Increased recurring revenue with gross margins
of 92% year to date provides strong and scalable growth
model.
/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,
DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR
IN PART, IN OR INTO THE UNITED
STATES./
OTTAWA, Nov. 20, 2019 /CNW/ - Martello Technologies
Group Inc., ("Martello" or the "Company") (TSXV: MTLO), a leading
provider of technology solutions that deliver clarity and control
of complex IT environments deployed in thousands of locations
around the world, today released financial results for the three
and six months ended September 30,
2019. Martello's fiscal year end is March 31.
Q2 FY2020 Highlights
- Revenue in the second quarter of FY2020 was $3.1 million, an increase of 59% over the same
period in FY2019. Organic revenue from sales of unified
communications (UC) performance analytics software to the Mitel
channel grew 34% this quarter, compared to Q2 FY2019.
- The Monthly Recurring Revenue ("MRR") was approximately
$957,000 in Q2 FY2020, an increase of
79% compared to the same quarter in the prior year, and an increase
of 4% over Q1 FY2020. MRR is a measure which offers insight into
the predictability of Martello's monthly recurring revenue stream,
which creates a strong and stable foundation for future
growth.
- Recurring revenue was 92% of total revenue in the second
quarter of FY2020, compared to 82% in Q2 FY2019, as recurring
revenue from UC Performance Analytics and IT operations analytics
(ITOA) software was strong at 98% and 95%, respectively.
- Gross margin demonstrated continued strength at 91.5% for the
second quarter of FY2020, compared to 93.6% in Q2 FY2019. The
slight decline is due to an increase in web hosting costs for UC
Performance Analytics software and sales commissions for ITOA
software.
- The loss from operations was $1,449,530 compared to a loss of $857,783 in the same period of FY2019. This
includes non-cash amortization of $267,253 mainly from the recent acquisitions of
Elfiq and Savision.
- Adjusted EBITDA, a non-IFRS financial measure which assesses
operating performance before the impact of one-time costs
associated with acquisition activity and non-cash costs, was a loss
of $985,457, compared to a loss of
$343,298 in the same period of
FY2019.
- The increased loss from operations and Adjusted EBITDA loss was
due to accelerated investments in sales, sales operations,
marketing and support services and new systems to create a strong
platform for future revenue growth. Going forward, these
investments are nearing completion and, notwithstanding future
acquisitions, expenses should stabilize in the foreseeable
future.
- Having developed a high-quality revenue model that features
strong recurring revenue, exceptional gross margins and
predictable, stable growth, the Company has established a solid
platform to accelerate future growth. The Company will focus on
activities that further increase recurring revenue, including
channel development, strategic partnerships, integrated product
development and acquisitions that are accretive to this
objective.
"Martello is helping businesses to control the performance of
their most critical cloud-hosted services, including Office 365 and
unified communications", said John
Proctor, President and CEO of Martello. "By building a
unique technology stack through acquisitions and product
development, Martello has achieved solid monthly recurring revenue
growth in Q2 FY2020 with exceptionally high gross margins. As we
continue to invest in the development of integrated service
optimization solutions to grow our monthly recurring revenue, we
expect we will begin to see the results of this effort early in
FY2021. We appreciate the vision and patience of our investors, who
understand Martello's market opportunity".
Outlook
Martello helps businesses control the performance of their most
critical cloud-hosted services – from Office 365 to other unified
communications services, in today's complex network
environments.
The Company has taken a systematic approach to growing its
high-quality recurring revenue stream. Having grown its core
business in the Mitel channel, Martello now has millions of
telephony users under management by its software, and large amounts
of data about how real-time services perform on networks. The
Company has acquired businesses whose technology is strategic to
Martello's mission to control the performance of services in
complex network environments.
Martello is integrating these technologies to capture a
significant emerging market opportunity: the optimization of
business critical services on cloud networks. For example, Office
365 now has 200 million monthly active users, growing the service
at a pace of 3 million users per month1. Gartner
has reported that 42% of problems with Office 365 (as reported by
users) can be attributed to network performance2.
