Toronto, Ontario--(Newsfile Corp. - April 22, 2021) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("BeWhere" or the "Company"), a Mobile Internet of Things (M-IoT) company, is pleased to announce its financial results for twelve months ended December 31, 2020.
Owen Moore, CEO and Co-Founder stated, "The Company progressed well during fiscal 2020, demonstrating improvement in all key performance indicators despite COVID-19 related challenging year." He further noted that, "Moreover, there are signs that the municipal government sector is beginning to recover with a significant order received from New York City."
Chris Panczuk, COO and Co-Founder stated, "We are very pleased with the results of fiscal 2020. The Company showed year-over-year growth of 95% in gross profit as its M-IoT device production reached maturity despite the crisis conditions. The Company remains focused on maintain a healthy gross margin on its products."
FY 2020 Highlights
For the twelve months ending December 31, 2020, Loss before the impairment of capitalized development cost was ($76,485) as compared to loss of ($1,229,945) for the same period in 2019 an improvement of $1,153,460 or 94%.
Fourth Quarter 2020 Highlights
Adjusted EBITDA for the twelve months ended December 31, 2020 was $365,493 compared to $(629,643) for the same period in 2019.
Three months ended December 31 | Twelve months ended December 31 31 | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Total Revenue | 1,839,441 | 1,158,529 | 7,037,286 | 6,096,602 | |||||||||
Gross profit | 562,069 | 291,903 | 1,664,0681 | 853,328 | |||||||||
Profit (loss) before Impairment | 22,019 | (100,291) | (76,485) | (1,229,945) | |||||||||
Profit (loss) after Impairment | (1,873,380) | (100,291) | (1,971,884) | (1,229,945) | |||||||||
EPS - basic | (0.02) | (0.01) | (0.02) | (0.01) |
Non-IFRS Measures
Adjusted EBITDA is a non-IFRS measure and does not have standardized meaning as it relates to performance measures and may not be comparable to other issuer disclosures of similar performance measures. The Company has provided a reconciliation of Adjusted EBITDA to IFRS profit (loss) in the Management's Discussion and Analysis for the period ended December 31, 2020. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, share-based compensation, and other non-recurring gains and losses. Management believes that Adjusted EBITDA is a useful measure that facilitates period to period operating comparisons. Adjusted EBITDA should not be considered superior to IFRS net income (loss).
Covid-19 Pandemic
Because BeWhere provides remote monitoring and track & trace solutions to the food, distribution, security, construction and government industries, the company has been designated an essential service by its mobile network operator partners at AT&T and Bell Mobility and therefore continued to operate during the Covid-19 pandemic.
The Covid-19 experience has highlighted the value of BeWhere's monitoring solutions which provide two significant advantages. First the ability to remotely and fully monitor key equipment, and second the collection of detailed data which allows the user to make maximum, efficient use of their resources, be it construction equipment or grape vines. BeWhere's monitors have proven their worth in the following applications:
As the application of its monitors becomes better known, BeWhere is well positioned to serve an increasingly broader market.
About BeWhere
BeWhere (TSXV: BEW) (OTCQB: BEWFF) is a Mobile Internet of Things ("M-IoT") solutions company that designs and sells self-powered hardware with sensors and software applications. Our solutions serve two main markets: (1) Asset Tracking remote location tracking various assets such as trailers, dry vans etc., and (2) Connected Sensors of to remotely track sensors information on non-powered fixed and movable assets. BeWhere's devices use the latest available cellular technologies (LTE-M and NB-IoT) to transmit collected data into mobile applications and cloud-based platforms, at a much lower cost than traditional cellular networks. BeWhere also offer solutions that can be fully integrated with existing software, and white-labeled. BeWhere' solutions are cutting edge, offering low-cost sophisticated technology which allows customers to deploy remote tracking technology where cost was previously prohibitive.
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CONTACT INFORMATION
BeWhere Inc.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
[email protected]
Cautionary Statements Regarding Forward-Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".
We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
BeWhere Holdings Inc. (the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.
The Company's Unaudited Interim Consolidated Financial Statements for the period ended December 31, 2020 and 2019, together with its corresponding Management's discussion and analysis can be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.bewhere.com.
NEITHER THE 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.
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