Siyata added that its recently announced acquisition target, Signifi Mobile (see press release April 19, 2016), grew its unaudited Quarterly revenue to $0.8M, a 70% increase over the same period the previous year (January 1st to March 31st) with positive EBITDA for the Quarter. During this period, sales of its Uniden® cellular boosters and accessories in the United States grew 190% over the previous year with over a third of Signifi sales in the US.
Marc Seelenfreund, CEO of Siyata Mobile stated, “Both Siyata and Signifi continue to show double-digit year-over-year revenue growth and combined, will form a very fast growing company targeting large scale markets. Our complimentary products, growing revenue, increased margins and North American presence, position Siyata for strong growth and profitability in 2016 and beyond.”
Siyata’s Truckfone and Voyager are the world’s first 3G connected vehicle devices with fixed installation, hands-free dialling, and a dedicated microphone and speaker for crystal-clear sound quality along with external antennas for better cellular coverage. The Company works with cellular operators and dealerships around the world to meet the needs of fleets requiring a solution for better connectivity, safer driving and reliable asset tracking.
Signifi’s Uniden® cellular boosters are available on-line and in over 50 leading dealers and retailers across North America, including Costco, BestBuy, The Source and many others. Signifi sells to cellular dealers across Canada and the United States that specialize in providing mobile solutions to consumers and corporations in remote areas looking for better coverage. Their distribution channels bring an established North American component to Siyata Mobile’s growth strategy.
On April 19, 2016, Siyata announced that it had entered into a share purchase agreement in connection with the above-proposed acquisition of Signify. The closing of the transaction is subject to customary closing conditions including the approval of the TSX Venture Exchange. There can be no assurance that the transaction will be completed as proposed or at all.
Siyata Mobile Inc. is a leading global developer and provider of innovative cellular devices and services over advanced mobile networks. Siyata’s customers include major North American retailers, cellular operators, and commercial technology distributors as corporations and consumers in Canada, the US, 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. Our mobile coverage systems marketed under the Uniden® brand provide better cellular coverage for private residences, SOHO’s, cooperation’s, government agencies, commercial vehicles and more looking for better indoor, outdoor and mobile cellular coverage.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Director
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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.