Record Monthly GTV - $56 million
NEW YORK, April 23, 2019 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (OTC QB: FNGR), a US fintech company with mobile payment and recharge platform operations in China, is pleased to announce that the company’s Gross Transaction Value (GTV) was $56 million in March, resulting in gross revenues of $280,000, up 33% from February’s $42 million GTV and $210,000 in gross revenues. As previously announced, the 4th quarter ended February 28th showed GTV of $115,000, which was up 32% from the previous quarter.
JiuGe Information Technology (“JiuGe”), the company’s wholly-owned Chinese subsidiary, has also begun delivering on its previously announced SMS contracts and expects to fulfill its contact orders for 600,000 RMB (US $88,200) in April, 2,000,000 RMB (US $294,000) for May and 3,000,000 RMB (US $441,000) for June.
Martin Shen, CEO of FingerMotion, Inc. said, “Our revenues from top-ups not only continued to grow, but at an accelerated pace. With the addition of our new SMS business in April, we expect to be profitable this month and continue to be profitable going forward."
About FingerMotion Inc.
FingerMotion is an evolving technology company located in China with a core competency in mobile payment and recharge platform solutions. It is one of five companies in China with access to wholesale rechargeable minutes through top-up credits on the mobile phone. As the primary business continues to grow its user base, the company is developing value added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases and eventually drive a consolidation of the top five wholesalers. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
In order for FingerMotion to realize its vision, it must continue to aggressively invest in research and development. The primary area of focus is the development of “must have” applications for consumers and businesses. The longer-term focus is to develop a marketing platform capable of leveraging all the meta data that is collected by the top telecom companies into a predictive model that is able to isolate and extract consumer behavior and habits for future monetization.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; 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 and 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 news 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 (http://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 any duty to update these forward-looking statements.
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