OTTAWA, Nov. 27, 2012 /CNW/ - Ackroo Inc. (TSX-V: AKR) (the "Company"), a loyalty and rewards technology and services provider, today announced that it has filed financial results for MoneyBar Rewards Inc. ("MoneyBar") for the three and six months ended September 30, 2012.
Ackroo completed its acquisition of MoneyBar on October 1, 2012. The information presented for the three and six months ended September 30, 2012 reflects the results and performance of MoneyBar prior to its acquisition by Ackroo. Since the acquisition, 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 financial results for the period ended December 31, 2012 will provide a more accurate representation of Ackroo's current operations and financial position.
"Following the acquisition of MoneyBar and the completion of our business combination with Rare Earth Industries, our company has made significant strides in scaling operations. Specifically, we have had success in growing our team and forging important partnership agreements with some of the largest payment processors and automotive dealership agents to market our loyalty and rewards solutions across North America," said Tyler Nelson, chief executive officer of Ackroo. "We look forward to providing a more detailed financial and operational review when we report our results for the following quarter."
The complete financial results for MoneyBar are available at www.sedar.com. Highlights include:
- Sales of $184,029 and $375,420 for the three and six months ended September 30, 2012, respectively;
- Gross Profit of $164,843 and $300,404 for the three and six months ended September 30, 2012, respectively;
- Comprehensive loss of $926,871, or $0.01 per share, and $1,691,333, or $0.02 per share, for the three and six months ended September 30, 2012, respectively.
Currently, Ackroo has 57,144,132 basic shares outstanding and 71,441,677 fully diluted shares outstanding.
Ackroo also posted its financial statements and management's discussion and analysis for the quarter ended September 30, 2012 on www.sedar.com. During the quarter ended September 30, 2012, which was prior to the closing of the acquisition of MoneyBar, the company operated under the name Rare Earth Industries Ltd. and was principally engaged in the acquisition, exploration and development of resource properties.
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's online and in-store loyalty program options provide a blend of stored value capabilities and diverse loyalty incentives, arming businesses with their own 'private currency' and the flexibility to create customized loyalty programs that resonate with their customers. 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.
For further information:
Chief Financial Officer | Ackroo
Director, Investor Relations | Ackroo
Tel: 877-255-8483 | Mobile: 403-470-8384