Siyata Mobile Announces Record Quarter with 77% Revenue Increase Over Q1 2018
August 29 2018 - 6:05PM
Siyata Mobile Inc. (the "Company" or "Siyata") (TSX-V:SIM /
OTCQX:SYATF) is pleased to announce that its financial results for
Q2 2018 mark a record quarter for Siyata.
Highlights:
- Revenue for the quarter was $5.3MM compared to $3.0MM in Q1
2018, which is an increase of 77%;
- Received all major industry and Government approvals for
Uniden® UV350 device, including FCC, Google Android CTS, PTCRB, CE
and Industry Canada;
- $1.4MM Purchase order of 4G Push-to-Talk over Cellular (“PTT”)
devices from a global two-way radio vendor;
- Additional Tier 1 Cellular operator in the U.S. commenced
network certification for Uniden® UV350, with expected completion
by Q4 2018.
Marc Seelenfreund, CEO and Chairman of Siyata Mobile commented,
"This record second quarter has marked the successful shift of our
product portfolio from 3G to 4G devices. With revenue up by 77%
over Q1 and with a $110K adjusted EBITDA, we are starting to see
positive results from our efforts to develop our innovative 4G
portfolio. In addition, we have made great progress in integrating
leading “PTT” software into the Uniden UV350, which is an integral
step before launching with Tier 1 North American operators. With
another Tier 1 US network certification underway, we are expecting
this success to continue and we are excited for what is to come in
the upcoming months.”
The company will be hosting a conference call on Thursday,
August 30, 2018, at 9:00AM Eastern Time (6:00 AM PST) to discuss
the second quarter results, along with a Q&A session with
Siyata Mobile CEO and Chairman, Marc Seelenfreund.
Details of the conference
call:
Date: Thursday, August 30, 2018Time: 9:00 AM EST (6:00 AM
PST)North America dial-in number: 1 (866)
521-4909International dial-in number:
1 (647) 427-2311
There will also be a playback of the conference call, available
in MP3 format by contacting investor relations below.
About Siyata
A TSX Venture Top 50 Company, Siyata Mobile Inc.
is a leading global developer and provider of cellular
communications systems for enterprise customers, specializing in
connected vehicle products for professional fleets, marketed under
the Uniden® Cellular brand. Since developing the world’s first 3G
connected vehicle device, Siyata has been a pioneer in the
industry, launching the world’s first 4G LTE all-in-one fleet
communications device in 2017. Incorporating voice, Push-to-Talk
Over Cellular, data, and fleet management solutions into a single
device, the company aims to become the connected vehicle
communications device of choice for commercial vehicles and fleets
around the world.Siyata also offers rugged phones for industrial
users and signal boosters for homes, buildings, and fleets with
poor cell coverage. Siyata’s customers include cellular operators,
commercial vehicle technology distributors, and fleets of all sizes
in Canada, the U.S., Europe, Australia, and the Middle
East.Visit www.siyatamobile.com and http://www.unidencellular.com/ to
learn more.
On Behalf of the Board of Directors
of:SIYATA MOBILE INC.Marc SeelenfreundCEO and
Chairman
Investor Relations:Arlen HansenKin
Communications1-866-684-6730SIM@kincommunications.com
Sales Department:Glenn Kennedy, VP SalesSiyata
Mobile Inc.416-892-1823glenn_kennedy@siyatamobile.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may include forward-looking
statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to
be considered forward looking. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, continued
availability of capital and financing, and general economic, market
or business conditions. There can be no assurances that such
statements will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. We do not
assume any obligation to update any forward-looking statements
except as required under the applicable laws.
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