Martello is confident that executing on this service optimization
opportunity will grow the Company's high-quality, recurring revenue
stream.
In pursuing the market opportunity for service optimization
solutions to drive recurring revenue growth, Martello is leveraging
its SD-WAN and link balancing technology. As this progresses, there
has been a decline in one-time SD-WAN and link balancing sales
revenue. Martello is actively engaged with a small number of
customers who have validated the value proposition for the service
optimization solutions currently in development, and expects to
have trials underway by the end of fiscal 2020.
The Company will focus on the activation and acceleration of
strategic partnerships, which can become channels for Martello's
acquired product lines and integrated service optimization
solutions. These partnerships include Mitel, a channel in which
Martello already has thousands of customers, Paessler and
Microsoft. In November 2019, Martello
joined Microsoft's Co-Sell program, which offers access to
Microsoft's global ecosystem of sellers and more than 75 million
buyers, to sell Martello's software which provides service
assurance analytics for Office 365 and Azure.
Channel development is a key area of focus for the Company as
part of its systematic approach to recurring revenue growth, and
will help accelerate the cross-sell of acquired technologies. The
Company will increase channel enablement activity to expand its
network of resellers, MSPs and distributors, and address key global
regions. The Company believes that it can drive more high-quality,
recurring revenue through these channels, including from selling
SD-WAN service optimization solutions in the future.
The Company's cash position grew to $9M as at September
30th, as a result of the net proceeds of a successful
$4.1 million overnight marketed
public offering in September. The cash position enhances Martello's
capacity to accelerate revenue growth by targeting and acquiring
strategic assets, and investing in operations including sales and
marketing, and research and development.
Conference Call Details
Martello will host a conference call and audio webcast with
John Proctor, President & CEO
and Erin Crowe, CFO at 8:00 AM Eastern Time on November 20, 2019.
Canada/USA Toll Free: 1-800-319-4610
International Toll: +1-604-638-5340
Callers should dial in 5 – 10 min prior to the scheduled start
time and simply ask to join the Martello call.
An audio recording of the call will be available on November 20, 2019 at
https://martellotech.investorroom.com/quarterly-results.
Investor Day
Martello will host an Investor Day in Toronto, Canada on Wednesday, December 4th. The event
will be hosted by Martello Co-Chairman Bruce Linton. Interested investors and analysts
can register to attend on Martello's website.
Business Highlights
During the second quarter of fiscal 2020 Martello achieved the
following milestones:
- In September 2019, the Company
issued 15,333,332 shares at $0.30,
for gross proceeds of $4,600,000
through an overnight marketed public offering with a syndicate of
underwriters led by Canaccord Genuity Corp, and including CIBC
World Markets Inc. and PI Financial Corp.
- In September 2019, Martello
announced that its unified communications performance analytics
software is now monitoring more than one million users in Mitel's
network operations center (NOC) as part of a managed service
offering.
- In July 2019, Martello announced
that it has teamed with Paessler AG to offer a service assurance
solution to large enterprises and managed service providers
(MSPs).
Subsequent Activities
Subsequent to September 30, 2019,
Martello achieved the following milestones:
- In November 2019, Martello
announced a strategic partnership with WatchGuard® Technologies,
Inc., a global leader in advanced network security solutions, to
team Martello's SD-WAN solution with WatchGuard's security products
in a bundled offering delivering a secure, high-performance network
infrastructure that is unobtrusive and cost-effective to
deploy.
- In November 2019, Martello joined
the Microsoft Co-sell program, which provides opportunities to sell
Martello's iQ product together with Microsoft, by working to
develop the market and enable sales.
- In October 2019, Martello
announced that Australian cyber security solutions and network
performance reseller SecureServ had joined its Partner
Alliance.
