Fireswirl announces 2017 Q1 financial results

VANCOUVER, May 30, 2017 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW), "the Company", today announced its financial results for the first quarter ended March 31, 2017.  All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Financial Highlights for Q1:

• On February 3, 2017, the Company entered into a share purchase agreement, pursuant to which the Company has agreed to purchase an aggregate of 60% equity interest in AMZON (HK) Limited ("AMZON") for a total of HK$7.2 million (approximately $1.2 million) in three payment dates. The closing date is each of the first, second and third payment date. On March 16, 2017, the Company completed the first payment in the amount of HK$4.8 million (approximately $823,560) and acquired 40% of the equity interest in AMZON (the "First Payment Date").
• For the three months ended March 31, 2017 ("Q1 2017"), total operating revenue from continuing operations was $16,018 compared to $70,271 for the same period in 2016 ("Q1 2016").
• Net loss from continuing operations was $496,281 in Q1 2017 compared to a net loss of $389,106 for the same period in 2016.
• The Company had a total loss attributable to common shareholders of the Company of $2,301,578 compared to a net loss of $768,581 for the same period in 2016.

"The management team is very excited about the future direction as we build on the success of AMZON." Stated Lawrence Ng, CEO, "We will look towards expansion in new markets in Asia and North America."

About Fireswirl and AMZON

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.

AMZON is one of the leading multimedia solution providers in Hong Kong.  With its strong technological base, we have established long term business relationships with multi-billion enterprises such as Mass Transit Railway Corporation ("MTRC"), New World Development Company Limited ("New World Group") and China Overseas Holding Ltd. ("COHL").  AMZON has been deploying creative multimedia solutions for clients in sales & marketing as well as corporate and brand communication.

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: http://www.fireswirl.com/ www.fireswirl.com or contact: Fireswirl Technologies Inc., Ji Yoon, Interim CFO, Telephone: [phone], Fax: [phone], Email: [email protected], Website: www.fireswirl.com