TraceSafe Delivers Record Third Quarter Financials; Marks the First Profitable Quarter in Company’s History; EPS 0.03

Tracesafe PR
Published on: November 9, 2021

Vancouver, British Columbia–(Newsfile Corp. – November 9, 2021) – Tracesafe Inc., (CSE: TSF) (“TraceSafe”) a global leader in location-aware Internet of Things (IoT) platforms for large-scale industrial and enterprise operations, announced today it will recognize $5.96 million USD in revenue for Q3, 2021, breaking all previous revenue records to date.

“We witnessed phenomenal growth this year. Along with becoming profitable in the third quarter, we recorded our highest revenue since inception,” said Wayne Lloyd, TraceSafe CEO. “We made a strong impact with products that empower businesses and respond to the evolving needs of our customers. These results, fuelled by new verticals and repeat business from multiple clients, cement our position as one of the most innovative providers of IoT based solutions.

“Our goal is to empower organizations with insights captured from data across the environment and their operations,” continued Wayne. “Customers are increasingly looking to run their businesses in ways that are both profitable and sustainable. We believe that we can help organizations of all sizes and geographies achieve this goal through an end-to-end technology platform for a more sustainable future.”

Third quarter 2021 financial highlights:

  • Record-breaking Q3 revenue of $5.96 million USD, up 5.5x over the same quarter last year (Q3 2020), with gross profit of $2.5 million USD (42% gross margin). For the similar period last year (Q3 2020), gross profit was $448K (41% gross margin);
  • Nine-month gross revenue ending September 30, 2021 was $10.65 million, with a gross profit of $3.06 million (29% gross margin);
  • Diluted Earnings per share was $0.03 versus a loss per share of ($0.02) for the similar period last year (Q3 2020).
  • Significant revenue recognition came in Q3, and we anticipate FY21 to be 3.7x higher compared to FY20.

Third quarter 2021 business highlights:

  • In addition to deployments mentioned in the MD&A report, such as the Security Prowling Audit Solution in Singapore and Malaysia, TraceSafe successfully implemented its on-premise platform with innovative failover clusters across nine client servers. This expands support for customers with enhanced data sovereignty requirements, like national governments, European Union states, and industries with low-connectivity environments such as remote mining operations and construction.
  • Operations were further expanded in the APAC region with the opening of a TraceSafe location in Tokyo, Japan.
  • The milestone achievement of accumulated sales of over one million IoT devices.
  • In collaboration with Royal Caribbean International, TraceSafe developed custom wearable devices and bands, which are equipped with long-lasting batteries and RFID modules.
  • In partnership with TELUS, TraceSafe provided the technology for contact tracing and quarantine solutions at the Women’s World Hockey Championship in Calgary, Alberta.
  • TraceSafe expanded access to common shares for international investors due to eligibility for electronic clearing and settlement through the Depository Trust Company in the United States.

The company anticipates that Q3 financials will be filed on SEDAR before November 10, 2021. The same report can be found on the company’s website under tracesafe.io/investors.

About TraceSafe

TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons and enterprise cloud management. TraceSafe’s leading cloud management solution ensures both user privacy and comprehensive administrative control. TraceSafe’s patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading-edge solutions for Enterprise, Healthcare, Education, Government, and large-scale venue management.

For further information, please contact:

Wayne Lloyd, CEO

+1 (604) 629-9975

[email protected]

Emily Graham, CFO

+1 (604) 356-8111

[email protected]

The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release.

Except for statements of historical fact relating to TraceSafe Inc. (“TraceSafe”, “TSF” or the “Company”), certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward looking information”) within the meaning of Canadian securities laws. Forward-looking information may relate to this document and other matters identified in the Company’s public filings, TraceSafe’s future outlook and anticipated events or results and in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “targeted”, “possible”, “continue”, “objective” or other similar expressions concerning matters that are not historical facts and include, access to sufficient capital resources, the timing and amount of future development projects, the timing of cash flows, capital and operating expenditures, the timing of receipt of permits, employee relations, availability of financing and any and all other timing, development, operational, financial, economic, legal, regulatory and political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other of TraceSafe’s public filings, availability and final receipt of required approvals, licenses and permits, ability to acquire sufficient working capital to complete technology development projects, access to adequate services and supplies, economic conditions, foreign currency exchange rates, interest rates, access to capital and debt markets and associated cost of funds, availability of a qualified skilled work force, positive employee relations, lack of social opposition and legal challenges, and the ability to settle disputes. While TraceSafe considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other TraceSafe’s filings. Forward-looking statements are based upon management’s beliefs, estimate, and opinions on the date the statements are made and other than as required by law, TraceSafe does not intend and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

The following news release (“NR”) of TraceSafe Inc. (the “Company”), is prepared as of July 20, 2021, and should be read together with the audited consolidated annual financial statements and related annual MD&A for the year ended December 31, 2020.

For the purpose of preparing this NR, Management in conjunction with the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in or would reasonably be expected to result in a significant change in the market price or value of the Company’s common shares; (ii) there is substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Further information about the Company and its operations is available on SEDAR at www.sedar.com. All amounts in this NR are expressed in United States dollars unless otherwise noted.

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