InsuraGuest Grows Short-Term Rental Guest Programs Revenues 68% over Last Year, Closes Rights Offering and Announces New Customer
InsuraGuest Technologies reported a 68% year-over-year rise in revenues from its short-term rental guest programs for the nine months ending March 31, 2024.
They successfully closed a rights offering, raising CAD $813,111, and settled $606,564 of accounts payable with common shares. The company also signed a new agreement with Lake Lawn Resort, expecting revenue generation from June onwards.
InsuraGuest continues to expand its coverage products for vacation rentals, hotels, and events, strengthening its position as an industry leader.
- 68% year-over-year revenue increase from short-term rental guest programs.
- Successful rights offering raised CAD $813,111.
- Settled $606,564 of accounts payable and accrued liabilities with common shares.
- New customer acquisition: Lake Lawn Resort agreement.
- Expecting revenue generation from Lake Lawn Resort beginning in June.
- Continued growth in vacation rental property coverage.
- Recognition as an industry leader in vacation rental, hotels, and participant events sectors.
- Issuance of common shares to settle accounts payable may lead to shareholder dilution.
- Revenue figures are for nine months, not a full fiscal year, requiring further context for annual performance.
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) - InsuraGuest Technologies, Inc.® (TSXV: ISGI) (OTCQB: ISGIF) ("InsuraGuest" or the "Company"), announces its financial results for the nine months ended March 31, 2024, a successful close of a rights offering and new customer acquisition.
InsuraGuest Technologies Inc. is a publicly traded Canadian insurtech (insurance + technology) software company ("ISGI") with offices in Vancouver, British Columbia and Salt Lake City, Utah. The Company is generating revenue from hospitality and participant event insurance and other products delivered through its insurtech software platform along with developing future insurance solutions. The products in combination with our platform deliver specialized Hospitality Liability and Sports & Events Activity coverages to our member properties. With InsuraGuest custom coverages, properties benefit from an additional layer of protection should a guest experience an accident or theft while staying at an InsuraGuest-covered hotel or vacation rental property or participating in a covered event.
During the nine months ended March 31, 2024 the Company continued to grow our product sales and added new vacation rental properties generating a
In order to strengthen the Company's balance sheet and continue driving high growth for the vacation rental coverage product, the Company completed a rights offering for gross proceeds of CAD
Recently we also signed an agreement with Lake Lawn Resort in Delavan Wisconsin for coverages InsuraGuest offers. We anticipate generating revenue from our products use at Lake Lawn properties beginning in June.
"We continue to maximize our technology solutions by adding and growing a significant number of vacation rental properties over last year. Our insurtech technology stack and products continue to be recognized as an industry leader in the vacation rental, hotels, and participant events sectors. This path will allow our customer base to grow and create additional revenue well into the future," states Reed Wright InsuraGuest's President.
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) (OTCQB: ISGIF) is an insurtech (insurance + technology) company providing its short-term rental insurance products to vacation rentals, sports and ticketed events, hotels, and resorts.
CA / LIC: 6001686
For more information, visit the company's website at: www.InsuraGuest.com.
The Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance and hospitality industries face increasing, and every-changing governmental regulation. The insurance industry is intensely competitive, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance, this will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Company Contact:
InsuraGuest Technologies, Inc.
Media Relations
Reed Wright
media@InsuraGuest.com
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211080
FAQ
What was the revenue growth of InsuraGuest for the nine months ending March 31, 2024?
How much did InsuraGuest raise through their rights offering?
What recent customer acquisition did InsuraGuest announce?
When is InsuraGuest expected to start generating revenue from Lake Lawn Resort?
What financial action did InsuraGuest take to settle accounts payable?
