VANCOUVER, May 30, 2017 /CNW/ - Fireswirl Technologies
Inc. (TSXV: FSW), "the Company",
today announced its financial results for the first quarter ended
March 31, 2017. All figures are
quoted in Canadian dollars. Financial statements and accompanying
MD&A are available on SEDAR.
Financial Highlights for Q1:
- On February 3, 2017, the Company
entered into a share purchase agreement, pursuant to which the
Company has agreed to purchase an aggregate of 60% equity interest
in AMZON (HK) Limited ("AMZON") for a total of HK$7.2 million (approximately $1.2 million) in three payment dates. The closing
date is each of the first, second and third payment date. On
March 16, 2017, the Company completed
the first payment in the amount of HK$4.8
million (approximately $823,560) and acquired 40% of the equity interest
in AMZON (the "First Payment Date").
- For the three months ended March 31,
2017 ("Q1 2017"), total operating revenue from continuing
operations was $16,018 compared to
$70,271 for the same period in 2016
("Q1 2016").
- Net loss from continuing operations was $496,281 in Q1 2017 compared to a net loss of
$389,106 for the same period in
2016.
- The Company had a total loss attributable to common
shareholders of the Company of $2,301,578 compared to a net loss of $768,581 for the same period in 2016.
"The management team is very excited about the future direction
as we build on the success of AMZON." Stated Lawrence Ng, CEO, "We will look towards
expansion in new markets in Asia
and North America."
About Fireswirl and AMZON
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. The Company's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Our solutions can be
adapted to any industry seeking high volume or micro-payment
solutions involving a wide base of users through internet or
wireless applications.
AMZON is one of the leading multimedia solution providers in
Hong Kong. With its strong technological base, we have
established long term business relationships with multi-billion
enterprises such as Mass Transit Railway Corporation ("MTRC"), New
World Development Company Limited ("New World Group") and China
Overseas Holding Ltd. ("COHL"). AMZON has been deploying
creative multimedia solutions for clients in sales & marketing
as well as corporate and brand communication.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Fireswirl
Technologies Inc. with respect to its performance, business and
future events. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without
limitation, those relating to changes in the market, potential
downturns in economic conditions, foreign exchange fluctuations,
general demand, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. Fireswirl Technologies Inc. does not undertake
any obligations to release publicly any revisions for updating any
voluntary forward-looking statements.
SOURCE Fireswirl Technologies Inc.