VANCOUVER, British Columbia, April 17, 2019 (GLOBE NEWSWIRE) — Glance Technologies Inc. (CSE:GET / OTCQB:GLNNF / FKT:GJT) (“Glance” or the “Company”) today announced financial results for the three month period ended February 28, 2019.
Glance realized its first ever net income in Q1 2019. Glance’s net income was $4,816,906 or $0.04 per share in Q1 2019. A significant contribution to this result was an increase in the value of Glance’s investments combined with a decrease in its expenses. Glance’s working capital as at February 28, 2019 was $11,204,000 and it has no long-term debt.
During the quarter, Glance continued to focus on developing its recently announced innovations including Real-Time Bill™ and Order-from-Table™. Glance launched Real-Time Bill™ to the public in the first Quarter of 2019 and anticipates launching Order-from-Table™ soon. Subsequent to the quarter, Glance also announced its upcoming Order-From-Bar™ product. All of these innovations utilize Glance’s proven anti-fraud technology to protect merchants as well as leveraging Glance’s powerful promotion and loyalty platform to help increase sales and loyalty. Glance has received strong interest from many of its signed merchants and new prospects to adopt these new features and is currently rolling out Real-Time Bill™ to these merchants. Glance believes these new capabilities significantly improve the value proposition of its platform to both consumers and merchants and thus believes they increase our revenue potential. Glance has increased its sales team and is focused on signing up new merchants with these products and targeting its marketing efforts around merchants adopting these features.
“We are convinced that products like our Real-Time Bill™, Order-From-Table™, and Order-From-Bar™ are the future of paying and ordering,” says Desmond Griffin Glance CEO. “We believe they have the potential to disrupt the industry, including leapfrogging the adoption technologies such as chip and PIN machines in the US.”
Q1 2019 Financial Highlights
(all figures are rounded to the nearest thousand):
- Net income increased to $4,817,000 or $0.04 per share, compared to a Comprehensive loss of $4,869,000 or $(0.04) per share in Q1 2018, which was an increase of $9,686,000.
- Revenue of $43,000 in fiscal 2019 decreased 96% from $1,174,000 in Q1 2018. In the previous year, a $1 million royalty was received. As anticipated, licensing revenues have fluctuated significantly due to changes made to existing license agreements. A review was also carried out over the recognition periods of the licensing agreements.
- Operating expenses of $1,925,000 decreased 63% from $5,224,000 in Q1 2018, reflecting the efficient spend on operations this quarter.
- Working capital at February 28, 2019 was $11,204,000 (November 30, 2018: $6,962,000) and no long-term debt ($nil at November 30, 2018).
- Overall, the Company continues to work to reduce costs in many categories and has made significant changes to better utilize its cash resources going forward. Costs incurred on operating activities were approximately $1.7m in Q1 2019, compared to $4.9m in Q1 2018. We have continued to focus on spending efficiency and we expect some of the recent changes we have adopted to be reflected in further cost reductions in future quarters.
Q1 2019 Highlights:
- Launched the Real-Time Bill™ feature.
- Previewed its new Order-From-Table™ feature.
- Filed a provisional patent for Blockchain Technology with USPTO.
The Company’s complete financial results for the first quarter of 2019 are available in its Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis, each of which are filed with Canadian securities regulators at www.sedar.com.
Management intends to pursue a number of technology, product, sales and marketing initiatives to continue to drive growth in 2019. The Company’s strategic priorities include:
- Grow monthly recurring revenue through a tiered “Software-as-a-Service” (SaaS) subscription model by adding new merchants and consumers, and generate new revenue from advertising, promotions and consumer fees for premium features;
- Rollout Glance’s new Real-Time Bill™ feature broadly to existing and new customers;
- Launch and rollout Glance’s upcoming Order-From-Table™ broadly to existing and new customers;
- Continue to develop Glance’s Order-From-Bar™ product;
- Expand our footprint through both direct sales and joint efforts with our business partners; and
- Investigate new geographic markets for Glance Pay.
The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS) and with the exception of information on investments and behaviour of markets, quarterly financial statements are reviewed by the Company’s independent auditors.
About Glance Technologies Inc.
Glance owns and operates Glance Pay®, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay® mobile payment system consists of proprietary technology, which includes user apps available for free downloads in iOS (Apple) and Android formats, merchant manager apps, a large-scale technology hosting environment with sophisticated anti-fraud technology and lightning-fast payment processing.
For more information about Glance, please go to www.glance.tech.
For more information, contact:
|Laura Burke||Desmond Griffin|
|Chief Financial Officer||Chief Executive Officer|
|[email protected]||[email protected]|
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations (including advancing its technological roadmap); the expectation that products like our Real-Time Bill™, Order-From-Table™, and Order-From-Bar™ are the future of paying and ordering; that there is strong interest from many of its signed merchants and new prospects to adopt the Company’s new product features; the expectation that Glance will sign up new merchants with its new features and will target its marketing efforts around the launch of new features and merchants adopting those features; that Glance continues to work to reduce costs in many categories and will better utilize its cash resources going forward, the expectation that some of the recent changes the Company has adopted will be reflected in further cost reductions in future quarters; the expectation that Glance will launch its new product features over the coming months, improve its capacity for monetization, the expectation that Glance will grow monthly recurring revenue through a tiered Software-as-a-Service subscription model by adding new merchants and consumers, and generate new revenue from advertising, promotions and consumer fees for premium features; the expectation that Glance will roll out its new Real-Time Bill™ feature broadly to existing and new customers; the expectation that Glance will launch and rollout its upcoming Order-From-Table™ feature; that Glance will continue to develop its Order-From-Bar™ feature; and Glance’s plans to expand into new vertical markets through both direct sales and joint efforts with our licensing partners. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, the risk that Glance is unable to continuously add new merchants as planned, risks related to expansion, both internationally and in North America, risks related to unforeseeable expenses, and risks related to Glance’s licensing partners, and risks that the Company’s software and applications may contain security problems, security vulnerabilities, or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of its software, and risks associated with the adoption and development of blockchain platforms. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business objectives, that Glance will be able to develop proprietary software to implement its plans, Glance will be successful in obtaining and retaining clients and licensees for its software, and that Glance will be able to expand its operations successfully in new markets. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.