Wishpond Starts Trading on the TSX-Venture Exchange
Rapidly growing, profitable marketing technology company with a strong balance sheet debuts with ticker symbol “WISH”.
Vancouver, BC – December 11, 2020 – Wishpond Technologies Ltd. (TSXV: WISH) (the “Company” or “Wishpond”), a provider of marketing-focused online business solutions, is pleased to announce that today its common shares commenced trading on the TSX Venture Exchange (the “TSXV”) under the symbol “WISH”. The Company has been classified by the TSXV as a Tier 1 Technology issuer.
“We are very excited to be listed on the TSXV,” said Ali Tajskandar, Chairman and CEO of Wishpond. “Being publicly listed significantly increases our profile, and our recently completed financing of $4.6M provides us with the capital necessary to execute on our current business opportunities. We look forward to providing investors with an update on our growth plans and acquisition prospects in the coming months.”
Wishpond was founded in 2009 by Mr. Tajskandar as a provider of marketing-focused online business solutions with the goal of simplifying marketing for business owners. Under Mr. Tajskandar’s leadership, Wishpond has expanded its technology suite to include a lead generation platform, award winning email marketing platform, and an advanced marketing automation system. Mr. Tajskandar has over 20 years of experience as a software engineer, entrepreneur, technologist, and CEO.
Joining Mr. Tajskandar on Wishpond’s senior management team are Juan Leal as the Company’s Chief Financial Officer (CFO) and Jordan Gutierrez as the Company’s Chief Operating Officer (COO). Mr. Leal, a Chartered Professional Accountant (CPA-CA) and Chartered Business Valuator (CBV), joined Wishpond in January 2020 to lead the Company’s financial transformation and corporate development strategy. Prior to joining Wishpond, Mr. Leal was a Vice President in KPMG’s Corporate Finance practice in British Columbia and previously worked as a member of KPMG’s assurance practice team, auditing the financial statements and internal controls of private and public companies of all sizes across different sectors.
Mr. Gutierrez is a serial entrepreneur who joined Wishpond in 2011 as Chief Operating Officer in charge of revenue, growth, and marketing. Previously, Mr. Gutierrez founded Laleo, the largest medical e-commerce website in Latin America. Mr. Gutierrez also serves on the Board of Directors of the Company.
“Wishpond has spent years analyzing the challenges of the average small-business entrepreneur to design a suite of cloud-based applications and services developed with those challenges in mind,” commented Mr. Gutierrez. “Wishpond’s tools and services are designed to empower entrepreneurs to efficiently launch and manage professional marketing campaigns, obtain insights into customer behaviour and preferences, and generate a positive return on their marketing dollars – all for a fraction of the cost of what marketing agencies charge for comparable solutions.”
Wishpond is a growing and profitable technology company. Wishpond achieved revenue of $6.1M in the 12-months ended December 31, 2019, an increase of 41% compared to revenue of $4.3M in the 12-months ended December 31, 2018. Wishpond reported positive Adjusted EBITDA(1) of $0.1M in the 12-month period ended December 31, 2019, compared to Adjusted EBITDA loss of $0.3M in the 12-month period ended December 31, 2018. Wishpond’s strong performance has continued in 2020 with revenue of $3.5M in the 6-months ended June 30, 2020 and positive Adjusted EBITDA of $0.2M during that period.
Mr. Leal, commented, “Wishpond’s SaaS-based recurring business model provides excellent revenue and cash flow visibility with gross margins exceeding 65%. The funds from the recently closed financing have strengthened the Company’s balance sheet, with over $5.5M in cash and no debt. With over 2,000 customers, Wishpond has a solid track record and is well positioned to meet its growth objectives over the next year.”
Footnote:
EBITDA is a Non-GAAP measure. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) should not be construed as alternatives to net income/loss determined in accordance with IFRS. EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future potential interest and principal debt repayments and fund future growth initiatives.
About Wishpond:
Based out of Vancouver, British Columbia, Wishpond is a provider of marketing-focused online business solutions. Wishpond's vision is to become the leading provider of digital marketing solutions that empower entrepreneurs to achieve success online. The Company offers an "all-in-one" marketing suite that provides companies with marketing, promotion, lead generation and sales conversion capabilities from one integrated platform. Wishpond replaces entire marketing functions in an easy-to-use product, for a fraction of the cost. Wishpond serves over 2,000 customers who are primarily small-to-medium size businesses (SMBs) in a wide variety of industries. The Company has developed cutting edge marketing technology solutions and continues to add new features and applications with great velocity. The Company employs a Software-as-a-Service (SaaS) business model where substantially all the Company’s revenue is subscription based recurring revenue which provides excellent revenue predictability and cash flow visibility. Wishpond is listed on the TSX-Venture Exchange under the ticker “WISH”. For further information, visit: www.wishpond.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Forward-Looking Statements:
This press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results (as applicable). Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including, but not limited to, the risk factors discussed in the filing statement of the Company which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Juan Leal, CFO
Wishpond Technologies Ltd.
(800) 921 0167 ext. 727
investor@wishpond.com