GoldMoney Inc. Goes Public, Successfully Launches BitGold Platform, Significantly Grows User Base and Transaction Volume
BitGold.com Becomes One of the Fastest Growing Financial Services Startups, From Standstill to 63k Signups and $3.5 Million in Platform Transactions in Less Than 60 Days
Toronto, Ontario (August 31, 2015) – GoldMoney Inc. (formerly BitGold Inc.) (the “Company” or “GoldMoney”) (TSX-V: XAU), a global, full-reserve and gold-based financial services business, today announced its financial results for the first financial quarter, ended June 30, 2015.
Management advises that results reflect a full quarter of operational activity for the period ended June 30, 2015, but of which only includes the first 56 days of business activity for the BitGold platform and excludes business activity for the GoldMoney platform acquired on July 20th, 2015.
“The results highlight the strong growth in the BitGold platform since our May 4th launch and an industry leading customer acquisition cost. We estimate a $25 all-in customer acquisition cost for the first 62,629 signups after adjusting for this quarter’s non-cash and non-recurring expenses associated with going public and the GoldMoney acquisition. We expect this figure to remain stable for subsequent quarters as we optimize our traffic acquisition strategy and benefit from a larger mix of traffic due to
“We are pleased to present our first financial quarter as a public company, results that reflect the investment we make in our users as we prioritize long-term shareholder value. We are grateful for the substantial capital and support afforded to us by shareholders to achieve this mission, and we will continue to manage capital with prudence, transparency and integrity,” said Josh Crumb, Chief Strategy Officer.
GoldMoney Inc. also announces that further to its acquisition of the intellectual property and operating subsidiaries of GoldMoney Network Limited announced July 20, 2015, the Company will hold a special meeting of shareholders on September 29, 2015 to provide for the election of directors, including GoldMoney Network Limited nominees Mahendra Naik, James Turk, and Hector Fleming, and other corporate matters. Financial results for the business acquired from GoldMoney Network Limited will be consolidated and reported in the Company’s financial statements commencing for the second quarter ended September 30, 2015.
goldsales and transaction revenue of $2,856,937;
- total gross revenue gain of $13,396
- ·net loss from operations of $2,867,928;
- total comprehensive loss of $2,842,969;
- estimated adjusted loss of $1,535,410 after netting out non-cash share payments, one-time public listing expenses and non-recurring professional fees associated with regulatory licensing and strategic due diligence.
- basic and diluted loss per share of $0.08; and
- total cash and cash equivalents, gold inventory, short-term investments and short-term marketable securities held for sale of $28,204,924 (excluding cash and bullion acquired as part of the GoldMoney transaction and reflecting only partial exercise of outstanding in-the-money warrants)
During the first quarter, the Company completed its going-public transaction by way of amalgamation, launched its BitGold platform on May 4, 2015, and extended its service to residents of the US and US territories on Jun 26, 2015.
During the quarter, the Company acquired 62,629 users. As of June 30, 2015, customer gold in vaults, defined as total segregated and allocated customer gold under
Total transaction volume, defined as deposits, redemptions and payments on the BitGold platform, for the three months ended June 30,
This news release should be read in conjunction with GoldMoney’s interim financial statements and the accompanying notes as at and for the quarter ended June 30, 2015, together with the related Management Discussion and Analysis. Those documents have been filed with certain securities regulatory authorities in Canada and are available under GoldMoney’s profile at www.sedar.com.
About GoldMoney Inc. (formerly BitGold Inc.)
GoldMoney Inc. is a global, full-reserve and gold-based financial services business. GoldMoney provides financial services as a trusted, limited third-party, combining the unique attributes of gold with
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Chief Strategy Officer
GoldMoney Inc. (formerly BitGold Inc.)
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This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be