VinCompass 2Q Report
October 17 2016 - 7:00PM
Marketwired
VinCompass 2Q Report
SAN FRANCISCO, CA-(Marketwired - Oct 17, 2016) - VinCompass
Corp. (OTC: VCPS) reported in the Form 10Q for the period ending
August 31, 2016 results of an operating loss of $211,727 in the
period ending August 31, 2016 compared to a loss of $96,807 in
period ending August 31, 2015.
Company Updates
The Company has continued to invest heavily in upscale
technology with the Development Expenses in the August 2016 period
of $96,859 compared to the prior year of $51,175 growing by 89%.
These expenses will accelerate the goal to have more than 25,000
restaurants under management compared to over 10,000 restaurants
and over 1,000,000 wines under management currently. Founder &
CEO Peter Lachapelle commented "We are making significant progress
towards next year's goal of 25,000 Restaurants. This will help
accelerate the business plan."
Financial Updates:
We have continued to raise capital to support our growth plans.
During the period ending August 31, 2016 we secured a total of
$136,500 from third parties as a combination of Equity ($79,500)
and Convertible Notes ($67,000). While Equity was the below market,
priced at $0.80, it is in line with our previous placements earlier
in the year.
We are also considering additional options to the private
placements as we continue to raise additional capital. For example,
but not limited to debt, crowd funding or a registration statement.
We have not made any statement or time table other than what was
previously disclosed.
News Updates:
On June 10, 2016 the Company released a research study that
indicated that 92% of consumers experience anxiety when pairing
wine in a restaurant. This phenomenon, known as "fear of the wine
list" (FoWL).
On July 11, 2016 the Company announced an addition to the board
of directors, Mike Profita. "We are at a point of corporate growth
and we believe Mike's business acumen, network, and experience with
public companies would help us get to the next level," said Peter
Lachapelle
On August 30, 2016 the Company announce receiving registration
acceptance by the U. S. Patent Trade Office (PTO) and updates on
its intellectual property (IP) portfolio. Founder & CEO Peter
Lachapelle said "VinCompass is pleased to have our IP recognized by
the PTO. As part of our overall strategy, these IP investments in
both technology and the registration process will allow us to
uniquely solve the personal wine curation problem and accelerate
VinCompass' monetization process."
For more detail on these and other updates, please refer to
http://www.vincompass.com/investor_relations/news
Subsequent Events
On October 5, 2016, the Company executed a convertible
Promissory note for $73,500. The note bears an interest rate of 10%
per annum and is due by September 28, 2017. We will continue to
secure capital towards our goal of $750,000 of working capital
objective, we also expect that this rate will accelerate as we look
to next year. The total amount converted or raised from third
parties totals $368,114 for the period between Jan 15, 2016 and
October 15, 2016.
About the Company
VinCompass (OTC: VCPS) - guiding your wine journey with personal
curation starting in the restaurant - makes a mobile solution that
guides the users through the wine selection process and provides
personalized wine club and private label wine while offering
ecommerce convenience. Users create a digital blue print of their
wine preferences (VinPrint) to overcome the fear and anxiety of
selecting wine. In social settings, VinCompass matches consumers'
wine preferences with a database of over 1 million wines and wine
lists at more than 10,000 restaurants. No other solution solves the
$12 billion+ restaurant angst sometime known as "fear of the wine
list" (FoWL). With consumers' VinPrint on hand, VinCompass ecomm
solution is a one-to-one wine club that tailors its monthly
offering based on the preferred quality and tastes of its
subscribers on an individual basis. Private label wines are also
available to both corporations and individuals via VinCompass'
ecomm solution. In the $4 billion wine club and private label
business, VinCompass is the first to apply predictive analytics to
fulfill consumer ecommerce purchases. VinCompass's mission is to
use its patent pending data engine technology to help everyone
enjoy wine more with less effort, starting in the restaurant and
shipping wine to your office or home in over 40 states.
Safe Harbor Statement
Statements in this press release may be "forward-looking
statements". Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "optimizing,"
"potential," "goal," and similar expressions, as they relate to the
Company, its business or management, are forward-looking
statements. These statements are based on current expectations,
estimates and projections about the Company's business based, in
part, on assumptions made by management. These statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. Actual outcomes and
results may, and probably will, differ materially from what is
expressed or forecasted in such forward-looking statements due to
numerous factors, including those described above and those risks
discussed from time to time in the Company's filings with the
Securities and Exchange Commission.
Contact Information Investor Relations VinCompass Corp Email:
IR@VinCompass.com Phone: 415 - 817 9955 ext 8 Web:
http://www.vincompass.com/investor_relations