|By Business Wire||
|May 30, 2014 05:48 PM EDT||
Wi2Wi Corporation ("Wi2Wi" or the "Company") (TSX-V: YTY) is pleased to announce its unaudited condensed consolidated interim financial results for the three month period ending March 31, 2014.
Three months to
March 31, 2014
Three months to
March 31, 2013
|(in thousands of US dollars)|
|Statement of results|
|Research and Development||253||253|
|Selling, general and administrative||732||1,537|
|Net Loss before interest, income taxes and Share Listing Expense||(399)||(1,296)|
|Net Loss and Total Comprehensive Loss||$(416)||$(4,310)|
|Net loss per share, basic and diluted||$(0.005)||$(0.050)|
Wi2Wi designs, manufactures and markets miniaturized embedded wireless connectivity solutions (incorporating both hardware and software) for premium industrial/medical, smart-home/smart building and government markets worldwide. These products and value added services provide highly integrated, multifunctional wireless sub systems for mobile applications of all forms for mobile devices.
Revenues for the quarters ended March 31, 2014 and 2013 were $1,175 and $1,253, respectively. Revenues decreased by 7% for the quarter ended March 31, 2014, compared to the same period in 2013, however the current quarter had a significant increase compared to the fourth quarter of 2013.
Gross profits for the quarter ended March 31, 2014 and March 31, 2013 were $586 and $494, respectively. Gross profits increased by 18% for the quarter ended March 31, 2014, compared to the same period in 2012. Gross margins for the quarters ended March 31, 2014 and 2013 were 49.8% and 39.4%, respectively. The increase in margin is due to the continued efforts on manufacturing yield improvements, optimising manufacturing batch sizes, successful efforts in manufacturing cost reductions and retaining the ASP of the products
The Company wishes to announce that Mr. Sharad Mistry will be the Company’s interim Chief Financial Officer until a replacement is found.
For further information, please contact:
Interim Chief Executive Officer
(408) - 416-4221
Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to, among other things, the Proposed Transaction. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Completion of the Proposed Transaction described herein is dependent on a number of factors and is subject to a number of risks and uncertainties, and it is not certain that the Proposed Transaction will be completed. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company`s or Wi2Wi’s business, general business, economic and competitive uncertainties and delay or failure to receive board, shareholder or regulatory approvals.
Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.