Financial Highlights
Revenue grew 13% between Q2 FY2020 and Q2 FY2019, excluding
Savision. This includes organic growth of 34% from the Mitel
channel. Strong recurring revenue growth from this channel was
driven by an increase in royalties from Mitel resulting from the
amendment to the Company's agreement with Mitel in Q4 FY2019, and
an uptick in the number of users subscribed to Mitel's premium
software assurance program.
|
|
|
|
|
|
|
Financial
Highlights
|
|
September
30,
|
September
30,
|
|
September
30,
|
September
30,
|
(in 000's)
|
|
2019
|
2018
|
|
2019
|
2018
|
|
|
|
(Three months
ended)
|
|
(Six months
ended)
|
Sales
|
|
$
|
3,116
|
1,965
|
|
6,448
|
3,902
|
Cost of Goods
Sold
|
|
265
|
125
|
|
509
|
252
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
2
,851
|
1,839
|
|
5,939
|
3,650
|
Gross
Margin
|
%
|
91.5%
|
93.6%
|
|
92.1%
|
93.5%
|
Operating
Expenses
|
|
4,301
|
2,697
|
|
8,351
|
5,271
|
Loss from
operations
|
|
(1,450)
|
(858)
|
|
(2,413)
|
(1,620)
|
Other
income/(expense)
|
|
(131)
|
(1,427)
|
|
(271)
|
(1,866)
|
Loss before income
tax
|
|
(1,580)
|
(2,285)
|
|
(2,683)
|
(3,486)
|
Income tax
recovery
|
|
84
|
134
|
|
296
|
163
|
Net
Loss
|
|
|
(1,497)
|
(2,150)
|
|
(2,387)
|
(3,324)
|
Total
Comprehensive loss
|
$
|
(1,773)
|
(2,150)
|
|
(2,745)
|
(3,324)
|
|
|
|
|
|
|
|
|
EBITDA
(1)
|
$
|
(1,156)
|
(2,144)
|
|
(1,862)
|
(3,204)
|
Adjusted
EBITDA(1)
|
$
|
(985)
|
(343)
|
|
(1,484)
|
(592)
|
(1) Non-IFRS
measure. See "Non-IFRS Financial Measures".
|
Sales and Gross Margin
Sales and Gross
Margin - Three months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30
|
|
|
|
September
30
|
|
|
(in 000's)
|
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
|
|
Total
|
|
Savision
|
|
Remaining
Balance*
|
|
Total
|
|
Variance
|
|
|
|
|
|
|
|
Sales
|
|
$
|
3,116
|
|
897
|
|
2,219
|
|
1,965
|
|
254
|
Cost of Goods
Sold
|
|
265
|
|
55
|
|
210
|
|
125
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
2,851
|
|
842
|
|
2,009
|
|
1,839
|
|
170
|
Gross
Margin
|
|
%
|
91.5%
|
|
93.9%
|
|
90.5%
|
|
93.6%
|
|
-3.1%
|
|
* To facilitate
comparison with the three months ended September 30, 2018, the
Remaining balance represents the results of the Company's
operations in Q2 FY20 without contributions from Savision (acquired
in November 2018). The analysis compares the Remaining
balance to the comparable period in FY19.
|
|
Sales and Gross
Margin - Six months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30
|
|
|
|
September
30
|
|
|
(in 000's)
|
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
|
|
Total
|
|
Savision
|
|
Remaining
Balance*
|
|
Total
|
|
Variance
|
|
|
|
|
|
|
|
Sales
|
|
$
|
6,448
|
|
1,849
|
|
4,599
|
|
3,902
|
|
697
|
Cost of Goods
Sold
|
|
509
|
|
126
|
|
383
|
|
252
|
|
132
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
5,939
|
|
1,723
|
|
4,216
|
|
3,650
|
|
566
|
Gross
Margin
|
|
%
|
92.1%
|
|
93.2%
|
|
91.7%
|
|
93.5%
|
|
-1.9%
|
|
* To facilitate
comparison with the six months ended September 30, 2018, the
Remaining balance represents the results of the Company's
operations in YTD FY20 without contributions from Savision
(acquired in November 2018). The analysis compares the Remaining
balance to the comparable period in FY19.
|
SD-WAN and link balancing sales declined 32% in the three months
ended September 30, 2019, and 21% in
the six months ended September 30,
2019. The decrease is mainly due to lower one-time hardware
and licensing revenue, which was partially offset by an increase in
recurring maintenance and support revenue quarter-over-quarter.
