platform using blockchain technology to allow merchants to reward and incentivize their customers.
Leveraging the Company’s superior anti-fraud technology to expand into online purchases, e-commerce and other markets.
Broadening Glance Pay’s geographic footprint across more North American cities, building on its existing presence across Canada and its recent launch in California.
Working with licensing partners to expand into new vertical markets.
IFRS
The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standards.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards and interact with merchants. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in iOS (Apple) and Android formats, merchant manager apps, a large-scale technology hosting environment with sophisticated anti-fraud technology and lightning-fast payment processing. Glance has also recently purchased an end-to-end blockchain solution and is working on a rewards-based cryptocurrency intended to be integrated into the Glance Pay app.
For more information about Glance, please go to www.glance.tech.
For more information, contact:
David Jan
Vincic Advisors
604-828-2255
david@vincicadvisors.com Laura Burke
Chief Financial Officer
604-694-6502
laura@glancepay.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, "believe", “thinks”, "expect", “exploring”, “expand”, “could”, "anticipate", "intend", "estimate", “plan”, “pursue”, "potentially", “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations (including advancing its technological roadmap), growing monthly recurring revenue, accelerating the roll-out to merchants through a new downloadable merchant app, building a rewards-based cryptocurrency platform using blockchain technology, leveraging Glance’s anti-fraud technology to expand into online purchases, e-commerce and other markets, expanding across North American cities, and working with its licensing partners to enter into new vertical markets. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, the risk that Glance is unable to continuously add new merchants as planned, the risk that the mobile payments marketplace may not continue to increase in volume, the risks related to the development of a rewards-based cryptocurrency and integration into the Glance Pay app, and risks related to the business of Glance’s licensing partners. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business objectives, that Glance will be able to develop proprietary software to implement its plans, Glance will be successful in obtaining and retaining clients and licensees for its software, that the new downloadable merchant app will enable merchants to quickly set up Glance Pay on their own devices, the blockchain platform will continue to develop and grow in utilization and adoption in the world, and Glance will be able to expand its operations successfully in new geographic markets and new industries. For additional information with respect to these and other factors and assumptions underlying the forward looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance's profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.
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