Fireswirl announces 2018 Q2 financial results

VANCOUVER, Aug. 29, 2018 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW), "the Company", today announced its financial results for the second quarter ended June 30, 2018.  All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Financial Highlights for Q2:

• For the three months ended June 30, 2018 ("Q2 2018"), total operating revenue was $nil compared to $121,338 for the same period in 2017 ("Q2 2017").
• Net loss for the period decreased $496,488 to $292,958 in Q2 2018 compared to $789,446 for the same period in 2017.
• The Company had a total loss attributable to shareholders of the Company of $266,735 in Q2 2018 compared to a net loss of $631,808 for the same period in 2017. The decrease of loss is mainly because the reduction of general administrative expenses.

"We have faced an inventory restructuring from the property development market in Q2 while our major property development clients were trying to liquidate their current assets before introducing new projects," stated Henry Au, CEO. "This pushed our new VX installations into Q3 which delayed our new development and deployment projects. Our clients have completed their restructuring and should see new project opportunities open up."

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