Wellfield Technologies Inc V.WFLD

Wellfield Announces $42 M Preliminary Unaudited Revenue

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• On track to continue growing through 2023 driven by growth at Wellfield Capital, increases in organic Coinmama.com traffic, early success with new user acquisition efforts, and efforts aimed to enhance monetization of Coinmama's over 3.5 million registered users. The Company expects gross margin in Q4 to be approximately breakeven, consistent with Q3 2022.

• Recently closed acquisition of Tradewind Markets expected to add to Revenue in 2023 as Wellfield opens access to VaultChain™ Gold and VaultChain™ Silver to its user base, launches a regulated blockchain-based spot market for gold and silver, and integrates its proprietary decentralized services into the VaultChain™ offerings.

Toronto, Ontario--(Newsfile Corp. - February 10, 2023) - Wellfield Technologies, Inc. (TSXV: WFLD) (OTCQB: WFLDF) (FSE: K8D) (the "Company" or "Wellfield"), today announced preliminary unaudited revenue of $42 million for the three-month period ended December 31, 2022. This compares to revenue of $19.3 million in Q3 2022 (ended September 30th), $5.7 million in Q2 2022 (which includes one month of Coinmama results), and nil revenue in Q1 2022. The Company will release its full financial results for the three-month period ended December 31, 2022, by March 1, 2023. The Company recently changed its financial year-end from December 31 to March 31 in order to allow its newly appointed auditor sufficient time to review and audit the Company's requisite financial filings. All figures in this press release are in Canadian Dollars ($).

https://www.newsfilecorp.com/release/154347