This reflects Martello's current focus on generating recurring
revenue through the development of service optimization solutions.
We expect that these solutions will address the mid-tier market's
demand for stellar performance of cloud-deployed UC and real-time
enterprise systems like Office 365.
MRR grew 79% to $957,110 in Q2
FY2020 compared to $535,209 for the
same period in FY2019. The growth in MRR is due to the ITOA
software MRR of $282,724 for Q2
FY2020 (nil in Q2 FY2019 due to the timing of the Savision
acquisition) and an increase in UC Performance Analytics MRR of
$143,325.
Customer and Partner Growth
Martello generates revenue from both new business and the
renewal of existing software and maintenance subscriptions. In the
second quarter of FY2020, the Company continued to focus on
generating recurring, subscription-based deals and renewals through
both direct sales and channels. In the ITOA line of business, the
majority of the new business in the quarter was subscription-based
and recurring, with contracts between one and three years.
Martello earned business this quarter from customers including
University of Newcastle, City of
Ottawa, Heidelberg Cement and University of Massachusetts Boston. Longtime
partner and early adopter of Martello's UC analytics software
4Sight Communications said in September that it had improved its
remote fix rate to 98% after standardizing on Mitel Performance
Analytics (MPA), the software developed by Martello.
Martello continued to see global sales growth in the second
quarter of FY2020, with 56% of revenues derived outside of
Canada. In Q2 FY2020, the Company
signed new resellers in Indonesia,
Australia, Egypt, Kingdom of
Saudi Arabia and France.
|
|
|
|
|
|
Revenue for the
period ended
|
September
30,
|
September
30,
|
|
September
30,
|
September
30,
|
(in 000's)
|
2019
|
2018
|
|
2019
|
2018
|
|
(Three months
ended)
|
|
(Six months
ended)
|
|
|
|
|
|
|
Canada
|
1,382
|
1,030
|
|
2,862
|
2,096
|
United
States
|
749
|
545
|
|
1,491
|
1,015
|
Europe
|
653
|
99
|
|
1,393
|
280
|
Asia
|
120
|
143
|
|
291
|
278
|
Latin
America
|
30
|
48
|
|
67
|
95
|
Australia
|
94
|
94
|
|
174
|
115
|
Other
|
88
|
5
|
|
169
|
22
|
Total
revenue
|
3,116
|
1,965
|
|
6,448
|
3,902
|
Martello's global growth is also driven by strategic
partnerships. In July 2019, the
Company announced that it has teamed with Paessler AG to offer a
service assurance solution to large enterprises and managed service
providers (MSPs). Paessler is the German headquartered network
monitoring specialist with more than 200,000 customers worldwide.
During Q2 FY2020, Martello's UC Analytics software reached a
milestone of 1 million users under monitoring at Mitel's network
operations center (NOC) , demonstrating its value as a service
assurance solution for managed service providers.
Expenses
Expenses - Three
months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30
2019
|
|
|
|
September
30
2018
|
|
Decrease
/
(Increase)*
|
(in 000's)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Savision
|
|
Remaining
Balance*
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
$
|
1,139
|
|
328
|
|
811
|
|
787
|
|
(24)
|
Sales and
marketing
|
|
1,389
|
|
598
|
|
791
|
|
590
|
|
(201)
|
General and
administrative
|
|
1,395
|
|
221
|
|
1,174
|
|
1,052
|
|
(122)
|
Depreciation
|
|
|
81
|
|
27
|
|
54
|
|
20
|
|
(34)
|
Amortization
|
|
|
267
|
|
-
|
|
267
|
|
106
|
|
(162)
|
Acquisition-related
costs
|
|
30
|
|
-
|
|
30
|
|
143
|
|
113
|
TOTAL
|
|
|
4,301
|
|
1,173
|
|
3,127
|
|
2,697
|
|
(430)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses - Six
months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30
2019
|
|
|
|
September
30
2018
|
|
Decrease
/
(Increase)*
|
(in 000's)
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Savision
|
|
Remaining
Balance*
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
$
|
2,311
|
|
682
|
|
1,628
|
|
1,659
|
|
31
|
Sales and
marketing
|
|
2,710
|
|
1,192
|
|
1,518
|
|
1,088
|
|
(430)
|
General and
administrative
|
|
2,583
|
|
457
|
|
2,126
|
|
1,893
|
|
(233)
|
Depreciation
|
|
|
162
|
|
54
|
|
107
|
|
41
|
|
(67)
|
Amortization
|
|
|
525
|
|
-
|
|
525
|
|
211
|
|
(314)
|
Acquisition-related
costs
|
|
61
|
|
-
|
|
61
|
|
379
|
|
318
|
TOTAL
|
|
|
8,351
|
|
2,386
|
|
5,966
|
|
5,271
|
|
(695)
|
|
* To facilitate
comparison with fiscal year 2019, the Remaining Balance represents
the results of the Company's operations for Q2 and YTD FY2020
without contributions from Savision (acquired in November 2018)
operations. The analysis compares the Remaining balance to
the comparable period in FY2019.
