Sun, 21 Apr 2019

Wi2Wi Corporation Announces 2018 Year End Results

ACCESSWIRE
16 Apr 2019, 06:07 GMT+10

TORONTO, ON / ACCESSWIRE / April 15, 2019 / Wi2Wi Corporation ('Wi2Wi' or the 'Company'), is pleased to announce its consolidated financial results for the year ending December 31, 2018.

Highlights
(in thousands of US dollars unless otherwise stated)

FY 2018 (audited)

FY 2017 (audited)

3 Months ending December 31, 2018 (unaudited)

3 Months ending December 31, 2017 (unaudited)

Revenue

$9,711

$9,610

$2,455

$2,382

Net income

143

136

122

109

Net cash provided by (used in) operations

470

796

143

(306)

Total assets

8,372

8,106

8,372

8,106

Total current liabilities

1,880

1,230

1,880

1,230

Shareholders' equity

6,348

6,010

6,348

6,010


2018 Highlights

  • Mr. Gary DuBroc, Mr. Francesco Ferlaino and Ms. Carol Hess have joined the board of directors.
  • The Company has booked orders amounting $11,534 from Jan 1, 2018 through December 31, 2018 compared to $9,898 in the same period of the previous year.
  • The increase in booking is due to the Company's continued effort in winning customer confidence with its tier 1 customer base by providing the highest level of technical support and on time shipments.
  • Net income at December 31, 2018 is $143 compared to $136 in the same period of the previous year.
  • Cash on hand at December 31, 2018 is $2,570 compared to $2,151 in the same period of the previous year.
  • The Company continues to operate debt free and is sustaining its operations through positive cash flow.
  • The Company continues to invest in R&D to create best in class products targeting its premium markets, such as avionics, space, defense, industrial, IoT, IIoT and medical.

'The Company welcomes the new members of the board of directors. We are pleased to see the results of our commitment to the customers by providing on time delivery and real time technical support and expect increase on bookings in coming years. We continue to focus on releasing new best in class products and actively promoting the product lines with existing and new customers.' said Mr. Zachariah Mathews, President & CEO of the Company.

For further information, please contact:

Dawn Leeder
Chief Financial Officer
608 203 0234
dawn_l@wi2wi.com

About IoT and M2M

Essentially, IoT and M2M describe the network of physical objects or 'things' embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data. Driven by several factors including the growth in the availability of Broadband Internet, which reduces the cost of connecting, and the related increase in Wi-Fi capabilities as well as sensors built into myriad technologies, this has been described as the 'perfect storm' for the IoT. Almost any device with an on and off switch that can be connected to the Internet (and/or to each other) - anything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices, cars, as well as machine components in the engine of a jet airplane or the drill of an oil rig. According to analyst firm Gartner, by 2020 there will be over 26 billion connected devices. Others think this figure could be too conservative by a factor of four.

About Wi2Wi Corporation

Wi2Wi is a vertically-integrated technology company which designs, manufactures and markets high performance, low power wireless connectivity solutions, global navigation satellite system (GNSS) modules, and frequency control devices. The Company's products and services address numerous applications in the markets of Internet of Things (IoT), Machine to Machine (M2M), Avionics, Space, and Government Sponsored Projects. Wi2Wi's products and value-added services provide highly integrated, rugged, robust, and reliable multiprotocol wireless actuators with embedded software, along with customized timing and frequency control devices for customers, worldwide. The Company was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, WI. The branch office, located in Hyderabad, India, focuses on the development of wireless connectivity; both hardware and software. Wi2Wi's strategic objective is to service the unique needs of each customer by providing end to end wireless integration solutions and highly customizable timing and frequency control devices. Wi2Wi distinguishes itself from commodity grade products, with best in the market performance, highly reliable, low power wireless connectivity products with integrated software that supports broader temperature ranges and a longer product life cycle. Furthermore, Wi2Wi's end to end product solutions helps the customer substantially reduce their end product expense, certification cost, and overall R&D investment, in addition to substantially reducing the time to market. Wi2Wi has partnered with best in class global leaders in technology, manufacturing, and sales. The Company uses a wide network of manufacturer's representatives, worldwide, to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales.

Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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.

SOURCE: Wi2Wi Corporation

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