VANCOUVER, BC--(Marketwired - August 04, 2015) -
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR US DISSEMINATION
- Annualized recurring revenue hits $750,000, increasing 125% year-over-year
- Six-month revenue continues strong growth trend, increasing 109% year-over-year
- Selected by top NFL franchise to provide 10 TB media library
- Completed $2.2M private placement, $3.2M raised year-to-date
- Global VP of Sales hired, comes to MediaValet from Successfactors (an SAP company)
MediaValet Inc. (TSX VENTURE: MVP) (the Company), a leading provider of cloud-based digital asset management software, is pleased to report its results for the second quarter of 2015.
Summary of Quarterly Results from Continued Operations (Unaudited)
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Three months ended
June 30'15 |
Three months ended
June 30'14 |
Six months ended
June 30'15 |
Six months ended
June 30'14 |
| Revenue |
$ 185,123 |
$ 104,904 |
$ 400,412 |
$ 192,043 |
| Net loss |
$ (764,520) |
$ (605,539) |
$ (1,497,263) |
$ (1,046,472) |
| Net loss per share |
$ (0.01) |
$ (0.01) |
$ (0.02) |
$ (0.02) |
| Total assets |
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$ 3,016,735 |
$ 1,840,687 |
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"We're pleased to report another successful quarter as we continue to execute our strategic plan," commented David MacLaren, founder and CEO. "With our sales growth to date generated solely by incoming demand and with our proven ability to meet the needs of both large international and small regional brands alike, we're excited to see what we can achieve by putting a world-class sales and marketing team in place."
Mr. MacLaren continued, "Thanks to the support from our new institutional investors who share our vision of the future, our recent $2.2M financing has enabled us to take the next step in our rapid evolution and continue to build out our world-class team. Raja Nucho, our new Global VP of Sales, starts today and comes to us from Successfactors where he led their highly successful inside sales team. Combined with having launched the third version of MediaValet in January and built out our Marketing team in June and July, we're now ready to accelerate our go-to-market strategy. Over the next 60 days, Mr. Nucho will be focused on adding eight new senior inside sales people and marketing will begin ramping up to support them."
Total revenue for the second quarter ending June 30, 2015 increased 76% over 2014 to $185,123 and for the six months ending June 30, 2015 revenue increased 109% over 2014 to $400,412. This continuing trend of quarter-over-quarter and year-over-year revenue growth is a direct result of growing demand by marketing teams for a secure, hyper scalable, cloud-based digital asset management system, the growing awareness of MediaValet, and the launch of version 3.0.
Net loss for the quarter was $764,520 compared to a net loss of $605,539 in 2014, and for the six months ending June 30, 2015, the net loss was $1,497,263 compared to a net loss of $1,046,472 in 2014. The increased loss in both periods is a result of the Company's increased investment in product development and operational infrastructure as it continues building the foundation for its enterprise cloud software business launched October 1st, 2014.
In June 2015, the Company completed a private placement at $0.29 per share for gross proceeds of $2.2 million. The increased valuation is due to growing awareness by the investment community of the opportunity ahead of MediaValet and what the Company has achieved in such a short period of time.
MediaValet's full financial statements and related MD&A are now available on SEDAR.
About MediaValet, Inc.
MediaValet stands at the forefront of the emerging cloud‐based digital asset management industry. Focused on enterprise cloud software, with an in‐depth understanding of media production, and built exclusively on Microsoft's cloud platform, Azure, MediaValet is uniquely equipped to meet the digital asset management needs of any organization, no matter its size, its industry or its location. Cutting edge technology, exceptional product design, and unlimited customer service are at the core of MediaValet's DNA -- ensuring exceptional customer and user experiences are delivered at all times.
"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."