CALGARY, April 26, 2017 /CNW/ - Clarocity Corporation (TSXV: CLY) (the "Company" or "Clarocity"), today announced its full year and fourth quarter (Q4) financial results for the three months ended December 31, 2016.
"Our 2016 results, while significantly improved from the year prior, reflect only a fraction of our recent success and significant growth in revenue that has been evident over the course of our last 5 months of monthly revenue press releases," said Shane Copeland, CEO of Clarocity. "To put this in perspective, we have announced an unaudited CAD $3.3 million in revenue for Q1 2017 – more than half of our entire 2016 revenue. Last year we focused on getting our operations in order, beginning to manage expenses effectively and ensuring that we had the tools necessary to take advantage of the tremendous market opportunity in front of us."
Mr. Copeland continued, "Through the acquisition of ValVets, the Morningstar audit and our focus on executing on our sales strategy, we have positioned ourselves very well to grow rapidly and capture market share. I am extremely excited about the progress we have made in the first few months of 2017, and have high expectations for this year."
Full Year Financial Highlights
- Total revenue was $6.30 million for the full year ended December 31, 2016, compared to $3.16 million for the same period in 2015, representing an increase of 100% year over year.
- Net loss of $9.85 million ($0.05 per share) for the twelve months ended December 31, 2016, compared to a net loss of $13.00 ($0.07 per share) for the same period in 2015, representing a decrease in loss of 24% year over year.
- As at December 31, 2016, the Company's cash position was $0.66 million, compared to a cash position of $0.97 million on September 30, 2016.
Fourth Quarter Financial Highlights
- Revenue of $2.33 million for the three months ended December 31, 2016 as compared to $1.54 million for the three months ended December 31, 2015, an increase of 51% year over year.
- Net loss of $3.18 million for the three months ended December 31, 2016 as compared to $1.80 million for the three months ended December 31, 2015.
Full Year Operational Highlights
- The Company closed the acquisition of a national Appraisal Management Company (AMC) Valued Veterans, LLC., providing the regulatory framework necessary to engage appraisers in next-generation valuations.
- The Company rebranded from Zaio to Clarocity to support integrated valuation technology focus.
- The Company received a positive vendor ranking for Morningstar credit ratings, allowing Clarocity to participate in rated mortgage security transactions, a multi-billion rapidly growing market as assets are moved from banks to Wall Street.
Subsequent to the Fiscal Year Ended December 31, 2016
- Clarocity announces contract with top 10 internet lending company.
- Clarocity announces unaudited CAD $1.1 million revenue for January 2017.
- Clarocity awarded new contract to perform next phase of valuation services for U.S. government asset sales.
- Clarocity awarded contract to perform valuation services for Guild Mortgage.
- Clarocity selected for 2017 HousingWire Tech 100™ list.
- Clarocity announces unaudited CAD $900k revenue for February 2017.
- Clarocity announces contract with nationwide online hard money lender.
- Clarocity announces unaudited CAD $1.3 million revenue for March 2017.
- U.S. agency selects Clarocity Corporation's MarketValue Pro to value asset portfolio.
- Large regional bank selects Clarocity Corporation's MarketValue Pro to support equity lending.
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today's dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. For more information, visit www.clarocity.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. Forward-looking information in this press release, includes, among other things, information relating to any applicable approvals required in order to complete the warrant surrender and share subscription which may include, but is not limited to, the approval of the TSX Venture Exchange. The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act)
SOURCE Clarocity Corporation
For further information: visit www.clarocity.com or contact: Shane Copeland, CEO, Clarocity Corporation, 760-208-6460, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]