Siyata Mobile Provides Year End Corporate Update
MONTRÉAL, Dec. 28, 2018 (GLOBE NEWSWIRE) — Siyata Mobile Inc. (the “Company” or “Siyata”) (TSX-V:SIM / OTCQX:SYATF) is pleased to provide an update on the Company’s progress of 2018 initiatives and provide insight for 2019.
Marc Seelenfreund, CEO and Chairman of Siyata Mobile, commented, “We started 2018 with specific targets in mind. Despite the lengthy process that comes with cellular device launches with Tier 1 operators, we have kept moving in the right direction and reached a few critical milestones. We believe that 2019 will be a great year for Siyata with significant revenue and margin growth as we roll out the UV350 in the United States, Canada and other international markets.”
The market demand for 3G in-vehicle communications continued to drive sales through 2018, with sizeable purchase orders coming from various industries while transitioning to the Company’s 4G product portfolio which started gaining traction in our existing markets.
Siyata started the year strong with the TSX Venture recognizing Siyata for the Company’s tremendous growth over 2017 and active trading in the market. Strong trading volume continued with over 45,142,795 shares traded to date in 2018.
Multiple large-scale purchase orders were received by Siyata this year, representing the market demand for Push-to-Talk Over Cellular communication systems. Siyata’s UV350, CP250 and Rugged Smartphone devices were ordered from a variety of industries including, a First Responder network; the hospitality industry; a public transportation company; a multinational silicon chipset company; an airport logistics company; and a global two-way radio vendor and others.
After trialing and testing Siyata’s Uniden UV350, Siyata launched the world’s first and only multi-purpose 4G/LTE commercial vehicle smartphone with a Tier 1 Canadian operator. The dedicated 4G/LTE in-vehicle smartphone is designed for safer, smarter and more advanced instant communication in commercial fleets and vehicles. Customer trials have commenced, and the Company expects its first order shortly.
According to Statistics Canada, there were a total of 1.16 million vehicles which fall into the commercial vehicle category, representing a total addressable market in Canada of ~$1 billion.
Siyata announced a partnership with a global land mobile radio vendor in Israel, where they will offer the UV350 to their enterprise customers bundled with their powerful WAVE PTT platform. As a result, the Companies have already won prestigious tenders in Israel and continue to win business.
Siyata recently completed a supply agreement with a leading Tier 1 cellular operator in the United States. This agreement is a prerequisite to launching the Uniden® UV350 with this operator in the U.S. and covers all the terms and conditions related to the distribution, pricing, logistics, warranty, legal terms and more.
Siyata entered into sales partnerships with key partners including Ingram Micro in the US, SETMA in France, Logic Wireless in New Zealand, Aina and Alcan in Canada and others. These partnerships will be key for 2019 sales and will assist Siyata in ramping up its sales across multiple markets.
2019 And Beyond
Siyata continues towards launching its Uniden® UV350 smartphone with two U.S Tier 1 operators who have distribution and sales channels many times larger than the existing sales channels of the Company.
With around 9.7 million commercial vehicles and over 3.5 million first responder vehicles that have yet transitioned to cellular based technology, the Company sees the U.S market as its largest opportunity with a total addressable market well over $11 billion. These tier 1 cellular operators have a keen interest in launching the UV350 as it allows for new SIM card activations and increased ARPU from existing customers while targeting new customers with a unique, dedicated, multi-purpose in-vehicle smartphone.
Siyata’s seven years’ experience of perfecting in-vehicle cellular based technology, industry know-how, vehicle installations, software integration with various PTT solutions and carrier integration have well positioned the Company to be launching with these U.S. operators. The Company believes the final network approval will take place in early 2019.
With the recently completed financing, the Company is well financed for this U.S rollout in 2019 and expects strong sales and margin growth in 2019.
Grant of Options
The Company additionally announces it has granted 2,210,00 options, expiring December 24, 2023 and vesting quarterly over three years, exercisable to acquire one share in the capital of the Company at $0.50 per share to certain directors, officers, employees and consultants of the Company. A total of 50% of the Director Options will vest immediately, with the remainder to vest on a quarterly basis over a 15 month period in five (5) equal tranches with the first tranche vesting on March 24, 2019.
A TSX Venture Top 50 Company, Siyata Mobile Inc. is a leading global developer and provider of cellular communications systems for enterprise customers, specializing in connected vehicle products for professional fleets, marketed under the Uniden® Cellular brand. Since developing the world’s first 3G connected vehicle device, Siyata has been a pioneer in the industry, launching the world’s first 4G LTE all-in-one fleet communications device in 2017. Incorporating voice, push-to-talk over cellular, data, and fleet management solutions into a single device, the company aims to become the connected vehicle communications device of choice for commercial vehicles and fleets around the world.
Siyata also offers rugged phones for industrial users and signal boosters for homes, buildings, and fleets with poor cell coverage. Siyata’s customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the U.S., Europe, Australia, and the Middle East.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Chairman
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.