U-Vend, Inc. Posts Record Revenues in First Quarter

SANTA MONICA, CA--(Marketwired - May 24, 2016) - U-Vend, Inc. (OTCQB: UVND) (the "Company"), a consumer products and technology company that develops, distributes, and markets next-generation self-serve electronic kiosks and merchandisers with a digital advertising component across North America, today announced the financial results for the Company's first quarter ended March 31, 2016. 

"During the first quarter, historically one of our slower quarters for overall sales, we were able to maintain triple-digit revenue growth associated with our Mini Melts product offering. Sales from our strategically located self-serve kiosks generated Mini Melts product sell-through volumes that exceeded our expectations, and we will continue to focus on acquiring additional high-traffic locations that are consistent with our current Mini Melts business model," stated Raymond Meyers, CEO of U-Vend, Inc. 

"Underlying the current growth of Mini Melts kiosk operations is the tremendous revenue opportunities available to us not only with our current sports-theme product line, Frozen Pond™ Premium Ice Cream, the Official Ice Cream of the NHL, but also with the other global brands and accompanying digital advertising platforms we are currently developing. Given proper capital structure and market conditions, our goal of significant, sustainable growth with a view to profitability is certainly achievable" added Meyers.

Select Financial Data for Three Months Ended March 31, 2016

• Revenues for the three month ended March 31, 2016 increased 135% to $293,542 as compared to revenue of $124,749 for the three months ended March 31, 2015. As of March 31, 2016, the Company had 125 electronic kiosks located throughout Chicago, Illinois, Southern California and Las Vegas, Nevada
  
  
• Gross profits for the quarter ended March 31, 2016 increased 336% to $149,926 as compared to gross profit of $44,201 for the quarter ended March 31, 2015
   
• General and administrative expenses for the three months ended March 31, 2016 decreased by $51,393 to $273,577 as compared to $324,970 for the quarter ended March 31, 2015
  
  
• Selling expenses for three months ended March 31, 2016 increased by $148,325 to $302,034 as compared to $153,699 for the quarter ended March 31, 2015. Selling expenses increased, in part, due to increased revenues attained by the Company during 2016