CALGARY, May 29, 2018 /CNW/ - Clarocity Corporation
(TSXV: CLY; OTCQB:CLRYF) (the "Company" or "Clarocity"), today
announced its first quarter financial results for the three months
ended March 31, 2018.
"Q1 was softer than expected as we continue our strategic review
process," said Shane Copeland, CEO
of Clarocity. "We are actively working to add new partners to our
platform while maintaining focus on finding new ways to maximize
shareholder value."
Financial Highlights
- Total revenue was $2.8 million
for the three months ended March 31,
2018, compared to $3.2 million
for the same period in 2017, a decrease of 13%.
- Net and comprehensive loss of $3.6
million for the three months ended March 31, 2018 compared to a net loss of
$2.5 million for the same period in
2017.
- As at March 31, 2018, the
Company's cash position was $0.4
million, compared to a cash position of $0.8 million on December
31, 2017.
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions
and platform technologies designed to address today's dynamic
housing market. Our innovative platform is driving the
next-generation of valuation solutions such as MarketValue Pro
(MVP) and BPOMerge and setting new standards in real estate
valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our
proprietary solutions to value assets, fund loans, and securitize
portfolios. As a fully integrated technology and valuation services
company, Clarocity provides a full spectrum of appraisal and
alternative valuation solutions. For more information, visit
www.clarocity.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
This news release contains forward-looking statements which may
include financial and business prospects, as well as statements
regarding the Company's future plans, objectives or economic
performance and financial outlooks. Such statements are subject to
risk factors associated with the real estate industry, the overall
economy in both Canada and
the United States. Forward-looking
information in this press release, includes, among other things,
information relating to growth acceleration, deepening market
penetration for our technology and future revenue growth. The
Company believes that the expectations reflected in this news
release are reasonable but actual results may be affected by a
variety of variables and may be materially different from the
results or events predicted in the forward-looking statements.
Readers are therefore cautioned not to place undue reliance on
these forward-looking statements. In evaluating forward-looking
statements readers should consider the risk factors which could
cause actual results or events to differ materially from those
indicated by such forward-looking statements. These forward-looking
statements are made as of the date hereof, and unless otherwise
required by applicable securities laws, the Company does not intend
nor does it undertake any obligation to update or revise any
forward-looking statements.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States. The securities
of the Company will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act, and
may not be offered or sold within the
United States or to, or for the account or benefit of U.S.
persons except in certain transactions exempt from the registration
requirements of the U.S. Securities Act)
SOURCE Clarocity Corporation
