SAN FRANCISCO, May 16, 2016 /CNW/ - Customer experience
solutions company McorpCX, Inc. (TSXV: MCX, OTCQB: MCCX) (the
"Company") on May 13, 2016 provided a
business update and reported financial results for the three months
ended March 31, 2016.
"We are pleased to report that McorpCX has had a great start to
2016, delivering against several key milestones as we continue to
develop software tools for the many companies focused on better
understanding - and radically improving - their customers'
experience," said Michael Hinshaw,
McorpCX President and CEO.
"During Q1 2016, our primary areas of investment are in product
development, and sales and marketing activities. We currently
anticipate our investments in professional sales and development
staff to continue in the near-term, supporting our transition to a
software-first business. While we expect consulting will continue
to be important to near-term revenue, we continue to expand our CX
software offerings." concluded Mr. Hinshaw.
First Quarter 2016 Corporate Highlights:
- Q1 2016 was a transitional quarter for the Company as it
continued the process of migrating our business model from
consulting services to a Software-as-a-Service (SaaS) subscription
fee model.
- As of March 31, 2016, the Company
had successfully delivered certain features and functionality of
its Touchpoint Mapping® On-Demand software product to
several clients.
- The Company achieved a significant milestone during the quarter
with the completion of a $2,745,000
private placement in connection with the listing of our shares on
the TSX Venture Exchange.
- As a result of this financing and listing, the Company's cash
position increased to $2.80 million
as at March 31, 2016.
The Company plans to use its cash and working capital position
in order to engage additional sales and marketing staff to secure
material stand-alone sales commitments for its Touchpoint
Mapping® On-Demand software product.
"We appreciate that our investors continue to support our
vision," stated Barry MacNeil,
Company CFO. "The funds we received in the private placement give
us the opportunity to execute on our business plan to increase
sales and marketing efforts, while expanding development of the
Software-as-a-Service (SaaS) solutions our clients are asking
for."
For a complete discussion of the Company's financial condition
and operating results, please see "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and our
audited and unaudited financial statements and the accompanying
notes in our Form 10-Q for the three month ending March 31, 2016 and our Form 10-K for the year
ended December 31, 2015, as filed
with the Securities and Exchange Commission on EDGAR and with
Canadian securities regulators on SEDAR.
About McorpCX
McorpCX is a leading customer experience services company
delivering consulting and technology solutions to customer-centric
organizations since 2002. Touchpoint Mapping® - our signature
product and approach to quantifying customer experience - has
driven significant business results for some of the world's leading
companies, automatically mapping the complex, cross-channel maze of
touchpoints that drive customer experience. A pioneer in the
fast-growing customer experience services and technology sector,
our proprietary approach and cloud-based software deliver
actionable data and on-demand "Voice-of-the-Customer" insights to
dramatically improve customer experience, brand position, customer
and employee satisfaction, loyalty and engagement for leaders in
financial services, retail, technology, consumer products, and
other industries. Visit the company online at http://mcorp.cx
however, information on our website is not part of this press
release.
Forward-Looking Statements
Certain statements contained in this press release may
constitute "forward-looking statements" within the meaning of
the United States securities laws
and applicable Canadian securities legislation. Forward-looking
statements include statements relating to the Company's business.
Such statements involve assumptions relating to the Company's
business, the ability of the Company to execute on its business
plan, the competitive environment of the Company's products and
services and the future pricing of the Company's products and
services. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results to be materially different from any future results
expressed or implied by these statements. Such factors include the
following: general economic and business conditions, changes in
demand for the Company's products and services, changes in the
competitive environment and the introduction of competing software
solutions by competitors, the Company's ability to complete any
future required financing and the Company's dependence upon and
availability of qualified personnel. Investors should refer to the
Company's Annual Report on Form 10-K and Quarterly Reports on Form
10-Q for a more comprehensive discussion of the risks that are
material to the Company and its business. In light of these and
other uncertainties, the forward-looking statements included in
this press release should not be regarded as a representation by
the Company that its plans and objectives will be achieved. These
forward-looking statements speak only as of the date of this press
release, and the Company undertakes no obligation to update or
revise the statements.
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.
SOURCE McorpCX , Inc.