Siyata Mobile Reports 2019 Year End Results and Hosting Year-End Investor Call, June 12th, 2020 at 9

00AM EST

MONTRÉAL, June 11, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM / OTCQX:SYATF/ FRA: WK3D) announces its 2019 year-end audited financial statements have been filed on SEDAR and will host an investor call on June 12, 2020 at 9:00AM EDT. Details of the call can be found below.

2019 Year End Highlights:

• 2019 Top Line Revenue of $13.02M versus $14.22M in 2018, a negative variance of 8.4% due to lower 3G device sales as the Company continues to shift towards its 4G/LTE product portfolio
• 2019 gross margin of 25.2% versus 14.5% in 2018, a YoY increase of 59.6% mostly attributed to higher gross margins on its 4G/LTE portfolio and a higher concentration of North American sales, accounting for $4.7M in sales versus $3.6M in 2018 (32% YoY increase in NA sales)
• Adjusted EBITDA loss improved (before share based payments, development expenses and amortization) to negative $4.5M in 2019 from $6.3M in 2018 a positive variance of 28.5%
• Net Loss for the year of $10.2M, versus a net loss in 2018 of $11.5M a positive variance of 12%
• Ended the year with $6.7M in working capital, versus $4.6M at year end 2018, a YoY increase of 47%
• Cash on hand as of December 31, 2019 of $3.5M, an increase of $1.1M over 2018

Marc Seelenfreund, CEO of Siyata Mobile states, “We recognize that the transition from our 3G portfolio to our diverse product selection of 4G/LTE devices impacted our top line revenue, however, our gross margins and EBITDA improved as a result of the 4G sales and higher percentage mix of sales in North America as expected. With device approvals behind us, we are now actively working with North American carriers, offering our UV350 to their enterprise and first responder customers. We are very pleased with the progress that we are making with the carriers and distributors to penetrate our target markets, with growing sales and numerous large scale opportunities in the works.”

2019 Subsequent Events:

• Hired Jason Depue, VP of Sales for AT&T and FirstNet
• Launched Uniden UV350 at Verizon Wireless
• Signed master supply agreement (MSA) with global Land Mobile Radio (LMR) and software vendor
• Entered South Asian market with its in-vehicle portfolio, partnering with TASSTA, a leading global Push-To-Talk software vendor
• Launched UR5 Rugged Handheld device to bring PTT communications to mobile enterprise and the first responder workforce
• Commenced delivery of international government tender for up to 15,000 PTT devices, the Company advises that a portion was delivered in Q1 and the balance is expected between Q2 and Q3
• Launched its next generation of 4G cellular signal boosters at Canadian retailers including Amazon.ca, Costco.ca, TheSource.ca, BestBuy.ca
• Arranged a $1M USD convertible debenture private placement to refinance the outstanding convertible debenture payments due June 28th, 2020
• Management and board reduced salary by 20%, and reduced other staff salaries by 10%, with further reduction in employee headcount and without disruption to its business

The Company recently completed a customer testimonial from Palm Beach County Schools and AT&T/FirstNet outlining the benefits of the UV350 within its network. In this video, Rob Lavielle, AT&T FirstNet Sales Manager, stated, “Palm Beach County schools came to the AT&T and FirstNet teams looking for a solution to replace their land-mobile radio system. The UV350 hit on all cylinders. Uniden UV350 is a unique device that adds both applications and the usability of being on FirstNet.”