SANTA MONICA, CA–(Marketwired – May 21, 2015) – U-Vend, Inc. (OTCQB: UVND) (the “Company”), a consumer products and technology company that develops, distributes and markets next-generation self-serve electronic kiosks in a variety of retail environments across North America, announced financial results for the first quarter ended March 31, 2015.
“We realized a significant increase in our quarter-over-quarter and 2015 comparable quarter revenue, which is a direct result of our efforts to expand our network of electronic kiosks. Our presence in the Southern California region has significantly increased and we will continue to seek growth opportunities in and outside our existing regions,” stated Raymond Meyers, CEO of U-Vend, Inc.
“In March of this year, we announced the signing of an exclusive licensing agreement with the National Hockey League to create an innovative line of ice cream and related consumer products. Our first ice cream product will carry the designation of the Official Ice Cream of the NHL, and will be targeted to millions of hockey fans throughout North America, creating a new and innovative retail category. In the development of this multi-million dollar opportunity, we are currently engaged in discussions with several manufacturing and retail distribution partners, numerous hockey organizations, and one of the world’s largest digital technology companies, in the build-out of U-Vend’s product marketing and distribution infrastructure. To support our growth, we are looking to add a number of experienced and proven industry professionals to our leadership team to assist us in our endeavors,” added Meyers.
Select Financial Data for First Quarter Period Ended March 31, 2015
- Total revenues increased by approximately $91,000, or 370%, from approximately $33,600 for the quarter ended March 31 2014, to approximately $124,700 for the quarter ended March 31, 2015.
- Gross profit for the quarter-ended March 31, 2015 increased by approximately $30,000, or 330%, from approximately $13,600 for the quarter ended March 31, 2014, to approximately $44,000 for the quarter ended March 31, 2015.
- Net loss decreased by approximately $99,500, or 16.8%, from a net loss of approximately $590,300 for the quarter ended March 31, 2014 to a net loss of approximately $490,800 for the quarter ended March 31, 2015.
- Basic and diluted net loss per share of ($0.05) per common share for the quarter ended March 31, 2015 compares to the ($0.08) net loss per common share for the quarter ended March 31, 2014.
The Company will continue to focus on developing and implementing innovative consumer-facing technologies and products.
A full analysis of results for the quarter ended March 31, 2015 is available in the Company’s Form 10-Q, which is available on the Company’s website at www.u-vend.com or through the Securities and Exchange Commission’s Edgar database at www.sec.gov.
ABOUT U-VEND, INC.
U-Vend, Inc. is headquartered in Santa Monica, CA, with additional locations in: Stoney Creek, Ontario Canada, Chicago, IL., Los Angeles, CA. and Las Vegas, NV. U-Vend develops, distributes and markets various “next-generation” self-serve electronic kiosks in a variety of retail locations in North America. The Company owns and operates kiosks and has partnered with numerous national consumer product companies to deliver new and unique customer retail experiences in an automated setting. For more information on U-Vend, visit www.u-vend.com.
Follow U-Vend on Twitter: https://twitter.com/u_vend
Like U-Vend on Facebook: https://www.facebook.com/pages/U-Vend-Inc/515566561886917
FORWARD LOOKING STATEMENTS
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to market acceptance for the Company’s products and services, its ability to succeed in increasing revenues in the near term to attain profitable operations and generate sufficient cash flow from operations, the effect of new competitors in its markets, its integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K which are available at the SEC’s website www.sec.gov. Other factors not currently anticipated may also materially and adversely affect U-Vend’s results of operations, financial position, and cash flows. There can be no assurance that future results will meet expectations. While the Company believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. The Company does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.