19:39:28 EDT Thu 30 Mar 2023
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Wellfield Technologies Inc
Symbol WFLD
Shares Issued 102,367,322
Close 2022-05-27 C$ 0.43
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Wellfield Technologies loses $4.7-million in Q1 2022

2022-05-30 10:26 ET - News Release

Mr. Levy Cohen reports


Wellfield Technologies Inc. has released financial results for the quarter ended March 31, 2022. All currency references used in this news release are in Canadian dollars unless otherwise noted.

Management commentary

Levy Cohen, chief executive officer of Wellfield, commented: "With a strong balance sheet and the acquisition of Coinmama completed, Wellfield is well positioned for significant growth. The addition of Coinmama's 3.5 million registered users gives Wellfield an immediate head start on user acquisition, with an engaged audience that will enable both rapid launch of our decentralized finance technologies in 2022, as well as facilitate additional launches through next year. We see readily achievable opportunities to optimize the existing Coinmama platform and grow off its existing revenue base by harnessing its millions of unique visitors and taking pro-active measures to increase awareness with our distinctive products and services. We are already undertaking the steps required to transition Coinmama from a single-offering, transaction-oriented model to a highly disruptive and trailblazing multiproduct business. This will be a very exciting year for Wellfield shareholders, and I look forward to continuing to provide updates over the next several quarters."

Summary financial information:

  • Cash balance of $12.8-million at March 31, 2022;
  • Net loss of $4.7-million in Q1 2022 compared with $500,000 in Q1 2021, prior to the company becoming an operating business;
  • The acquisition of Coinmama will be reflected for approximately one month of the company's Q2 2022 financial results, and for the full quarter, in its Q3 2022 financial results.

About Wellfield Technologies Inc.

Wellfield builds advanced technology that uses blockchain to create the next generation of financial solutions for institutions and consumers. The company has strong academic, business and development expertise in the rapidly growing decentralized finance (DeFi) sector, building its branded applications and critical infrastructure solutions directly on public blockchains like bitcoin and ethereum.

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