“Our mobile advertising business has been resilient since the initial drop on March 2020 that resulted from the COVID-19 pandemic, as advertisers view online display as a powerful tool for reengaging their customers,” said Bruce Howard, CEO of UpSnap. “We have seen improvements month over month since the beginning of the pandemic, with some of our largest US national accounts resuming back to normal levels. We continue to be extremely positive on the outlook for our mobile advertising business as well as IDM going into 2021.”
Q3 Financial Highlights
- Total operating revenue was $411,000 for three months ended September 30, 2020 compared to $430,000 for the three months ended September 30, 2019. Total operating revenue for the nine months ended September 30, 2020 was $1.3 million compared to $1.4 million for the same period in 2019.
- Total operating costs for three months ended September 30, 2020 was $468,000 compared to $634,000 for three months ended September 30, 2019. Total operating costs for the nine months ended September 30, 2020 was $1.5 million compared to $1.8 million for the same period in 2019.
- Cash flow from Operations for the nine months ended September 30, 2020 was ($28,000) compared to ($348,000) for the same period in 2019.
- IDM mailers sent for the three months ended September 30, 2020 was 74,988 for a total of 247,037 in the first nine months of 2020.
This news release should be read in conjunction with UpSnap’s unaudited financial statements and the accompanying notes, as at and for the quarter ended March 31, 2020, together with the related Management Discussion and Analysis. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR (www.sedar.com) and on the UpSnap website at www.upsnap.com.
UpSnap provides highly-targeted, data-driven mobile advertising to attract the ideal audience for brands big and small. Combining first-party proprietary data and real-time analytics, UpSnap goes beyond location to deliver site agnostic and results-driven campaigns that produce qualified, engaged customers. UpSnap tailors each campaign to align with unique business goals, delivering the right customers for more meaningful exposure and better business results.
For further information, please contact:
Alex Pekurar, CPA, CA
Chief Financial Officer
email@example.com Babak Pedram
Virtus Advisory Group Inc.
Caution Regarding Forward Looking Information
Certain information set out in this News Release constitutes forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “hope”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “scheduled”, “believe” and similar expressions. The forward- looking information set out in this News Release relates to future events or our future performance and includes: (i) the continued growth of recurring subscription revenue; (ii) the continued reduction in operating expenses; (iii) the Company’s ability to succeed in the mobile advertising market by focusing on the underserved small and medium sized business market.
Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Forward-looking statements involve substantial known and unknown risks, uncertainties and other factors which cause actual results to vary from those express or implied by such forward looking statements. These statements should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved.
The forward-looking statements contained in this press release are made as of the date hereof and based on what management of the company believes are reasonable assumptions. The Company disclaims any intention or obligation to update or publicly revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Furthermore, the Company does not assume responsibility for the accuracy and completeness of the forward looking statements set out in this news release. The Company’s forward looking statements are expressly qualified in their entirety by the foregoing cautionary statements.
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