Futura Announces Financial Results for 1st Quarter 2011 and Provides Results of Annual and Special Meeting of Shareholders
June 30 2011 - 3:21PM
Marketwired
The Futura Loyalty Group Inc. (TSX VENTURE: FUT) ("Futura" or the
"Company") has released its financial results for the quarter ended
March 31, 2011.
Total revenue from operations for the three-month periods ended
March 31, 2011 and 2010 was $403,318 and $292,437, respectively,
representing a quarter-over-quarter increase of $110,881 or 38%.
This increase was largely the result of increased branded loyalty
reward currency sales which rose to $287,267 for the first quarter
of 2011, compared to $201,408 for the first quarter of 2010.
The net loss from continuing operations for the three-month
period ended March 31, 2011 was $264,731 in comparison to a net
loss from continuing operations of $579,215 for the same period of
2010. Revenue from the resale of branded loyalty reward currency
combined with reduced 2010 operating expenses accounted for a
significant portion of the quarter-over-quarter improvement in net
loss.
During the first quarter of 2011, the Company signed a
multi-year agreement with The Toronto Automobile Dealers
Association (TADA), enabling TADA's 340 dealer-members to offer
branded loyalty reward currencies to consumers on the purchase or
service of vehicles. Also in the period, TADA entered into a
multi-year strategic partnership with the Company to build and
manage a customizable rewards program that will be offered to its
member dealer base. The innovative program enables each individual
dealer to incorporate their branding onto all program materials and
serves as a powerful marketing tool to derive incremental sales
from existing and new customers.
"I am extremely excited about the reception we've gotten from
new car dealers since we started marketing to them 8 weeks ago in
conjunction with TADA. It seems our loyalty rewards program value
propositions of new customers, more frequent visits from existing
customers and higher average ticket size is resonating well with
dealers," commented Mark Farrell, CEO of Futura, "and we started
generating revenue from our first auto dealer customers in May. We
are expecting the new auto dealer segment to be a major driver of
growth for the Company."
To review the Company's complete first quarter financial
statements, please visit www.tflg.ca or www.sedar.com.
The Company is also pleased to announce that its annual and
special meeting of shareholders ("AGM") took place on June 29, 2011
at which time the shareholders re-elected David Beutel, Mark
Farrell, Jon Gill, Terry Rumsey, Ted Dzialowski and David Campbell
as directors of the Company. Previous Board member Jeffrey Mandel
did not stand for re-election and the Company thanks Mr. Mandel for
all of his efforts and advice over the past two years and wishes
him well in all of his current and future endeavors. All other
resolutions for consideration at the AGM were passed, including the
authorization of the Board, should it deem advisable prior to the
next annual meeting of shareholders, to consolidate the issued and
outstanding shares of the Company (the "Consolidation") on the
basis of one new Common Share for every ten existing Common Shares,
or such lesser ratio as the Board may determine at the time of
Consolidation, if any. At this time, the Board has no current
intention to implement the Consolidation and the Consolidation will
only be implemented upon a determination by the Board that the
Consolidation is in the best interests of the Company at that time.
The Company sought shareholder approval for the Consolidation in
order to have flexibility with respect to potential business
transactions, including any possible future equity financings. The
Consolidation, if determined by the Board to be implemented, will
be subject to receipt of all necessary regulatory approvals,
including acceptance of TSXV.
About Futura Loyalty Group
The Futura Loyalty Group Inc. is an industry-leading provider of
branded loyalty reward currencies, private branded loyalty programs
and targeted marketing solutions using email, mobile, direct mail
and the web. Futura's loyalty services include member account set
up, management and reward redemption platform, a web-based program
transaction reporting interface for merchants, a robust offer
management system, retail POS Integration for card swipe issuance
and a proprietary web based issuance solution. For more information
regarding Futura Loyalty Group, visit www.tflg.ca.
The TSX-Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: The Futura Loyalty Group Inc. David Campbell Chief
Financial Officer 416-775-3161 dcampbell@tflg.ca www.tflg.ca
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