A VA Angels Diversified Fund 1 Portfolio Company
CALGARY, ALBERTA, August 23, 2019 – ICEsoft Technologies Canada Corp. (the “Company” or “ICEsoft”) is pleased to announce its consolidated financial and operating results for the three and six months ended June 30, 2019 and June 30, 2018. ICEsoft’s unaudited condensed consolidated financial statements and related management’s discussion and analysis for the three and six months ended June 30, 2019 and June 30, 2018 are available on SEDAR. All figures referred to in this news release are denominated in Canadian dollars, unless otherwise noted.
SECOND QUARTER 2019 HIGHLIGHTS
- Net revenue for Q2 2019 totaled $363,851, a 4.2% increase over the same period in 2018 and 3.6% higher than Q1 2019.
- ICEsoft generated sales of $249,494 in Q2 2019 and $753,614 for the first half of 2019, and recorded cash-based net operating income¹ losses of $260,635 and $257,960 for the second
quarter and first half of 2019, respectively, largely due to the expansion of marketing resources to grow Voyent Alert! product sales.
- During Q2 2019, ICEsoft won an additional five Voyent Alert! contracts covering eight new municipalities and an incremental 180,000 persons, representing significant future recurring
- As at June 30, 2019, Voyent Alert! is providing coverage to 47 communities with a combined addressable population of approximately 400,000 persons, which represents an 85% increase
from the same period last year.
¹ See “Non‐IFRS Measures”.
“Our key Voyent Alert! metrics are continuing to double every three to four months, representing very positive growth trends,” stated Brian McKinney, President and CEO. “Larger municipal centers are now migrating to the solution, driven by Voyent Alert!’s significant differentiation to conventional alerting services. Over 50% of our new lead generation is now coming from referrals, resulting in a decreased cost of sales for the business.”