-Expecting Fiscal Second Quarter Bookings to be up over 30% Q/Q-
CUPERTINO, CA, Sept. 27, 2018 /CNW/ - (TSXV:BWLK) – Boardwalktech Software Corp. ("Boardwalktech"), a leading enterprise blockchain software company, announced today that it has received the Notice of Allowance (grant) for a Cell-Based Database Management System patent. This method forms the fundamental data organization to create blockchains and structure payloads of transactions, and is an essential component for multiple parties to exchange time sensitive transactional information. Further, this method allows for rapid development of blockchain applications. Over the past decade, this technology has been used by Boardwalktech with customers in the areas of finance, tax, insurance and supply-chain management (including over 25 Fortune/Global 500 companies), and is part of the recently launched Boardwalktech Enterprise Blockchain platform, currently being adopted by new and existing customers.
Company Expects Solid FY-2Q Bookings
Focused on the Company's patented shared digital ledger platform, Boardwalktech now expects total bookings for its FY-Q2, ending September 30, 2018, will finish in excess of $1.3 million, representing a sequential increase of over 30% Q/Q. Boardwalktech's growth over the quarter is driven by a solid recurring license base and services revenue increases, plus incremental business from both new customers and existing customers who are expanding the use of the software service.
"Strong bookings and sales results for our second quarter validates the confidence our customers have in the strength and stability as well as innovative products and solutions the Boardwalktech platform offers. The combination of an outstanding customer base recognizing quantifiable results using proven technology with deep expertise and leadership in the blockchain market, industry leading companies continue to select us as their blockchain technology partner of choice," said Andrew T. Duncan, President and CEO of Boardwalktech Software Corp. "We believe our growth is in an early stage. Over the quarter, we have expanded our sales team and initiated a go-to-market campaign that continues to generate new areas of growth both in terms of new customers and more business applications from existing customers. In fact, the growth we experienced this quarter for the most part does not yet include the value we believe we will realize from our marketing and sales efforts over the past quarter. In addition, our recently announced collaboration with PES University and the granting of another patent shows how our industry leading technology is enabling both the ecosystem and penetration of new markets, seeding the grounds for future long-term sustainable growth."
Boardwalktech expects to report its fiscal second quarter 2019 results in mid-November, 2018.
About Boardwalktech Software Corp.
Founded in 2004, Boardwalktech has developed a patented digital ledger technology that allows for multi-party collaboration and verification on a trusted, shared, secure, and private information cloud. Our Boardwalk Enterprise Blockchain data management platform allows rapid blockchain application development on many platforms using any user interface, supporting "smart contract" business logic, integration with legacy systems and an easy method of connecting all participants (through Boardwalk virtual machines) enabling the exchange of secure and validated digital business information.
Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
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An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in the Company's filing statement dated May 30, 2018. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
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