CALGARY, Aug. 29, 2018 /CNW/ - Clarocity Corporation ( TSXV: CLY; OTCQB:CLRYF) (the "Company" or "Clarocity"), today announced its second quarter financial results for the three and six months ended June 30, 2018.
"With rising interest rates and decreasing home affordability the U.S. housing market, Q2 was a challenge for Clarocity and for the mortgage services industry as a whole," said Shane Copeland, CEO of Clarocity. "While the strategic review remains underway, we are focused on ensuring that our existing customers are receiving the attention they need through our newly launched Customer Experience Team. Through this initiative, Clarocity has maintained a client retention rate of over 95% during 2018 while also actively growing our pipeline of clients. We expect that this effort will produce meaningful revenue growth in Q3."
- Total revenue was $2.6 million for the three months ended June 30, 2018, compared to $3.6 million for the same period in 2017. Total revenue was $5.5 million for the six months ended June 30, 2018, compared to $6.9 million in 2017.
- Net and comprehensive loss of $3.6 million for the three months ended June 30, 2018 compared to a net loss of $3.7 million for the same period in 2017. Net and comprehensive loss of $7.3 million for the six months ended June 30, 2018, compared to a net loss of $6.2 million for the same period in 2017.
- As at June 30, 2018, the Company's cash position was $0.3 million, compared to a cash position of $0.8 million on December 31, 2017.
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 growth acceleration, deepening market penetration for our technology and future revenue growth. 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]