Ackroo delivers record year and achieves several major milestones
OTTAWA, Jan. 21, 2019 (GLOBE NEWSWIRE) — Ackroo Inc. (TSX-V: AKR), (OTC: AKRFF), a gift card, loyalty marketing technology and services provider, is pleased to report unaudited record revenues of $4,447,726 for the year ended 2018. This represents a 63% increase over the previous year and a 6 year cumulative average growth rate of 40% per year since the Company’s founding in 2012. The Company also achieved several major milestones during the year including their first EBITDA positive year, retirement of all debts owing to Dealer Rewards and the successful product and operational advancement into specialization across Automotive, Petroleum, Hospitality and Retail. Most importantly the Company remains on pace to reach their goal of 10,000 + locations and $10 million + of annual gross revenues by 2022.
“2018 was a transformation year for the Company,” said Steve Levely, Chief Executive Officer of Ackroo. “For several years we have been working towards evolving from being a startup company dependent on investor capital to fund our operations to a growth stage company that is self-funded and poised for scale. In order to do this we had to fully integrate our 2017 acquisition of KESM/LoyalMark, we had to continue to develop and grow our organic business, and most importantly we had to continue to manage our costs so that we could deliver positive earnings. The Company delivered in all 3 areas which allowed us to finally fully pay off our debt to Dealer Rewards and position us for even bigger success in the years ahead. Outside of our revolving line of credit from the bank we now have just a small amount owed to KESM/LoyalMark, which we expect to pay off in the next 60 days, putting the Company in a debt free position with positive earnings now contributing to further growth. As we look to the future our balance sheet is now as healthy as it has ever been and since we plan to focus on debt financing for our future growth initiatives having a clear and positive balance sheet is of paramount importance. We still have plenty to accomplish in the years ahead however we are quite proud of reaching this tipping point for the Company and are very excited for our investors, customers and employees for what lies ahead.”
The Company cautions that figures for revenue have not been audited, and are based upon calculations prepared by management. Actual results may differ from those reported in this release once these figures have been audited. The Company expects to complete its 2018 audit in April to confirm revenue figures, along with other financial results.
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Forward Looking Statements This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company’s ability to raise enough capital to support the company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.