Siyata Mobile Records Sales of $4.85MM in Q1 2017 and Announces Grant of Stock Options

Siyata Mobile Inc. announced that it has posted $4.85MM in revenue for Q1 2017.

This represents an increase of 80% over the Company’s Q1 2016 sales and an 18% increase over Q4 2016 and is the third consecutive quarter of record sales.

Marc Seelenfreund, CEO of Siyata states, “We continue to see very strong demand for all our product lines and are happy to announce another record quarter. The recently completed $5.1MM financing puts the company in a very strong position to continue our aggressive sales and product launches into North America.”

As previously announced, Siyata recently closed a $5.1MM brokered private placement financing which has contributed to the Company’s current working capital of $9MM. The Company also recently released its Uniden UV350, the world’s first 4G in-vehicle communications device that is FirstNet (“Band 14”) ready, a nationwide wireless broadband network dedicated to America’s first responders.

The Company also announces that it has granted 1,000,000 options (the “Stock Options”) to Kin Communications Inc. (‘Kin”) pursuant to the terms of the Company’s stock option plan. Each Stock Option is exercisable into one common share of the Company with an exercise price of $0.55 per common share. 125,000 of the Stock Options will vest immediately from the date of grant. Thereafter, the Stock Options will vest on a quarterly basis in tranches of 125,000 with the first tranche vesting on July 6, 2017. The Stock Options shall expire, if unexercised, 5 years from the date of grant.

The Company will announce its financial 2016 year-end results before the end of April, 2017 and its Q1 2017 results before the end of May, 2017.