LOS ANGELES, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS) today announced its business and financial results for the third quarter of 2022, which ended September 30, 2022.
Recent Financial and Operational Developments
- Revenues increased 25% from Q2 2022 and up 4% from Q3 2021. Third quarter 2022 total revenue was $0.3 million.
- Cash used in operating and investing activities was down 25% from Q2 2022.
- Net loss in the third quarter 2022 was $(3.5) million.
- Launched Click Play Win, an interactive advertising campaign tool combining games and rewards designed based on advertiser demand to increase consented user data.
- Announced a strategic investment from Yat Siu, the Executive Chairman and Co-Founder of Animoca Brands, through his company Outblaze Limited.
- Leveraged the new Mobile Filter Fan Cam into a national program managed by ent! Marketing, and Clemson football with Red Moon Marketing to support Coca-Cola.
- Appointed Shannon Pruitt, Global Chief Content & Partnerships Officer at Stagwell Media Network, to the Versus Board of Directors.
- Announced 1-For-15 Reverse Stock Split to Aid Compliance with Nasdaq Listing Requirements.
“Revenues are up. Operating costs are down. We added a world expert in Shannon Pruitt, and a new largest strategic investor in Yat Siu,” said Matthew Pierce, CEO of Versus Systems. “We also had another new patent granted and we enhanced our product portfolio with the launch of Click Play Win. I’m very pleased with the work we did in the quarter.”
About Versus Systems
Versus Systems Inc. has developed a proprietary prizing and promotions engine that allows publishers, developers, and creators of streaming media, live events, broadcast TV, games, apps, and other content to offer real world prizes inside their content. Audiences can choose from among the offered prizes and then complete in-game or in-app challenges to win the prizes. The Versus platform can be integrated into streaming media, TV, mobile, console, and PC games, as well as mobile apps. For more information, please visit www.versussystems.com or visit the official Versus Systems YouTube channel.
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward looking statements. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable law.