Denver, CO, Nov. 14, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Advantego Corporation (OTCQB: ADGO) today announced financial results for the third quarter and nine months ended September 30, 2018, which showed a substantial increase in revenue due to the recent launch of its digital signage product to a network of certified auto care collision centers in the United States.
For the third quarter, Advantego reported sales from its digital signage and digital listing product lines of $45,981 compared with sales of only its digital listing products of $5,990 in the similar 2017 period. Net loss was $297,977, equal to a net loss of two cents per share in the current period, compared with a net loss of $129,614, equal to a net loss of one cent per share in the 2017 period. Basic weighted average shares outstanding in the 2018 period were 16,520,092, compared with 14,534,848 in the 2017 period.
For the full nine-month period, Advantego reported sales from its digital signage and digital listing product lines of $161,335 compared with sales of $9,420 based on only the digital line in the similar 2017 period. The net loss for the nine months in 2018 was $786,455, equal to a net loss per share of five cents. Net loss for the similar nine-month period in 2017 was $453,730, equal to a net loss per share of three cents. Basic weighted average shares outstanding for the nine months of 2018 were 16,020,771, compared with 14,534,848 in the 2017 period.
The increase in shares outstanding in the 2018 periods was due to financing activities to primarily support the Company’s strategic agreements, product development and marketing activities.
Advantego CEO Robert W. (Rob) Ferguson said in announcing the financial results: “Sales for the year-to-date are about what we expected based on early contracts that we are continuing to fill. In addition, we now have our capital strategy in place and internal operations and the technology side of the operations fully staffed. We have additional products being rolled out that were not available during the first part of the year that should contribute to sales in the fourth quarter and in the future: our enterprise software Financial Reporting Tools (Convertible Note Disclosure Report), Advantego TV products, Event360 (targeted at corporate and special events) and GuestView (targeted at the wedding industry).”
ABOUT ADVANTEGO CORPORATION
Advantego Corporation designs, develops and implements digital communications and intelligent software solutions as specialized Business Process as a Service (BPaaS). The elite, custom business solutions are available to large enterprises, affiliate networks and franchise operations. The Company also offers a variety of stand-alone products specific to targeted industries. Company website: www.advantego.com.
FORWARD LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of the Securities Act. As a general matter, forward-looking statements may reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified using forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook” and similar expressions. The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends.
CONTACT: GREG McANDREWS & ASSOCIATES Gregory A. McAndrews (310) 804-7037 email@example.com