Fireswirl Announces 2016 Q3 Financial Results

VANCOUVER, Nov. 28, 2016 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW), "the Company", today announced its financial results for the third quarter ended September 30, 2016.  All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Financial Highlights for Q3:

• For the three and nine months ended September 30, 2016, total operating revenue from continuing operations was $137,541 and $382,880, respectively compared to $274,932 and $640,621 for the same periods in 2015. Net loss from continuing operations was $319,429 and $1,197,768 for the three and nine months ended September 30, 2016, respectively compared to a net income of $2,975,218 and $4,785,415 for the same periods in 2015.  The net income for the three and nine months ended September 30, 2015 was a result from the gain recognized on the sale of the Shenzhen e-commerce platform in an amount of $3,250,000 and $6,200,385, respectively.  If the gain from the disposition of the Shenzhen e-Commerce Platform was excluded, the Company would have had a loss from continuing operations of $274,782 and $1,414,970 for the three and nine months ended September 30, 2015, respectively.
  
  
• For the three and nine months ended September 30, 2016, the Company had a net loss from continuing operations attributable to shareholders of the Company of $319,429 and $1,197,768, respectively compared to a net income of $2,975,218 and $4,785,415 for the same periods in 2015.
  
  
• For the three and nine months ended September 30, 2016, the Company had a net income from discontinued operations of $22,775 and a net loss of $1,166,278, respectively compared to a net loss of $88,551 and a net income of $68,767 for the same periods in 2015. 
  
  
• For the three and nine months ended September 30, 2016, the Company had a total loss attributable to shareholders of the Company of $308,042 and $1,780,907, respectively compared to a net income of $2,930,943 and $4,819,799 for the same periods in 2015.  If the gain from the disposition of the Shenzhen e-Commerce Platform was excluded, the Company would have had a loss attributable to shareholders of the Company of $319,057 and $1,380,586 for the three and nine months ended September 30, 2015, respectively.

"The management team continues to look into different business opportunities." Stated Lawrence Ng, CEO, "We are very excited about the new prospects as we head into the new year."

About Fireswirl

Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multicurrency and multi-language capabilities. Our solutions can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users through internet or wireless applications.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

SOURCE Fireswirl Technologies Inc.

Further information can be found on the company at: www.fireswirl.com or contact: Fireswirl Technologies Inc.: Ji Yoon, Interim CFO, Telephone: [phone], Fax: [phone], Email: [email protected], Website: www.fireswirl.com