Mobilum Technologies Announces Second Quarter Financial Results and Provides Business Update

VANCOUVER, BC, October 31, 2022 /CNW/ – Mobilum Technologies Inc. (there “Company“) (CSE: MBLM) (OTC: MBLMF) (FRA: C0B), a technology-driven company that makes digital assets and cryptocurrencies accessible through traditional finance and payments infrastructure, and the leading provider of Fiat-to-Dex Tokens rail solutions, filed financial results for the second quarter ending August 31, 2022. For further information on results, please refer to Mobilum Technologies’ financial statements and management’s report published on SEDAR on October 31, 2022.

Highlights of the second quarter of 2022 include:

• Completed the second trimester on August 31, 2022 with a cash balance of $2.02 million.

• Q2 revenue for the 3 months ending August 31, 2022 achieved $787,735passing to 5.43 times on Q1 earnings.

• The net operating loss for the three-month period was $177,413presenting a 93% reduction in operating loss compared to the previous quarter.

Company update:

Mobilum is a diversified payment services company with a mandate to bring innovative solutions to the crypto industry, including traditional finance companies entering this market. In May 2022, Mobilum announced a new project with Binance and in July, Mobilum, together with a banking partner, launched its Virtual International Bank Account Number (vIBAN) solution.

Mobilum continues to enrich its offer. The Mobilum team plans to launch a new non-custodial wallet combined with prepaid payment functionalities in the next quarter. This program was sponsored in part by a global credit card provider.

In addition to new product developments, Mobilum continues to build traction on its core products such as its on-ramp services. The Onramp business is a competitive market and is very subject to the ebbs and flows of the general market crypto market. Mobilum continues to attract new and growing customers and is positioned to win as transaction volumes increase.

Market update:

The current price of Bitcoin stay down $20,000 price and test its lowest point in 2022 from September 21 of $18,547.40. Although Mobilum itself is not directly impacted by crypto price, it reflects the general health of the market and the general view that trading volumes increase when prices increase. It is believed that the crypto The market mirrors global economic conditions where, in response to growing global inflation concerns, central banks around the world are raising interest rates. As a result, there are growing fears that the shrinking global economy could spark fears of recession in key markets such as Europe. If so, this may have an additional impact crypto markets. Mobilum, as an innovative payment service provider, continues to grow its product offering and forge relationships with leaders in the payments industry, as this direction feels equipped to respond and even thrive in such conditions.

The story continues

“There is still a lot to accomplish, but it is a step in the right direction. We are pleased with what the team has been able to accomplish in the relatively short time since the arrival of the new board and the new direction. Revenues are going in the right direction. given the softening crypto industry during this same period, our successes support our model of collaborating with global leaders to create innovative payment solutions. »said the CEO of Mobilum Technologies Steven LaBella.

About Mobilum Technologies Inc.
Mobilum Technologies Inc. (CSE:MBLM) (OTC:MBLMF) (FRA:C0B) is a technology-driven digital service provider (DSP) whose mission is to make digital assets and cryptocurrencies accessible through the traditional finance and payment infrastructure and digital asset management. technologies, providing solutions for exchanges, wallets and Cryptocurrency Enterprises, NFT marketplaces, protocols, decentralized applications and decentralized autonomous organizations, Metaverse and Play-to-Earn games, and traditional financial institutions (banks, hedge funds, insurance and Fintech companies) are opening their doors to the digital asset space. Our goal is to enable consumers around the world to convert fiat tocrypto and crypto-to-fiat with access and exit solutions from Mobilum. Mobilum has offices in Canada, Estonia, Lithuania, Poland, and the United States. For more information go to www.mobilum.com.

Related links
https://mobilum.com

For more information: please contact Mobilum Investor Relations by email at [email protected]

This press release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “expect”, “may”, “program” and similar words or phrases identify forward-looking statements or information. These statements represent the current views of the Company with respect to future events and are necessarily based on a number of assumptions and estimates which, although considered reasonable by the Company, are inherently subject to important business, economic, competitive changes, political and social risks, contingencies and uncertainties Many factors, known and unknown, could cause the results, performance or achievements to be materially different from the results, performance or achievements which are or may be expressed or implied by these forward-looking statements The Company does not intend, and undertakes no obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other issues affecting such statements and information other than those required by laws, rules and regulations applicable.

Contact information:

Investor Relations
John HendersonActing COO and CFO
Phone: +1 (250) 809-5909
Email: [email protected]

Show original content to download multimedia:https://www.prnewswire.com/news-releases/mobilum-technologies-announces-second-quarter-financial-results-and-provides-corporate-update-301663935.html

SOURCE Mobilum Technologies Inc.

Show original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2022/31/c4481.html