CALGARY, June 14, 2017 /CNW/ - Clarocity Corporation (TSXV:CLY) (the "Company" or "Clarocity") is pleased to announce that the unaudited revenue figure for May 2017 totalled $1.3 million, an increase of 195% as compared to May 2016. The Company reported revenue of CAD $3.2 million in Q1 2016 and expenses of $3.5 million. Subsequently the Company has recorded an unaudited $1.3 million in revenue each of the months of April and May 2017 respectively. In addition, the Company announced that gross margins on revenue for the month of May increased to 33% from 31% in Q1 2017, while operating expenses for the month have remained consistent. Comparable operating expenses for the period ended June 30, 2017 will be available upon release of second quarter financial results.
"May was a strong month of performance for our organization as we continued to grow revenues incrementally while carefully managing our expenses," said Shane Copeland, CEO of Clarocity. "Contracts that have previously been announced are now driving revenue growth, albeit still in the early stages. We expect things to continue ramping up in the coming months as more appraisals are brought into our system and we continue to onboard clients."
Mr. Copeland continued, "With the addition of Carol Trice to our team, announced earlier this month, we are now better positioned to onboard clients efficiently while adding a reputable name to the Clarocity brand at the same time. In addition to Carol, we have had to bring on two developers in order to keep up with the overwhelming demand for our products we have seen as a result of the contracts we have announced this year. Clarocity has never been better positioned to capitalize on the market opportunity in front of them and I look forward to continuing this uptrend going forward."
About Clarocity Corporation
Clarocity Corporation (formerly known as Zaio Corporation) provides real estate valuation technologies to deal with today's dynamic housing market through its proprietary valuation solutions. Every day GSE, banking, and investor clients rely on our proprietary solutions to fund loans and value assets. As a fully integrated technology and valuation services company, Clarocity provides unparalleled insight into their real estate business assets. For more information, visit www.clarocity.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy and of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended the U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
SOURCE Clarocity Corporation
For further information: visit www.clarocity.com or contact: Shane Copeland, CEO, Clarocity Corporation, 760-208-6460, firstname.lastname@example.org; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, email@example.com