Symbid Announces 21% Revenue Growth in Q1 2016

About this update from Sincerity Applied Materials Holdings Corp.

[{"type":"text","content":"\n \n \n Symbid Announces 21% Revenue Growth in Q1 2016\n \n \nSymbid Announces 21% Revenue Growth in Q1 2016\n\nFinancial Technology Brand Reports 21% Increase in Revenue Versus Same Period 2015\n\n \n ROTTERDAM, THE NETHERLANDS and NEW YORK, NY--(Marketwired - May 12, 2016) - Symbid Corp. (OTCQB: SBID) www.symbidcorp.com -\n Key Business Highlights of First Quarter 2016: \n \n \n Total revenue of approximately $89,000 for three month period ending March 31, up 21% versus the prior year period in 2015;\n \nOver 82% of first quarter revenue is attributable to the Company's core crowdfunding business, as the Company reported its strongest quarter to date in businesses funded via crowdfunding;\n \nThe Company reported continued growth in the total number of businesses funded via crowdfunding and other means, plus the number of registered investors;\n \nTotal transaction volume of The Funding Network™ for three month period ending March 31 was $130 million, which the Company expects to result in increased monthly recurring revenue streams;\n \nThe Company concluded a successful media pilot with RTL Nederland, a leading European entertainment company, whereby the Company received an investment in media value and was promoted on national television and online;\n \nDue to the status of the Company's capital raise strategy and a change in strategic direction, the Company undertook a cost reduction program that will increase focus on its core, revenue-generating activities in order to ensure value for its shareholders;\n \nThe main goal of this cost reduction program is a significant reduction in the Company's operating losses over the next 6 months, thereby shortening the time until a cash-flow breakeven point is achieved;\n \nThe Company is continuing its capital raise strategy and search for strategic partnerships in 2016 in order to ensure continuity and further growth.\n \n \n \"We are pleased to report continued revenue growth in what has been our most successful quarter to date in terms of our core crowdfunding business. These results come at a time when the Company, following a refocusing of its strategic direction subsequent to the financial period, has shown a commitment to refocusing on its core revenue-generating activities,\" said Korstiaan Zandvliet, co-founder and CEO of Symbid Corp. The positive results report...

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