MONTREAL, Nov. 29, 2019 (GLOBE NEWSWIRE) — ATW Tech Inc. (the “Company” or “ATW Tech”) (TSX-V: ATW) announces today its results for the quarter ending September 30, 2019.
On July 31st, 2019, the Company sold the assets of its VuduMobile division for $1,350,000. It is important for the reader to note that the results as at September 30th, 2019 include only the July 2019 results of the VuduMobile division;
For its third quarter of 2019, the Company generated revenues of $1.1 million from its continuing operations.During the third quarter, for the VoxTel division, the Company focused on a partnership strategy to leverage its reputation with its operating partners and the CRTC. This approach aims to improve the Company’s performance and to achieve a positive EBITDA in 2020 in order to obtain a better valuation for ATW Tech.The Company also focused on improving its digital application, Option.vote, which offers a multi-method, customized and secure voting system for unions, political parties, professional associations, media companies and others looking for a way to reduce their voting costs and improve their participation rates.“Since the third quarter of 2019, following the sale of VuduMobile’s assets, which was an excellent business opportunity, ATW Tech has been faced with an unexpected situation from its financial partner and was required to adjust its focus accordingly. ATW Tech is currently pursuing a change of financial partner since, despite numerous discussions between the Company and the financial institution, the current relationship cannot continue and will end no later than March 31, 2020. The Company is currently in discussions with financial institutions and expects to reach an agreement in the winter of 2020. The choice of financial partner will be based, among other things, on the financial institution’s understanding of the Company’s business model and value, as well as its ability to finance ATW Tech’s projects on commercially viable terms,” said Michel Guay, President and CEO of ATW Tech.The above data includes a summary of highlights. For further information, please consult the Company’s consolidated financial statement as well as the Management Report for the period ended September 30th, 2019 at www.sedar.comForward-Looking Statements Disclaimer
This press release contains forward-looking statements that reflect the Company’s current expectation regarding future events. There is a risk that expectations and forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company’s filings. While ATW Tech anticipates that subsequent events and developments may cause its views to change, ATW Tech specifically disclaims any obligation to update these forward-looking statements, unless obligated to do so by applicable securities laws.Additional information regarding the Company is available on SEDAR.The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange’s policies) bear no liability as to the relevance or accuracy of this press release.ABOUT ATW TECH
ATW Tech is a leader in financial technologies (‘fintech’), owner of several web platforms including VoxTel and Option.vote. VoxTel offers various interactive communication, landline and mobile carrier billing phone solutions. Option.vote offers a large scale, customizable, and secure multi-method voting system for unions, political parties, professional associations, and others looking for a way to reduce their voting costs and to improve their participation rates.CONTACT
Michel Guay,
Chief Executive Officer
Tel: 514-788-5932, ext 301
[email protected]
www.atwtech.com
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