Vancouver, BC – Siyata Mobile Inc. (TSX-V:SIM) (the “Company” or “Siyata“), is pleased to report its financial results for the third quarter of 2015 (three and nine-month period ended September 30, 2015).
- First 9-month revenue of $7.2M, an increase of 53% over the comparative period in 2014 (Q3-2015 revenue of $2.2M versus $1.9M in Q3-2014)
- Positive 9-month EBITDA1 of $184K versus $105K, an increase of 75% over the comparative period in 2014, (Q3-2015 EBITDA1 of $35K versus $69K in Q3-2014)
- Working capital of $3.2M compared to $3.2M working capital deficiency at 2014-year end
- Shareholder’s equity of $6.4M compared to $0.8M deficiency at 2014-year end
“We are very pleased to be able to publish our first public quarterly results,” states Marc Seelenfreund, CEO of Siyata Mobile. “We demonstrated strong revenue growth, and less one time charges related to Siyata’s going public transaction, are a profitable company. We have a strong balance sheet with over $3M in working capital to execute our sales strategy in North America and continue to grow our margins and profitability.”
Subsequent to the quarter, the Company announced that their Voyager connected vehicle device has been certified by TELUS for use on their coast-to-coast 4G network now available in Canada directly from Siyata Mobile and through authorized TELUS dealers across Canada. VOYAGER supports voice and data along with TELUS’ push-to-talk solution, TELUS Link®; Fleet Complete® TELUS Resource Tracker; Waze navigation; and other apps that simplify fleet management and create a safer driving environment.
Siyata’s full Q3 2015 results can be found at www.sedar.com.
1 EBITDA is calculated as net operating income (loss) before interest, income taxes, depreciation, amortization and stock based compensation.
About Siyata Mobile Inc.
Siyata Mobile Inc. is a leading global developer and provider of a vehicle mounted communications platform over advanced mobile networks.
Customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, Europe, Australia, and the Middle East.
Siyata’s “Connected-Vehicle” devices and accessories are specifically designed for professional fleets such as trucks, vans, buses, ambulances, government cars, and more. Siyata aims to provide greater mobile connectivity for professional drivers and facilitate replacement of the current in-vehicle, multi device status quo with a single device that incorporates voice, data, and fleet management solutions.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Director
Ed Shoval, Director of Sales
Siyata Mobile Inc.
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.