Siyata Mobile Records Sales of $4.85MM in Q1 2017 and Announces Grant of Stock Options
Montréal, QC – Siyata Mobile Inc. (TSX-V:SIM | OTC PINK:SIMFF) (the “Company” or “Siyata”) is pleased to announce that it has posted $4.85MM in revenue for Q1 2017. This represents an increase of 80% over the Company’s Q1 2016 sales and an 18% increase over Q4 2016 and is the third consecutive quarter of record sales.
Marc Seelenfreund, CEO of Siyata states, “We continue to see very strong demand for all our product lines and are happy to announce another record quarter. The recently completed $5.1MM financing puts the company in a very strong position to continue our aggressive sales and product launches into North America.”
As previously announced, Siyata recently closed a $5.1MM brokered private placement financing which has contributed to the Company’s current working capital of $9MM. The Company also recently released its Uniden UV350, the world’s first 4G in-vehicle communications device that is FirstNet (“Band 14”) ready, a nationwide wireless broadband network dedicated to America’s first responders.
The Company also announces that it has granted 1,000,000 options (the “Stock Options”) to Kin Communications Inc. (‘Kin”) pursuant to the terms of the Company’s stock option plan. Each Stock Option is exercisable into one common share of the Company with an exercise price of $0.55 per common share. 125,000 of the Stock Options will vest immediately from the date of grant. Thereafter, the Stock Options will vest on a quarterly basis in tranches of 125,000 with the first tranche vesting on July 6, 2017. The Stock Options shall expire, if unexercised, 5 years from the date of grant.
The Company will announce its financial 2016 year-end results before the end of April, 2017 and its Q1 2017 results before the end of May, 2017.
Siyata Mobile Inc. is a leading global developer and provider of innovative cellular communication systems under the Uniden® Cellular brand. Siyata’s “Connected-Vehicle” devices and accessories are specifically designed for professional fleets including trucks, vans, buses, emergency service vehicles, government cars and more. Siyata aims to provide greater mobile connectivity for professional drivers and to facilitate replacement of the aging in-vehicle, multi-device status quo with a single device that incorporates voice, push-to-talk, data, and fleet management solutions.
Siyata also markets and sells Uniden® cellular signal boosters and accessories as well as rugged mobile phones for both the consumer and enterprise markets. Siyata’s customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the US, Europe, Australia, and the Middle East.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.