- The Company's common shares and certain warrants began trading
on the TSX Venture Exchange ("TSXV") on November 30, 2021.
- On March 24, 2022 Wellfield
announced the acquisition of New Bit Ventures Ltd., d/b/a Coinmama
("Coinmama"), which generated approximately US$130 million in sales1 in 2021 and
brings over 3.5 million registered users to Wellfield.
- Solid balance sheet with $17.6
million in cash at December 31,
2021.
TORONTO, April 26,
2022 /CNW/ - Wellfield Technologies, Inc. (TSXV:
WFLD) (FRANKFURT: K8D) (the "Company" or
"Wellfield"), today reported financial results for the year
ended December 31, 2021. All currency
references used in this news release are in Canadian dollars ($)
unless otherwise noted.
Management Commentary
Levy Cohen, CEO of Wellfield commented, "Since the
Company's public listing on November
30th, our team has made substantial progress
positioning Wellfield to deliver next generation fintech solutions
based on blockchain technology beginning later this year. The
acquisition of Coinmama, which we expect to close in Q2 of 2022,
will add approximately US$130 million
in annual sales1 to Wellfield's top line. Even more
importantly, Coinmama brings 3.5 million registered users to the
Company, a trusted consumer-facing brand and millions of unique
visitors per year, beyond its current user base. We will engage
with these audiences to enable the rapid launch of our
blockchain-based products and services later this year, and have
identified several opportunities to grow Coinmama's user base and
enhance the monetization of these users, over the next several
years."
Summary Financial
Information
- Cash balance of $17.6 million at
December 31, 2021.
- Net loss of $5.3 million in FY
2021 (including non-recurring expense of $2.4 million related to the Company's TSXV
listing) compared to $0.1 million in
FY 2020.
Summary of Recent Developments
during 2022
- Announced Coinmama acquisition, boosting Wellfield's
distribution and reach on a global scale – On March 24, 2022, the Company signed a definitive
agreement to acquire Coinmama, an Israel-based digital asset dealer incorporated
in 2013 and operating under the name Coinmama. Coinmama has built a
global platform for consumers to buy and sell digital currencies
using everyday payment methods under local compliance. Coinmama has
demonstrated consistent sales growth and has served more than 3.5
million registered users, each of which has undergone regulatory
verification and transacted on the platform.
- Added digital identity layer to portfolio through
partnership and strategic investment in Verif-y, a US-based leader
in the digital identification sector – On February 28, 2022, Wellfield announced a
partnership and strategic investment in Verif-y, a US-based leader
in the Digital ID space, that has developed and commercialized
Distributed Digital Identity and Credentialing Services that are
already in use by established financial institutions and government
entities.
- Expanded engineering development capacity for Seamless Brand
with a new hub in Portugal –
On January 19, 2022, Wellfield
announced a partnership with Exaud, LDA to establish a development
hub in Portugal, with a mandate to
support the Seamless development pipeline. Headquartered in
Greater Porto, with an additional
office in Amsterdam, the
Netherlands, and a representative office in Düsseldorf,
Germany, Exaud is a global
software solution provider, across various industries such as
Automotive & Manufacturing, Fintech & Financial Services,
Software & Hi-Tech, Media & Digital Education and Retail
& Logistics.
________________________
|
1 Unaudited
fiscal 2021 results
|
About Wellfield Technologies
(TSXV:WFLD; FRANKFURT: K8D)
Wellfield builds advanced technology that uses blockchain to
create the next generation of financial solutions for institutions
and consumers. The Company has strong academic, business and
development expertise in the rapidly growing Decentralized Finance
(DeFi) sector, building its branded applications and critical
infrastructure solutions directly on public blockchains like
Bitcoin and Ethereum.
Join Wellfield's digital community on LinkedIn and Twitter,
and for more details, visit wellfield.io.
Cautionary Notice on
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking information" ("forward-looking information")
within the meaning of the applicable Canadian securities
legislation. All statements, other than statements of historical
fact, are forward-looking information and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that discusses predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking information. Forward-looking statements in this
news release include statements regarding the Company's success in
launching the protocols and other technologies and utilities
discussed herein. In disclosing the forward-looking information
contained in this press release, the Company has made certain
assumptions. Although the Company believes that the expectations
reflected in such forward-looking information are reasonable, it
can give no assurance that the expectations of any forward-looking
information will prove to be correct. Known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information. Such factors include,
but are not limited to: compliance with extensive government
regulations; domestic and foreign laws and regulations adversely
affecting the Company's business and results of operations; the
impact of COVID-19; the decentralized finance industry generally,
in Canada and abroad; and general
business, economic, competitive, political and social
uncertainties. Readers are cautioned that the foregoing list is not
exhaustive and readers are encouraged to review the listing
application prepared in accordance with the policies of the TSXV
and other disclosure documents accessible on the Company's SEDAR
profile at www.sedar.com. Readers are further
cautioned not to place undue reliance on forward-looking statements
as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Except as required by
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking information to reflect
actual results, whether as a result of new information, future
events, changes in assumptions, changes in factors affecting such
forward-looking information or otherwise.
The TSXV has neither approved nor disapproved the contents of
this news release. Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Wellfield Technologies