OTTAWA, Oct. 30, 2013 /CNW/ - Ackroo Inc. (TSX-V: AKR) (the "Company"), a loyalty and rewards technology and
services provider, today announced it has filed financial results for
Ackroo Inc. for the three months ended September 30, 2013.
The results for the three months ended September 30, 2013 reflect
revenue growth of 93% over the same period last year. During this
period, Ackroo continued to expand its operations and focus on
increasing market penetration of its web-based loyalty platform, which enables merchants, franchises and business networks to increase
profitability and build long-term customer relationships through
customized loyalty and rewards programs.
"The record results for this quarter show we continue to make progress
across all aspects of our business with 93% growth year-over-year,"
said Eamonn Garry, chief executive officer at Ackroo. "We continued to
increase our merchant footprint to over 500 locations and found
increasing demand for our products across all market segments. In
addition, we continue to work with our customers to define and
implement innovative loyalty programs while expanding the scale and
scope of our technology integration."
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
Record revenue of $355,861 for the three month period ended September
30, 2013 as compared to $184,029 for the three month period ended
September 30, 2012 (93% growth);
Subscription and service revenue of $227,623 for the three month period
ended September 30, 2013 as compared to $137,809 for the three month
period ended September 30, 2012 (65% growth);
Increased Gross Profit $241,852 for the three month period ended
September 30, 2013 representing gross margin of 67%;
Loss from operations before depreciation, amortization, and stock based
compensation was $542,716 for the three month period ended September
30, 2013, which represents a 38% reduction as compared to $869,979 for
the three month period ended September 30, 2012;
Comprehensive loss of $697,537, or $0.01 per share, for the three month
period ended September 30, 2013 as compared to a comprehensive loss of
$926,871, or $0.03 per share, for the three month period ended
September 30, 2012;
Currently, Ackroo has 57,144,133 common shares outstanding.
The Company also announces the resignation of Tyler Nelson and the
appointment of John Chapman to its board of directors. Mr. Chapman has
served as the Company's chief financial officer since October 2012 and
will continue in that role. The Company thanks Mr. Nelson for his
Ackroo enables small to medium sized businesses, independent merchants and business networks to increase profitability
and build long-term customer relationships through customized loyalty
and rewards programs. Their web-based solutions provide the power of a
massively scalable software platform in a lightweight online tool that
works with existing point-of-sale equipment, making it easy and
affordable for businesses of any size to design and launch their own
five-star loyalty program. Ackroo is headquartered in Ottawa, Canada.
For more information, visit: www.ackroo.com.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release. 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.
This press release contains statements that may constitute
"forward-looking statements" within the meaning of applicable Canadian
securities legislation. These forward-looking statements include, among
others, statements regarding business strategy, plans and other
expectations, beliefs, goals, objectives, information and statements
about possible future events. Readers are cautioned not to place undue
reliance on such forward-looking statements. Forward-looking statements
are based on current expectations, estimates and assumptions that
involve a number of risks, which could cause actual results to vary and
in some instances to differ materially from those anticipated by Ackroo
Inc. and described in the forward-looking statements contained in this
press release. No assurance 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 Ackroo will derive there-from.
SOURCE: Ackroo Inc.
For further information:
Chief Financial Officer | Ackroo
Tel: 613-599-2396 x714
Vice President, Marketing | Ackroo
Tel: 613-599-2396 x705