|
For the three months ended September 30,
2019, operating expenses increased by $1,603,558 compared to the same period in FY2019.
Excluding Savision, the increase was $430,178. For the six months ended September 30, 2019, operating expenses increased
by $3,080,857 compared to the same
period in FY2019. Excluding Savision, the increase was $695,128.
For more details on Q2 FY2020 and YTD FY2020 expenses, please
see Management's Discussion and Analysis (MD&A).
EBITDA and Adjusted EBITDA Summary (Non-IFRS financial
measures)
Note: Please see Management's Discussion and Analysis
(MD&A) for the three and six month periods ending September 30, 2019 and 2018 for a complete
explanation of "EBITDA" and "Adjusted EBITDA".
Adjusted EBITDA in the three and six months ended September 30, 2019 was a loss of $985,457 and $1,483,871, compared to a loss of $343,298 and $592,329 in the same period ended September 30, 2018.
|
|
|
|
|
|
|
|
|
|
|
EBITDA and
Adjusted EBITDA
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
(in 000's)
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
(Three months
ended)
|
|
(Six months
ended)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
$
|
(1,497)
|
|
(2,150)
|
|
(2,387)
|
|
(3,324)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
(2)
|
|
(7)
|
|
(1)
|
|
(18)
|
|
(3)
|
Interest
expense
|
|
(2)
|
|
65
|
|
-
|
|
118
|
|
3
|
Accretion of
long-term debt
|
|
(2)
|
|
18
|
|
16
|
|
34
|
|
31
|
Income tax
recovery
|
|
(2)
|
|
(84)
|
|
(134)
|
|
(296)
|
|
(163)
|
Depreciation
|
|
(2)
|
|
81
|
|
20
|
|
162
|
|
41
|
Amortization
|
|
(2)
|
|
267
|
|
106
|
|
525
|
|
211
|
EBITDA
|
|
(1)
|
|
(1,156)
|
|
(2,144)
|
|
(1,862)
|
|
(3,204)
|
|
|
|
|
|
|
|
|
|
|
|
Reverse acquisition
costs
|
|
(2)
|
|
-
|
|
391
|
|
-
|
|
774
|
Reverse acquisition
transaction costs
|
|
(2)
|
|
-
|
|
1,040
|
|
-
|
|
1 040
|
Foreign exchange
(gain) loss
|
|
(2)
|
|
56
|
|
(8)
|
|
138
|
|
38
|
Other
income
|
|
(2)
|
|
(2)
|
|
(10)
|
|
(2)
|
|
(17)
|
Share-based
compensation expenses
|
|
(3)
|
|
86
|
|
246
|
|
181
|
|
397
|
Acquisition-related
costs
|
|
(2)
|
|
30
|
|
143
|
|
61
|
|
379
|
Adjusted
EBITDA
|
|
(1)
|
|
(985)
|
|
(343)
|
|
(1,484)
|
|
(592)
|
|
(1) Non-IFRS
measure. See "Non-IFRS Financial Measures".
|
(2) Per the
Statements of loss and comprehensive loss
|
(3) Share-based
compensation expense per the Statement of cash flows
|
Cashflow and Capital Resources Summary
The Company's objectives in managing its liquidity and capital
structure are to generate sufficient cash to fund the Company's
operating objectives, including organic growth and growth through
acquisitions.
