Ackroo Files Financial Results for the Three and Nine Months Ending September 30, 2013

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 service.

About Ackroo
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.

John Chapman
Chief Financial Officer | Ackroo
Tel: [phone] x714
Email: [email protected] 

Jennifer Nelson
Vice President, Marketing | Ackroo
Tel: [phone] x705
Email: [email protected]