RESAAS Provides Corporate Update on Fiscal Year 2017 and Early Fiscal 2018
- On May 17, 2018
RESAAS Services Inc., a cloud-based and blockchain-backed technology platform for the real estate industry, is pleased to provide the following corporate update from President and CEO Tom Rossiter.
On behalf of our entire team at RESAAS, I am proud to announce our accomplishments for the fiscal year ended 2017 and in early fiscal 2018, including:
• Increasing revenue by 50% in fiscal 2017 over fiscal 2016, 90% of which was, by the fourth quarter of fiscal 2017, revenue derived from recurring income (compared to 50% in the first quarter of fiscal 2017);
• Achieving revenue of approximately $500,000 for fiscal 2017;
• Reducing the Company’s cash burn rate in each month of fiscal 2017;
• Securing a team of experienced sales personnel to provide new sales and marketing strategies to RESAAS, as well as to begin targeting and selling to the commercial real estate sector;
• Welcoming experienced, independent board members to our existing board of directors, including: Rob Bakshi (former CEO of Apivio Systems), Taylor Thoen (Founder and CEO of BTV – Business Television), Simon Bodymore (CFO of Tasktop Technologies) and Ken Cawkell (Principal of Cawkell Brodie LLP);
• Appointing Blake, Cassels and Graydon LLP as RESAAS’ new Canadian legal team to assist RESAAS’ continued development efforts;
• Graduating from the Canadian Securities Exchange (CSE) to the TSX Venture Exchange while maintaining RESAAS’ ticker symbol “RSS”;
• Engaging in market awareness efforts, including by supporting independent research reports and coverage on investor media sites, undertaking advertising on BNN, facilitating interviews in the financial press, and similar initiatives;
• Receiving support for BrokerOS in midsize real estate brokerages in North America, including the subscription for BrokerOS by a prominent RE/MAX sales team of over 600 real estate agents; and
• Acquiring Real-Block Inc., a Toronto-based company holding a real estate blockchain application and beginning the integration of its Ethereum-based blockchain into our current workflows with particular focus on our agent referral applications.
Our board of directors and management are constantly focused on accountability to RESAAS shareholders. Part of this focus is ensuring, in consultation with our professional advisors, that RESAAS shareholders are fully informed in respect of our corporate and financial progress. To this end, we voluntarily restated our interim financial statements and amended the related management’s discussion and analysis for the second quarter ended June 30, 2017 and the third quarter ended September 30, 2017. This restatement was the result of a determination that certain costs incurred during these financial periods that were capitalized as website development costs should more properly have been expensed.
In fiscal 2018, we will work toward:
• Focusing on increasing our sales, particularly to midsize real-estate brokerages with the goal of driving further revenue growth and maintaining the current level of revenue derived from recurring income;
• Continuing our efforts to make our operations as efficient as possible to reduce our burn rate;
• Adding to the five agreements currently in place in US cities that allow REALTORS® in these cities to see and share local real estate market data using RESAAS’ platform, with the eventual goal of reaching such an agreement in each of the 12 most populous US cities;
• Integrating Real-Block Inc.’s technology into our existing platform, with the goal of enhancing and expanding our referral services.
Thank you for your interest in our Company, our products and our services. We look forward to continuing to grow with you in fiscal 2018 and beyond.