For the foreseeable future, the Company expects to continue
financing its operations through raising equity capital and
long-term debt to strengthen its financial position and to provide
sufficient cash reserves for growth and development of the
business. In addition, the Company is focused on further
development of its recurring revenue stream, which will generate
cashflow from operations, while maintaining strong investments in
research and development to support the development of new service
optimization solutions.
Cash and cash equivalents, including restricted cash, totaled
$9,007,386 at September 30, 2019 compared to $6,649,302 at March 31,
2019. The following table sets out the working capital
position of the Company as at September 30,
2019 and March 31, 2019.
Liquidity
Snapshot
|
|
|
|
|
|
|
September
30,
|
|
March 31,
|
(in 000's)
|
|
2019
|
|
2019
|
|
|
|
|
|
Current
assets
|
$
|
13,131
|
|
11,644
|
Current
liabilities
|
|
6,795
|
|
6,714
|
Net working
capital
|
|
6,336
|
|
4,930
|
The increase in working capital in the first six months of
FY2020 was mainly due to cash from the overnight marketed public
offering in September 2019, partially
offset by the inclusion of the current portion of the lease
obligation due to IFRS 16, an increase in the current portion of
long-term debt, as well as losses from operations and repayment of
the RBC term loan.
Balance Sheet - Highlights
|
|
|
|
|
|
|
|
|
September
30,
|
|
March 31
|
(in 000's)
|
|
|
2019
|
|
2019
|
|
|
|
|
|
|
Cash and restricted
cash
|
$
|
9,007
|
|
6,649
|
Working
capital
|
|
6,336
|
|
4,930
|
|
|
|
|
|
|
Total
Assets
|
|
30,513
|
|
29,523
|
Total
Liabilities
|
|
10,575
|
|
11,209
|
Share capital and
contributed surplus
|
|
34,269
|
|
29,901
|
Accumulated deficit
and cumulative translation adjustment
|
|
(14,331)
|
|
(11,587)
|
|
|
|
|
|
|
Shares issued and
outstanding
|
#
|
207,966
|
|
191,238
|
The financial statements, notes and Management Discussion and
Analysis ("MD&A") are available under the Company's profile on
SEDAR at www.sedar.com, and on Martello's website at
www.martellotech.com. The financial statements include the
wholly-owned subsidiaries of Martello. All amounts are reported in
Canadian dollars.
One institutional investment firm has initiated research
coverage of Martello. The Company does not endorse the research of
third party institutions.
1. Microsoft Q1 FY2020 Financial Results (23 October 2019)
2. Gartner: Network Design Best Practices for Office
365 (22 March 2018)
About Martello Technologies Group
Martello Technologies Group Inc. (TSXV: MTLO) is a technology
company that provides clarity and control of complex IT
infrastructures. The company develops products and solutions that
monitor, manage and optimize the performance of real-time
applications on networks, while giving IT teams and service
providers control and visibility of their entire IT infrastructure.
Martello's products include SD-WAN technology, network performance
management software, and IT analytics software. Martello
Technologies Group is a public company headquartered in
Ottawa, Canada with offices in
Montreal, Amsterdam, Paris, Dallas
and New York. Learn more at
http://www.martellotech.com
This press release does not constitute an offer of the
securities of the Company for sale in the
United States. The securities of the Company have not been
registered under the United States Securities Act of 1933, (the
"1933 Act") as amended, and may not be offered or sold within
the United States absent
registration or an exemption from registration under the 1933
Act.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
Cautionary Note Regarding Forward-Looking
Statements
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assume no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities law. Additionally, the Company
undertakes no obligation to comment on the expectations of, or
statements made, by third parties in respect of the matters
discussed above.
SOURCE Martello Technologies Group