Route1 Reports 2018 Fourth Quarter and Full Year Financial Results
Toronto, April 25, 2019– Route1 Inc. (OTCQB: ROIUF and TSXV: ROI) (the “Company” or “Route1”), North America’s most advanced provider of industrial-grade data intelligence, user authentication and ultra-secure mobile workforce solutions, today announced its fourth quarter (Q4) and fiscal year (FY) financial results for the period ended December 31, 2018.
Fourth Quarter (Q4) 2018
Route1 generated cash from operating activities of approximately $0.42 million during Q4 2018 compared with cash used in operating activities of $0.64 million in Q4 2017. Non-cash working capital of $0.03 million was generated in Q4 2018 compared to $0.69 million of cash used in the same period a year earlier. Net cash generated from the day–to-day operations for the three months ended December 31, 2018 was $0.39 million compared to cash generated of $0.06 million in Q4 2017.
Fiscal Year 2018
The Company’s operating results in fiscal year 2018 with comparatives are as follows:
“The operating and financial performance delivered by the GroupMobile team during the 2018 year sets the table for an exciting 2019 and beyond,” said Tony Busseri CEO of Route1. “We expect to add software products during the balance of the 2019 year, with new, profitable revenue, that reflects data requirements from our recently acquired customers that came about by sitting down with them and instead of pushing a particular product or service, asking them what they need help with, or simply, what their data pain point is.
We started our business pivot towards being an advanced provider of solutions for the ultra-secure mobile workforce, user authentication and data intelligence in mid-2017 and the plan is working. We expect GroupMobile to grow organically and through acquisition over the next year and continue to aggressively move forward on realizing on the embedded value in our intellectual property.”
Stock Option Grant
The Company today granted independent board directors, officers and employees stock options in the aggregate amount of 7,000,000 with an exercise price equal to the closing share price on Monday April 29, 2019. The stock options expire on April 29, 2024 and will vest thirty percent on the first anniversary, thirty percent on the second anniversary and the remainder on the third anniversary. Under the Company’s stock option plan, 10% of the issued capital is reserved for issuance or a total of 34,839,700 options. As of today’s date, including the above grant, a total of 31,650,000 options are currently outstanding under the stock option plan.
Investor Conference Call and Webcast
The Company will also hold a conference call and web cast to discuss the Company’s financial results and provide a business update on Friday, April 26, 2019 at 9 a.m. eastern.
Participants should dial Toll-Free: 1-800-289-0438 or Toll/International: 1-323-794-2423at least 10 minutes prior to the conference, pass code 6488702. For those unable to attend the call, a replay will be available on Friday April 26, 2019 after 12:00 p.m. eastern at Toll-Free 1-844-512-2921 or Toll/International 1-412-317-6671, pass code 6488702 until 11:59 pm on Friday May 10, 2019.
The webcast will be presented live at http://public.viavid.com/index.php?id=133956
Route1, operating under the trade name GroupMobile, is North America’s most advanced provider of industrial-grade data intelligence, user authentication, and ultra-secure mobile workforce solutions. The Company helps all manner of organizations, from government and military to the private sector,to make intelligent use of devices and data for immediate process improvements while maintaining the highest level of cyber security. Route1 is listed on the OTCQB in the United States under the symbol ROIUF and in Canada on the TSX Venture Exchange under the symbol ROI. For more information, visit: www.route1.com.
For More Information, Contact:
Tony Busseri
Chief Executive Officer, Route1 Inc.
+1 416 814-2635
tony.busseri@groupmobile.com
This news release, required by applicable Canadian laws, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
© 2019 Route1 Inc. All rights reserved. No part of this document may be reproduced, transmitted or otherwise used in whole or in part or by any means without prior written consent of Route1 Inc. See https://www.route1.com/terms-of-use/for notice of Route1’s intellectual property.
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