Snipp Interactive Provides Corporate Update

Rhea-AI Summary

Snipp Interactive Inc. provides a corporate update, stating that the bookings backlog at the end of Q3 2023 is expected to be over $11 million. Cash at the end of Q3 2023 was $4M, and the Company continues to be debt-free. SnippMedia is expected to launch by the end of the year.

Positive

• Bookings backlog expected to be over $11 million
• Cash at the end of Q3 2023 was $4M
• Debt-free company
• Launch of SnippMedia by the end of the year

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 25, 2023 / Snipp Interactive Inc. (TSX-V:SPN)(OTC PINK:SNIPF) (the "Corporation" or "Snipp"), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector, provides corporate update.

Bookings backlog at the end of Q3 2023 is expected to be over $11 million and showed strength from all aspects of our business products.

Cash at the end of Q3 2023 was $4M and the Company continues to be debt free. The Company has the cash and liquidity to execute on its business plan.

SnippMedia is expected to launch by the end of the year. Brand funded rewards utilizing first party data can bring a higher level of engagement, in addition to opening new shopper marketing and promotions channels. The Company views this business line as an engine of future growth and customer revenue capture.

Atul Sabharwal, Founder of Snipp, added "We continue to make progress on the filing of the Corporation's audited annual financial statements for the year ended December 31, 2022, and are moving towards audit completion that is expected to be in the middle of November. We are excited about the growth prospects for our core business, Gambit, and SnippMedia, and look forward to communicating our progress in detail following the conclusion of the audit.

About Snipp

Snipp Interactive Inc (TSX-V:SPN)(OTC PINK:SNIPF) is a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 1000 Clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides Clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit the Company's website at www.snipp.com.

Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.

FOR FURTHER INFORMATION PLEASE CONTACT:

Snipp Interactive
Jaisun Garcha
investors@snipp.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.

Neither the 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.

Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.

SOURCE: Snipp Interactive Inc.

View source version on accesswire.com:
https://www.accesswire.com/796224/snipp-interactive-provides-corporate-update

FAQ

What is the expected bookings backlog at the end of Q3 2023?

The expected bookings backlog at the end of Q3 2023 is over $11 million.

How much cash does the company have at the end of Q3 2023?

The company has $4 million in cash at the end of Q3 2023.

Is the company debt-free?

Yes, the company continues to be debt-free.

When is SnippMedia expected to launch?

SnippMedia is expected to launch by the end of the year.