VANCOUVER, Nov. 28, 2016 /CNW/ - Fireswirl
Technologies Inc. (TSXV: FSW), "the Company", today announced
its financial results for the third quarter ended September 30, 2016. All figures are quoted
in Canadian dollars. Financial statements and accompanying MD&A
are available on SEDAR.
Financial Highlights for Q3:
- For the three and nine months ended September 30, 2016, total operating revenue from
continuing operations was $137,541
and $382,880, respectively compared
to $274,932 and $640,621 for the same periods in 2015. Net loss
from continuing operations was $319,429 and $1,197,768 for the three and nine months ended
September 30, 2016, respectively
compared to a net income of $2,975,218 and $4,785,415 for the same periods in 2015.
The net income for the three and nine months ended September 30, 2015 was a result from the gain
recognized on the sale of the Shenzhen e-commerce platform in an amount of
$3,250,000 and $6,200,385, respectively. If the gain from
the disposition of the Shenzhen
e-Commerce Platform was excluded, the Company would have had a loss
from continuing operations of $274,782 and $1,414,970 for the three and nine months ended
September 30, 2015, respectively.
- For the three and nine months ended September 30, 2016, the Company had a net loss
from continuing operations attributable to shareholders of the
Company of $319,429 and $1,197,768, respectively compared to a net income
of $2,975,218 and $4,785,415 for the same periods in 2015.
- For the three and nine months ended September 30, 2016, the Company had a net income
from discontinued operations of $22,775 and a net loss of $1,166,278, respectively compared to a net loss
of $88,551 and a net income of
$68,767 for the same periods in
2015.
- For the three and nine months ended September 30, 2016, the Company had a total loss
attributable to shareholders of the Company of $308,042 and $1,780,907, respectively compared to a net income
of $2,930,943 and $4,819,799 for the same periods in 2015. If
the gain from the disposition of the Shenzhen e-Commerce Platform was excluded, the
Company would have had a loss attributable to shareholders of the
Company of $319,057 and $1,380,586 for the three and nine months ended
September 30, 2015,
respectively.
"The management team continues to look into different business
opportunities." Stated Lawrence Ng,
CEO, "We are very excited about the new prospects as we head into
the new year."
About Fireswirl
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. The Company's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Our solutions can be
adapted to any industry seeking high volume or micro-payment
solutions involving a wide base of users through internet or
wireless applications.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Fireswirl
Technologies Inc. with respect to its performance, business and
future events. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without
limitation, those relating to changes in the market, potential
downturns in economic conditions, foreign exchange fluctuations,
general demand, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. Fireswirl Technologies Inc. does not undertake
any obligations to release publicly any revisions for updating any
voluntary forward-looking statements.
SOURCE Fireswirl Technologies Inc.