VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 29, 2016) – Kona Bay Technologies Inc. (the “Company”) (TSX VENTURE:KBY), a global provider of Online Customer Acquisition software and services, announced its unaudited financial results for the quarter ended June 30, 2016. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.
| Three Months Ended June 30, 2016 |
Three Months Ended June 30, 2015 |
|
| Sales | $348,500 | $298,166 |
| Net Income (Loss) | ($78,625) | ($207,847) |
| Earnings (Loss) per share | ($0.00) | ($0.00) |
The increase in revenue was driven by higher sales in the Custom Software Development and Student Marketing Service business segments.
Subsequent to the quarter end, the Company was advised by one of its top three clients that it was suspending its international student acquisition campaign as a result of internal budget constraints. While management believes that the campaign suspension will have a significant effect on Student Marketing Services revenue in the Company’s fourth quarter, the Company is in active discussions with the client to optimize and restart the campaign. The overall effect on operations and operating results in subsequent future fiscal periods is not currently quantifiable as clients often vary their marketing activities based on factors beyond the control of the Company.
The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended June 30, 2016 are available at www.sedar.com.
Kona Bay Technologies Inc.
Kona Bay Technologies Inc. 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.
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 the Company – 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.
President of the Company
(604) 638-1553
investor.relations@konabaytech.com