Snipp Crosses US$4MM of Bookings in Q4 2017, Largest Quarter of Sales in 2017 With 150+% Growth Compared to Q4 2016
January 03 2018 - 7:00AM
Snipp Interactive Inc. ("Snipp" or the “Company”) (OTCQB:SNIPF)
(TSX-V:SPN), a global provider of digital marketing promotions,
rebates and loyalty solutions, today announced that it has crossed
US$4MM worth of deals in Q4 2017, the largest quarter this year and
second largest in company history.
The deals are with 48 different clients for
brands in 13 unique industries ranging from CPG, to alcohol,
electronics and pharma, as well as sporting goods and toys. The
programs leverage the entire Snipp suite of solutions - promotions,
rewards, rebates and loyalty. Almost all these programs utilize
SnippCheck, Snipp’s market leading receipt validation technology,
which is a key component in the Company’s promotion, rebate and
loyalty offerings.
According to Atul Sabharwal, Chief Executive
Officer at Snipp, “We are very pleased to have closed the year with
one of the largest quarters in our history. On January 3, 2016 the
bookings number we had announced was $1.5MM+, so getting to $4MM+
of bookings for 2017 is a great testament to our strategy. While we
are proud of the diversity of industries we are now providing
solutions to, it is a validation of the versatility of our suite of
products that now cover an even broader range of a marketers
requirements. Our expanding presence in Fortune 500 companies is
also a direct reflection of our ability to consistently deliver
real value to help clients achieve their marketing objectives. We
look forward to continuing this momentum in the new year. In 2018
we plan to further build on our innovations as well as use our
expertise to break into new industries. We would also like to take
this opportunity to wish all of our partners and stakeholders a
very happy New Year and a fantastic 2018!”
While the figures mentioned above reflect the
total revenues booked, please note that the projects are spread
across multiple time periods and the associated revenues will be
recognized per Snipp’s established revenue recognition
policies.
Snipp is also pleased to announce that Silicon
Valley Bank (SVB) has agreed to extend the Forbearance Agreement
with the Company. This agreement, which was initially announced on
October 18, 2017. will now remain in effect until January 31, 2018.
SVB has also agreed to extend the term of the credit facility that
was initially announced on November 23, 2016. The facility will now
mature on January 31, 2018.
Visit the Snipp website at http://www.snipp.com/
for Snipp’s full suite of solutions and examples of Snipp
programs.
About Snipp:
Snipp is a global loyalty and promotions company
with a singular focus: to develop disruptive engagement platforms
that generate insights and drive sales. Our solutions include
shopper marketing promotions, loyalty, rewards, rebates and data
analytics, all of which are seamlessly integrated to provide a
one-stop marketing technology platform. We also provide the
services and expertise to design, execute and promote client
programs. SnippCheck, our receipt processing engine, is the market
leader for receipt-based purchase validation; SnippLoyalty is the
only unified loyalty solution in the market for CPG brands. Snipp
has powered hundreds of programs for Fortune 1000 brands and
world-class agencies and partners.
Snipp is headquartered in Toronto, Canada with
offices across the United States, Canada, Ireland, Europe, and
India. The company is publicly listed on the OTCQB, of the OTC
market in the United States of America, and on the Toronto Stock
Venture Exchange (TSX) in Canada. Snipp was selected to the TSX
Venture 50®, an annual ranking of the strongest performing
companies on the TSX Venture Exchange, in 2015 and 2016. SNIPP IS
RANKED AMONGST THE TOP 500 FASTEST GROWING COMPANIES IN NORTH
AMERICA On Deloitte’s 2017 Technology Fast 500™ List, for the
second year in a row.
FOR FURTHER INFORMATION PLEASE CONTACT: MKR Group, Inc. Todd
Kehrli / Mark Forney snipp@mkr-group.com
Snipp Interactive Inc. Jaisun Garcha Chief Financial Officer
investors@snipp.com
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that involve risks and uncertainties, which may cause
actual results to differ materially from the statements made. When
used in this document, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions are intended to identify forward-looking
statements. Such statements reflect our current views with respect
to future events and are subject to such risks and uncertainties.
Many factors could cause our actual results to differ materially
from the statements made, including those factors discussed in
filings made by us with the Canadian securities regulatory
authorities. Should one or more of these risks and uncertainties,
such as changes in demand for and prices for the products of the
company or the materials required to produce those products, labour
relations problems, currency and interest rate fluctuations,
increased competition and general economic and market factors,
occur or should assumptions underlying the forward looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, or
expected. We do not intend and do not assume any obligation to
update these forward-looking statements, except as required by law.
The reader is cautioned not to put undue reliance on such
forward-looking statements.
Neither the 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.
Copyright Snipp Interactive Inc. All rights
reserved. All other trademarks and trade names are the property of
their respective owners.
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