VANCOUVER, April 30, 2018 /CNW/ - Fireswirl
Technologies Inc. (TSXV: FSW), "the
Company", today announced its audited financial results for the
fourth quarter and full year ended December
31, 2017. All figures are quoted in Canadian dollars.
Financial statements and accompanying MD&A are available on
SEDAR.
Financial Highlights
- For the three months ended December 31,
2017 ("Q4 2017"), total operating revenue was $10,234 compared to $16,108 for the same period in 2016 ("Q4
2016").
- Net loss from continuing operations increased $1,001,549 to $1,156,975 in Q4 2017 compared to $155,426 for the same period in 2016. Included in
Q4 2017, there is a goodwill impairment charge of $1,105,248 relating to AMZON acquisition.
- The Company had a total loss attributable to shareholders of
the Company of $1,242,371 in Q4 2017
compared to a net loss of $224,206
for the same period in 2016. The increase of loss is mainly because
the goodwill impairment charge of $1,105,248 relating to AMZON acquisition.
Subsequent Event
Subsequent to the year ended December 31,
2017, the Company completed a non-brokered private
placement, raising $300,000 gross
proceeds by issuing 6,000,000 common shares at a price of
$0.05 per share.
"The management team will continue with our strategy in
executing on the company's new direction," states Henry Au, CEO, "We also welcome our new member
of the board, Mr. He who joined the board with his extensive
experience in consumer and e-commence markets. Mr. He
will also chair our audit committee. Additionally, our newly
appointed VP of Business Development, Mr. Li strengthens our
management team who will focus on executing our strategic
initiatives and company growth with his comprehensive background in
business development. The company is now well positioned with
the expansion of the board and management team."
About Fireswirl
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.
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.