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Siyata Mobile Inc
Symbol SIM
Shares Issued 125,247,819
Close 2020-06-30 C$ 0.105
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Siyata Mobile loses $439,935 in Q1

2020-06-30 18:46 ET - News Release

Mr. Marc Seelenfreund reports

SIYATA MOBILE REPORTS $3.06M IN Q1 2020, SCHEDULES CONFERENCE CALL

Siyata Mobile Inc. has filed its first quarter 2020 financials and will be hosting an investor conference call on Thursday, July 2, at 9 a.m. ET (6 a.m. PT) to discuss these results, followed by a question-and-answer session for investors.

First quarter 2020 highlights:

  • Top-line revenue of $3.06-million in the first quarter of 2020, a slight increase over $3.03-million in the first quarter of 2019;
  • Gross margins improved to 32.4 per cent in the first quarter of 2020, up from 28.0 per cent in the first quarter of 2019;
  • Comprehensive net loss of $439,935, compared with a net loss of $2.15-million in the first quarter of 2019;
  • First quarter 2020 EBITDA (earnings before interest, taxes, depreciation and amortization) was negative $600,000, compared with negative $900,000 in the first quarter of 2019, a positive variance of $300,000;
  • A 172-perr-cent increase in first quarter year-over-year North American sales ($2.01-million compared with $738,000);
  • North American sales represent 66 per cent of gross sales, compared with 24 per cent in the first quarter of 2019;
  • Working capital of $5.9-million at the end of the first quarter of 2020, compared with $8.3-million at the end of the first quarter of 2019.

Important milestones and subsequent events to the first quarter of 2020:

  • Closes previously announced $1.33-million unsecured convertible debenture with leading current investor;
  • Received two purchase orders for Uniden UV 350 4G/LTE in-vehicle device and accessories from leading distributors servicing U.S. Tier 1 cellular operators totalling $625,000;
  • Received $300,000 purchase order for Uniden UV 350 4G/LTE out of Australia;
  • Launched complete portfolio of 4G cellular signal boosters at Amazon;
  • Received $685,000 follow-on purchase order to supply ambulances with Uniden UV 350 4G/LTE;
  • Partnered with TASSTA for entry into the Southeast Asian market. TASSTA has integrated its mission-critical push-to-talk software across a portfolio of Siyata's in-vehicle (UV350, CP250) communication devices;
  • Launched 4G/LTE UR5 rugged smart phone, with IP68 Mil Spec rating, for enterprise and first responder enterprise mobile work force;
  • Won $600,000 contract for rugged push-to-talk devices to supply hospitals, health care workers and ambulances to help manage the battle against COVID-19;
  • Received $400,000 in purchase orders for Uniden UV 350 4G/LTE from three new distributors working on first responder projects in the United States;
  • Signed Uniden UV 350 4G/LTE supply agreement with global land mobile radio (LMR) and software vendor.

"Our first quarter saw a number of positive achievements, including the continued growth of our gross profit margins and rapid growth in our North American revenues and pipeline," said Marc Seelenfreund, chief executive officer of Siyata.

"In line with our aggressive expansion initiatives within North America, we are seeking approval from our shareholders to make certain changes to our share structure and constating documents which will allow us to file an application to list our securities on the Nasdaq, which we are confident will open Siyata to investment from the thousands of microcap funds, family offices and retail investors based in the U.S. We look forward to continuing to press forward with the vision of building a profitable, growing business that will generate significant shareholder value. We will retain our listing on the TSX Venture Exchange."

Details of the conference call:

Date:  Thursday, July 2, 2020

Time:  9 a.m. ET (6 a.m. PT)

North America toll-free dial-in number:  866-521-4887

International dial-in number:  647-427-3299

There will also be a playback of the conference call, available by contacting investor relations.

About Siyata Mobile Inc.

Siyata is a business-to-business (B2B) global vendor of next-generation push-to-talk over cellular (PTT) devices and cellular booster systems. Its in-vehicle and rugged smart phones enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to improve communication, increase situational awareness and save lives.

We seek Safe Harbor.

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