Ackroo finishes the year strong and positions itself for accelerated growth
OTTAWA, ONTARIO–(Marketwired – Jan. 16, 2017) – Ackroo Inc. (TSX VENTURE:AKR), (OTC PINK:AKRFF), a gift card, loyalty and rewards technology and services provider, is pleased to report unaudited record revenues of $2,254,416 for the year ended 2016. This represents a 24% increase over the previous year. The Company also increased the locations supported on its platforms to more than 1,500 by year’s end making further progress in reaching their goal of 10,000 locations before 2022.
“The Company’s continued annual growth further validates our strategy” said Steve Levely, chief executive officer of Ackroo. “We have been focused on growing our business organically through our channels and inorganically through acquisitions and both aspects of our plan contributed to our strong results in 2016. Q4 has positioned us for a very strong start to 2017 as we received the most leads in Company history from our channels (50% more than Q4 2015) thanks to new partners like First Data. In Q4 we began the migration of both our Dealer Rewards and Loyalint/Fidelint customers which we fully expect to complete in the next 60 days in order to significantly drive down operating costs from license fees, we added key staff and product enhancements to help position us for scale, plus we signed several new accounts that will deploy in Q1 2017. We finished the year with a record written business quarter with an additional $60,000 + that was signed and will deploy in early 2017, and we improved our balance sheet considerably with the closing of our fully subscribed $1 million private placement in November. The Company has never been more stable and more poised for success then it is today and so we look forward to achieving many milestones and delivering even greater growth in 2017.”
Ackroo also announces the promotion of Derek Schaaf from Vice President of Finance & Administration to Chief Financial Officer. Derek’s tremendous value and commitment in his previous role has the Board of Director’s and the Company confident he will do an incredible job serving the Company in this capacity.
In addition Ackroo announces that it has granted options to purchase 310,000 common shares to employees and Director’s of the Company at a price of $0.215, for a period of 3 years. The grant is subject to the approval of the TSX Venture Exchange.
The Company cautions that figures for revenue have not been audited. Actual results may differ materially from those reported in this release once these figures have been audited. The Company expects to complete its 2016 audit in April to confirm revenue figures, along with other financial results.
Founded in 2012, Ackroo provides gift card and loyalty processing solutions to help small to medium sized businesses attract, retain and grow their customers and their revenues. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card & loyalty transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
These forecasts and forward-looking statements are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company’s ability to raise enough capital to support the company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.