VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 20, 2016) – ACT360 Solutions Ltd. (the “Company” or “ACT360 Solutions”) (TSX VENTURE:AKM), a global provider of Online Customer Acquisition software and services, announced its unaudited financial results for the quarter ended March 31, 2016. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.
Business summary for the quarter ended March 31, 2016:
- Organic revenue growth of 78% compared to the prior year quarter primarily the result of increased sales to higher education clients;
- Selling expenses of $401,586 consistent with the increase in sales revenue, resulting in an increase in operating margin from the prior year quarter.
- Corporate development expenses of $77,486 as the Company continued to invest in M&A activities to achieve its long term growth objectives.
| Three Months Ended March 31, 2016 |
Three Months Ended March 31, 2015 |
|||||
| Sales | $ | 437,166 | $ | 245,626 | ||
| Net Income (Loss) | $ | (119,658 | ) | $ | (132,656 | ) |
| Earnings (Loss) per share | $ | (0.00 | ) | $ | (0.00 | ) |
The Company also announced it intends to consolidate its 23,289,467 issued and outstanding common shares on the basis of one new share for ten old shares (the “Consolidation”), to change its name to “Kona Bay Technologies Inc”, and to change its trading symbol to “KOA”. The purpose of the Consolidation and the name change is to reposition the Company to enhance its ability to access capital markets and various acquisition targets. The Company has reported previously that it is expanding its focus to include business development and growth by acquisition in lead generation and customer acquisition in industries beyond education.
Upon completion of the Consolidation, 2,328,947 common shares will be issued and outstanding. In accordance with the Articles of the Company, the Consolidation and name change do not require approval of the shareholders of the Company. The Consolidation and name and trading symbol changes are subject to acceptance from the TSX-V.
The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended March 31, 2016 are available at www.sedar.com.
About ACT360 Solutions Ltd.
ACT360 Solutions is a global provider of Online Customer Acquisition software and services. We acquire, manage, and build Online Customer Acquisition businesses that address the specific client acquisition needs of our customers in particular vertical markets.
For further information, please visit the Company website at www.act360.com.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding future plans and objectives of ACT360 Solutions Ltd. – are forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are based on current expectations and analyses, including the effects of anticipated product, service, and distribution changes and the potential benefits of such efforts and activities on the Company’s results of operations in future periods. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
Neither 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.
Vincent Wong
President
(604) 638 1553, ext. 1
www.act360.com
