VANCOUVER, Aug. 28, 2017 /CNW/ - Fireswirl Technologies
Inc. (TSXV: FSW), "the Company", today announced its financial
results for the second quarter ended June
30, 2017. All figures are quoted in Canadian dollars.
Financial statements and accompanying MD&A are available on
SEDAR.
Financial Highlights for Q2:
- Completed the acquisition of the final tranche of acquisition
of AMZON (HK) in owning an aggregate of 60% of the outstanding
shares of AMZON. AMZON is a private company incorporated pursuant
to the laws of the Hong Kong Special Administrative Region of
the People's Republic of China.
AMZON is in the business of providing multimedia and interactive
marketing solutions, specializing in 3D visualizations, computer
graphics and digital design. It has also developed and deployed AR
and VR applications for customers in the property and sports
segments. In the property segment, AMZON VR and AR applications are
mainly deployed for sales and promotional use. In the sports
segment, AMZON has developed its owned branded VX System, which
integrates seamlessly with VR technology and indoor cycling
applications.
- Completed the sale of its controlling interest in controlling
interest in Beijing Xingchang Xinda Technology Development Co.,
Ltd. ("XCXD") to, inter alia, the shareholders of
XCXD in consideration for an aggregate of 6,058,673 common shares
of the Company held by the Purchasers and cancelled the
Consideration Shares and returned them to treasury.
- For the three months ended June 30,
2017 ("Q2 2017"), total operating income from continuing
operations was $121,338 compared to
$15,107 for the same period in 2016
("Q2 2016").
- Net loss from continuing operations was $676,418 in Q2 2017 compared to a net loss of
$468,885 for the same period in
2016.
- The Company had a total net income attributable to common
shareholders of the Company of $1,341,606 compared to a net loss of $683,936 for the same period in 2016. The net
income in Q2, 2017 mainly because of the gain recognized on
disposition of XCXD in the amount of $1,796,600. If excluding the gain on disposition
of XCXD, the Company would have a net loss of $548,844 for Q2 2017.
"The acquisition of Amzon and its VX product range has opened up
a lot of new opportunities for us in the global fitness market,
especially in the Internet-connected fitness platforms" Stated
Henry Au, CEO, "We will focus on building on the success of the
current VX platform and expand into new markets so we can generate
the best return on investment for our shareholders."
About Fireswirl and AMZON
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. The Company's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Our solutions can be
adapted to any industry seeking high volume or micro-payment
solutions involving a wide base of users through internet or
wireless applications.
AMZON is one of the leading multimedia solution providers in
Hong Kong. With its strong technological base, we have
established long term business relationships with multi-billion
enterprises such as Mass Transit Railway Corporation ("MTRC"), New
World Development Company Limited ("New World Group") and China
Overseas Holding Ltd. ("COHL"). AMZON has been deploying
creative multimedia solutions for clients in sales & marketing
as well as corporate and brand communication.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Fireswirl
Technologies Inc. with respect to its performance, business and
future events. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without
limitation, those relating to changes in the market, potential
downturns in economic conditions, foreign exchange fluctuations,
general demand, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. Fireswirl Technologies Inc. does not undertake
any obligations to release publicly any revisions for updating any
voluntary forward-looking statements.
SOURCE Fireswirl Technologies Inc.