CULVER CITY, CA, Dec. 07, 2017 (GLOBE NEWSWIRE) -- FlitWays Technology Inc. (OTC Pink:FTWS), a leading ground travel technology company, today announced the filing of its financial results for the third quarter of 2017, which shows a 400% increase in sales over the same period last year and growth in virtually all other financial and business metrics. In addition to the strong financial performance, the filing of the quarterly report has resulted in the company's status on the OTC Markets website to be upgraded to "Current Information."
"FlitWays' tremendous rate of growth over the first three quarters of the year sets us up for outstanding total fiscal 2017 performance," said CEO Tobi Mac. "Even better, management believes that FlitWays still has a long way to go to reach its full potential in the global ground travel technology market and is extremely well-positioned for 2018, with more growth expected in total users, mobile app installs, cities served, supply of drivers, and other key categories."
The following results reflect FlitWays' financial performance and key operating metrics for the three months ended September 30, 2017.
Third Quarter 2017 Key Revenue and User Highlights:
- Revenue grew in the third quarter of 2017, reflecting over 400% growth compared to third quarter 2016
- Consumer revenue grew 32% over the second quarter of 2017
- Enterprise Revenue grew 150% compared to the second quarter of 2017
- Enterprise accounts grew 42% compared to the second quarter of 2017
- Mobile app installs grew 59% compared to the second quarter of 2017
Third Quarter 2017 Coverage Highlights:
- Cities expansion grew 29% month-over-month to 220 cities as of September 2017
- Drivers and Providers grew 28% quarter-over-quarter to approximately 21,463 as of September 2017
- Enterprise and Corporate Accounts grew 42% compared to the third quarter of 2016
Third Quarter 2017 Service Highlights:
- Launched non-emergency medical transportation (NEMT) services for low-risk patients to expand service into the health care industry
- Launched New Travel Management Platform for travel resellers
For additional information, please visit www.FlitWays.com. The company's filings with the SEC can be found at www.sec.gov. In order to facilitate more effective and convenient communication with stockholders and others interested in following Flitways' progress, the company is preparing to launch a new Email Alert system. Anyone interested in subscribing to receive press releases, notices of SEC filings, and additional publicly-disclosed information can submit their email address to firstname.lastname@example.org.
FlitWays is an innovative, disruptive travel technology company that offers a convenient, cost-effective ground transportation solution for corporate travelers and a new source of revenue for travel businesses. While companies like Uber and Lyft focus on individual consumers, FlitWays serves the massive enterprise market, including industry leaders Amazon, Samsung, Xerox, and others. The company also provides travel businesses - including the world's largest airlines, online travel agents and travel distributors - a new source of revenue and an attractive add-on service for their clients. FlitWays' growing network of ground travel providers currently covers 220 major cities and 400 airports worldwide, and the company is projecting continued expansion in both enterprise (corporate) and travel business segments. Catching the eye of business and travel industry media, FlitWays has been featured in outlets such as CNN, FORTUNE, Fast Company, Reuters, New York Magazine, Skift, VentureBurn, Digital Journal, Travel Pulse, and many others.
Cautionary Statement Regarding Forward-Looking Information This press release may contain certain "forward-looking statements" relating to the business of FlitWays Technology Inc. All statements, other than statements of historical fact included herein are "forward-looking statements," including, but not limited to; the proposed corporate name change; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
FlitWays IR - Media
+18557100915 Ext. 5