Company Announces Annual Revenue Growth of 110%
CALGARY, April 30, 2018 /CNW/ - Clarocity Corporation
(TSXV: CLY; OTCQB:CLRYF) (the "Company" or "Clarocity"), today announced its fourth quarter and fiscal year financial results for
the three and twelve months ended December 31, 2017.
"2017 was a strong year for our organization, as we added a significant number of clients to our platform as well as more than
doubled revenue compared to the year prior," said Shane Copeland, CEO of Clarocity. "With some of
the largest financial institutions in the U.S. currently using our alternative appraisal solution, we have worked hard to execute
on our strategy of acquiring new customers and quickly onboarding them onto the platform."
Mr. Copeland continued, "As we look toward 2018, we remain committed to growing our revenue pipeline with the addition of new
clients as well as expanding our presence with existing ones. We continue to work closely with our clients and other industry
leaders to implement our alternative appraisal solutions to become an integral part of their workflow process."
Financial Highlights
- Total revenue was $3.59 million for the three months ended December
31, 2017, compared to $2.33 million for the same period in 2016, an increase of 54%. Total
revenue was $13.25 million for the twelve months ended December 31,
2017, compared to $6.30 million for the same period in 2016, an increase of 110%.
- Net and comprehensive loss of $4.64 million for the three months ended December 31, 2017 compared to a net loss of $3.18 million for the same period
in 2016. Net and comprehensive loss of $14.53 ($0.06 per share)
million for the twelve months ended December 31, 2017 compared to a net loss of $9.63 million ($0.05 per share) for the same period in 2016.
- As at December 31, 2017, the Company's cash position was $0.79
million, compared to a cash position of $0.66 million on December
31, 2016.
Operational Highlights
During the Fourth Quarter
- Clarocity Corporation initiated strategic alternatives review – Board mandates management to enhance stakeholder value
- Clarocity announced addition of Tom Signorello to Board of Directors
- Clarocity announced early expiry of warrants and automatic exercise of put right
- Clarocity and CIS Group announced strategic collaboration to expand valuation field services
- Clarocity received MOR RV2 vendor ranking from Morningstar for second consecutive year
- Clarocity announced retention of financial advisor by strategic alternatives committee
Subsequent to the quarter:
- Clarocity announced strategic alignment teaming agreement
- Clarocity executive, Ernie Durbin, awarded as 2018 Valuation Visionary
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today's dynamic
housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and
BPOMerge and setting new standards in real estate valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize
portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and
alternative valuation solutions. For more information, visit www.clarocity.com.
Neither 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.
Forward-Looking Information
This news release contains forward-looking statements which may include financial and business prospects, as well as
statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are
subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. Forward-looking information in this press
release, includes, among other things, information relating to growth acceleration, deepening market penetration for our
technology and future revenue growth. The Company believes that the expectations reflected in this news release are reasonable
but actual results may be affected by a variety of variables and may be materially different from the results or events predicted
in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking
statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or
events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as
of the date hereof, and unless otherwise required by applicable securities laws, the Company does not intend nor does it
undertake any obligation to update or revise any forward-looking statements.
This news release 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 of the Company will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt
from the registration requirements of the U.S. Securities Act)
SOURCE Clarocity Corporation
View original content: http://www.newswire.ca/en/releases/archive/April2018/30/c7484.html