CALGARY, Nov. 22, 2016 /CNW/ - Clarocity Corporation (TSXV: CLY) (the "Company" or "Clarocity"), today announced its third quarter (Q3) financial results for the three months ended September 30, 2016. The Company will be hosting a conference call November 22, 2016 at 4:00pm EST to comment on the results.
"The residential valuation space is changing at a rapid pace. Over the last few months, market leaders have made formal policy statements that align completely with our technology and product offering, positioning us perfectly to take advantage of these opportunities," stated Shane Copeland, CEO of Clarocity Corporation. "If you look at our accomplishments for Q3 such as the acquisition of ValVets and our positive Morningstar audit, each step has been carefully designed and taken to eliminate regulatory barriers and speed up our product adoption. We're exiting Q3 with the strong foundation necessary to accelerate growth and deepen market penetration for our technology through 2017."
"While this quarter's revenue wasn't on par with expectations, we're pleased to have achieved 146% growth from 2015," stated Dave Guebert Chief Financial Officer of Clarocity Corporation. "We expect to realize significant revenue growth in the upcoming quarters, both in our Valuation Vision product and as a result of the consolidation of the results of the recently acquired ValVets. Had the acquisition been completed at the start of Q3, the Company's revenue numbers would be increased by over $2.0 million and the net loss would have been reduced by $140,000. While there continues to be dynamic market forces in the U.S. markets, our Q3 initiatives have already yielded positive growth in our sales pipelines."
- Total revenue was $938,465 for the three months ended September 30, 2016, compared to 1,083,430 for the same period in 2015. For the nine months ended September 30, 2016, revenue totaled $3,978,680 compared to $1,620,836 for the same period in 2015, a 146% increase.
- Net loss of $2,514,186 ($0.01 per share) for the three months ended September 30, 2016, compared to a net loss of $2,092,945 ($0.02 per share) for the same period in 2015. Net loss for the nine months ended September 30, 2016 $6,664,517 ($0.02 per share) compared to $11,199,974 ($0.07) for the same period last year, a decrease of 41%.
- As at September 30, 2016, the Company's cash position was $974,049, compared to a cash position of $568,883 on June 30, 2016.
- The Company closed the acquisition of a national Appraisal Management Company (AMC) Valued Veterans, LLC., providing the regulatory framework necessary to engage appraisers in next-generation valuations
- The Company rebranded from Zaio to Clarocity to support integrated valuation technology focus.
- The Company received a positive vendor ranking for Morningstar credit ratings, allowing Clarocity to participate in rated mortgage security transactions, a multi-billion rapidly growing market as assets are moved from banks to Wall Street.
CONFERENCE CALL DETAILS
Date: Wednesday, November 22, 2016
Time: 4:00 PM EST
Participant Dial-in Numbers:
Local – Toronto (+1) 416 764 8688
Toll Free – North America (+1) 888 390 0546
Conference ID: 08254764
Recording Playback Numbers:
Toronto (+1) 416 764 8677
Toll Free – North America (+1) 888 390 0541
Passcode: 254764 #
Expiry Date: Tuesday, November 29, 2016 11:59 PM EST
About Clarocity Corporation
Clarocity Corporatation provides real estate valuation solutions and platform technologies designed to address today's dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. 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 contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. Forward-looking information in this press release, includes, among other things, information relating to growth acceleration, deepening market penetration for our technology and future revenue growth. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any 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)
SOURCE Clarocity Corporation
For further information: visit www.clarocity.com or contact: Shane Copeland, CEO, Clarocity Corporation, 760-208-6460, email@example.com; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, firstname.lastname@example.org