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Wi2Wi Corporation Announces the Results of Three Months Ended March 2019
TORONTO, ON / ACCESSWIRE / May 16, 2019 / Wi2Wi Corporation ("Wi2Wi" or the "Company"), is p...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces the Results of Three Months Ended March 2019TORONTO, ON / ACCESSWIRE / May 16, 2019 / Wi2Wi Corporation (\"Wi2Wi\" or the \"Company\"), is pleased to announce its unaudited consolidated financial results for the three months ending March 31, 2019. Highlights 3 Months ending March 31, 2019 (unaudited) 3 Months ending March 31, 2018 (unaudited) (in thousands of US dollars unless otherwise stated) Revenue $2,476 $2,423 Net income 15 5 Net cash provided by (used in) operations (178) 276 Total assets 9,016 7,991 Total current liabilities 2,484 1,083 Shareholders' equity 6,388 6,042 Highlights Net income at March 31, 2019 is $15 compared to $5 in the same period of the previous year. The Company continues to operate debt free and is sustaining its operations through the income generated from the business. The Company continues to invest in R&D to create best in class products targeting its premium markets, such as avionics, space, defense, industrial, IoT, IIoT and medical. \"The Company continues to promote its products and services and well received among the existing and new customers. We expect increase in orders from our key customers in the coming months,\" said Mr. Zachariah Mathews, President & CEO of the Company.For further information, please contact:Dawn LeederChief Financial Officer608 203 [email protected] IoT and M2MEssentially, IoT and M2M describe the network of physical objects or \"things\" embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data. Driven by several factors including the growth in the availability of Broadband Internet, which reduces the cost of connecting, and the related increase in Wi-Fi capabilities as well as sensors built into myriad technologies, this has been described as the \"perfect storm\" for the IoT. Almost any device with an on and off switch that can be connected to the Internet (and/or to each other) – anything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices, cars, as well as machine components in the engine of a jet airplane or the drill of an oil rig. According to analyst firm Gartner, by 2020 there will be over 26 billion connected devices. Others think this figure could be too conservative by a factor of four. About Wi2Wi...