VANCOUVER, BC, October 31, 2022 – Mobilum Technologies Inc. (the “Company”)
(CSE:MBLM) (OTC:MBLMF) (FRA:C0B), a technology-driven company making digital assets
and cryptocurrencies accessible through traditional finance and payment infrastructure, and the
first solution provider of Fiat-to-Dex Tokens rails, has filed its financial results for the second
quarter ending August 31, 2022. For further information on the results, please see Mobilum
Technologies Financial Statements and Management Discussion and Analysis as posted on
SEDAR on October 31, 2022.
Second Quarter 2022 Highlights Include:
• Ended the second quarter as of August 31, 2022 with a cash balance of $2.02 million.
• Q2 revenues for the 3-months ending August 31, 2022 reached $787,735, increasing to
5.43 times over Q1 revenues.
• Net operating loss for the three-month period was $177,413, presenting a 93% reduction
in operating loss versus the previous quarter.
Corporate Update:
Mobilum is a diversified payment services company whose mandate is to introduce innovative
solutions to the crytpo industry including traditional finance companies entering this market. In
May of 2022, Mobilum announced a new project with Binance and in July Mobilum, with a banking
partner, launched its Virtual International Bank Account Number (vIBAN) solution.
Mobilum continues to add to its offerings. The Mobilum team projects launching a new noncustodial wallet combined with prepaid payment features this upcoming quarter. This program
was sponsored in part by a global credit card provider.
In addition to new product developments, Mobilum continues to build traction on its core products
such as its onramp services. The Onramp business is a competitive market and is very much
subject to the ebbs and flows of the general crypto market. Mobilum continues to attract new
onramping clients and is positioned to gain as transactional volumes increase.
Market Update:
The current price of Bitcoin remains in the low $20K pricing and testing its lowest point in 2022
as of September 21 of $18,547.40. Though Mobilum itself is not directly impacted by crypto
pricing, it does reflect the general health of the market and the general opinion that transaction
volumes increase when prices increase. It is believed that the crypto market is mirroring global
economic conditions where in a response to increasing global inflation concerns, central banks
around the world are increasing interest rates. As a result, there are increasing concerns of global
economic contraction sparking recession concerns in key markets such as Europe. If so, this may
further impact crypto markets. Mobilum as an innovative payment services provider, continues to
build its product offering and to forge relationships with leaders in the payments industry, as such
management feels it is equipped to respond and even thrive during such conditions.
“There is much more to accomplish, but it is a step in the right direction. We are happy with what
the team has been able to achieve in relatively short time since the new board and new
management coming on. Revenues are heading in the right direction. Given the softening of
crypto industry over this same time period, our successes support our model of working with
global leaders to create innovative payments solutions.”, said Mobilum Technologies CEO Steven
LaBella.
About Mobilum Technologies Inc.
Mobilum Technologies Inc. (CSE:MBLM) (OTC:MBLMF) (FRA:C0B) is a technology-driven Digital
Service Provider (DSP) with a mission to make digital assets and cryptocurrencies accessible
through traditional finance and payment infrastructure and digital asset management
technologies, providing solutions for Exchanges, Wallets and Cryptocurrency Businesses, NFTs
marketplaces, Protocols, Decentralized Applications and Decentralized Autonomous
Organizations, Metaverse and Play-to-Earn games, and Traditional Finance Institutions (Banks,
Hedge Funds, Insurance and Fintech companies) opening its doors to digital assets space. Our
goal is to allow consumers around the world to convert fiat-to-crypto and crypto-to-fiat with
Mobilum’s on-ramp and off-ramp solutions. Mobilum has offices in Canada, Estonia, Lithuania,
Poland, and the United States. For further information go to www.mobilum.com.
SOURCE Mobilum Technologies Inc.
Related Links
https://mobilum.com
For further information: please contact Mobilum Investor Relations via email at [email protected]
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release,
the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or
expressions identify forward-looking statements or information. Such statements represent the Company’s current
views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political
and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results,
performance or achievements to be materially different from the results, performance or achievements that are or may
be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements and information other than as required by applicable laws,
rules and regulations.
Contact Information:
Investor Relations
John Henderson, COO & Interim CFO
Phone: +1 (250) 809-5909
Email: [email protected]