Philadelphia, PA, July 06, 2020 (GLOBE NEWSWIRE) — VSBLTY Groupe Technologies Corp. (CSE: VSBY) (Frankfurt: 5VS) (OTC:VSBGF) (“VSBLTY”), a leading security and retail software technology company, today released its CEO Update to highlight a number of recent milestones and provide an outlook for the coming quarters.
VSBLTY Founder & CEO Jay Hutton said, “VSBLTY is pleased to announce strong second quarter results on the back of the recently announced Q1 results. The company recognized revenue of $407,000 USD in Q1 and will follow up with revenue recognition of more than $500,000 USD in Q2.”
He further reported, “In February of 2020, the company began working on a product extension and licensing agreement with a Fortune 500 international corporation with whom the company has had a long-standing commercial and strategic partnership. This agreement accelerates the product roadmap of the company while providing a baseline of revenue. Oriented around computer vision and the DataCaptor™ software module, this agreement defines a specific initial customer but also stipulates how the companies will work together to offer the solution to other joint customers in the sports and entertainment vertical. The company views this agreement as the foundation to a highly collaborative commercial offering that has no technical peer.”
Like many companies, VSBLTY faced some operational challenges in the second quarter due to the unprecedented COVID-19 situation. Hutton commented, “We are in challenging times, but I’m proud to say that our team has responded to enable the company to execute and position ourselves for growth. We secured $200,000 USD in Payroll Protection Funds to ensure we did not lose any of our momentum. In the face of the headwinds we encountered over the last several months we have leveraged our existing capabilities to provide innovative technology solutions to assist with the reopening of the economy. We anticipate strong results in both Q3 and Q4 based on the continued progress on our Latin American Smart City Security initiatives, the anticipated growth in the retail marketplace now that the economy is reopening along with several new opportunities we are pursuing with our COVID-19 response solutions.”
“We are pleased to update that while the company experienced second quarter delays deploying several projects in the retail marketplace, none of these projects were cancelled and we are anticipating a robust third quarter as retail momentum has already started to return. Beginning in July, VSBLTY will participate in a smart, custom digital display program with a major retail drug store chain. This project will include interactive technology designed to educate consumers with critical, educational information so that they can better manage their own health and wellness,” Hutton said.
COVID-19 Technology Solutions
“As the economy begins to reopen there are several new and unique challenges faced by venues and retailers which include density tracking and capacity management. The VSBLTY technology suite is ideally suited to help address these challenges with its computer vision COVID-19 response solutions and we anticipate booking several projects in this vertical in the third quarter. In fact, the company has already begun a deployment with one of the world’s most renowned theme parks as part of theirreopening protocols to keep guests and staff safe,” according to the VSBLTY CEO.
“The increased regulation related to ‘return to work’ protocols has exploded the demand for intelligent kiosk solutions that confirm persons authorized to be in a location as well as conducting thermal checks,” he said. “VSBLTY is pursuing the objective of being the ‘go to’ solution for embedded software in the facial recognition/thermal detection marketplace. VSBLTY builds solutions that will be incorporated into hardware platforms sold through multiple globally recognized brands. This demand leverages core capability that VSBLTY has already perfected and signals an unanticipated growth area. We expect the kiosk marketplace will represent tens of thousands of units in the coming quarters as the new protocols get adopted across a wide range of industries. VSBLTY is playing an embedded systems role with multiple kiosk manufacturers and we are confident that we will play an important part in this emerging market,” Hutton added.
Hutton also said, “On the security side of the business the smart city project in Mexico City is executing successfully and returning tangible results in crime reduction. The addition of thermal sensing capability in Miguel Hildalgo has led to product expansion that can be applied in multiple markets. Expansion to Colombia was announced by the company in the second quarter and is expected to scale in the coming months.”
On May 11, 2020, VSBLTY announced a deal with a leading cyber security firm that is focused on cyber and systems security for buildings. Hutton commented on the importance of the agreement, “COVID-19 has accelerated the adoption of safety and security-related technology for buildings. Access control and employee safety are enhanced through facial recognition and ID data in real time. The addition of temperature monitoring and fever checks of people within facilities is providing real comfort for employees and visitors.”
Certain statements in this news release constitute forward-looking information within the meaning of applicable securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects,” “believes,” “anticipates,” “budget,“ scheduled,” “estimates,” “forecasts,” “intends,” “plans,” and variations of such words and phrases, or by statements that certain actions, events or results “may,” “will,” “could,” “would,” or “might,” “be taken,” “occur,” or “be achieved.” Those forward- looking statements include a number of statements related to the outlook for future operations, including statements about VSBLTY’s business plans, booking new projects, revenue growth, Q3 and Q4 results and new opportunities presented by COVID-19 security solutions.
Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking information contained in this news release is based on certain assumptions regarding, among other things, expected growth, results of operations, performance, industry trends and growth opportunities. While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: pricing for the Company’s products and services; the ability to enter into contracts and ability of third parties to honor their contractual obligations; the decisions of third parties over which the Company has no control; changes to government regulations; force majeure events; limits on the ability of the Company to implement and fulfill its business strategies; general economic conditions; adverse industry events; operating costs exceeding the Company’s expectations; loss of markets or failure to enter new markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of the Company to implement its business strategies including expansion plans; and competition. The foregoing factors are not intended to be exhaustive, and readers should refer to the detailed risk factors described in VSBLTY’s Annual Information Form which is available under the Company’s profile at www.sedar.com. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This news release includes financial outlook related to future revenue and financial performance, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. Such financial projections contained in this news release were made by management as of the date of this news release and are provided for the purpose of providing readers with an understanding of the Company’s business plan. Readers are cautioned that the financial outlook contained in this document should not be used for purposes other than for which it is disclosed herein.
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Cathy Hume, CEO, +1-416-868-1079, x231
CONTACT: Linda Rosanio, 609-472-0877
About VSBLTY (www.vsblty.net)
Headquartered in Philadelphia, VSBLTY (CSE: VSBY) (Frankfurt: 5VS) (OTCBB: VSBGF) (“VSBLTY”) is the world leader in Proactive Digital Display™, which transforms retail and public spaces as well as place-based media networks with SaaS-based audience measurement and security software that uses artificial intelligence and machine learning.
LINDA ROSANIO VSBLTY, INC 609-472-0877 LROSANIO@VSBLTY.NET
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