Clarocity Corporation Announces Q2 2017 Financial Results

Clarocity Corporation Announces Q2 2017 Financial Results

 

Calgary, Alberta – August 17, 2017 – Clarocity Corporation (TSXV: CLY; OTCQB:CLRYF) (the “Company” or “Clarocity”), today announced its second quarter (Q2) financial results for the three months ended June 30, 2017. In addition, the company will be hosting a conference call to discuss the results on August 17, 2017 at 4:30pm EDT. Details on the call can be found below.

“We are very pleased with the first half of this year, as we have already surpassed our total revenue from 2016 in the first 6 months of 2017 alone,” stated Shane Copeland, CEO of Clarocity Corporation. “As we move into the second half of the year, we will continue to focus on driving revenue growth from many of the contracts signed earlier this year that we have only scratched the surface on as well as continue to attract new partners. We have a number of exciting prospects that we see quickly moving along in the process, and have high hopes that many of them will come to fruition over the course of the remainder of this year.”

The Company will be hosting its quarterly conference call on August 17th, 2017 at 4:30pm EDT.

Conference Call Details

 

Date: Thursday, August 17th, 2017

Time: 4:30pm EDT

 

Dial-in Number

 

Local – Calgary, AB (+1) 587 880 2171
Local – Toronto (+1) 416 764 8688
Toll Free – North America (+1) 888 390 0546
Conference ID: 38289344

 

Recording Playback Numbers

 

Toronto (+1) 416 764 8677
Toll Free – North America (+1) 888 390 0541

Playback Passcode:             289344 #

Playback Expiry Date:          Thursday, August 24th, 2017 11:59 PM

 

Financial Highlights

  • Total revenue was $3.64 million for the three months ended June 30, 2017, compared to $1.25 million for the same period in 2016, an increase of 191%. Total revenue was $6.87 million for the six months ended June 30, 2017, compared to $3.04 million for the same period in 2016, an increase of 126%.
  • Net and comprehensive loss of $3.70 million ($0.02 per share) for the three months ended June 30, 2017 compared to a net loss of $2.30 million ($0.01 per share) for the same period in 2016. Net and comprehensive loss of $6.16 million for the six months ended June 30, 2017 compared to a net loss of $3.90 million for the same period in 2016.
  • As at June 30, 2017, the Company’s cash position was $1.08 million, compared to a cash position of $0.66 million on December 31, 2016.

 

Operational Highlights

During the quarter:

  • Clarocity acquires intellectual property assets
  • S. agency selects Clarocity Corporation’s MarketValue Pro to Value Asset Portfolio
  • Large regional bank selects Clarocity’s MarketValue Pro to support equity lending
  • Clarocity announces contract with top 10 credit union
  • Clarocity announces reorganization of valuation service division
  • Clarocity announces closing of initial tranche of standby financing for $4 million and repayment of convertible debentures
  • Carol Trice joins Clarocity to lead valuation quality and audit division
  • Axis Appraisal Management renews relationship with Clarocity Corporation

Subsequent to the quarter:

  • Clarocity announces trading on the OTCQB Venture Market
  • Clarocity announces extension of deadline for final tranche of standby financing
  • Clarocity engaged by leading asset management firm to perform valuation services
  • Clarocity proposes amending warrant terms

 

For further information, visit www.clarocity.com or contact:

 

Shane Copeland
CEO

Clarocity Corporation

760-208-6460

scopeland@clarocity.com

Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
bpedram@virtusadvisory.com

 

 

 

About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today’s dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.

 

Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. For more information, visit www.clarocity.com.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company’s future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. Forward-looking information in this press release, includes, among other things, information relating to growth acceleration, deepening market penetration for our technology and future revenue growth. The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act)