Versus Systems Provides Update on Third Quarter 2022 Operational Developments and Growth Strategy
November 14 2022 - 5:00PM
Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS) today
announced its business and financial results for the third quarter
of 2022, which ended September 30, 2022.
Recent Financial and Operational
Developments
- Revenues increased 25% from Q2 2022 and up 4% from Q3 2021.
Third quarter 2022 total revenue was $0.3 million.
- Cash used in operating and investing activities was down 25%
from Q2 2022.
- Net loss in the third quarter 2022 was $(3.5) million.
- Launched Click Play Win, an interactive advertising campaign
tool combining games and rewards designed based on advertiser
demand to increase consented user data.
- Announced a strategic investment from Yat Siu, the Executive
Chairman and Co-Founder of Animoca Brands, through his company
Outblaze Limited.
- Leveraged the new Mobile Filter Fan Cam into a national program
managed by ent! Marketing, and Clemson football with Red Moon
Marketing to support Coca-Cola.
- Appointed Shannon Pruitt, Global Chief Content &
Partnerships Officer at Stagwell Media Network, to the Versus Board
of Directors.
- Announced 1-For-15 Reverse Stock Split to Aid Compliance with
Nasdaq Listing Requirements.
Management Commentary“Revenues are up.
Operating costs are down. We added a world expert in Shannon
Pruitt, and a new largest strategic investor in Yat Siu,” said
Matthew Pierce, CEO of Versus Systems. “We also had another new
patent granted and we enhanced our product portfolio with the
launch of Click Play Win. I’m very pleased with the work we did in
the quarter.”
About Versus Systems
Versus Systems Inc. has developed a proprietary prizing and
promotions engine that allows publishers, developers, and creators
of streaming media, live events, broadcast TV, games, apps, and
other content to offer real world prizes inside their content.
Audiences can choose from among the offered prizes and then
complete in-game or in-app challenges to win the prizes. The Versus
platform can be integrated into streaming media, TV, mobile,
console, and PC games, as well as mobile apps. For more
information, please visit www.versussystems.com or
visit the official Versus Systems YouTube
channel.
Investor Contact:Cody Slach and Sophie
PearsonGateway Investor
Relations949-574-3860IR@versussystems.comorpress@versussystems.com
Disclaimer for Forward-Looking
Information
This news release contains certain
forward-looking information and forward-looking statements within
the meaning of the applicable Canadian securities legislation. All
statements, other than statements of historical fact, are forward
looking statements and are based on expectations, estimates and
projections as at the date of this news release. Any statement that
involves discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward looking statements. These forward-looking statements are
based on reasonable assumptions and estimates of management of the
Company at the time such statements were made. Actual future
results may differ materially as forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to materially differ from any future results, performance
or achievements expressed or implied by such forward-looking
statements. Although the forward-looking statements contained in
this news release are based upon what management of the Company
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure shareholders that actual results will be
consistent with such forward-looking statements, as there may be
other factors that cause results not to be as anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking statements and information. There can
be no assurance that forward-looking information, or the material
factors or assumptions used to develop such forward-looking
information, will prove to be accurate. The Company does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements, except as
required by applicable law.
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