Wellfield Technologies, Inc. See Significant Improvement in Financial Results Attributed to the Announced Successful Reorganization of Coinmama Contributing to Improved Financial Results
- Successful implementation of operational reorganization for Coinmama
- None.
Toronto, Ontario--(Newsfile Corp. - July 21, 2023) - Wellfield Technologies, Inc. (TSXV: WFLD) (OTCQB: WFLDF) (FSE: K8D) (the "Company" or "Wellfield"), is pleased to announce the successful implementation of its operational reorganization for its business line Coinmama (the "Reorganization"), which was previously announced in the Company's news release, dated May 18, 2023. The Reorganization is indicating signs of enhanced margins.
Initiated in May 2023 and completed in July 2023, the significant operational change aimed to improve Coinmama's efficiency by deepening the utilization of operational partnerships and outsourcing various functions. This has resulted in a material reduction in both the overall workforce and the cost of revenue, contributing meaningfully to reducing the cost structure and increasing its bottom line.
Commenting on the success of the reorganization, Levy Cohen, CEO of Wellfield, said, "We are very pleased to see that implementing this reorganization has resulted in a clearer path to profitability and more efficiently on our Coinmama platform. We are now turning our efforts at Coinmama to begin releasing new offerings that optimize what is one of the most enduring and trusted consumer brands in our ecosystem. We have already enhanced our user experience and we're now adding support for our VaultChain™ Gold and integrating blockchain powered decentralized financial services that will create a tremendous opportunity for us to increase revenues at Coinmama and continue to grow our retail user base."
About Wellfield Technologies
Wellfield is an R&D focused Fintech company that operates on public blockchains including Bitcoin and Ethereum. The Company operates a regulated platform that onboards customers globally at scale, leveraging its proprietary decentralized technology to offer highly disruptive on-chain self-custody solutions. Wellfield leverages these assets to operate two business lines: Coinmama (for consumers) with over 3.5 million registered users globally and Wellfield Capital for institutional and professional investors. Additionally, Wellfield has recently expanded the scope and monetization potential of its technology by acquiring Tradewind Markets, Inc. ("Tradewind Markets"). Tradewind Markets digitizes real world assets, starting with its flagship VaultChain™ Gold and VaultChain™ Silver products, which offer blockchain-based digital ownership of deliverable precious metals held in custody by the Royal Canadian Mint.
Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
levyc@wellfield.io
Ryan Graybill, Investor Relations
ryan.graybill@wellfield.io
Cautionary Notice on Forward-Looking Statements
Certain statements made herein may contain forward-looking statements or information within the meaning of the applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's continued efforts to reduce its cost structure and increase its bottom line; the Company's addition of support for the VaultChain™ Gold; the Reorganization providing a clearer path to profitability and more efficiently run Coinmama platform; and the anticipated effects of the Company's integration of blockchain powered decentralized financial services in increasing revenues and growing the retail user base.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including but not limited to: the Company's ability to reduce its cost structure and increase its bottom line; the Company's ability to add support for the VaultChain™ Gold; failure of the Reorganization to provide a clearer path to profitability and/or more efficiently run Coinmama platform; and the failure of the Company's integration of blockchain powered decentralized financial services to result in the increase of revenues and/or the growth of the retail user base. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has approved nor disapproved the contents of this news release, nor do they accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Future Oriented Financial Information
This news release may contain future oriented financial information ("FOFI") within the meaning of Canadian securities legislation, about prospective margins, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI is based on a number of assumptions including the assumptions discussed under the heading above entitled "Cautionary Notice on Forward-Looking Statements". Management does not have, or may not have had at the relevant date, any assurance that increased margins will be achieved.
Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: the future pricing for the Company's products; the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company's business; and the Company's ongoing activities, including but not limited to, the Reorganization. The actual results of the operations of the Company and the resulting financial results are not guaranteed and should not be relied on as necessarily indicative of future results. Readers are cautioned not to place undue reliance on the FOFI contained in this news release. Except as required by Canadian securities laws, the Company does not intend, and does not assume any obligation, to update such FOFI.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174360
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