ATW Tech Announces Revenues of $1.7M for its Second Quarter of 2019

Tickers: XTSX:ATW
Tags: #Business, #Mining, #Technology

Montreal, QC - TheNewswire - August 29, 2019 - ATW Tech Inc. (the "Company") (TSXV:ATW) announces its results for its second quarter of 2019:

• - For its second quarter of 2019, the Company generated operating revenues of $1.7M;

• - VuduMobile's division generated year-over-year revenue growth of 92% to $0.2M which represent 12% of total revenues;

• - On July 31, the Company announced the sale of the VuduMobile division for $1.35M in cash. It is important for the reader to notice that the second quarter results includes those of the VuduMobile division;

• - Q2-2019 gross margin of 31%, excluding fixed telecom costs, is stable to the Q1-19 level.

"During our second quarter of 2019, the growth of our VuduMobile division continued, with our SAAS revenues almost doubling as compared to the same period last year. This sustained performance attracted potential buyers. The offer received for $1.35M is about 5 times the cash portion of the purchase paid for the acquisition of the VuduMobile assets, highlighting our success since acquiring them 18 months ago. As for the VoxTel division, during the quarter we focused our efforts on increasing the quality and profitability of our product offering in order to improve our margins and profitability in the short, medium and long terms," said President and CEO of ATW Tech, Michel Guay.

The above data includes a summary of highlights. For further information, please consult the Corporation's consolidated financial statement as well as the Management's Disclosure and Analysis for the period ended June 30, 2019 at www.sedar.com

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company's filings. While ATW Tech anticipates that subsequent events and developments may cause its views to change, ATW Tech specifically disclaims any obligation to update these forward-looking statements, unless obligated to do so by applicable securities laws.

Additional information regarding the Company is available on SEDAR www.sedar.com. The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange's policies) bear no liability as to the relevance or accuracy of this press release.

ABOUT ATW TECH

ATW Tech (TSXV:ATW) is a leader in financial technologies ('fintech'), owner of several web platforms including VoxTel, VuduMobile, Option.vote and Bloomed. VoxTel offers various interactive communication, landline and mobile carrier billing phone solutions. VuduMobile is specialized in text messaging for enterprises through its unique, user-friendly and bilingual text messaging application and turnkey solutions. Option.vote offers a large scale, customizable, and secure multi-method voting system for unions, political parties, professional associations, and others looking for a way to reduce their voting costs and to improve their participation rates. Bloomed is a cloud-based platform to manage data (smart data) on consumers and their behaviors which is developed for marketing agencies and their campaigns for the consumer and corporate markets.

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