U-Vend, Inc. (OTC Pink: UVND) (PINKSHEETS: UVND) (the "Company"), a consumer products and technology company driven by innovation that develops, distributes and markets various next-generation self-serve electronic kiosks in a variety of locations including grocery stores, drug stores, mass merchants, malls, and other retail environments across North America today announced the filing of their financial results for the three months ended June 30, 2014.
"Although we are at the initial stages in the execution of our business model, which our second quarter financial report reflects, I am very pleased with the initial relationships we've established and with the others that we are cultivating," stated Raymond Meyers, CEO of U-Vend, Inc. "During the first quarter of 2014, we were engaged in the transition of becoming a public company, yet remained focused on our agenda of establishing an initial market presence, which we have done. We are now poised and determined to commence an aggressive and strategic expansion plan throughout North America with our brand partners," added Meyers.
Select Financial Highlights for Three Months Ended June 30th, 2014
- Revenues for the 2nd quarter were $62,008, versus no revenue in the comparable quarter of 2013.
- 84% sequential revenue growth over 1st quarter, reflective of a greater installed machine base and better seasonality for ice cream product sales.
- Gross margins remained consistent in the 45% range.
- Coupled with ongoing start-up expenses, the Company reported a loss of ($0.07) per share for the second quarter.
"Our revenues are growing, our gross profit margins remain healthy and we have entered into an industry that offers significant opportunities for our company. We are targeting sizable market share in consumer retail sectors whose members are demanding ease of use, convenience and 24/7 access, the same value propositions that our product offerings deliver. We couldn't ask for a better environment in which to conduct business," said Paul Neelin, U-Vend, Inc. founder and COO.
A full analysis of results for the period ended June 30, 2014 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 currently headquartered in Santa Monica, CA. with additional locations in Stoney Creek, Ontario, Canada, Chicago, IL. and Williamsville, NY. U-Vend develops, distributes and markets various "next-generation" self-serve electronic kiosks in a variety of locations ranging from grocery stores, drug stores, mass merchants, malls, and other 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.
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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.
For more information:
Tel: (855) 55-UVEND
Tel: (855) 55-UVEND, ext. 3
SOURCE: U-Vend, Inc.