Company Announces Annual Revenue Growth of
110%
CALGARY, April 30, 2018 /CNW/ - Clarocity Corporation
(TSXV: CLY; OTCQB:CLRYF) (the "Company" or "Clarocity"), today
announced its fourth quarter and fiscal year financial results for
the three and twelve months ended December
31, 2017.
"2017 was a strong year for our organization, as we added a
significant number of clients to our platform as well as more than
doubled revenue compared to the year prior," said Shane Copeland, CEO of Clarocity. "With some of
the largest financial institutions in the U.S. currently using our
alternative appraisal solution, we have worked hard to execute on
our strategy of acquiring new customers and quickly onboarding them
onto the platform."
Mr. Copeland continued, "As we look toward 2018, we remain
committed to growing our revenue pipeline with the addition of new
clients as well as expanding our presence with existing ones. We
continue to work closely with our clients and other industry
leaders to implement our alternative appraisal solutions to become
an integral part of their workflow process."
Financial Highlights
- Total revenue was $3.59 million
for the three months ended December 31,
2017, compared to $2.33
million for the same period in 2016, an increase of 54%.
Total revenue was $13.25 million for
the twelve months ended December 31,
2017, compared to $6.30
million for the same period in 2016, an increase of
110%.
- Net and comprehensive loss of $4.64
million for the three months ended December 31, 2017 compared to a net loss of
$3.18 million for the same period in
2016. Net and comprehensive loss of $14.53 ($0.06 per
share) million for the twelve months ended December 31, 2017 compared to a net loss of
$9.63 million ($0.05 per share) for the same period in
2016.
- As at December 31, 2017, the
Company's cash position was $0.79
million, compared to a cash position of $0.66 million on December
31, 2016.
Operational Highlights
During the Fourth Quarter
- Clarocity Corporation initiated strategic alternatives review –
Board mandates management to enhance stakeholder value
- Clarocity announced addition of Tom
Signorello to Board of Directors
- Clarocity announced early expiry of warrants and automatic
exercise of put right
- Clarocity and CIS Group announced strategic collaboration to
expand valuation field services
- Clarocity received MOR RV2 vendor ranking from Morningstar for
second consecutive year
- Clarocity announced retention of financial advisor by strategic
alternatives committee
Subsequent to the quarter:
- Clarocity announced strategic alignment teaming agreement
- Clarocity executive, Ernie
Durbin, awarded as 2018 Valuation Visionary
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions
and platform technologies designed to address today's dynamic
housing market. Our innovative platform is driving the
next-generation of valuation solutions such as MarketValue Pro
(MVP) and BPOMerge and setting new standards in real estate
valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our
proprietary solutions to value assets, fund loans, and securitize
portfolios. As a fully integrated technology and valuation services
company, Clarocity provides a full spectrum of appraisal and
alternative valuation solutions. For more information, visit
www.clarocity.com.
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.
Forward-Looking Information
This news release contains forward-looking statements which may
include financial and business prospects, as well as statements
regarding the Company's future plans, objectives or economic
performance and financial outlooks. Such statements are subject to
risk factors associated with the real estate industry, the overall
economy in both Canada and
the United States. Forward-looking
information in this press release, includes, among other things,
information relating to growth acceleration, deepening market
penetration for our technology and future revenue growth. The
Company believes that the expectations reflected in this news
release are reasonable but actual results may be affected by a
variety of variables and may be materially different from the
results or events predicted in the forward-looking statements.
Readers are therefore cautioned not to place undue reliance on
these forward-looking statements. In evaluating forward-looking
statements readers should consider the risk factors which could
cause actual results or events to differ materially from those
indicated by such forward-looking statements. These forward-looking
statements are made as of the date hereof, and unless otherwise
required by applicable securities laws, the Company does not intend
nor does it undertake any obligation to update or revise any
forward-looking statements.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States. The securities
of the Company will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act, and
may not be offered or sold within the
United States or to, or for the account or benefit of U.S.
persons except in certain transactions exempt from the registration
requirements of the U.S. Securities Act)
SOURCE Clarocity Corporation
