Toronto, Ontario–(Newsfile Corp. – March 1, 2024) – Wellfield Technologies Inc. (TSXV: WFLD) (OTCQB: WFLDF) (FSE: K8D) (the “Company” or “Wellfield”) announces the release of its unaudited financial results for the third quarter ended December 31, 2023, which are available on the Company's SEDAR+ profile at www.sedarplus.ca. Unless otherwise stated, all currencies used in this press release are Canadian dollars ($).
Financial highlights
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Gross margins of $0.92 million in the third quarter compared to $1.1 million in the second quarter.
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Cash and current receivables of $0.86 million in the third quarter compared to $1.14 million in the second quarter.
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Net loss of $0.02 per share in the third quarter, compared to a net loss of $0.02 per share in the second quarter.
Management commentary
Levy Cohen, CEO of Wellfield, commented: “This third fiscal quarter represented an important transition period for Wellfield as we move beyond the operational restructuring of Coinmama's business and begin to lay the foundation for future growth. “We saw a deep industry in the last quarter.” With cryptocurrencies solidifying as a legitimate asset class and blockchain being recognized as a disruptive technology to improve traditional financial markets, the sentiment is changing significantly. As we advance our efforts in tokenized gold, Bitcoin DeFi, institutional custody and at Coinmama, our focus at Wellfield includes a strategic plan to strengthen our balance sheet to enable us to capitalize on the opportunities that lie ahead to use.”
About Wellfield Technologies
Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions leveraging blockchain technology. Our Coinmama platform (web and mobile app) provides seamless access to the cryptocurrency market to over 3.5 million registered users in 180 countries. Through Coinmama, we offer groundbreaking secure and easy-to-use on-chain and Web3 self-custody solutions. In addition, Wellfield operates the Tradewind Markets platform for digitizing and trading real-world assets, including our flagship products VaultChain™ Gold and VaultChain™ Silver. To expand our offering to institutional clients, we are introducing Brane Trust Company Limited to act as a second-qualified digital asset custodian in Alberta, Canada.
The story goes on
Join Wellfield's digital community on LinkedIn and Twitter. For more information, visit wellfield.io.
For further information please contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
[email protected]
(832) 483-2575
Ryan Graybill, Investor Relations
[email protected]
Cautionary Statement on Presentation of Financial Information and Cautionary Statement for U.S. Security Holders
The financial information contained in or incorporated by reference in this press release or the documents referred to herein have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, which differ from United States generally accepted accounting principles (“US GAAP”). in certain material respects and are therefore not directly comparable to financial statements prepared in accordance with US GAAP.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. These statements relate to future events or future performance. The use of the words “may,” “intends,” “expects,” “believes,” “will,” “projects,” “estimates” and similar expressions and statements in connection with matters that are not historical facts , is intended to identify forward-looking information and is based on the Company's current beliefs or assumptions regarding the outcome and timing of such future events.
The forward-looking information and forward-looking statements contained herein include, without limitation, statements regarding: the Company's expectation of achieving additional cost savings in subsequent quarters; the Company's ability to bring new products to market and achieve profitability; the Company's ability to monetize its decentralized financial services and Ethereum-based digital gold, which will be available to the public early next year, and the ability to meet the expected timing of this launch; and the development of the Company's business and future activities after the date of this announcement.
Forward-looking information in this press release is based on certain assumptions and expected future events, namely: the Company will have sufficient working capital and the ability to obtain necessary financing to develop and continue its business and operations; No adverse changes will be made to the regulatory framework applicable to the Company's operations. the Company will be able to generate cash flow from operations; the Company will be able to implement its business strategy as expected; The Company will be able to comply with the necessary requirements to obtain and/or maintain the permits required to conduct business. General economic, financial, market, regulatory and political conditions will not adversely affect the Company or its business. the company will be able to compete successfully in its industry; the company will be able to effectively manage expected and unexpected costs; The Company will be able to maintain internal controls over financial reporting and disclosure and procedures to ensure compliance with applicable laws. general market conditions will be favorable to the Company's future plans and objectives; and the Company will generate expected revenues from continuing operations.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including, but not limited to: the ability of the Company to meet working capital requirements; material adverse changes in general economic, business and political conditions, including changes in financial markets and changes in applicable laws; Compliance with extensive government regulations, the Company's ability to raise additional capital to fund future operations, compliance with extensive government regulations, domestic and foreign laws and regulations adversely affecting the Company, the impact of COVID-19 and the decentralized finance industry in general .
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated. Readers are cautioned that the foregoing list is not exhaustive and the forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are encouraged to review the disclosure documents available on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are also cautioned not to place undue reliance on forward-looking information as there can be no guarantee that the plans, intentions or expectations upon which they are placed will occur. Although such information may have been deemed reasonable by management at the time of preparation, it may prove to be incorrect. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has approved or disapproved of the contents of this press release nor accept responsibility for the adequacy or accuracy of this press release.
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