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[Bobwins]

This is slightly better than I expected. The launch in their previous main market of Israel probably helped. Conference might shed some more light on WHEN they launch in the US. That is all that matters now.


Siyata Mobile Reports $3.04M in Q1 2019

2019 News, Siyata Mobile | Thursday, May 23rd, 2019
Montréal, QC – Siyata Mobile Inc. (TSX-V:SIM | OTCQX: SYATF) (the “Company” or “Siyata”) announces that it has filed its 2019 Q1 financial results and will hold a conference call on Friday May 24th, 2019 at 09:00 AM EST to discuss the results and provide a corporate update.

2019 Q1 Financial Highlights

Revenue for the quarter was $3.04M versus $3.02M in Q1 2018 as higher 4G portfolio sales begins to replace end of life 3G portfolio
Q1 2019 gross margin of 28%, a slight increase over Q1 2018 of 27.8%, as higher 4G GM begin to offset lower 3G GM
Adjusted EBITDA is negative $929,333 versus negative EBITDA of $833,000 in Q1 2018, due to an increase in SG&A of ~$110,000
Cash on hand of $5.1M and working capital of $8.5M includes $1.2M in advances to suppliers for 4G inventory
The Q1 2019 portfolio sales mix consisted of 60% 3G and 40% 4G representing the highest percentage mix of 4G sales in a quarter reported to date. As a comparison, in 2018 3G accounted for 80% of sales mix and 4G represented 20%.

With the upcoming US Launch of the UV350, the Company anticipates that 4G device sales and accessories will soon begin to dominate the portfolio sales mix, leading to higher revenue and continued increases in 4G portfolio margins and company-wide gross margin. With the major expenses accounted for in the launch of the UV350, coupled with the existing carrier sales channels and infrastructure in place, the Company does not anticipate significant increases in SG&A for the launch of UV350 through US Tier 1 carriers and other strategic distribution partners.

Marc Seelenfreund, President and Chairman of Siyata Mobile states, “Although the last three quarters have been relatively flat due to declining 3G sales, we have now launched our 4G portfolio with four leading carriers, including Bell Mobility, Motorola Israel, Pelephone and Partner Communications which are now beginning to see momentum. The US launch is now imminently upon us and represents an opportunity many times the size of all our existing sales and distribution channels combined and we are excited to be updating our shareholders very shortly on this highly anticipated roll out.”

The Company has been working with Tier 1 US carrier sales teams in numerous jurisdictions and first responder counties in the United States, completing installations and trials, in which orders are expected upon commercial launch. The Company and its carrier partners continue to see growing world-wide demand for 4G/LTE PTT devices in all verticals of the enterprise market including the “in-vehicle” category.

The Uniden® UV350 is the first and only dedicated in-vehicle smartphone to bring carrier grade PTT, voice, GPS, video and other data applications in one single device allowing drivers to keep their “eyes on the road and hands on the wheel.”

Safe and reliable communication is imperative for first responders and public safety professionals that are required to operate vehicles. The UV350 is the first 4G/LTE vehicle smartphone with carrier supported Push-to-Talk (PTT), voice calls, and data applications all on a perfectly sized 5.5” horizontal screen. Always connected and always powered, its dedicated microphone and speakers bring crystal clear extra loud sound quality, with the added benefits of extended cellular and GPS coverage to provide unprecedented in-vehicle cellular coverage on a nationwide network.

According to the United States Department of Transportation, in 2016 there were 3.5 million First Responder vehicles and 9.7 million commercial vehicles in the United States. Siyata is the first and only company to offer a dedicated in-vehicle cellular solution for the next generation of fleet communication in North America.

The company will hold a conference call on Friday May 24th at 09:00 AM EST (06:00 am PST) to discuss the Q1 2019 results, along with a Q&A session with Siyata Mobile CEO and Chairman, Marc Seelenfreund.

Details of the conference call:

Date: Friday, May 24, 2019
Time: 9:00 AM EST / 6:00 AM PST
North America toll free dial-in number: 1-866-521-4909
International dial-in number: 1-647-427-2311

There will also be a playback of the conference call, available in MP3 format by contacting investor relations below.