Wed, 01 Dec 2021

Route1 Announces Q3 2021 Financial Results

ACCESSWIRE
23 Nov 2021, 09:31 GMT+10

TORONTO, ON / ACCESSWIRE / November 22, 2021 / Route1 Inc. (OTCQB:ROIUF)(TSXV:ROI) (the 'Company' or 'Route1'), an advanced North American provider of data-centric business empowerment solutions, today reported its financial results for the three and nine-month periods ended September 30, 2021.

The Company's operating results for Q3 2021 with comparatives are as follows:

1 Before stock-based compensation
2 For FY 2020, the Company incurred expenses for patent litigation net of the reversal of an accounting liability reflecting the funds the Company received from its litigation funding agreement. The Company has concluded the litigation with VMWare in both Canada and the United States and will incur no additional expense for this litigation.
3 Includes gain on litigation, gain or loss on asset disposal, stock-based compensation expense, interest expense, income tax recovery, foreign exchange loss or gain, other expenses and acquisition expense.

4 Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, stock-based compensation, patent litigation, restructuring and other costs. Adjusted EBITDA does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA allows Route1 to compare its operating performance over time on a consistent basis.

Q3 2021 Business Update

Route1 issued a news release on November 1, 2021 providing a business update. The release can be found at https://www.route1.com/wp-content/uploads/2021/11/Route1-NR-Business-Update-Nov-1-21-FINAL.pdf.

Share Capital Update

As at November 22, 2021, Route1 had outstanding: 39,709,463 common shares; 3,574,411 common share purchase warrants expiring June 16, 2022 with a Canadian dollar $1.00 strike price; and 3,025,000 common share stock options.

Business Update Conference Call and Webcast

The Company will hold a conference call and web-cast to provide a business update on Tuesday, November 23, 2021 at 9:00 am Eastern Time.

Participants should dial Toll-Free 888-506-0062 or Toll/International 973-528-0011 at least 10 minutes prior to the conference call and web cast. The participant access code is 748119. For those unable to attend the call, a replay will be available at Toll-Free 877-481-4010 or Toll/International 919-882-2331 passcode 43782 until 9 am on November 30, 2021.

The webcast will be presented live at https://www.webcaster4.com/Webcast/Page/2167/43782.

About Route1 Inc.

Route1 Inc. is an advanced North American technology company that empowers their clients with data-centric solutions necessary to drive greater profitability, improve operational efficiency and gain sustainable competitive advantages, while always emphasizing a strong cybersecurity and information assurance posture. Route1 delivers exceptional client outcomes through real-time secure delivery of actionable intelligence to decision makers, whether it be in a manufacturing plant, in-theater or in a university parking lot. Route1 is listed on the OTCQB in the United States under the symbol ROIUF and in Canada on the TSX Venture Exchange under the symbol ROI. For more information, visit: www.route1.com.

For More Information, Contact:

Tony Busseri
President and Chief Executive Officer
+1 480 500-7030
tony.busseri@route1.com

This news release, required by applicable Canadian laws, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

© 2021 Route1 Inc. All rights reserved. No part of this document may be reproduced, transmitted or otherwise used in whole or in part or by any means without prior written consent of Route1 Inc. See https://www.route1.com/terms-of-use/ for notice of Route1's intellectual property.

This news release may contain statements that are not current or historical factual statements that may constitute forward-looking statements or future oriented financial information. These statements are based on certain factors and assumptions, including, expectations regarding the success of the private placement and the terms on which the Company will raise funds, price and liquidity of the common shares, expected financial performance, expected subscribers and subscription-based revenue, business prospects, technological developments, development activities, the ability of the Company to obtain the supersedeas bond in order to appeal the decision to the United States Court of Appeals for the Federal Circuit, and like matters. While Route1 considers these factors and assumptions to be reasonable, based on information currently available, they may prove to be incorrect. These statements involve risks and uncertainties, including but not limited to the risk factors described in reporting documents filed by the Company. Actual results could differ materially from those projected as a result of these and other risks and should not be relied upon as a prediction of future events. The Company undertakes no obligation to update any forward-looking statement or future oriented financial information to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, except as required by law. Estimates used in this presentation are from Company sources. Past or forecasted performance is not a guarantee of future performance and readers should not rely on historical results or forward-looking statements or future oriented financial information as an assurance of future results.

SOURCE: Route1 Inc.



View source version on accesswire.com:
https://www.accesswire.com/674230/Route1-Announces-Q3-2021-Financial-Results

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