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MONTREAL, Nov. 30,
2022 /CNW/ - Mobi724 Global Solutions
Inc. ("Mobi724" or the "Company") (TSXV: MOS), a fintech
enabler of AI-powered payment card-linked solutions, today released
its third quarter 2022 results for the nine-month period ended
September 30, 2022.
Operating and Financial Highlights for the third
quarter:
- Entered into a commercial agreement with Banco Hipotecario to
implement its AI-driven Customer Engagement, Data Monetization
& Offers platform for cardholders of Banco Hipotecario, a
leading Argentine Bank, leveraging MOBI724's integration and
connectivity with the Visa Offers Platform;
- Entered into a multi-country commercial agreement with Visa to
enable its customer engagement solutions to Visa cardholders of
banks operating in multiple markets across Central America and the Caribbean;
- Revenues of $0.091 million, a
decrease of 38% when compared to the previous quarter;
-
- Mobi724 announced a contract early in 2022 which was
successfully completed at the end of second quarter and during the
third quarter the company entered into a new contract that is
expected to generate revenues starting in the last quarter of 2022
and into 2023;
- Operating costs of $1.345
million, a decrease of 22% when compared to the previous
quarter:
-
- The company continues to optimize its operations in a
challenging environment;
- Net loss of $1.394 million, a
decrease of 1% when compared to the previous quarter;
- Proceeds from the issuance of shares and warrants for private
placement of $0.5 million;
- Proceeds from long-term debt for a total cash consideration of
$0.189 million; and
- Cash and cash equivalents of $0.069
million as of September 30,
2022.
"This year has been a very challenging and transformative year
for the company. Our strategy of leading with a low cost
rapid proof of concepts ("POC") started to pay dividends in the
last 2 quarters, with the team converting these POCs into contracts
with global brands, leading banks, and multiple transaction
providers to create a solid foundation for our accelerated growth
for 2023 and beyond. I'm very happy with the market response to our
AI powered real-time payment card behavior driven offers solutions
as we enter this new year. For additional information, please refer
to our business update of November
24" said Marcel Vienneau, CEO
of Mobi724.
This press release should be read in conjunction with the
Company's condensed interim consolidated financial statements and
the Company's Management Discussion and Analysis for the nine-month
period ended September 30, 2022.
These documents and additional information can be accessed under
Mobi724's company profile on www.sedar.com.
About Mobi724 Global Solutions Inc.
Every
Transaction is An Opportunity
Mobi724 Global Solutions Inc. (TSX-V: MOS) is an AI powered
fintech company that enables banks and merchants to offer their
customers real-time payment card-linked incentives, in a
white-label format. Mobi724's objective is to add a layer of
AI-driven actionable intelligence to every payment transaction,
creating engaging consumer experiences & generating incremental
commercial opportunities to its clients.
Legal Disclaimer
Mobi724 cautions investors that any forward-looking
statements or projections made by Mobi724 are subject to risks and
uncertainties, that may cause actual results to differ materially
from those projected. Such factors include, but are not limited to,
those described under Item 'Risk Factors and Uncertainties' in the
Company's Management Discussion and Analysis, available on SEDAR.
These forward-looking statements reflect management's current
estimates, beliefs, intentions and expectations; they are not
guarantees of future performance. Mobi724 cautions that all
forward-looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond Mobi724's control. Such factors include, among
other things: risks and uncertainties relating to mobi724's ability
to complete the proposed Acquisition; and other risks and
uncertainties. Accordingly, actual and future events, conditions
and results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the
forward-looking information. Except as required under applicable
securities legislation, Mobi724 undertakes no obligation to
publicly update or revise forward-looking information. Completion
of the Acquisition is subject to conditions, including but not
limited to, TSX-V acceptance. There can be no assurance that the
Acquisition will be completed as proposed or at all.
Neither TSX-V nor its Regulation Services Provider (as that
term is defined in policies of TSX-V) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Mobi724 Global Solutions Inc.