July 21, 2021: Vancouver, BC – Tracesafe Inc., (“TraceSafe”) (CSE: TSF) a global leader in location-aware Internet of Things (IoT) platforms for large-scale industrial and enterprise operations, announced today it will recognize $3.4 million USD in revenue for Q2. The company filed Q2 financials on SEDAR on July 21. The same report can be found on the company’s website at: tracesafe.io/investors.
First quarter 2021 financial highlights:
• Q2 revenue of $3.4 million USD, up 6.6x over Q2 2020;
• Together, Q1 and Q2 revenue now exceeds 2020 full year revenue;
• Gross margin for Q2 was $389,140, an increase of 100% compared to the Q2 2020;
• Current trends expected to continue into Q3 and throughout 2021 with sales pipeline deals.
Second quarter 2021 business highlights:
TraceSafe is currently pivoting towards higher levels of software support revenue in addition to ongoing hardware sales and is moving away from solely providing contact tracing solutions. Current areas of expansion are asset tracking, employee time and attendance, and worker safety. Customers currently using TraceSafe’s contact tracing hardware can expect add-ons to various TraceSafe devices, including RFID and rechargeable batteries, over the coming months.
As of July 21, 2021, in addition to agreements with Calgary Stampede, Oil Search, and others, orders have been received from three different cruise line companies to provide products on an ongoing basis. These three contracts encompass a mixture of hardware deliverables and software support. With deliveries that commenced in late June, the majority of revenue will be realized in Q3.
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons and enterprise cloud management. TraceSafe’s leading cloud management solution ensures both user privacy and comprehensive administrative control. TraceSafe’s patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading-edge solutions for Enterprise, Healthcare, Education, Government, and large-scale venue management.
The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release.
Except for statements of historical fact relating to TraceSafe Inc. (“TraceSafe”, “TSF” or the “Company”), certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this document and other matters identified in the Company’s public filings, TraceSafe’s future outlook and anticipated events or results and in some cases, can be identified by terminology such as "may", "will", “could”, "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", “projects”, "predict", "potential", "targeted", "possible", "continue", "objective" or other similar expressions concerning matters that are not historical facts and include, access to sufficient capital resources, the timing and amount of future development projects, the timing of cash flows, capital and operating expenditures, the timing of receipt of permits, employee relations, availability of financing and any and all other timing, development, operational, financial, economic, legal, regulatory and political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other of TraceSafe’s public filings, availability and final receipt of required approvals, licenses and permits, ability to acquire sufficient working capital to complete technology development projects, access to adequate services and supplies, economic conditions, foreign currency exchange rates, interest rates, access to capital and debt markets and associated cost of funds, availability of a qualified skilled work force, positive employee relations, lack of social opposition and legal challenges, and the ability to settle disputes. While TraceSafe considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other TraceSafe’s filings. Forward-looking statements are based upon management’s beliefs, estimate, and opinions on the date the statements are made and other than as required by law, TraceSafe does not intend and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
The following news release (“NR”) of TraceSafe Inc. (the “Company”), is prepared as of July 20, 2021, and should be read together with the audited consolidated annual financial statements and related annual MD&A for the year ended December 31, 2020.
For the purpose of preparing this NR, Management in conjunction with the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in or would reasonably be expected to result in a significant change in the market price or value of the Company’s common shares; (ii) there is substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.
Further information about the Company and its operations is available on SEDAR at www.sedar.com. All amounts in this NR are expressed in United States dollars unless otherwise noted.
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