U-Vend, Inc. Announces Third Quarter 2014 Financial Results

SANTA MONICA, CA--(Marketwired - Nov 24, 2014) - 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, today announced the filing of their financial results for the three and nine months ended September 30, 2014. 

"The focus of U-Vend remains on the expansion of our retail kiosk distribution points and technology integration with our well-known consumer products partners. We now have operating facilities in Chicago and Los Angeles and are poised to continue our U.S. growth," stated Raymond Meyers, CEO of U-Vend, Inc. 

Financial Highlights for Three- and Nine-Month Period Ended September 30, 2014

• Revenues for the third quarter 2014 were $86,530, and $182,166 for the nine months ended September 30, 2014, versus no revenue in the comparable periods of 2013.
  
  
• Sequential revenue growth over second quarter 2014 was 39%, reflective of the expansion of the Company's installed self-serve kiosk base. 
  
  
• Gross margins remained consistent, above the 40% range for both the third quarter 2014 and nine months ended September 30, 2014.
  
  
• The Company continues to invest in infrastructure and expansion costs and is expected to continue these investments in 2015. As a result, the Company reported a loss of ($0.03) per share for the third quarter, an improvement from the second quarter loss of ($0.07) per share.
  
  
• Net loss for the nine months ended September 30, 2014 was approximately $1,452,000 reflecting a loss of ($0.18) per share. Included in this loss was approximately of $815,000 of non-cash expenses for acquisition activities, depreciation, amortization, and stock based compensation.
  
  

"We continue to see the dramatic change to the business-to-consumer landscape relating to the product sales process. Global consumer brands and retailers are embracing the significant advantages of 'frictionless transactions,' and consumers are enjoying an enhanced buying experience utilizing the latest technologies available through self-serve retail kiosks. U-Vend continues to position itself to emerge as an industry leader as these disruptive technologies in the business-to-consumer relationship continue to revolutionize all aspects of the retail customer buying experience," added Meyers.