ATW Tech Announces Revenues of $1.1M for Its Third Quarter of 2019
November 29 2019 - 9:00AM
ATW Tech Inc. (the “
Company”
or “
ATW Tech”) (
TSX-V: ATW)
announces today its results for the quarter ending September 30,
2019.
- On July 31st, 2019, the Company sold the assets of its
VuduMobile division for $1,350,000. It is important for the reader
to note that the results as at September 30th, 2019 include only
the July 2019 results of the VuduMobile division;
- For its third quarter of 2019, the Company generated revenues
of $1.1 million from its continuing operations.
During the third quarter, for the VoxTel
division, the Company focused on a partnership strategy to leverage
its reputation with its operating partners and the CRTC. This
approach aims to improve the Company’s performance and to achieve a
positive EBITDA in 2020 in order to obtain a better valuation for
ATW Tech.
The Company also focused on improving its
digital application, Option.vote, which offers a multi-method,
customized and secure voting system for unions, political parties,
professional associations, media companies and others looking for a
way to reduce their voting costs and improve their participation
rates.
“Since the third quarter of 2019, following the
sale of VuduMobile's assets, which was an excellent business
opportunity, ATW Tech has been faced with an unexpected situation
from its financial partner and was required to adjust its focus
accordingly. ATW Tech is currently pursuing a change of financial
partner since, despite numerous discussions between the Company and
the financial institution, the current relationship cannot continue
and will end no later than March 31, 2020. The Company is currently
in discussions with financial institutions and expects to reach an
agreement in the winter of 2020. The choice of financial partner
will be based, among other things, on the financial institution's
understanding of the Company's business model and value, as well as
its ability to finance ATW Tech's projects on commercially viable
terms," said Michel Guay, President and CEO of ATW Tech.
The above data includes a summary of highlights.
For further information, please consult the Company’s consolidated
financial statement as well as the Management Report for the period
ended September 30th, 2019 at www.sedar.com
Forward-Looking Statements
Disclaimer This press release contains forward-looking
statements that reflect the Company’s current expectation regarding
future events. There is a risk that expectations and
forward-looking statements will not prove to be accurate. Readers
are cautioned not to place undue reliance on these forward-looking
statements as they involve risks and uncertainties, which could
make actual results differ materially from those projected herein
and depend on a number of factors including, but not limited to, no
history of profitability, future financing, intellectual property
and patents, key personnel, competitive marketplace, technology
obsolescence, share price volatility and other risks detailed from
time to time in the Company’s filings. While ATW Tech anticipates
that subsequent events and developments may cause its views to
change, ATW Tech specifically disclaims any obligation to update
these forward-looking statements, unless obligated to do so by
applicable securities laws.
Additional information regarding the Company is
available on SEDAR.
The TSX Venture Exchange and its Regulatory
Services provider (as per meaning assigned to this term in TSX
Venture Exchange’s policies) bear no liability as to the relevance
or accuracy of this press release.
ABOUT ATW TECH ATW Tech is a
leader in financial technologies (‘fintech’), owner of several web
platforms including VoxTel and Option.vote. VoxTel offers various
interactive communication, landline and mobile carrier billing
phone solutions. Option.vote offers a large scale, customizable,
and secure multi-method voting system for unions, political
parties, professional associations, and others looking for a way to
reduce their voting costs and to improve their participation
rates.
CONTACTMichel Guay,Chief Executive OfficerTel:
514-788-5932, ext 301mguay@atwtech.comwww.atwtech.com
ATW Tech (TSXV:ATW)
Historical Stock Chart
From Jun 2024 to Jul 2024
ATW Tech (TSXV:ATW)
Historical Stock Chart
From Jul 2023 to Jul 2024