NEW YORK, Oct. 30, 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 its financial results for the quarter ended August 31, 2019.
“I am very pleased with the improvement in our JiuGe subsidiary, as we posted our first ever gross profit for the quarter,” said CEO, Martin Shen, who continued, “ We believe this achievement has elevated us to an elite class of Chinese e-commerce businesses that have reached profitability. Many of our e-commerce peers spend millions to grow and retain users because their business objectives are centered on user growth. We are a unique e-commerce company because our objectives are the monetization of our large user base. Our challenge is finding enough capital to support growth of our monetization efforts. In fact, we spend very little money on building subscriber growth because our e-commerce partners view our top-up service as a customer retention tool.”
The latest financial results reflect an improved balance sheet and quarter-over-quarter growth. After the quarter ended, the company further strengthened its financial position by raising $1 million in a fixed convertible note. The company maintained momentum in their revenues primarily driven by their strategic partnerships with respect to top-up growth. The company’s Gross Transaction Volume (GTV) for the second quarter was $181 million which represents a 15% quarter over quarter increase versus the $157 million achieved in the first quarter. This translates to an annual run rate of $722 million. The SMS business, which started later than expected, is also gaining noticeable traction. And the JiuGe subsidiary was awarded contracts to market China Mobile’s products and services online, in both ShanXi and SiChuan provinces, which have a combined population of over 115 million people.
About Finger Motion Inc.
FingerMotion, is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of five companies in China with access to wholesale rechargeable minutes from China’s largest mobile phone providers that can be resold to consumers. As the user base of its primary business continues to grow, the company is developing additional 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. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
Safe Harbor Statement
This release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements give our current expectations of forecasts of future events. All statements other than statements of current or historical fact contained in this release, including statements regarding our future financial position, business strategy, new products, budgets, liquidity, cash flows, projected costs, regulatory approvals or the impact of any laws or regulations applicable to us, and plans and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “should,” “estimate,” “expect,” “hope,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations about future events. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors 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). Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof. We do not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
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