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U-Vend, Inc. Announces 69% Increase in Second Quarter Revenue

Company Continues Double-Digit Revenue Growth as Distribution Channels Multiply


/EINPresswire.com/ -- SANTA MONICA, CA -- (Marketwired) -- 08/16/16 -- U-Vend, Inc. (OTCQB: UVND) (the "Company"), a consumer products and technology company that develops, distributes, and markets next-generation self-serve electronic kiosks and merchandisers with a digital advertising component across North America, today announced the financial results for the Company's fiscal quarter and six months ended June 30, 2016.

"During the second quarter, we continued to focus on growing our top-line revenue, which parallels the breadth of our market expansion activities. We experienced strong overall sales growth with period-over-period sales revenue up approximately 69% to record levels, our current six-month sales revenue has almost doubled from the same period in 2015, and our six-month period-over-period gross margins are up over 15%. As we add to our revenue mix the unique, new consumer products and services currently in development, secure additional and more efficient points of distribution, and ultimately integrate our digital advertising technology into existing kiosks and merchandisers, we anticipate significant positive growth across all of the Company's financial metrics. We believe this revenue growth will also allow us the ability to reduce our operating losses and continue to increase overall shareholder value," stated Raymond Meyers, CEO of U-Vend, Inc.

Select Financial Data for Three and Six Months Ended June 30, 2016

  • Revenues for the three month ended June 30, 2016 increased approximately 69% to $381,481 as compared to revenue of $224,463 for the three months ended June 30, 2015. As of June 30, 2016, the Company had 138 electronic kiosks located throughout Southern California, Las Vegas, Nevada, and Chicago, Illinois

  • Gross profits for the quarter ended June 30, 2016 increased approximately 125% to $202,607 as compared to gross profit of $89,742 for the quarter ended June 30, 2015

  • General and administrative expenses for the three months ended June 30, 2016 increased by $77,951 to $361,967 as compared to $284,016 for the quarter ended June 30, 2015.

  • Selling expenses for three months ended June 30, 2016 increased by $97,763 to $318,820 as compared to $221,051 for the quarter ended June 30, 2015

  • Operating expenses for the quarter ended June 30, 2016 increased to $680,787, or 241%, as compared to operating expenses of $281,900 for the quarter ended June 30, 2015

  • Net loss for the quarter ended June 30, 2016 was ($569,869) as compared to a net loss of ($321,893) for the quarter ended March 31, 2015

  • Revenues for the six month ended June 30, 2016 increased 93.3% to $675,023 as compared to revenue of $349,212 for the six months ended June 30, 2015.

  • Gross profits for the quarter ended June 30, 2016 increased 163% to $352,533 as compared to gross profit of $133,943 for the six months ended June 30, 2015

  • Operating expenses for the six months ended June 30, 2016 were $1,256,388 as compared to operating expenses of $760,569 for the six months ended June 30, 2015

  • Net loss for the six months ended June 30, 2016 was ($1,058,350) as compared to a net loss of ($812,725) for the six months June 30, 2015

A full analysis of results for the three and and six months ended June 30, 2016 is available in the Company's Form 10-Q, which is available on the Company's website at www.u-vend.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.

ABOUT U-VEND, INC.
U-Vend, Inc., headquartered in Santa Monica, CA, and with offices in Ontario, Canada, Orange, CA and Las Vegas, NV, is a consumer products and automated retailing company specializing in the creation, marketing and sales of unique ice cream and related food products which are distributed to the retail markets utilizing various "next-generation" self-serve electronic kiosks throughout North America. The Company owns and operates kiosks and has partnered with numerous national consumer product companies to deliver new and innovative customer retail experiences in automated "frictionless" settings. For more information on U-Vend, visit www.u-vend.com or call (855) 55-UVEND.

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FORWARD LOOKING STATEMENTS
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to market acceptance for the Company's products and services, its ability to succeed in increasing revenues in the near term to attain profitable operations and generate sufficient cash flow from operations, the effect of new competitors in its markets, its integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K which are available at the SEC's website www.sec.gov. Other factors not currently anticipated may also materially and adversely affect U-Vend's results of operations, financial position, and cash flows. There can be no assurance that future results will meet expectations. While the Company believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. The Company does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

For more information, contact:

U-Vend, Inc.
Corporate Office
Tel: (855) 55-UVEND
Email: Email Contact

U-Vend, Inc.
Investor Relations
Tel: (855) 55-UVEND, ext. 3
Email: Email Contact