WonderFi Announces Q1 2023 Financial Results
Raised $5 Million Financing and Earned $2.5 Million Revenue
This news release constitutes “a designated news release” for the purposes of the Company’s prospectus supplement dated December 23, 2022 to its short form base shelf prospectus dated September 7, 2022.
Vancouver, British Columbia–(Newsfile Corp. – May 15, 2023) – WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the “Company” or “WonderFi“) today announced its first quarter 2023 financial results for the period ended March 31, 2023. All financial references are in Canadian dollars unless otherwise noted.
- $2.5 million revenue earned in 2023 Q1.
- Raised $5 million gross proceeds through a brokered private placement.
- $314 million in total client assets held on the Bitbuy Technologies Inc. (“Bitbuy“) and Coinberry Limited (“Coinberry“) platforms as of March 31, 2023.
- Teamed with Scottie Barnes as the Company seeks to educate Canadian crypto investors on the benefit of using a registered, locally based trading platform and evolves to a one-stop shop for Canadians looking to build their portfolio.
- Partnered with Cumberland to further enhance liquidity on the Bitbuy platform.
- Resignation of John Rim as Chief Financial Officer of WonderFi effective as of February 8, 2023, and appointment of Andeena Wen, VP Finance, as Interim Chief Financial Officer.
Subsequent to March 31, 2023:
- On April 2, 2023, WonderFi, Coinsquare Ltd. and CoinSmart Financial Inc. entered into a business combination agreement to combine their respective businesses (the “Transaction“). The combined company will integrate operations to offer one of the largest, regulated crypto asset trading platforms in Canada and will provide Canadians with a wide range of diversified products and services, including both retail and institutional crypto trading and B2B crypto payment processing.
Access to Financial Statements and Management Discussion and Analysis
Complete financial statements along with related management discussion and analysis, as well as a copy of the business combination agreement and documentation related to the Transaction, can be found in the System for Electronic Document Analysis and Retrieval (“SEDAR“), the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com.
For additional information, please contact:
WonderFi Technologies Inc.
Dean Skurka, President and Interim Chief Executive Officer
Investor Relations Contact: [email protected]
Binu Koshy, Communications Director
WonderFi is a leading technology company with the mission of creating better, unified access to digital assets through centralized and decentralized platforms. WonderFi’s executive team and Board of Directors have an established track record in finance and crypto. WonderFi’s core team of engineers and technologists believe that everyone should have equal access to finance and are aligned in the mission to empower people around the world to access finance in a simple, smart and secure way. For more information, visit www.wonder.fi.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to work effectively with strategic investors; the inability of WonderFi, Coinsquare Ltd. and CoinSmart Financial Inc. (the “Companies”) to integrate successfully (including the retention of key employees) such that the anticipated benefits of the Transaction are realized; the ability to realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact of the announcement or consummation of the Transaction on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders; the inability of the Companies to obtain the necessary regulatory, stock exchange, shareholder and other approvals which may be required for the Transaction; the inability of the Companies to close the Transaction on the terms and timing described herein, or at all; and changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. A more fulsome description of risk factors that may impact our business, financial condition and results of operation is set out in our management’s discussion and analysis and financial statements for the for the period ended March 31, 2023, as well as our annual information form, available on SEDAR.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.
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