Vancouver, BC, April 22, 2019, Upco International Inc. (CSE: UPCO) (OTCQB: UCCPF) (FSE: U06) (“Upco”) is pleased to announce it has filed its audited consolidated financial statements and Management’s Discussion and Analysis for the year ended December 31, 2018. These documents can be accessed from the SEDAR web site at www.sedar.com.
Upco is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp.
Upco reported revenues US$2,514,627 (2017 – US$6,688,138) and a net loss of US$2,490,682 (2017 – US$1,212,152) for its fiscal year 2018.
Highlights for 2018
- Upco made significant investments in Technology and Resources to enter the Fintech industry.
- The Company released a revamped version of its communication application on both iOS and Android. Further development of the application to integrate the company’s advanced Fintech e-wallet
- Signed strategic contract with Emoney PLC to support the Company’s monetary payment and transfer services within the application.
- Began discussing strategic joint venture with SixthContinent Inc. Under the terms of the joint venture, the two companies will collaborate to merge the user community of SixthContinent into UpcoPay, a robust, ledger-based system integrated with Upco’s banking partner, E-money. The new system will be branded under SixthContinent but will be powered by Upco. The parties to the agreement will share in both the associated technology merger costs and the profits based on transaction volumes.
- Upco plans to increase revenues thru its Wholesale Telecom business and Fintech business.
- We are re-focusing our Wholesale telecom to ensure a Revenue stream with profitability through new strategic alliances.
- Upco will continue to build out its professional sales team in order to market its current services and the Upco App to increase revenues and profitability.
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
212 461 3676
Trent Collet, Investor Relations
778 808 1175
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.
Except for the statements of historical fact, the information contained herein is of a forward-looking nature. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by statements containing forward-looking information. Such factors include continued availability of capital and financing and general economic, market or business conditions.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that statements containing forward-looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on statements containing forward-looking information. Readers should review the risk factors set out in the Company’s Filing Statement as filed on SEDAR.