VANCOUVER, April 27, 2017 /CNW/ - Fireswirl Technologies
Inc. (TSXV: FSW), "the Company", today announced its audited
financial results for the fourth quarter and full year ended
December 31, 2016. All figures
are quoted in Canadian dollars. Financial statements and
accompanying MD&A are available on SEDAR.
Financial Highlights
- For the three months ended December 31,
2016 ("Q4 2016"), total operating revenue from continuing
operations was $16,108 compared to
$86,397 for the same period in 2015
("Q4 2015").
- Net loss from continuing operations was $155,426 in Q4 2016 compared to a net loss of
$431,808 for the same period in 2015.
The Company reduced general administration expenses during the year
ended December 31, 2016.
- The Company had a total loss attributable to shareholders of
the Company of $224,206 compared to a
net loss of $549,527 for the same
period in 2015. The decrease is resulted from the decrease of
general administration expenses during the year ended December 31, 2016.
Subsequent Event
On February 3, 2017, the Company
entered into a share purchase agreement, pursuant to which the
Company has agreed to purchase an aggregate of 60% equity interest
in AMZON (HK) Limited ("AMZON") for a total of HK$7.2 million (approximately $1 million) in three payment dates.
AMZON is a private company incorporated pursuant to the laws of
the Hong Kong Special Administrative Region of the People's Republic of China. AMZON is in
the business of providing multimedia and interactive marketing
solutions, specializing in 3D visualizations, computer graphics and
digital design. It has also developed and deployed AR and VR
applications for customers in the property and sports segments. In
the property segment, Amzon VR and AR applications are mainly
deployed for sales and promotional use. In the sports segment,
Amzon has developed its own branded VX System, which integrates
seamlessly with VR technology and indoor cycling applications.
The Company is in the process of performing the valuation of the
assets acquired and liabilities assumed in connection with the
AMZON acquisition.
"The Board and management is very excited about the future
opportunities for the Company and its shareholders, as we set our
new corporate strategy by entering into a definitive share purchase
agreement with the sole shareholder of AMZON, to acquire 60% of the
issued and outstanding common shares," states Lawrence Ng, Interim CEO. "Our virtual
reality software and solutions empower professionals to create
immersive experiences while solving problems across a wide range of
industries. We are positioning our new direction to provide
innovative virtual reality solutions to successful organizations by
dedicating ourselves to every client's success and building trust
in every relationship. MarketsAndMarkets expects the virtual
reality market to grow from USD1.4
Billion in 2015 to USD 33.9
Billion by 2022, a compound annual growth rate of 57.8% from
2016 to 2022. The virtual reality market for software components is
expected to grow at the highest rate and dominate the virtual
reality market between 2016 and 2022, owing to the increasing
adoption of VR software platforms and applications across the
globe."
About Fireswirl
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. The Company's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Our solutions can be
adapted to any industry seeking high volume or micro-payment
solutions involving a wide base of users through internet or
wireless applications.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Fireswirl
Technologies Inc. with respect to its performance, business and
future events. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without
limitation, those relating to changes in the market, potential
downturns in economic conditions, foreign exchange fluctuations,
general demand, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. Fireswirl Technologies Inc. does not undertake
any obligations to release publicly any revisions for updating any
voluntary forward-looking statements.
SOURCE Fireswirl Technologies Inc.