Fireswirl Announces 2015 Q2 Financial Results

VANCOUVER, Aug. 27, 2015 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW), "the Company", today announced its financial results for the second quarter ended June 30, 2015.  All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Financial Highlights:

  • Total operating revenue decreased to $11,655,745 and $21,999,292 for the three and six months ended June 30, 2015 compared to $12,430,965 and $22,568,228 during the same periods in 2014, representing a decrease of 6.2% and 2.5%. Merchandise revenue increased by 0.2% and decreased by 2.9% during the three and six months ended June 30, 2015 respectively compared to the same periods in 2014. Service revenue decreased by 46.3% and 0.04% respectively during the three and six months ended June 30, 2015 compared to the same period in 2014.

  • Total operating expense was $11,969,430 and $22,732,559 for the three and six months ended June 30, 2015 compared to $12,684,537 and $22,963,724 for the same periods of 2014, representing a decrease of 5.6% and 1% respectively. The decrease was mainly due to the decrease in purchases partly offset by an increase in technical service fee. There is also an increase in general administration expense.

  • The Company reported a net loss on common shares of $372,547 and a net income on common shares $1,888,856 for the three and six month periods ended June 30, 2015 compared to a net loss on common share of $324,145 and $594,972 for the same periods of 2014, representing an increase in loss of 14.9% and a decrease in loss of 417.5% respectively.

  • Fully diluted loss per share was $0.01 and gain per share was $0.04 for the three and six month period ended June 30, 2015 compared to fully diluted losses of $0.01 and $0.01 for the same periods of 2014.

  • As at June 30, 2015, the Company had cash and cash equivalents of $1,033,254 compared to $549,112 as at December 31, 2014, representing an increase of 88.2%. As at June 30, 2015, the Company had working capital of $2,024,914 compared to $(109,798) as at December 31, 2014, representing an increase of 1,944.2%.

"Our total revenues decreased marginally during the quarter driven primarily by the slowdown of China's economy," states Tony Lau, CEO. "Management is monitoring the macroeconomic trends very closely and will engage appropriate cost control measures in order to reduce expenses while maintaining our strategic growth opportunities."

About Fireswirl

Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multicurrency and multi-language capabilities. Our solutions can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users through internet or wireless applications.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

SOURCE Fireswirl Technologies Inc.

For further information: Further information can be found on the company at: www.fireswirl.com or contact: Fireswirl Technologies Inc., Ji Yoon, Interim CFO, Telephone: 604.540-8805 Ext. 214, Fax: 604.677-6613, Email: jyoon@fireswirl.com, Website: www.fireswirl.com


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