One Year Ago -- almost!
Last year the financials were posted on April 27th. The 27th that will be Thursday next week. Below is a snap shot of their highlights at that time, from the published MD&A.
Based on the silence and the lack of news does anyone have a guess as to how long this years list will be? Also, based on a lack of any "apparent" activity, what is the likelihood of a "good" report and a "promising" future? Maybe it would be in everybodys best interest if management just took the Company private -- what is it accomplishing in anybodys favour in being a public company? It has been a losing cause for most of it's existance. Who benefits other than management with their incomes? That would at least take us out of our misery. I realize that is an option we have anyway - we can sell out but many of us tend to be hangers on - going private would force our hands and get rid of our continuous thoughts that something might turn around. It's been a very long time of nothing.
Who knows -- maybe silence has been golden but that is not usually the trend for struggling companies on the Venture Exchange. Here's the highlights:
OVERVIEW
Route1 is an advanced North American technology company that empowers their clients with data-centric solutions necessary to drive greater profitability, improve operational efficiency and gain sustainable competitive advantages, while always emphasizing a strong cybersecurity and information assurance posture.
Route1 delivers exceptional client outcomes through real-time secure delivery of actionable intelligence to decision makers, whether it be in a manufacturing plant, in-theater or in a university parking lot.
With offices and staff in Boca Raton, FL, Scottsdale, AZ, Chattanooga, TN, Cincinnati, OH, Denver, CO, Glen Allen, VA, and Toronto, Canada, Route1 provides leading-edge solutions to public and private sector clients around the world. Route1 is listed in Canada on the TSX Venture Exchange under the symbol ROI.
HIGHLIGHTS
On March 29, 2021, the Company announced that it had acquired DataSource Mobility, LLC and its wholly owned subsidiary, VetSource Mobility, LLC (collectively “DSM”).
• Founded in 2007, DSM is primarily a reseller of ruggedized tablets and laptops along with associated accessories.
• DSM serves markets in the Southeastern United States including Alabama, Missouri, Tennessee and Texas.
On April 29, 2021, the Company announced its financial results for the fourth quarter and the year ended December 31, 2020.
• The Company announced the completion of a $3,000,000 private placement of units consisting of
one common share and one warrant with an exercise price of $1.00 expiring June 16, 2022.
• The Company settled its litigation with VMWare and paid US$1,400,000 in full and final release
from any further litigation.
On May 20, 2021, the Company announced its financial results for the quarter ended March 31, 2021.
• The Company announced the acquisition of DataSource Mobility, LLC.
• The Company announced that its wholly-owned subsidiary, Portable Computer Systems, Inc, was
named “AutoVu™ Premier Partner of the Year – USA” by Genetec Inc.
On May 26, 2021, the Company announced that the University of Arizona would use automated license plate recognition to improve efficiency in vaccine delivery.
On June 1, 2021, the Company announced that it had received US $438,642 from its insurers, in full
settlement for the cost of goods fraudulently taken from Route1 in the third quarter of 2020 and
disclosed in a news release Route1 issued on November 25, 2020.
On June 28, 2021, the Company announced that it had received an order for 197 state-of-the-art Automatic License Plate Recognition (“ALPR”) systems that will be deployed in patrol vehicles. The revenue to be generated by Route1 from the 197 ALPR systems purchase order is approximately US $1.3 million and will be recognized as the ALPR systems are delivered to the client which is expected to start in the third quarter of 2021.
On September 15, 2021, the Company announced that it had acquired Spyrus Solutions Inc. (“Spyrus”). Founded in 2018, and located in San Jose, California, Spyrus delivers encryption, authentication, and digital content security products to U.S. defense and civilian agencies, international government, financial, and healthcare enterprises. It develops and manufactures cryptographic products, including the SPYCOS smart card operating system, enabling strong protection for data-in-motion, data-at-rest and data-in-process.
On September 24, 2021, the Company announced that it provided the TSX Venture Exchange (the
"Exchange") its Notice of Intention to move forward with a further normal course issuer bid ("NCIB"), subject to approval by the Exchange.
• Route1 may, during the 12-month period commencing September 28, 2021 and ending September
27, 2022, purchase on the Exchange up to 1,985,473 common shares in total, being approximately
5% of the outstanding common shares.
• The price which Route1 will pay for any such shares will be the market price at the time of
acquisitions, provided, however, that Route1 will not pay more than $0.75 per common share.
On October 7, 2021, the Company announced a stock option grant.
• It granted an employee 250,000 stock options each with an exercise price of $0.50.
• The stock options will expire on October 7, 2026 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 for a total of 3,813,996 options. Including the above grant, a total of 3,025,000 options are currently outstanding under the Company's stock option plan.
On November 1, 2021, the Company announced that Alex Shpurov has been hired as Senior Vice President and Chief Technology Officer ("CTO") and will start on November 8, 2021.
• Mr. Shpurov brings more than 25 years of experience in delivering enterprise solutions in multiple
domains including blockchain, information security and artificial intelligence with a strong focus on
the finance, banking and capital markets verticals.
• Yamian Quintero, Route1's current CTO, will leave the Company on November 19, 2021.
On March 10, 2022, the Company provided a business update. Its growth focus will now be tied to its core services and engineering competencies.
• Will emphasize its turn-key engineering services for clients using video and sensor capture
technology to deliver real-time, secure actionable intelligence.
• Amplify our customers return on investment by driving outcomes through the application of advanced technological solutions and by leveraging our expertise in video intelligence data.
• Our continued investment in data security and user authentication technologies including our flagship software application MobiKEY and service delivery platform DEFIMNET, separate us from our turn-key engineering services competitors as we bring a unique skill set as a service to our clients.
Looking at the SH list of "News Releases" there has not been a lot of corporate activities in the way of business development, growth or expansion. There was a Business Update CC on Feb.28, 2023 but nothing from that was published as a positive scenario and it has been silence ever since. Our MD&A list may be quite short this time around??