OTTAWA, April 2, 2013 /CNW/ - Ackroo Inc. (TSX-V: AKR) (the "Company"), a loyalty and rewards technology and services provider, today announced that it has filed its financial results for the nine months ended December 31, 2012.
Ackroo completed its acquisition of MoneyBar Rewards Inc. on October 1, 2012, pursuant to a reverse takeover. As such, the information presented for the nine months ended December 31, 2012 reflects the continuous results and performance of MoneyBar Rewards and then post-transaction, the combined entity Ackroo, over the nine month period. Ackroo incurred significant one-time costs in the period associated with the transaction. Since the closing of the transaction, Ackroo has expanded operations and focused on increasing penetration of its web-based loyalty platform, which enables businesses to increase profitability and build long-term customer relationships through customized loyalty and rewards programs.
"The execution of our go public transaction via the reverse takeover of Rare Earth Industries was a crucial component in the overall Ackroo plan and provides us the launch pad for expanding our web-based loyalty offering for small to medium sized businesses across North America," said Eamonn Garry, chief executive officer at Ackroo. "In 2012, we formed new alliances with strategic partners in the payments industry which accelerated our go to market plan. We also gained many new customers and continued to advance our product suite. We have a unique approach to our market with industry-leading innovative technology deployment coupled with supporting business practices. We believe we are positioned for success in 2013."
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Increased sales to $558,227 for the nine month period ended December 31, 2012 compared to $122,915 for the period from date of incorporation, October 5, 2011, to March 31, 2012;
- Increased Gross Profit to $437,762 for the nine month period ended December 31, 2012 compared to $96,464 for the period from date of incorporation, October 5, 2011, to March 31, 2012;
- Loss from operations before depreciation amortization and stock based compensation was $2,967,043 for the nine month period ended December 31, 2012 compared to $454,877 for the period from date of incorporation, October 5, 2011, to March 31, 2012;
- Comprehensive loss of $4,652,092, or $0.11 per share, for the nine month period ended December 31, 2012 and $715,646, or $0.04 per share, for the period from date of incorporation, October 5, 2011, to March 31, 2012.
Currently, Ackroo has 57,144,132 basic shares outstanding and 71,441,677 fully diluted shares outstanding.
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 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.
SOURCE: Ackroo Inc.
For further information:
Chief Financial Officer | Ackroo
Tel: 613-599-2396 x714
Vice President, Marketing | Ackroo
Tel: 613-599-2396 x705