22:23:41 EDT Thu 28 Mar 2024
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or Name
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MediaValet Inc
Symbol MVP
Shares Issued 87,160,594
Close 2016-04-28 C$ 0.13
Market Cap C$ 11,330,877
Recent Sedar Documents

MediaValet loses $3.55-million in 2015

2016-04-29 19:40 ET - News Release

Mr. David MacLaren reports

MEDIAVALET REPORTS 2015 ANNUAL AND FOURTH QUARTER RESULTS

MediaValet Inc. has released its annual and fourth quarter results for 2015.

Highlights:

  • Launched first commercial version of MediaValet (Version 3.0);
  • Completed first phase of sales and marketing expansion;
  • Increased annual recurring revenue (ARR) by 141 per cent;
  • Raised $3.3-million through new equity issues;
  • Strengthened board and management with SaaS veterans.

                                       SUMMARY OF QUARTERLY RESULTS
 
                               Year ended            Year ended    Three months ended    Three months ended
                            Dec. 31, 2015         Dec. 31, 2014         Dec. 31, 2015         Dec. 31, 2014
Annualized
recurring revenue            $    968,773          $    401,210
Revenue from
operations                   $    942,684          $    421,653          $    237,359            $  118,992
Net (loss) from
operations                   $ (3,559,232)         $ (2,766,587)         $ (1,210,674)           $ (940,613)
(Loss) per share
from operations              $      (0.05)         $      (0.05)         $      (0.02)           $    (0.02)

"Two thousand fifteen was a foundational year for all of us at MediaValet," commented David MacLaren, founder and chief executive officer of MediaValet. "We hit a number of significant milestones, including launching the first commercial version of our DAM software, adding a top-tier institutional investor, and completing the first phase of our sales and marketing expansion."

He continued: "I couldn't be happier with the talent we've added on our sales and marketing teams and with the resulting growth of our sales pipeline. The wave of momentum that's building behind us reaffirms our expectations that we will continue gaining market share in the burgeoning, multibillion-dollar, digital asset management industry. This momentum has enabled us to complete another private placement earlier this month, and I'm pleased to announce that it's allowed us to expand our sales and marketing team to 17.

"In addition, subsequent to year-end, we've made significant progress on our third party integration strategy," said Mr. MacLaren. "In January, we announced our long-awaited integration with Microsoft Active Directory, and we expect to announce additional strategic integrations with other best-in-class software vendors in the coming months. We expect these integrations will further entrench MediaValet as an integral part of our customers' operational and go-to-market strategies."

Fourth quarter fiscal 2015 highlights:

  • The company completed the first phase of its go-to-market expansion, increasing its sales and marketing team to 10 people from zero at Dec. 31, 2014, and two at Sept. 30, 2015, leading to a significant increase in pipeline activity, customer engagement and sales momentum.
  • The company increased quarterly revenue to $237,359 for fourth quarter 2015, a 99-per-cent increase from fourth quarter 2014.
  • The company increased gross margins to 62 per cent from 25 per cent in fourth quarter 2014 as a result of increasing sales volume and improved operating efficiencies from product enhancements.
  • It reported a net operating loss from continuing operations of $1.2-million in fourth quarter 2015, compared with $900,000 in fourth quarter 2014, reflecting the company's strategic investments in infrastructure, technology, and sales and marketing.
  • The company announced a number of new customer wins, including one of Canada's largest sporting goods retailers and Canada's largest outdoor advertising company.
  • It launched SkyView, MediaValet's cloud-based publishing service, which enables the seamless integration of MediaValet with third party software solutions.

Full-year fiscal 2015 highlights:

  • The company increased annualized recurring revenue to $968,773, a year-over-year increase of 141 per cent, compared with $401,210 at Dec. 31, 2014.
  • It achieved revenue of $942,684 for the year ended Dec. 31, 2015, a year-over-year increase of 124 per cent, compared with revenue of $421,653 in the prior year.
  • The company increased annual gross margins to 65 per cent from 46 per cent in the prior year as a result of increasing sales volume and improved operating efficiencies from product enhancements.
  • It reported a net operating loss from continuing operations of $3.6-million for the year ended Dec. 31, 2015, compared with $2.8-million in the prior year, reflecting the company's strategic investments in infrastructure, technology, and sales and marketing.
  • The company was selected by Brand USA, the tourism board for the United States, to manage 50 TBs of media assets promoting the United States.
  • It was selected by one of the top National Football League (NFL) franchises to provide a central media library to house 10 TBs of team-related photos, videos and other related brand assets.
  • The company raised gross equity proceeds of $3.3-million through a combination of private placements, conversion of debentures, and exercise of warrants and options.
  • It appointed software-as-a-service executive management veteran, Rob Chase, as chairman of the board.
  • The company appointed cloud/SaaS sales executive veteran, Raja Nucho, as global vice-president of sales in August, 2015.
  • It announced a strategic partnership with Orckestra, a leader in .NET e-commerce solutions, where Orckestra will offer MediaValet as part of its overall commerce-as-a-service solution to ensure marketing teams and agencies gain fast, consistent, secure and controlled access to product catalogues and brand materials.
  • The company received Microsoft gold competency status for exceeding customer expectations, distinguishing MediaValet within the top 1 per cent of Microsoft's global partner ecosystem.

Subsequent to Dec. 31, 2015:

  • The company increased its sales and marketing team to 17 to further accelerate sales growth and increase brand awareness, and increased overall head count to 41 to accelerate its product road map.
  • It announced a number of new customer wins such as the Pancreatic Cancer Action Network, the Portland Japanese Garden, Canadian Blood Services and the National Ballet of Canada.
  • The company announced full support for 4K video files up to 200 gigabytes in size.
  • It added integration with Microsoft Azure active directory enabling: (1) organizations to quickly reset and delete passwords, update user account information, manage security settings, and enable group permissions in MediaValet through their central active directory console; and (2) users to enjoy an enterprise-scale single sign-on (SSO) environment that will allow them to log in to MediaValet using the same username and password that they use for all corporately approved and active-directory-supported applications across their organization.
  • The company completed a broker-led private placement for gross proceeds of $1.5-million. The proceeds will be used to finance operations, continue developing new product features, and drive sales and marketing efforts.

MediaValet's full financial statements and related management's discussion and analysis are now available on SEDAR.

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