Mr. Tony Lau reports

FIRESWIRL ANNOUNCES 2014 Q3 FINANCIAL RESULTS - STEADY REVENUE GROWTH

Fireswirl Technologies Inc. has released its financial results for the third quarter ended Sept. 30, 2014. Financial statements and accompanying management's discussion and analysis are available on SEDAR.

Financial highlights for the third quarter of 2014:

• Total operating revenue increased to $15,736,109 and $38,304,336 for the three and nine months ended Sept. 30, 2014, compared with $14,617,639 and $33,761,388 during the same periods in 2013, representing an increase of 7.7 per cent and 13.5 per cent. Merchandise revenue increased by 6.7 per cent and 11.6 per cent during the three and nine months ended Sept. 30, 2014, respectively, compared with the same periods in 2013. Service revenue increased by 17.7 per cent and 31.2 per cent, respectively, during the three and nine months ended Sept. 30, 2014, compared with the same period in 2013.
• Total operating expense was $16,040,340 and $39,004,064 for the three and nine months ended Sept. 30, 2014, compared with $14,641,265 and $33,954,488 for the same periods of 2013, representing an increase of 9.6 per cent and 14.9 per cent, respectively. The increase was mainly due to the increase in cost of sales related expenses corresponding to increase in revenue and an increase in general administration expense and salaries and benefits.
• The company reported a net loss on common shares of $238,087 and $833,059 for the three- and nine-month periods ended Sept. 30, 2014, compared with a net loss on common shares of $155,258 and $453,226 for the same periods of 2013, representing an increase in loss of 53.4 per cent and 83.8 per cent, respectively.
• Fully diluted loss per share was one cent and two cents for the three- and nine-month periods ended Sept. 30, 2014, compared with fully diluted losses of nil and one cent for the same periods of 2013.
• As at Sept. 30, 2014, the company had cash and cash equivalents (including restricted cash) of $961,138 compared with $1,182,387 as at Dec. 31, 2013, representing a decrease of 18.7 per cent. As at Sept. 30, 2014, the company had working capital of $1,524,271 compared with $1,011,257 as at Dec. 31, 2013, representing an increase of 50.7 per cent.

"We are delighted to see that we are maintaining revenue growth this quarter in spite of the slowdown of China's economy," stated Tony Lau, chief executive officer. "Our management team is committed to enhancing our business model to adapt to the fast-changing market environment and to achieving our profitability targets."

We seek Safe Harbor.