OTTAWA, ON–(Marketwired – May 01, 2017) – Ackroo Inc. (TSX VENTURE: AKR) (OTC PINK: AKRFF) (“Ackroo” or the “Company”), a gift card, loyalty and rewards technology and services provider, has filed its financial results for the year ended December 31, 2016.
The results for the year ended December 31, 2016 reflect year over year revenue growth of 22% and operating loss reduction of 29% as compared to the previous year.
“2016 was an important year as we continued to further validate and refine our business model,” said Steve Levely, chief executive officer at Ackroo. “We continued our quest to both simplify and consolidate the very fragmented gift card and loyalty landscape with a combination of several strategic product enhancements, 3 acquisitions, further expansion and deepening of our channel partnerships including the addition of First Data Canada, all while improving our general operations. We grew our merchant base by adding over 360 locations and had our smallest rate of attrition of just over 4% further validating both our technology development and operating model. Finally we finished the year closing an important financing that allowed us to add key staff in order to better position us for scale. It was a great year on many fronts and so we are excited to see what lies ahead in 2017.”
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
- Revenue of $2,224,165 for the year ended December 31, 2016 as compared to $1,822,224 for the year ended December 31, 2015 (22% growth);
- Expenses less depreciation, amortization, and stock based compensation was $2,070,954 for the year ended December 31, 2016 as compared to $2,063,347 for the year ended December 31, 2015 (0% change)
- EBITDA loss from operations excluding stock based compensation was $607,466 for the year ended December 31, 2016, as compared to $853,021 for the year ended December 31, 2015 (29% reduction)
About Ackroo
Ackroo provides gift card and loyalty processing solutions to help retail and hospitality merchants attract, retain and grow their customers and their revenues. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card & loyalty transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. 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.
Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company’s ability to raise enough capital to support the company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For information, please contact:
Steve Levely
Chief Executive Officer
Ackroo Tel: 613-599-2396 x730
Email: slevely@ackroo.com